The Morningstar Analyst Rating is a qualitative assessment that is issued by Morningstar fund analysts. This rating represents a forecast on the future performance of funds relative to peers and/or relevant benchmarks.

In order to issue a rating, the Morningstar fund analysts base their assessment on five pillars: investment team, investment process, performance, costs and fund house.

A rating of ‘Gold’, ‘Silver’ or ‘Bronze’ is attributed to investment funds that are expected to perform better during a future full market cycle than the category and/or risk-adjusted relevant benchmarks. The difference between these ratings is determined by the degree of conviction of the fund analyst of the ability of the fund to achieve outperformance. Funds that are not expected to distinguish themselves will receive a ‘Neutral’, rating, while funds that perform below par on several levels will be assessed as ‘Negative’.