The Morningstar Style Box is a graphic representation of an equity fund's exposure to two factors, market capitalisation and 'style'. Each factor is divided into three categories. For market capitalisation, the three categories are large-, mid-, or small-capitalisation; for style, the three categories are 'value', 'growth', and 'blend' (a combination of value and growth characteristics). What results is the ubiquitous 9-square grid that Morningstar has used since 1992 to help investors determine the broad investment style of funds. In this article we will explain the rationale for identifying a fund's style exposure, the long-term performance of the style categories, as well as take a look at style indices and the ETFs that track their performance.