In essence, the Morningstar Medalist rating is about competitive advantages. If we think a fund has enough competitive advantages to outperform its peers, we give it a Morningstar Analyst Rating of Bronze. If it has enough advantages to have a good chance to outperform its benchmark, too, we rate it Silver or Gold.
Our analysts spend the bulk of their time assessing whether a fund has competitive advantages.
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Russel Kinnel has a position in the following securities mentioned above: PTTRX, MAPIX. Find out about Morningstar’s editorial policies.