Morningstar Magazine - June/July 2018 - Cover1I

A supplement to Morningstar magazine

The magazine of independent research for the world's financial professionals

Morningstar
Medalists:
The Complete
U.S. List

We launched the Morningstar Analyst Rating for
funds globally in 2011 and the Morningstar Analyst
Rating for ETFs in 2016. Unlike the backwardlooking Morningstar Rating (often referred to
as the "star rating"), which is based on a fund's past
risk-adjusted returns versus category peers,
the Analyst Rating is a forward-looking assessment.
Morningstar Medalists-funds rated Gold, Silver,
or Bronze-are funds the analysts believe
can outperform a relevant benchmark or peer group
on a risk-adjusted basis over the long term. Funds
rated Neutral are those the analysts believe
aren't likely to out- or underperform significantly,
while those rated Negative are at risk of falling short.

June/July 2018

Performance-Are risk-adjusted returns

strong over relevant time periods and reflective
of the process?
People-How strong are the management team's
ability, tenure, and resources?
Parent-Is stewardship or salesmanship the
firm priority?
Price-Is the fund a good value proposition
compared with similar peers?

The Analyst Rating rests on five pillars:

The ultimate view on the individual pillars and how
they come together is driven by the analyst's
assessment and overseen by an Analyst Ratings
Committee. This approach isn't formulaic, but rather
serves as a robust analytical framework that
ensures consistency across Morningstar's global
coverage universe.

Process-Does the strategy provide a sustainable

The following list is as of March 31, 2018.

competitive edge?

Œ

*

´

These funds are considered best of breed. They
have distinguished themselves across the
five pillars and garnered the analysts' highest level
of conviction.

These funds have notable advantages across
several, but perhaps not all, of the five
pillars. Their strengths give the analysts a high
level of conviction.

Funds that receive this designation have advantages that outweigh the disadvantages across
the five pillars. The analysts have a sufficient level
of conviction to warrant a positive rating.

144 Mutual Funds

285 Mutual Funds

529 Mutual Funds

21 ETFs

56 ETFs

77 ETFs



Table of Contents for the Digital Edition of Morningstar Magazine - June/July 2018

Contents
Morningstar Magazine - June/July 2018 - Cover1
Morningstar Magazine - June/July 2018 - Cover2
Morningstar Magazine - June/July 2018 - 1
Morningstar Magazine - June/July 2018 - 2
Morningstar Magazine - June/July 2018 - Contents
Morningstar Magazine - June/July 2018 - 4
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