Fund Ratings Highlights for July
July brings five upgrades, eight downgrades, and six new ratings.
In July, Morningstar manager research analysts affirmed the Morningstar Analyst Ratings of 129 funds, upgraded the ratings of five funds, downgraded the ratings of eight funds, placed three funds' ratings under review, and assigned new ratings to six funds. Below are some of July's highlights, followed by the full list of ratings changes.
Federated Total Return Bond's (FTRBX) Analyst Rating was upgraded to Silver from Bronze, merely a year after we reinitiated coverage on the fund in August 2017. Strengthened confidence in the fund's stable and experienced team, led by manager Don Ellenberger, in addition to greater comfort with this fund's trade-finance allocation were two motivating factors for the upgrade. Ellenberger, who boasts two decades of experience at Federated, balances the fund's exposure across multiple sources of return, including duration, yield curve, currency, and sector allocation. These factors are independently managed by teams of analysts called "alpha pods," whose macro guidance complements the bottom-up research of Federated's investment-grade analysts. When Ellenberger wants to add risk through bank loans, high yield, mortgages, trade-finance, or emerging markets, he allocates to fellow Federated funds to get exposure, rather than by holding those securities outright. Over the trailing annualized 10-year period ended June 2018, the fund outperformed the median of its intermediate-term bond Morningstar Category, fueled by select years of strong contribution from its corporate credit holdings.
Alaina Bompiedi does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.
Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. And we have unwavering standards for how we keep that integrity intact, from our research and data to our policies on content and your personal data.
We’d like to share more about how we work and what drives our day-to-day business.
We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.
How we use your information depends on the product and service that you use and your relationship with us. We may use it to:
To learn more about how we handle and protect your data, visit our privacy center.
Maintaining independence and editorial freedom is essential to our mission of empowering investor success. We provide a platform for our authors to report on investments fairly, accurately, and from the investor’s point of view. We also respect individual opinions––they represent the unvarnished thinking of our people and exacting analysis of our research processes. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive.
To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research.
Read our editorial policy to learn more about our process.