**Morningstar Direct Excel Add-In Guide**

**Intro**
You have full access to Morningstar Direct through the Excel Add-In, but you should only pull Morningstar data **when the user explicitly tells you to**. Morningstar provides comprehensive investment data including mutual funds, ETFs, closed-end funds, stocks, money market funds, hedge funds, separate accounts, market indices, and portfolio analytics. You can retrieve data by writing Morningstar formulas directly in Excel cells.

**IMPORTANT:** Before completing a task involving Morningstar, you must verify:
1. Your Morningstar formulas do not return errors.
2. All values should seem reasonable and make intuitive sense based on your general knowledge of investments.
3. Use cell references for identifiers when possible as opposed to hardcoded values.

You should essentially gut check every value that shows up. If there are any errors or the values seem wrong, you likely wrote the formula syntax incorrectly. Please correct the formula until it outputs the proper value.

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**Morningstar Excel Add-In Overview**

The Morningstar Excel Add-In provides five main functions:

| Function | Purpose | Use Case |
|----------|---------|----------|
| MSDP | Morningstar Data Point | Single current data points |
| MSTS | Morningstar Time Series | Historical data over time |
| MSHOLDING | Holdings | Portfolio/fund holdings |
| MSMEMBER | Member List | Investment list members |
| MSDate | Date Conversion | Date formatting |

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**1. MSDP - Morningstar Data Point**

Returns a single current data point for a security.

**Syntax:**
=MSDP(Security_Identifier, Data_Attribute, [Options])

**Parameters:**
- Security_Identifier: Ticker, ISIN, CUSIP, or SecID
- Data_Attribute: The data point name/code
- Options: Optional parameters (Dates, Freq, etc.)

**Examples:**
=MSDP("VFIAX", "Name")
→ Returns fund name: "Vanguard 500 Index Adm"

=MSDP("NAS:AAPL", "close")
→ Returns Apple's closing price.

=MSDP("FXAIX", "MorningstarCategory")
→ Returns Morningstar Category for the fund.

=MSDP("NAS:VFIAX", "NAV_daily", "Dates=True")
→ Returns latest daily NAV with date.

=MSDP("NAS:VFIAX", "NAV_daily", "Freq=m")
→ Returns daily NAV as of last month end.

=MSDP("NAS:VFIAX", "NAV_daily", "Freq=y")
→ Returns daily NAV as of last year end.

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**2. MSTS - Morningstar Time Series**

Returns historical time series data.

**Syntax:**
=MSTS(Security_Identifier, Data_Attribute, Start_Date, End_Date, [Options])

**Parameters:**
- Security_Identifier: Ticker, ISIN, CUSIP, or SecID
- Data_Attribute: The time series data point
- Start_Date: Begin date (MM/DD/YYYY or relative)
- End_Date: End date (MM/DD/YYYY or relative)
- Options: Additional parameters (Dates, Freq, etc.)

**Examples:**
=MSTS("COLB", "close", "3/1/2011", "3/31/2011")
→ Columbia Banking daily close prices for March 2011.

=MSTS("NAS:VIFSX", "NAV_daily", "4/4/2011", "SD+6D", "Dates=True")
→ Daily NAV from 4/4/2011 for next 6 days with dates.

=MSTS("AAPL", "ret_market", "1/1/2020", "12/31/2020", "Freq=m")
→ Apple monthly market returns for 2020.

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**3. MSHOLDING - Holdings Data**

Returns portfolio holdings for a fund or portfolio.

**Syntax:**
=MSHOLDING(Portfolio_ID, Position_ID, [Date], [Options])

**Parameters:**
- Portfolio_ID: Ticker, ISIN, CUSIP, or SecID
- Position_ID: Type of position data to retrieve
- Date: Optional specific date (defaults to latest)

**Example:**
=MSHOLDING("VFIAX", "WeightPercent")
→ Returns holding weights for Vanguard 500 Index.

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**4. MSMEMBER - List Members**

Returns members of an investment list or saved search.

**Syntax:**
=MSMEMBER(Source_ID, Group_Value, Security_ID)

**Parameters:**
- Source_ID: "L" for investment list, "S" for search
- Group_Value: Name of the list or search
- Security_ID: Output format (SecId, ISIN, Ticker, CUSIP)

**Example:**
=MSMEMBER("L", "SAMPLE-US OE", "SecId")
→ Returns SecIDs of all funds in the "SAMPLE-US OE" list.

=MSMEMBER("S", "Large Cap Growth Funds", "Ticker")
→ Returns tickers from saved search "Large Cap Growth Funds".

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**5. Security Identifiers**

**Accepted Identifier Types:**
| Type | Format | Example |
|------|--------|---------|
| Ticker (Long) | EXCHANGE:TICKER | NAS:AAPL |
| Ticker (Short) | TICKER | AAPL |
| ISIN | 12-character | US0378331005 |
| CUSIP | 9-character | 037833100 |
| SecID | Morningstar ID | FOUSA00FS2 |

**Exchange Codes:**
| Code | Exchange |
|------|----------|
| NAS | NASDAQ |
| NYS | NYSE |
| ASE | AMEX |
| LSE | London |
| TSE | Tokyo |

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**6. Common Data Point Attributes**

**Fund Profile:**
| Attribute | Description |
|-----------|-------------|
| Name | Fund name |
| Ticker | Trading symbol |
| ISIN | International identifier |
| CUSIP | US identifier |
| SecId | Morningstar SecID |
| MorningstarCategory | Morningstar Category |
| FundFamily | Fund family name |
| InceptionDate | Fund inception date |
| ManagerName | Portfolio manager |
| ManagerTenure | Manager tenure (years) |
| FundSize | Total net assets |
| MinInitialInvestment | Minimum initial investment |

**NAV & Price:**
| Attribute | Description |
|-----------|-------------|
| NAV_daily | Daily NAV |
| NAV_monthly | Month-end NAV |
| close | Closing price |
| open | Opening price |
| high | Daily high |
| low | Daily low |
| volume | Trading volume |
| bid | Bid price |
| ask | Ask price |

**Returns:**
| Attribute | Description |
|-----------|-------------|
| ret_market | Market return |
| ret_total | Total return |
| ReturnD1 | 1-day return |
| ReturnW1 | 1-week return |
| ReturnM1 | 1-month return |
| ReturnM3 | 3-month return |
| ReturnM6 | 6-month return |
| ReturnY1 | 1-year return |
| ReturnY3 | 3-year return (annualized) |
| ReturnY5 | 5-year return (annualized) |
| ReturnY10 | 10-year return (annualized) |
| ReturnYTD | Year-to-date return |
| ReturnSinceInception | Return since inception |

**Expense & Fees:**
| Attribute | Description |
|-----------|-------------|
| ExpenseRatio | Net expense ratio |
| GrossExpenseRatio | Gross expense ratio |
| ManagementFee | Management fee |
| TwelveBOneFee | 12b-1 fee |
| FrontLoad | Front-end load |
| DeferredLoad | Deferred sales charge |
| RedemptionFee | Redemption fee |
| TurnoverRatio | Portfolio turnover |

**Risk Metrics:**
| Attribute | Description |
|-----------|-------------|
| StandardDeviation | Standard deviation |
| SharpeRatio | Sharpe ratio |
| Alpha | Alpha |
| Beta | Beta |
| RSquared | R-squared |
| DownsideRisk | Downside risk |
| MaxDrawdown | Maximum drawdown |
| TrackingError | Tracking error |
| InformationRatio | Information ratio |
| SortinoRatio | Sortino ratio |

**Ratings:**
| Attribute | Description |
|-----------|-------------|
| MorningstarRating | Overall star rating (1-5) |
| MorningstarRatingY3 | 3-year star rating |
| MorningstarRatingY5 | 5-year star rating |
| MorningstarRatingY10 | 10-year star rating |
| AnalystRating | Analyst medal rating |
| SustainabilityRating | ESG sustainability rating |
| CarbonRiskScore | Carbon risk score |

**Portfolio Characteristics:**
| Attribute | Description |
|-----------|-------------|
| NumberOfHoldings | Number of holdings |
| TopHoldings | Top holdings list |
| EquityStyleBox | Style box classification |
| AverageMarketCap | Weighted avg market cap |
| PE_Ratio | Portfolio P/E ratio |
| PB_Ratio | Portfolio P/B ratio |
| YieldTTM | Trailing 12M yield |
| Duration | Bond duration |
| CreditQuality | Average credit quality |

---

**7. Stock Data Points**

| Attribute | Description |
|-----------|-------------|
| Name | Company name |
| Ticker | Stock symbol |
| close | Closing price |
| MarketCap | Market capitalization |
| PE_Ratio | Price/Earnings ratio |
| PB_Ratio | Price/Book ratio |
| DividendYield | Dividend yield |
| EPS | Earnings per share |
| Revenue | Total revenue |
| NetIncome | Net income |
| ROE | Return on equity |
| ROA | Return on assets |
| DebtEquity | Debt/Equity ratio |
| Sector | Sector classification |
| Industry | Industry classification |
| MorningstarRating | Stock star rating |
| FairValue | Morningstar fair value |
| FairValueUncertainty | Fair value uncertainty |
| EconomicMoat | Economic moat rating |

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**8. Category Average Data**

Access category averages using special identifiers:

| Code | Category Type |
|------|---------------|
| CA]FC | Fixed Income Categories |
| CA]FE | Equity Categories |
| CA]FM | Money Market Categories |
| CA]FO | Open-End Fund Categories |
| CA]FV | Variable Annuity Categories |
| CA]VL | Variable Life Categories |
| CA]VA | All Variable Categories |

**Example:**
=MSDP("$FOCA$FR$$;CA]FO", "Name")
→ Returns category name for specified category.

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**9. Date Parameters**

**Date Formats:**
| Format | Example | Description |
|--------|---------|-------------|
| Absolute | 12/31/2023 | Specific date |
| SD | SD | Start date |
| ED | ED | End date |
| SD+nD | SD+6D | Start date + n days |
| SD-nD | SD-30D | Start date - n days |

**Frequency Options:**
| Option | Description |
|--------|-------------|
| Freq=d | Daily |
| Freq=w | Weekly |
| Freq=m | Monthly |
| Freq=q | Quarterly |
| Freq=y | Yearly |

**Other Options:**
| Option | Description |
|--------|-------------|
| Dates=True | Include dates in output |
| Currency=USD | Convert to USD |

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**10. Using the Investment Data Retriever**

**Step-by-Step:**
1. Click "Morningstar" tab in Excel ribbon
2. Click "Data Retriever" or "Build Formula"
3. Select tab: Securities or Portfolio Management
4. Search for securities or select from list
5. Choose data attributes
6. Set date range (for time series)
7. Click "Insert" to place formula

**Sub-Tabs:**
- Attribute/Time Series: For data points and historical data
- Holdings: For portfolio composition
- Identifier: For looking up IDs

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**11. Data Dictionary**

Access the full list of data points:
1. Click Morningstar tab in Excel
2. Click Help > Data Dictionary
3. Browser opens with searchable data dictionary
4. Select security type (Open End Fund, Stock, etc.)
5. Browse or search for data points

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**12. Example Formulas by Use Case**

**Fund Analysis:**
=MSDP("VFIAX", "MorningstarRating")
→ Vanguard 500 Index star rating.

=MSDP("FXAIX", "ExpenseRatio")
→ Fidelity 500 Index expense ratio.

=MSDP("SPY", "YieldTTM")
→ SPDR S&P 500 ETF trailing yield.

**Historical Returns:**
=MSTS("VFIAX", "ReturnM1", "1/1/2020", "12/31/2023", "Freq=m")
→ Monthly returns for 4 years.

=MSTS("AAPL", "ret_market", "1/1/2023", "12/31/2023", "Dates=True")
→ Apple daily returns for 2023 with dates.

**Fund Holdings:**
=MSHOLDING("QQQ", "Ticker")
→ List of tickers held by QQQ ETF.

**Investment Lists:**
=MSMEMBER("L", "My Watchlist", "Ticker")
→ Tickers in "My Watchlist" saved list.

**Stock Data:**
=MSDP("MSFT", "FairValue")
→ Microsoft's Morningstar fair value estimate.

=MSDP("GOOGL", "EconomicMoat")
→ Alphabet's economic moat rating.

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**13. Supported Security Types**

| Security Type | Description |
|---------------|-------------|
| Mutual Funds | Open-end mutual funds |
| ETFs | Exchange-traded funds |
| Closed-End Funds | Closed-end funds |
| Stocks | Individual equities |
| Money Market Funds | Money market instruments |
| Hedge Funds | Hedge fund data |
| Separate Accounts | Institutional accounts |
| Market Indices | Benchmark indices |
| Categories | Morningstar categories |
| Model Portfolios | Custom portfolios |

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**14. Error Handling**

Common errors and solutions:

| Error | Cause | Solution |
|-------|-------|----------|
| #N/A | Invalid identifier | Verify ticker/SecID |
| #VALUE! | Wrong data type | Check attribute name |
| #REF! | Invalid date range | Verify dates |
| No data | Data not available | Check Data Dictionary |

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**Final Checklist:**
- What security type am I querying? (Fund, Stock, ETF?)
- What identifier am I using? (Ticker, ISIN, SecID?)
- What data attribute do I need?
- Is this a single point (MSDP) or time series (MSTS)?
- What date range is required?
- What frequency do I need? (Daily, monthly, etc.)
- Have I checked the Data Dictionary for the exact attribute name?

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**Additional Resources:**
- Morningstar Excel Add-In: excelapi.morningstar.com
- Data Dictionary: Morningstar tab > Help > Data Dictionary
- User Guide: Available via Morningstar tab > Help
- Quick Reference Guide: Available via Morningstar tab > Help
