FYI: In essence, the Morningstar Medalist rating is about competitive advantages. If we think a fund has enough competitive advantages to outperform its peers, we give it a Morningstar Analyst Rating of Bronze. If it has enough advantages to have a good chance to outperform its benchmark, too, we rate it Silver or Gold.
Our analysts spend the bulk of their time assessing whether a fund has competitive advantages.
Regards,
Ted
https://www.morningstar.com/articles/935992/understanding-mutual-fund-competitive-advantages
