Even so, it's encouraging that the firm showcases strong risk-adjusted performance across its open-end and exchange-traded fund lineup, with an average five-year Morningstar Rating of 5.0 stars. Changing Parameters has had higher portfolio management turnover than peer firms in the past five years. Turnover in the portfolio-management ranks can happen for a number of reasons, including fund mergers and liquidations, portfolio managers moving into other roles, or portfolio managers leaving the firm. In some cases, such change may not signal a serious or immediate problem at the firm, but can still be disruptive for fundholders, hinder the effectiveness of a firm’s investment processes, or suggest a weaker investment culture. Lofty fees for the firm's open-end and exchange-traded funds are a weakness, contributing negatively to Changing Parameters's rating and creating a larger performance hurdle. The firm's fund fees, on average, fall within the most expensive quintile of similarly distributed strategies.
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