In the United States, that subsidiary is Morningstar Research Services LLC, which is registered with and governed by the U.S. It is a subjective evaluation performed by Morningstar's manager research group, which consists of various Morningstar, Inc. For any Morningstar Analyst Rating published on or prior to October 31, 2019, the following disclosure applies: The Morningstar Analyst Rating TM is not a credit or risk rating. If sales charges were reflected, ratings could be lower.Įffective October 31, 2019, Morningstar updated its Morningstar Analyst RatingTM methodology. Morningstar ratings do not reflect the inclusion of sales charges. 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 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. 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 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. 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. Exchange traded funds and open-ended mutual funds are considered a single population for comparative purposes. 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. Morningstar ratings are based on risk-adjusted returns.
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