Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

Portfolio > Mutual Funds

Morningstar's June Winners & Losers

Your article was successfully shared with the contacts you provided.

In June, Morningstar analysts assigned ratings to 28 new strategies, while upgrading five and downgrading eight strategies. In addition, eight strategies were placed under review.

Morningstar recently updated its Analyst Rating activity for 155 U.S. open-end mutual funds, exchange-traded funds and separately managed accounts and collective investment trusts for June 2019.

“In June we upgraded Dodge & Cox Global Bond’s Morningstar Analyst Rating to Silver from Bronze, due to its higher confidence level in the team’s foreign-exchange capabilities,” said Laura Pavlenko Lutton, Morningstar’s North American practice leader, manager research, in a statement. “On the flip side, we downgraded Vulcan Value Partners to Neutral from Bronze, since the fund hasn’t been effective enough in its execution. Manager C.T. Fitzpatrick looks for companies with competitive advantages that allow them to earn high — and increasing — returns on capital, but this prudent approach hasn’t led to benchmark-beating results.”

The Morningstar Analyst Rating for funds represents the firm’s conviction in the strategy’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 — Gold, Silver and Bronze — in addition to Neutral and Negative ratings.

Morningstar Medalists currently account for approximately 6% of unique mutual funds available for sale in the United States and 62% of assets under management. According to the firm, it rates approximately $12.8 trillion of U.S. investor assets, or about 70% of total investor assets in the United States.

The following rating changes occurred in June 2019:

Upgrades (4 mutual funds, 1 ETF)

  • BlackRock Emerging Markets (Neutral to Bronze)
  • BlackRock Global Long/Short Equity (Bronze to Silver)
  • Dodge & Cox Global Bond (Bronze to Silver)
  • FlexShares iBoxx 3-year Target Duration TIPS (Bronze to Silver)
  • Wells Fargo Emerging Markets Equity (Neutral to Bronze)

Downgrades (7 mutual funds, 1 SMA)

  • MainStay Floating Rate (Bronze to Neutral)
  • Pimco Emerging Markets Currency and Short/Term Investments (Bronze to Neutral)
  • Pimco Emerging Markets Bonds (Bronze to Neutral)
  • Pimco Emerging Markets Local Currency and Bond (Bronze to Neutral)
  • Templeton Global Balanced (Bronze to Neutral)
  • USAA Growth and Tax Strategy(Bronze to Neutral)
  • Vulcan Value Partners (Bronze to Neutral)
  • Vulcan Value Partners Large Cap Value (Bronze to Neutral

Under Review (8 mutual funds)

  • Fidelity New Markets Incomes Market Income (from Silver)
  • Invesco Oppenheimer Capital Income (from Neutral)
  • Invesco Oppenheimer Global Allocation (from Neutral)
  • Invesco Oppenheimer Senior Floating Rate (from Neutral)
  • JHancock Global Absolute Return Strategies (from Neutral)
  • USAA Tax Exempt Intermediate-Term (from Neutral)
  • USAA Tax Exempt Short-Term (from Neutral)
  • USAA VA Bond (from Neutral)

New Ratings (10 mutual funds, 13 ETFs, 5 CITs)

  • Brandes Emerging Markets Value (Silver)
  • Fidelity Corporation Bond (Neutral)
  • First Trust Emerging Markets Local Currency Bond (Negative)
  • First Trust Institutional Preferred Securities and Income (Neutral)
  • First Trust Preferred Securities & Income (Neutral)
  • First Trust Senior Loan (Neutral)
  • First Trust SSI Strategic Convertible Securities (Neutral)
  • First Trust Tactical High Yield (Neutral)
  • Goldman Sachs GQG Partners International Opportunities (Silver)
  • Hartford Municipal Opportunities ETF (Neutral)
  • Invesco Oppenheimer Portfolio Series: Active Allocation (Neutral)
  • Invesco Oppenheimer Portfolio Series: Conservative Investor (Neutral)
  • Invesco Oppenheimer Portfolio Series: Growth Investor (Neutral)
  • Invesco Oppenheimer Portfolio Series: Moderate Investor (Neutral)
  • JPMorgan Global Bond Opportunities (Neutral)
  • Manning & Napier Pro-Mix (Bronze)
  • Morgan Stanley Institutional Fund (Bronze)
  • Principal Active Income (Neutral)
  • Principal Investment Grade Corporate Active (Neutral)
  • Prudential Core Plus Bond (Silver)
  • SPDR SSGA Income Allocation (Neutral)
  • SPDR SSGA Ultra Short-Term Bond (Neutral)
  • T. Rowe Price Growth Stock (Bronze)
  • T. Rowe Price Institutional Frontier Markets Equity (Bronze)
  • T. Rowe Price QM US Small & Mid-Cap Core Equity (Silver)
  • T. Rowe Price U.S. SC Value Equity (Bronze)
  • Wells Fargo Enhanced Stock Market (Neutral)
  • WisdomTree Emerging Markets Local Debt (Neutral)

Related on ThinkAdvisor:


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.