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Fund Spy: Morningstar Medalist Edition

Manager Departures and Portfolio Shifts Meant Ratings Changes in November

Also, a target-date series cuts its fees.

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November was a somewhat quieter month for ratings changes after Bill Gross' departure from PIMCO set off a flurry of activity in October. In all, the Morningstar Analyst Ratings of six funds were downgraded, while one fund and a series of 10 target-date funds were upgraded. We'll tackle them alphabetically.

Multialternative fund  Absolute Strategies (ASFIX) had its rating lowered to Neutral from Bronze. Management is making a large bet against the market, which has effectively resulted in a negative beta (thus, the fund will generally fall when the market rises) and may prove too risky for investors to stomach. High fees relative to peers don't help the fund's cause.

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Greg Carlson does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.