Morningstar published its summary of Morningstar Analyst Rating activity for 101 U.S. open-end mutual funds, exchange-traded funds, and seven separately managed accounts that occurred in September.
Analysts assigned new ratings to four U.S. funds. In addition, analysts upgraded ratings for five funds, downgraded ratings for five funds, affirmed ratings for 87 funds, and placed two funds’ ratings under review. New as of last month, analysts also assigned new ratings to six separately managed accounts and affirmed ratings for one.
“We upgraded Pimco Active Bond ETF from Neutral to Silver as it became clear that new management has consistently implemented a new steady-income-producing strategy since May 2017,” said Laura Pavlenko Lutton, Morningstar’s director of manager research for North America.
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.