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Fund Spy: Morningstar Medalist Edition

Hot off the Presses: 5 Funds Get Their First Rating

We recently rated these Fidelity, DFA, RS, and Vanguard funds for the first time.

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Although we spend most of our time updating the Morningstar Analyst Ratings of funds we've already rated, we continue to add funds to our ratings universe. Some of these funds are relatively new, while others have been around for a long time. We don't have any rules regarding at what level a fund must start; we just rate them where we think they fit. Here are five recent ratings.

 Fidelity Real Estate Investment (FRESX) earns a Morningstar Analyst Rating of Bronze from us. It's a nice straightforward play on real estate investment trusts. Its 55-stock portfolio makes it one of the more diffuse funds in the category as there just aren't that many REITs out there. So, you can find some bolder, more-concentrated funds than this one. However, Steve Buller has done a fine job executing this modest strategy. The fund has beaten most of its peers and is even a hair ahead of  Vanguard REIT Index's (VGSIX) retail shares since their 1996 incep­tion (which slightly predates Buller's 15-year tenure). The fund has outperformed the category average by a range of 42-277 basis points in each calendar year since 2007, when it last underperformed.

Russel Kinnel has a position in the following securities mentioned above: DFISX. Find out about Morningstar’s editorial policies.