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January Ratings Activity in U.S. Includes Many More Downgrades Than Upgrades

Manager turnover triggers several downgrades.

Morningstar research analysts were fairly active in January. Indeed, while we upgraded only one fund last month, we downgraded seven funds plus one target-date series. We also covered three funds for the first time and re-initiated coverage on two funds. The table below lists all of the affected funds. And we highlight the most notable changes here.



The upcoming loss of a skilled fixed-income managers has led us to downgrade

Newly Rated Funds

We re-initiated coverage of

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

William Samuel Rocco

Senior Analyst, Equity Strategies, Manager Research
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Bill Rocco is a senior manager research analyst, equity strategies, for Morningstar Research Services LLC, a wholly owned subsidiary of Morningstar, Inc. He specializes in international-stock and emerging-markets funds and is the lead analyst covering asset managers Harding Loevner, Matthews and Seafarer. Rocco is a member of the Morningstar Analyst Ratings Committee for international-equity funds. He joined Morningstar in 1994 as a mutual fund analyst.

Rocco holds a bachelor's degree in political science from Duke University and a master's degree in comparative politics from Georgetown University.

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