Abstract
First, this study reviews Morningstar analytical grading measures used by investors to choose mutual funds. These measures include Morningstar Star Ratings, Analyst Ratings, Total Pillar Ratings, Upside and Downside Capture Ratios, and Stewardship Ratings. Second, the study provides results of research that assesses effectiveness of Morningstar fund grading measures. Third, a model using selected Morningstar fund grading measures (and data) is applied to selection of Vanguard domestic actively managed equity funds.
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