The seven customer groups we list in our 10-K include several that directly correspond to segments or products. For example, PitchBook customers fall in the private market investors group; fixed-income security issuers and arrangers are Morningstar Credit clients, and we serve retirement market participants through Morningstar Retirement. Others, including advisors and asset managers, buy multiple products across the business. We track customer groups by opportunity, not client. As a result, distinct opportunities within the same company might fall in more than one bucket.

Our five largest customer groups by annual contract value through June 2024 are, from largest to smallest:

• Private market investors
• Advisors and wealth managers (including independent financial advisors and those affiliated with Register Investment Advisors (RIAs), broker dealers, and other intermediaries)
• Asset managers
• Fixed-income security issuers and arrangers
• Retirement market participants (including retirement plan providers, advisors, and sponsors) 

Beyond these groups, we have several smaller client segments. These include the redistributor segment, as well as the asset owner and individual investor segments. The redistributor segment consists of fintechs and other platforms who purchase our data to power third-party applications and platforms. Asset owners represent an important client segment for the Morningstar Sustainalytics and Morningstar Indexes product areas while the individual investor segment includes individuals who subscribe to Morningstar Investor.