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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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