Morningstar published its summary of Morningstar Analyst Rating activity for 162 U.S. open-end mutual funds and exchange-traded funds  that occurred in June.

Morningstar’s research analysts assigned new ratings to seven funds, including a Gold rating to T. Rowe Price Institutional Mid-Cap Equity Growth, which is a clone of Gold-rated T. Rowe Price Mid Growth.

According to Laura Pavlenko Lutton, Morningstar’s director of manager research for North America, T. Rowe Price Institutional Mid-Cap Equity Growth excels on multiple fronts earning an inaugural rating of Gold.

“With one of the industry’s longest-tenured managers at the helm, Brian Berghuis, the fund executes a valuation-conscious, quality-oriented growth strategy to find companies with a variety of expansion patterns,” she said in a statement. “The fund has held up better than the benchmark in market turbulence, but it has also enjoyed on the upside, thanks to good stock-picking. Low fees further cement this fund’s edge.”

Analysts also upgraded ratings for 10 funds, downgraded ratings for two funds, affirmed ratings for 142 funds, and placed one fund under review in June.

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 June 30, Morningstar analysts had assigned a Morningstar Analyst Rating of Gold to 159 unique U.S. funds, a Silver rating to 335 funds, a Bronze rating to 601 funds, a Neutral rating to 678 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 62% of assets under management.

The following Morningstar Analyst Rating changes occurred in June:

Upgrades

  1. Diamond Hill Corporate Credit (Bronze from Neutral)
  2. Ivy International Core Equity (Bronze from Neutral)
  3. JPMorgan Growth And Income (Silver from Bronze)
  4. MainStay Floating Rate (Bronze from Neutral)
  5. Metropolitan West Low Duration Bond (Bronze from Neutral)
  6. PGIM Short-Term Corporate Bond (Silver from Bronze)
  7. Rowe Price Institutional International Core Equity (Silver from Bronze)
  8. Rowe Price Overseas Stock (Silver from Bronze)
  9. Vanguard Global Equity (Silver from Bronze)
  10. Vanguard Morgan Growth (Bronze from Neutral)

Downgrades

  1. DFA US Small Cap Value (Silver from Gold)
  2. VY Oppenheimer Global (Neutral from Silver)

New Ratings

  1. Goldman Sachs ActiveBeta International Equity ETF (Bronze)
  2. Harbor Strategic Growth Institutional (Bronze)
  3. Hartford Schroders US Small/Mid-Cap Opportunities (Silver)
  4. Hartford Schroders US Small Cap Opportunities (Silver)
  5. iShares Edge MSCI Multifactor Emerging Markets ETF (Neutral)
  6. Rowe Price Institutional Mid-Cap Equity Growth (Gold)
  7. Rowe Price Latin America (Bronze)

Under Review

  1. Fidelity Advisor Small Cap (Bronze)

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