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@yogibearbull has already started a new thread on this but to (hopefully) close the loop, we posted the updated M* Category methodology doc on our methodology page. Sorry for the delay! https://www.morningstar.com/research/signature
You beat me to this. Thanks for sharing this out and sorry there was a delay in posting it to our site. Fwiw, I believe we had already publicly announced the changes back in April. https://advisor.morningstar.com/ReleaseNewsLive/releasePopUp.aspx?Id…
Thanks @alban. I don't think the picture would fundamentally change in that situation, as the new share class's 5-year return (pro forma) should approximate the 5-year return of the other share classes, any difference explained by fee differences. S…
@yogibearbull thanks for pointing that out. Appears there was an oversight and the US and Canadian methodology docs weren't uploaded (the docs for other regions/countries were, however). That's being worked on and hope to have those up on the page s…
Hi there. Thanks for discussing the upcoming enhancement to the Medalist Rating we announced this week.
Fwiw, a few thoughts:
- It's correct that we assign Medalist ratings by analysts and also by algorithm. However, what you'll find is that it's…
I took a closer look and appears this is an issue only w/re to the 'daily' view. For instance, if you go down to the 'trailing' performance figures and toggle to 'month-end' tab you'll find the counts are about where they were as of year-end last ye…
I'm not familiar with what drives those fund counts but feel reasonably confident saying it doesn't have anything to do with style box classification methodology as you see similar drops in fund counts for all columns/rows, it appears. For instance,…
Hi there. Yogi is correct -- we decommissioned the stewardship grades some years ago when we rolled out the 'Analyst Ratings' (now called 'Medalist Ratings'), one pillar of which was 'Parent'. In essence, we relocated the stewardship assessments fro…
Hi @ted. I lurk more than I contribute but hope I've made a positive contribution in the rare instances I've chimed in (most recently in a discussion of a truly weird set of changes affecting a Salient EM Corporate Bond fund, as I recall).
Thanks f…
Gotcha. So you're just on the SEC site and then judge it by KB size, huh? (I was doing a variation of the same but the parser I was on would provide a page count...1 page was generally a flag for me to pop it open to see if it was a merger; sub-5 pa…
I think persistence studies of this sort are a bit of a red herring when you consider that not even long-term 'successful' active funds would clear the bar they set. They're measuring something but I'm not sure what it proves. More thoughts here.
h…
Thanks MSF! Sorry for saying 'a few years ago' - was trying to be helpful but was apparently imprecise. My bad.
Re our website -- that's quite strange. I'm on the 'old' site and am able to input 'Salient EM' and pull up the fund. I will bring this …
I didn't ask but I'd assume the same. Maybe the SAI had to be filed regardless (due to deadlines/timing) so that would explain it. Sometimes firms will insert 'subsequent event' passages into their filings but that's probably more typical for an ann…
Salient acquired Forward Funds a few years ago. (The filing nomenclature is likely just legacy/legal.) See here: http://www.prnewswire.com/news-releases/salient-partners-to-acquire-forward-management-300034259.html
I'd like to think our website's h…
Yeah, it's definitely confusing whether they're closing the whole fund or just some shareclasses. I looked yesterday at the filing you'd linked for info about a pending liquidation on any of the funds/shareclasses and it was silent on that point so …
It's not crystal-clear to me if they're planning to liquidate entire fund or just selected shareclasses. Reason I say this is because they separately filed a prospectus amendment that would lower the fund's fees. Not sure why they'd bother to do tha…
Good catch. It appears that the C, I, and P shareclasses of the Sherwood Forest fund were wiped from our DB for whatever reason, maybe at the time of the merger. (The assets were mostly in the I shares, as you correctly note.) That's why I didn't se…
It's in midst of ~20% drawdown which began in earnest in Feb. 2015. Very unusual situation in that the subadvisor, Market Concepts LLC, seems to run almost no money outside of the fund. When comparing assets in their ADV to assets reported for fund,…
