Morningstar Magazine - August/September 2017 - Cover1I
Morningstar
Medalists:
The Complete
U.S. List
The Morningstar Analyst Rating for Funds was
launched in the U.S. in 2011 as a complement to the
Morningstar Rating (often referred to as the
"star rating"). The rating has since been extended
to funds globally, including U.S. ETFs in 2016.
While the Morningstar Rating is a mathematical
measure of past three-, five-, and 10-year risk-adjusted performance, the Morningstar Analyst Rating
is a forward-looking assessment by analysts with
Morningstar Research Services. Morningstar
Medalists-funds rated Gold, Silver, or Bronze-are
funds the analysts believe can outperform a relevant
benchmark or peer group through time. Funds
rated Neutral or Negative are more likely to fall short.
The Morningstar Analyst Rating rests on five pillars:
Process, Performance, People, Parent, and Price.
Analysts evaluate whether a strategy is sensible
(and repeatable), performance history, the caliber of
management, the stewardship of the parent firm,
and annual expenses. Funds rated Gold, Silver,
and Bronze are all recommended; the differences lie
in the level of analyst conviction. The ratings
don't express a view on a given asset class or peer
group. Rather, the designations seek to evaluate
funds within the context of their stated objective, an
appropriate benchmark, and peer group.
The following list is as of June 30, 2017.
Œ
*
´
These funds are considered best of breed. They
have distinguished themselves across all of the five
pillars and warrant the highest level of conviction.
These funds typically have stellar long-term
records, experienced managers, reasonable fees,
and records of treating shareholders well.
These funds' advantages outweigh any disadvantages. They may have slightly higher fees relative
to peers, for example, a short-term period of poor
performance, or shortcomings at the parent firm
that prevent a higher rating. But the analysts have
high conviction in the strategies and managers.
Funds that receive this designation may have
experienced manager turnover. They might charge
high fees, or have a record that trails higherrated peers'. Nevertheless, these funds have
sufficient strengths that the analysts believe they
are worthwhile long-term investments.
121 Mutual Funds
273 Mutual Funds
476 Mutual Funds
16 ETFs
54 ETFs
80 ETFs
Table of Contents for the Digital Edition of Morningstar Magazine - August/September 2017
Contents
Morningstar Magazine - August/September 2017 - Cover1
Morningstar Magazine - August/September 2017 - Cover2
Morningstar Magazine - August/September 2017 - 1
Morningstar Magazine - August/September 2017 - 2
Morningstar Magazine - August/September 2017 - Contents
Morningstar Magazine - August/September 2017 - 4
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Morningstar Magazine - August/September 2017 - Cover3
Morningstar Magazine - August/September 2017 - Cover4
Morningstar Magazine - August/September 2017 - Cover1I
Morningstar Magazine - August/September 2017 - Cover2I
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Morningstar Magazine - August/September 2017 - Cover3I
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