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.
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.
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.
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.
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.
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.
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
