T. Rowe Price, Oakmark, Fidelity and Dodge and Cox are winners in Morningstar's Fund Manager of the Year awards.

The research firm selected top managers and teams in the categories of domestic stock, international stock, fixed income, and allocation and alternatives based on both performance and management techniques.

"Active managers faced many challenges in 2016 including market headwinds and heavy redemptions as investors moved their assets to passive investments," said Laura Lutton, Morningstar’s director of manager research for North America. "These managers stood out for remaining steadfast in their investing approach, which paid off for investors last year."

"These managers stood out for remaining steadfast in their investing approach," said Morningstar's Laura Lutton.

David Wallack, manager of the T. Rowe Price Mid-Cap Value (TRMCX), received the Domestic-Stock Fund Manager of the Year award, Morningstar said. Wallack was acknowledged for his dedication to thorough research, patience and a risk-conscious process he originally implemented in 2000.

"[Wallack’s] success in stock picking is mainly a result of his careful research and thoughtfulness dedicated to each company he invests in," Lutton said.

The International-Stock Fund Manager of the Year award went to David Herro, the lead manager of the Oakmark International Investor (OAKIX) since its inception in 1992. The fund, which reopened to investors in July 2016, experienced substantial flows since it closed in 2013. As a result of management actions and rising primary metals prices, the stock rose 204% in 2016, Morningstar said. Oakmark International Investor currently has a $1,000 minimum investment requirement and a 1% expense ratio, according to Morningstar.

Herro was Morningstar’s 2006 International-Stock Fund Manager of the Year and International-Stock Fund Manager of the Decade for 2000-2009. "[Herro’s] patience keeps paying off; the fund has beaten more than 90% of its category peers over the trailing five, 10, and 15 years," Lutton said.

Ford O’Neil and his team managing the Fidelity Total Bond (FTBFX) were awarded the Fixed-Income Fund Manager of the Year award for "consistent leadership and strong risk-adjusted results for investors in 2016 and in years past."

Morningstar attributes the fund’s success to its "low 0.45% expense ratio."

The management team at Dodge and Cox Balanced (DODBX) took home Allocation and Alternatives Fund Manager of the Year award recognizing the team’s equity and fixed-income investment policy committees, Morningstar said. The fund has a 0.53% expense ratio.

"In allocation, the fund’s nearly 70% equity exposure was more than most peers, which helped in a rallying equity market," Lutton said.

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