Joe Mansueto does not have a target percent ownership in Morningstar stake each year.
Joe Mansueto historically has entered into 10b5-1 plans on an annual basis to sell a portion of his Morningstar shares to diversify his investments. These annual plans have allowed for trading to begin on May 1st, several months after the release of our 10-K and year-end earnings. The plans have been designed to spread sales evenly over the next four quarters. His current sales plan covers 400,000 shares, or sales of 100,000 shares per quarter.
In our Q3 25 10-Q, Morningstar reported 41,129,198 shares outstanding as of Oct. 24, 2025. Also as of that date, Joe Mansueto’s ownership stake in Morningstar was 36.5%. Using the number of shares outstanding as of Oct. 24, and assuming that 100,000 shares are sold under Joe Mansueto’s 10b5-1 plan in Q4 25, his year-end ownership stake would be 36.3%.