Susan Dziubinski: Hi, I'm Susan Dziubinski for Morningstar.com. We award Gold, Silver and Bronze Morningstar Medalist ratings to those funds we think are most likely to outperform during a full market cycle. However, we may increase or decrease a fund's analyst rating due to changes in a fund's process, expected performance, management, or price. Today, we are taking a look at three former medalist funds that have been downgraded to Neutral during the past few months.
Patricia Oey: We've long had a favorable view of George Cipolloni and Mark Saylor, who together have run Berwyn Income since 2007. They employed a go-anywhere contrarian approach to this conservative-allocation income fund, and they generated strong results with good downside protection, with returns coming from both asset allocation and securities selection.
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Gregg Wolper does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.