Morningstar is covering fewer small funds than it once did, according to David Snowball, whose Mutual Fund Observer provides insights and commentary about fund investing. Of the 599 funds that have a rating of four or five stars for the past three-, five- and 10-year periods, as well as an overall rating of four or five stars, Mutual Fund Observer found that fewer than 40% (237) have analyst coverage. "As we searched the Morningstar database we found many more in that elite coverage [group] that once had coverage but haven't been covered in five or more years," Snowball wrote. Read the original story from InvestmentNews.