In February, Morningstar upgraded the Morningstar Analyst Ratings of four funds and one target-date series, downgraded the ratings of seven funds, and affirmed ratings on 75 funds and three target-date series.
The Chicago-based research group also assigned new ratings to eight funds and placed one fund under review.
The ratings for funds represents Morningstar’s conviction in the fund’s ability to outperform on a risk-adjusted basis over the long term. The five-tiered, qualitative Morningstar Analyst Rating scale has three positive levels, indicating Morningstar Medalists — Gold, Silver and Bronze — in addition to Neutral and Negative ratings.