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Rekenthaler Report

How Morningstar Categorizes Funds

What it does and does not do.

Mentioned: ,

Case Study
From a letter to Mutual Fund Observer--

"Osterweis (OSTFX) is a mid-cap blend fund, according to M*. But don't say that to John Osterweis. Even looking at the style map, you can see that the fund covers all of the style boxes, and it has about 20% in foreign stocks, with 8% in emerging countries. John would tell you that he has never managed the fund to a style box. In truth he is style box agnostic. He is looking for great companies to buy at a discount. Yet M* compares the fund with others that are VERY different."

John Rekenthaler does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.