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Portfolio > Mutual Funds

Morningstar’s May Winners & Losers

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Morningstar published a summary of Morningstar Analyst Rating activity for 173 U.S. open-end mutual fundsexchange-traded funds and two target-date series that occurred in May.

Morningstar’s research analysts assigned new ratings to five funds and upgraded ratings for 11 funds, including two funds to Gold from Silver, Harbor Bond and MFS Value.

“MFS Value was raised to Gold from Silver for the longtime managers’ sound execution of a straightforward process. The fund’s quality- and long-term orientation has been a strength, especially in down markets, and that process has delivered,” Laura Pavlenko Lutton, Morningstar’s director of manager research for North America, said in a statement. “Also moving from Silver to Gold is Harbor Bond, which is subadvised by Pimco. Our confidence in the fund’s leadership has grown as the management team has handled outflows well and has successfully positioned the portfolio. This offering’s reasonable price is especially compelling.”

Analysts also downgraded ratings for 10 funds, affirmed ratings for 141 funds and two target-date series, and placed six funds under review.

The Morningstar Analyst Rating 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.

As of May 31, Morningstar analysts had assigned a Morningstar Analyst Rating of Gold to 160 unique U.S. funds, a Silver rating to 326 funds, a Bronze rating to 595 funds, a Neutral rating to 697 funds, and a Negative rating to 19 funds.

Morningstar Medalists currently account for approximately 6% of unique mutual funds available for sale in the United States and 70% of assets under management.

The following Morningstar Analyst Rating changes occurred in May:


  1. Alger Small Cap Focus (Silver from Bronze)
  2. BlackRock Dynamic High Income (Bronze from Neutral)
  3. BlackRock Multi-Asset Income (Silver from Bronze)
  4. Delaware Small Cap Value (Silver from Bronze)
  5. Harbor Bond Institutional (Gold from Silver)
  6. Hartford Equity Income (Silver from Bronze)
  7. MFS Value (Gold from Silver)
  8. Pioneer Select Mid Cap Growth (Bronze from Neutral)
  9. Schwab International Small-Cap Equity ETF (Bronze from Neutral)
  10. SPDR Portfolio Developed World ex-US ETF (Silver from Bronze)
  11. T. Rowe Price Equity Income (Silver from Bronze)


  1. AB Global Bond (Bronze from Silver)
  2. AllianzGI NFJ Dividend Value (Neutral from Bronze)
  3. Artisan International (Bronze from Silver)
  4. Artisan International Small Cap (Bronze from Silver)
  5. Fidelity Limited Term Municipal Income (Silver from Gold)
  6. iShares MSCI EAFE Small-Cap ETF (Neutral from Bronze)
  7. iShares Russell 2000 Growth ETF (Neutral from Bronze)
  8. Morgan Stanley Inst US Real Estate (Bronze from Silver)
  9. Oppenheimer Global (Under Review from Neutral)
  10. Vanguard FTSE All-World ex-US Small-Cap Index (Bronze from Silver)

New Ratings

  1. Fidelity International Capital Appreciation (Bronze)
  2. iShares Edge MSCI Multifactor International ETF (Bronze)
  3. Morgan Stanley Institutional Advantage (Silver)
  4. VY Clarion Global Real Estate (Bronze)
  5. VY Clarion Real Estate (Bronze)

Under Review

  1. Columbia Capital Allocation Moderate Aggressive (Neutral)
  2. Columbia Capital Allocation Moderate Conservative (Neutral)
  3. Columbia Capital Allocation Aggressive (Neutral)
  4. Columbia Capital Allocation Conservative (Neutral)
  5. Columbia Capital Allocation Moderate (Neutral)
  6. Columbia Thermostat (Neutral)

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