Morningstar Analyst Rating for Funds
The Morningstar Analyst Rating is the summary expression of our forward-looking, qualitative analysis of a fund. This is unlike our backward-looking, quantitatively-driven Morningstar Rating (often referred to as the “star rating”), which assigns one to five stars based on a fund’s past risk- and load-adjusted returns versus category peers. Morningstar Analyst Ratings are assigned globally on a five point scale, with three positive ratings of Gold, Silver and Bronze, one Neutral rating and one Negative rating. The ratings reflect the level of analyst conviction in funds’ ability to outperform the most relevant benchmark and/or peers on a risk-adjusted basis over the long term. The ratings should be interpreted as follows:
