Morningstar (MORN) said Monday that it changed the ratings on 10 funds in August.
According to the fund-research group, its research analysts upgraded three U.S. fund ratings and downgraded ratings for two funds last month. Also, analysts affirmed ratings for 35 funds and six target-date series and assigned five new ratings.
The Morningstar Analyst Rating for funds represents analysts’ conviction in the fund’s ability to outperform on a risk-adjusted basis over the long term.
Its five-tiered, qualitative Morningstar Analyst Rating scale has three positive levels or Morningstar Medalists — gold, silver and bronze — in addition to neutral and negative ratings.
As of Aug. 31, 133 U.S. funds have a gold rating, 280 funds had a silver rating and 347 funds had a bronze rating. There are 281 funds with a neutral rating and 32 with a negative rating.