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Fund Spy: Morningstar Medalist Edition

January Analyst Rating Downgrades

Manager transitions and deteriorating performances are behind these lower Analyst Ratings.

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A manager's full record is the best way to evaluate his or her skill, even though emotionally we tend to judge based on performance when we are in the fund. While we place the greatest emphasis on that full record, we aren't ignoring shorter time periods either. If a fund hasn't met expectations during the past five years, we want to understand why, and if we aren't satisfied, that may lead us to lower a fund's Morningstar Analyst Rating. It depends, of course, on the fund's strategy and whether the market climate has been friendly to that strategy. This theme runs through a few of the key ratings changes we made in January.

I'll highlight a few, and you can see the whole list of changes in the table below. To understand the whole story, though, please click on the individual fund links to read our complete analysis, as space doesn't allow us to fully lay out the case here.

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

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