Morningstar recently announced that it is expanding its hedge fund initiative by launching hedge fund data on Morningstar.com and on Morningstar Advisor Workstation Office Edition. During the past two years, Morningstar (which has historically tracked mutual fund data) has built a database of more than 3,000 hedge funds, and continues to add to that data. The newest edition of Morningstar Direct will include hedge fund research reports written by Morningstar's new hedge fund analysts.

It's very interesting that Morningstar has begun to track hedge funds, and is putting more emphasis on hedge fund data.