Morningstar Peer Group Changes Are Coming October 30. Here’s What You Need to Know.

Morningstar doesn’t give advance notice very often, but this time they did. On October 30, 2026, they are updating peer group methodologies across US retail funds, fee level groups, and 529 plans.

When Morningstar shifts peer group definitions or updates benchmark indices, it impacts peer groups, rankings, and how performance looks in your client reports.

Here is a breakdown of what’s changing so you can get ahead of it.

Key Updates at a Glance - Download Changes

• 4 New US Retail Peer Groups: Morningstar is adding Alternative Energy, Equity Non-Precious Metals, Derivative Income - Non-Diversified, and Miscellaneous Equity.
• 5 Renamed Peer Groups: Minor cleanups to peer group names (e.g., spelling out “Intermediate” instead of “Interm”).
• 2 Redefined Peer Groups: Derivative Income and Equity Hedged get updated definitions.
• 69 Peer Group Index Updates: Morningstar is updating primary and peer group benchmark indices across 69 retail peer groups.
• 8 New Fee Level Groups: Added to accommodate the new fund categories and their insurance counterparts.
• 529 Plan Adjustments: Retiring Target-Enrollment 2015 and 2018, along with index updates for 8 peer groups.

Don’t Like Morningstar’s Changes? Override Them.

Most reporting tools force you to accept whatever peer group changes Morningstar rolls out. If a fund gets reclassified into a peer group you don’t agree with, you’re stuck explaining the sudden shift to your clients.

We built PlanTools differently.

With our Peer Group Lab, you have complete control over your reporting:

• Don’t like a new benchmark assignment? Change it.
• Disagree with a fund’s new peer group classification? Override it.
• Want to maintain historical consistency for your investment committee? Custom-build your peer groups.

PlanTools is the only platform in the industry that gives you this feature. You aren’t locked into Morningstar’s decisions. You choose how your portfolios are benchmarked and evaluated.

What to Do Next

• Review affected funds: Check if any funds in your client portfolios sit in the 69 updated peer groups or newly defined buckets.
• Set your overrides: If Morningstar’s default classifications don’t align with your thesis, jump into the Peer Group Lab and set your custom rules ahead of the October deadline.

If you want help auditing your portfolios or setting up custom peer groups in Peer Group Lab, reach out to our team anytime.