An Evaluation of the Morningstar System of Managed Fund Ratings in Australia and New Zealand

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An Evaluation of the Morningstar System of Managed Fund Ratings in Australia and New Zealand. This project evaluates the Morningstar system of rating managed funds. Fund ratings considerably influence who manages A$590 billion (June 2000 - AXISS Australia) in investment funds and are thus important to the efficient operation of the Australian capital market. Key project elements are: (1) thorough investigation of the domestic Morningstar ratings methodology, identifying its strengths and weaknesses; (2) comparison of the US and Australasian methodologies; (3) analysis of the predictive ability of ratings; (4) an investigation into the feasibility of rating funds on stock selection and market timing; and (5) an investigation of the impact of Morningstar ratings on fund flows.