Morningstar has added two new categories to its always fun "Fund Manager of the Year" awards.

The two new prizes to be given out are in alternatives and allocation.

Scott Burns, Morngingstar's director of fund research, says the allocation category is perhaps a bit overdue, while the alternative award is "a little more on the leading edge."

Also new this year is the incorporation of Morningstar's recently launched analyst ratings to the process. To win a manager of the year award, a PM must be a morningstar medalist. 

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