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The Journal of Wealth Management

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Article

Morningstar Mutual Fund Measures and Selection
Model

John A. Haslem
The Journal of Wealth Management Fall 2014, 17 (2) 19-30; DOI: https://doi.org/10.3905/jwm.2014.17.2.019
John A. Haslem
is professor emeritus of finance at the University of Maryland’s Robert H. Smith School of Business in College Park, MD.
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  • For correspondence: jhaslem@rhsmith.umd.edu
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Abstract

The first purpose of this study is to review the Morningstar analytical grading measures used by investors to select mutual funds. The grading measures include Morningstar star ratings, analyst ratings, total pillar ratings, upside and downside capture ratios, and stewardship ratings. The second purpose is to provide the results of studies that assess the effectiveness of Morningstar grading measures. The third purpose is to propose a model that systematically applies selected Morningstar measures to ease investor choice of equity funds. In this case, the model is applied to Vanguard domestic actively managed equity funds, less sector funds. The effectiveness of this model is best-tested using future performance of each selected fund over three-, five-, and ten-year periods.

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The Journal of Wealth Management: 17 (2)
The Journal of Wealth Management
Vol. 17, Issue 2
Fall 2014
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Morningstar Mutual Fund Measures and Selection
Model
John A. Haslem
The Journal of Wealth Management Jul 2014, 17 (2) 19-30; DOI: 10.3905/jwm.2014.17.2.019

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Morningstar Mutual Fund Measures and Selection
Model
John A. Haslem
The Journal of Wealth Management Jul 2014, 17 (2) 19-30; DOI: 10.3905/jwm.2014.17.2.019
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  • Article
    • Abstract
    • MORNINGSTAR STAR RATINGS
    • ANALYST RATINGS
    • PILLAR RATINGS
    • MORNINGSTAR UPSIDE AND DOWNSIDE CAPTURE RATIOS
    • MORNINGSTAR STEWARDSHIP GRADES
    • RESEARCH ASSESSMENTS OF MORNINGSTAR MEASURES
    • MORNINGSTAR MEASURES AND FUND SELECTION
    • CONCLUSION
    • REFERENCES
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  • PDF (Subscribers Only)

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