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Morningstar Analyst Ratings Data

We've recently added Morningstar proprietary Ratings and Analyst Commentary for Funds/ETFs & Equities to Fundamentals Explorer. See an overview in the Morningstar summary tile when you open Fundamentals Explorer.

Use the arrow in the upper right corner of the summary tile to open the full Morningstar page.

Data points provided by Morningstar include both qualitative coverage which is contributed by an actual analyst, and quantitative coverage which is calculated programmatically and without the input of an actual analyst. To see this data, from the New Window dropdown select Fundamentals Explorer. The summary tile is in the center of the top row. Click the blue arrow to open the full page.

Equities data includes:

• Morningstar Ratingg: From 1 to 5 stars, where 1 star indicates an overvalued stock trading at a premium, relative to its fair value estimate, and 5 stars indicates an under-valued stock trading at a discount relative to its fair value estimate.
• Economic Moat: Wide, Narrow or none. The moat reflects a company's potential long term economic advantage. If a company has a moat, it would be more likely to be able to beat out and fend off its competition and earn high returns for many years. A wide moat indicates that the company's advantages are strong enough to earn high returns for 20 years or more.
• Moat Trend: Positive, Stable or Negative. Positive indicates that analysts believe sources of competitive advantage are growing strong. Negative indicates that analysts see signs of deterioration.
• Fair Value Estimate: Evaluated by Morningstar analysts who focus on determining the value of the business, its risks, and whether the stock price accurately reflects the two.
• Fair Value Uncertainty Rating: Low (Analyst is confident in stock's Fair Value Estimate), Medium, High, Very High, Extreme (Stocks are hard to value due to a wide range of potential outcomes).
• Capital Allocation: Exemplary, Standard, Poor, Not Rated. An exemplary rating is for companies that have continually shown excellent corporate stewardship practices including investment strategy, financial leverage, dividend and share buyback policies, execution, compensation, related party transactions and account practice.
• ESG Rating: Provided by Sustainalytics, a Morningstar company. Shows the degree to which a company's economic value-at-risk is driven by ESG (environment, social and governance) factors.

Funds data includes:

• Analyst Rating: Forward-looking analyst's assessment of a fund's ability to outperform its peers or a relevant benchmark – on a risk-adjust basis – over a full market cycle.
• Process: High, Above Average, Average, Below Average, Low. How managers execute their investment strategy.
• People: High, Above Average, Average, Below Average, Low. Looks at the people who manage funds. Assessed on length of tenure, whether they are a qualified analyst, how relevant their investment experience is and how diligent their succession planning is.
• Parent: High, Above Average, Average, Below Average, Low. The asset manager that offers the fund.
• Morningstar Rating: Gold, Silver, Bronze, Neutral, Negative. For active investment products, gold, silver, and bronze reflects the Manager Research Group's expectation that an active investment product will be able to deliver positive alpha net of fees relative to the standard benchmark index assigned to the Morningstar category. For passive products, these same categories e reflects the Manager Research Group's expectation that an investment product will be able to deliver a higher alpha net of fees than the lesser of the relevant Morningstar category median or 0.
• Sustainability Rating: Provided by Sustainalytics, a Morningstar company. Low (1), Below Average (2), Average (3), Above Average (4), High (5). Gives a snapshot assessment of how well ESG risk is managed at a fund level, relative to its peer group.
• Category: Differentiates funds according to investment approach/objectives and principal investment features. Breaks portfolios into peer groups based on their holdings.
• Category Index:

For more details, select a data point from the list in the bottom left side of the page, and read details in the right panel. Download the PDF Full Report at the bottom of the data list to see additional commentary, charts and graphs, and term definitions.