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Fund Spy: Morningstar Medalist Edition

8 Recent Changes in Analyst Ratings

A host of factors drove these upgrades and downgrades.

Mentioned: , , , , , , , , ,

A manager departure or addition can often lead to a change in a fund's Morningstar Analyst Rating. But there are plenty of other reasons why a rating can move up or down, as the list below of recent ratings adjustments at prominent funds indicates.

 Davis NY Venture (NYVTX),  Selected American Shares (SLADX),  Clipper (CFIMX): All downgraded to Bronze
The surprising departure of Ken Feinberg at the end of 2013 prompted a re-evaluation. Feinberg comanaged the first two funds with Chris Davis for more than 15 years, and Clipper for eight years. The funds struggled mightily in 2008's sharp downturn as financials--the firm's specialty--were hammered, and they have since posted spotty relative performance. However, each fund had earned an Analyst Rating of Gold based on our thesis that Davis and Feinberg--two seasoned, bottom-up, long-term-oriented investors--could again generate strong returns. Davis remains on board along with a number of veteran analysts (and new comanager Danton Goei), so the fund's prospects are still solid. But our confidence level has taken a hit.

Greg Carlson does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.