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Fund Spy: Morningstar Medalist Edition

Ratings Changes to Highlight for November

We delve into six of the 177 strategies that were rated last month.

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In November 2018, 177 strategies were rated, 13 of which were new to coverage. We affirmed the Morningstar Analyst Ratings of 150 strategies. Additionally, five ratings were upgraded, three were downgraded, and six funds were placed under review. A select group of ratings are showcased below, followed by the full list of ratings changes for the month. 

Upgrades
 DWS RREEF Real Estate Securities' (RRRRX) sound process, cheap fees, and strong returns prompted an upgrade of its Analyst Rating to Bronze from Neutral. Comanagers David Zonavetch and Bob Thomas provide solid leadership. Zonavetch became a co-lead in 2013, and Thomas replaced former co-lead Joe Fisher at the end of 2016. The managers are backed by an additional four dedicated analysts. This fund's process, which effectively combines top-down views and bottom-up research, has improved thanks to consistent execution. From a top-down perspective, it closely monitors changes in economic data to inform its modest industry biases versus the MSCI US REIT Index. The team then comes up with net asset value estimates and uses a unique pair-trading approach to add value within sectors. The portfolio managers also benefit from DWS' direct property management group, which offers insights in many areas such as the quality of company management teams.

Alfonzo Bruno does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.

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