Small Cap Fund: As of 9/30/17, there were 2 gold rated, 5 silver rated, 8 bronze rated, 5 neutral rated, 118 funds without rating and 1 fund with rating under review in the U.S. Small Value category. The Overall Morningstar Rating™ is based on 336 small value funds as of 9/30/17. The Fund’s Class I rating was 2 stars among 336, 3 stars among 292, and 4 stars among 198 small value funds for the 3-, 5-, and 10-year periods ended 9/30/17, respectively.

Small-Mid Cap Fund: As of 9/30/17, there were 2 gold rated, 7 silver rated, 9 bronze rated, 14 neutral rated and 111 not rated funds in the U.S. Mid-Cap Value category. The Overall Morningstar Rating™ is based on 363 mid-cap value funds as of 9/30/17. The Fund’s Class I rating was 4 stars among 363, 5 stars among 319, and 5 stars among 226 mid-cap value funds for the 3-, 5-, and 10-year periods ended 9/30/17, respectively.

Mid Cap Fund: The Overall Morningstar Rating™ is based on 363 mid-cap value funds as of 9/30/17. The Fund’s Class I rating was 4 stars among 363 funds for the 3-year period ended 9/30/17.

Large Cap Fund: As of 9/30/17 there were 4 gold rated, 21 silver rated, 32 bronze rated, 33 neutral rated and 340 not rated funds in the U.S. Large Value category. The Overall Morningstar Rating™ is based on 1,108 large value funds as of 9/30/17. The Fund’s Class I rating was 5 stars among 1,108, 5 stars among 962, and 5 stars among 689 large value funds for the 3-, 5-, and 10-year periods ended 9/30/17, respectively. Portfolio Manager Chuck Bath has been on Morningstar's Ultimate Stock-Pickers roster since June 2012. The Ultimate Stock-Picker roster includes top Domestic Stock Fund managers with tenure greater than the category average (Large Cap Value/Blend/Growth) and 1-, 3-, 5-, and 10-year returns that are greater than the broad equity market returns.

All Cap Select Fund: The Overall Morningstar Rating™ is based on 1,218 large blend funds as of 9/30/17. The Fund’s Class I rating was 2 stars among 1,218, 4 stars among 1,083, and 4 stars among 799 large blend funds for the 3-, 5-, and 10-year periods ended 9/30/17, respectively.

Long-Short Fund: As of 9/30/17, there were 0 gold rated, 1 silver rated, 4 bronze rated, 9 neutral rated and 125 not rated funds in the U.S. Long-Short Equity category. The Overall Morningstar Rating™ is based on 198 long-short equity funds as of 9/30/17. The Fund’s Class I rating was 3 stars among 198, 4 stars among 93, and 3 stars among 27 long-short equity funds for the 3-, 5-, and 10-year periods ended 9/30/17, respectively.

Financial Long-Short Fund: The Overall Morningstar Rating™ is based on 100 financial funds as of 9/30/17. The Fund’s Class I rating was 2 stars among 100, 3 stars among 94, and 3 stars among 72 financial funds for the 3-, 5-, and 10-year periods ended 9/30/17, respectively.

Research Opportunities Fund: The Overall Morningstar Rating™ is based on 198 long-short equity funds as of 9/30/17. The Fund’s Class I rating was 3 stars among 198 and 5 stars among 93 long-short equity funds for the 3- and 5-year periods ended 9/30/17, respectively.

Corporate Credit Fund: The Overall Morningstar Rating™ is based on 601 high yield bond funds as of 9/30/17. The Fund’s Class I rating was 5 stars among 601, 4 stars among 485, and 4 stars among 319 high yield bond funds for the 3-, 5-, and 10-year periods ended 9/30/17, respectively.

The Morningstar Analyst Rating™ is not a credit or risk rating. It is a subjective evaluation performed by Morningstar’s manager research group, which consists of various Morningstar, Inc. subsidiaries (“Manager Research Group”). In the United States, that subsidiary is Morningstar Research Services LLC, which is registered with and governed by the U.S. Securities and Exchange Commission. The Manager Research Group evaluates funds based on five key pillars, which are process, performance, people, parent, and price. The Manager Research Group uses this five pillar evaluation to determine how they believe funds are likely to perform relative to a benchmark, or in the case of exchange-traded funds and index mutual funds, a relevant peer group, over the long term on a risk-adjusted basis. They consider quantitative and qualitative factors in their research, and the weight of each pillar may vary. 

The Analyst Rating scale is Gold, Silver, Bronze, Neutral, and Negative. A Morningstar Analyst Rating of Gold, Silver, or Bronze reflects the Manager Research Group’s conviction in a fund’s prospects for outperformance. Analyst Ratings ultimately reflect the Manager Research Group’s overall assessment, are overseen by an Analyst Rating Committee, and are continuously monitored and reevaluated at least every 14 months. For more detailed information about Morningstar’s Analyst Rating, including its methodology, please go to global.morningstar.com/managerdisclosures/.

The Morningstar Analyst Rating (i) should not be used as the sole basis in evaluating a fund, (ii) involves unknown risks and uncertainties which may cause Analyst expectations not to occur or to differ significantly from what they expected, and (iii) should not be considered an offer or solicitation to buy or sell the fund.

The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

The Morningstar Broad Fee Level data point compares the fund's net expense ratio to the net expense ratio of all the other funds within its Morningstar Category.

© 2017 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

back to top