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Fund Spy: Morningstar Medalist Edition

These 5 Funds Were Upgraded in October

Five upgrades, seven downgrades, and four new ratings highlight Morningstar Analyst Rating activity.

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Morningstar manager research analysts published ratings for 146 mutual funds and exchange-traded funds in October. That tally included five upgrades, seven downgrades, and 126 reaffirmations. Another four strategies received inaugural ratings, while four went under review. These qualitative assessments were the last to be published ahead of a methodology enhancement to the Morningstar Analyst Rating for funds. Below are some highlights from the October ratings activity, along with a table of changes for the month. 

Upgrades
BlackRock High Yield Bond’s (BRHYX) Analyst Rating increased to Gold from Silver because its distinctive and versatile approach benefits from one of the strongest teams in the high-yield Morningstar Category. Instead of targeting a sweet spot on the credit-quality spectrum, this fund's managers turn cautious when riskier bonds offer paltry compensation and bold when risk-taking pays. Given the strategy's girth--the $16.8 billion fund represents less than half of the team's over $45 billion high-yield bond market footprint--staying nimble is easier said than done. The managers have leveraged an expansive tool kit and the firm's impressive resources to navigate through various market environments and maintain the fund’s edge over time.

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Robby Greengold, CFA does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.