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Fund Spy: Morningstar Medalist Edition

New Coverage Dominates October Ratings Activity

Forty ratings debuted in October.

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New Coverage Dominates October Ratings Activity
In October, Morningstar manager research analysts downgraded the Morningstar Analyst Ratings of two funds and assigned new ratings to 40 funds. Below are some of October’s highlights, followed by the full list of ratings activity.

Downgrades:
 Invesco Equity and Income
(ACEIX) and  Invesco Growth and Income (ACGIX) were both downgraded to Neutral ratings from Bronze because management changes increased uncertainty. The longest-tenured team member on both funds, comanager Mary Jayne Maly, retired in March 2016. While the funds prepared in advance for Maly’s retirement by offloading her coverage to other team members, her departure still leaves a hole. Additionally, both funds have posted mixed results since Tom Bastian took over as lead manager in early 2009.

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