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Lewis Braham: Morningstar Has Revamped Its Ratings—And Active Funds Are Taking A Hit

FYI: Morningstar’s makeover of its fund medal ratings system this month couldn’t come too soon. Now that investors are flocking to passively managed index funds, research firms that rate actively managed mutual funds must find ways to stay relevant. There was a time when the lion’s share of new money flowing into funds went to active funds that Morningstar rated five stars, but its star system has lost its luster because of the indexing craze.
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