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Morningstar

7 Fund Analyst Rating Downgrades in May

We lowered our ratings on funds from Franklin, Morgan Stanley, and Weitz, and initiated ratings on funds from Ariel and Seafarer.

May was a relatively quiet month in terms of changes to the Morningstar Analyst Ratings. There were no upgrades. Seven funds from four fund families were downgraded. Morningstar initiated new ratings on two funds. The majority of funds saw no changes, with ratings for 88 funds and two target-date series reaffirmed during the month. Below are some highlights. All changes are listed in the table below.

Downgrades

A handful of downgrades came from one team at Morgan Stanley that uses the same process at three growth funds spanning the Morningstar Style Box.

Despite having low fees and very experienced management teams, two Franklin muni funds were downgraded.

Sibling

New Ratings

For a list of the open-end funds we cover, click here. For a list of the closed-end funds we cover, click here. For a list of the exchange-traded funds we cover, click here. For information on the Morningstar Analyst Ratings, click here.

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About the Author

Katie Rushkewicz Reichart

Director, Equity Strategies, Manager Research
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Katie Rushkewicz Reichart, CFA, is a director of manager research for Morningstar Research Services LLC, a wholly owned subsidiary of Morningstar, Inc. She oversees Morningstar's U.S.-based equity strategies team and is a voting member of the Morningstar Analyst Ratings Committee. Reichart previously served as the lead analyst for prominent fund companies such as T. Rowe Price and Fidelity.

Before joining the Manager Research team in 2008, Reichart worked in data and client services as a member of the Morningstar Development Program. She joined Morningstar in 2006.

Reichart holds a bachelor’s degree in psychology and business institutions from Northwestern University, where she graduated summa cum laude and as a member of Phi Beta Kappa. She also holds the Chartered Financial Analyst® designation.

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