What the Morningstar Analyst Rating indicates

The Analyst Rating does not express a view on a given asset class or peer group; rather, it seeks to evaluate each strategy and associated vehicle within the context of an appropriate benchmark and peer group.

The analysts delve deeply into the process, the people and the parent – referred to as the 3Ps. While that forms the spine of our research approach, price is also a factor when considering the expected net-of-fees alpha. All these factors in conjunction drive the overall rating.

•  Gold

Our top recommendations within their Morningstar Categories. Evaluation of their key pillars in the context of the fees charged at the share-class level ranks them in the top 15% of all investments with expected positive net-of-fee alpha in their category. 

• Silver

Also among our strongest investment ideas within their Morningstar Categories. Our evaluation of their key pillars in the context of the fees charged at the share-class level ranks them in the next 35% of all vehicles with expected positive net-of-fee alpha in their category. 

• Bronze

We do not expect these investments to perform as well as Gold or Silver offerings, but we still expect them to deliver positive net-of-fee alpha. Our evaluation of their key pillars in the context of the fees charged at the share-class level ranks them in the bottom 50% of all vehicles with expected positive net-of-fee alpha in their category. 

• Neutral

We expect these investments to deliver net-of-fee alpha that is less than or equal to zero. Our evaluation of their key pillars in the context of the fees charged at the share-class level ranks them in the top 70% of all vehicles with net-of-fee alpha less than or equal to zero in their category. 

• Negative

We expect these investments to deliver net-of-fee alpha that is less than or equal to zero. Our evaluation of their key pillars in the context of the fees charged at the share-class level ranks them in the top 70% of all vehicles with net-of-fee alpha less than or equal to zero in their category. 

• Under Review

This designation means that a change at a rated strategy requires further review to determine the impact on the rating.

Performance expectations refer to performance over a holding period of at least 5 years, and where alpha is calculated relative to the standard Morningstar category index.

Share-class: Regular Plan, Direct Plan

View the funds rated