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Fund Spy: Morningstar Medalist Edition

Downgrades of Manning & Napier Funds Account for Most of March's Medalist Changes

Changes blur the path forward.

In the month of March and through the first week of April, we downgraded 23 funds. Of those, 17 were funds from Manning & Napier that had Morningstar Analyst Ratings of Gold and Silver that we downgraded to Bronze because of meaningful personnel shifts and a performance slump. We dug into both these issues in March with an onsite visit, and Manning & Napier's leadership visited our offices, as well. While the firm's shakeup may work out in the long run, it's generally wise to proceed with added caution until the fog dissipates.

A recap of the Manning & Napier downgrades reveals the insight and considerations that influence our Analyst Ratings. Unlike our star ratings, which reflect past success or failure, Analyst Ratings indicate our confidence in a fund's future prospects.