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Fund Spy: Morningstar Medalist Edition

Follow the Money to Fund Managers' Favorites

Ownership data can show which of these medalists their managers like best.

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Morningstar Analyst Ratings show you which managers and strategies Morningstar analysts like. Manager investments can show you which funds the insiders themselves prefer. As with parents, managers will never say which of their charges they like best, so it's best to follow the money to discover their inclinations. Below are sets of rated funds run by the same manager, but where that skipper shows a marked preference for one fund in particular. Morningstar analysts typically like to see managers demonstrate faith in their approach and alignment with shareholders by putting a lot of money in all of the funds they manage. As some of these examples show, managers sometimes play favorites.

All Authority's Appeal
Morningstar gives  PIMCO All Asset (PAAIX) an Analyst Rating of Gold, and its more unrestrained sibling  PIMCO All Asset All Authority (PAUIX) an Analyst Rating of Silver, even though the manager clearly favors the latter. Both medalists tap a wider range of asset classes than you'd normally find in traditional balanced portfolios, and both are worthy of consideration. Manager Rob Arnott, however, has more than $1 million in PIMCO All Asset All Authority and nothing in PIMCO All Asset.

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