62 New Fund Analyst Ratings in March
It was a busy start to spring as we assigned dozens of new ratings, upgraded seven, and downgraded four funds.
A Busy Start to Spring
In March, Morningstar manager research analysts upgraded the Morningstar Analyst Ratings of seven funds, downgraded four funds, affirmed ratings on 79 funds, three target-date series, and one exchange-traded fund, assigned new ratings to 29 mutual funds and 33 exchange-traded funds, and placed one fund under review. Below are some of March's highlights, followed by the full list of ratings changes.
Fidelity Overseas (FOSFX) was upgraded to Silver from Bronze thanks to manager Vincent Montemaggiore's solid execution and consistent research process. Montemaggiore, who took over this fund in January 2012, adheres to a value- and quality-oriented philosophy, looking for temporarily undervalued firms that can consistently generate high returns on capital during a three- to five-year period. This focus on quality aided the fund as foreign markets sold off in 2015 and 2016, as did its below-average emerging-markets exposure compared with peers. Montemaggiore's strong stock selection across sectors, particularly in financials and consumer defensive names, has given the fund an edge over its benchmark and peers. From his start date through March 2016, the fund's 10.1% annualized gain beats both the MSCI EAFE Index's 6.7% and the average foreign large-growth peer's 6.0%.
Christopher Franz does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.
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