Downgrades Outweigh Upgrades in April
T. Rowe Price, BlackRock, and AB saw improved Analyst Ratings, while PIMCO and Artisan were among a slew of downgrades.
In the month of April, Morningstar analysts downgraded the Morningstar Analyst Ratings of 31 funds, upgraded four funds, and initiated ratings on four funds. The complete rundown is listed in the tables below. Here we'll highlight a few of the most notable changes.
T. Rowe Price Diversified Small Cap Growth (PRDSX) was upgraded to Silver from Bronze, a reflection of its success under manager Sudhir Nanda since his 2006 start date. Nanda heavily uses quantitative models, a distinguishing factor from most of T. Rowe Price's other equity funds, which largely rely on the analysts' bottom-up research, but he's done quite well with this approach. The fund has landed in its Morningstar Category's top decile on his watch and has beaten its MSCI US Small Cap Growth benchmark, including on a risk-adjusted basis. Low fees also make the case for its upgrade.
Katie Rushkewicz Reichart does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.