
Fund ratings flip as 2008 losses fade from view
Over 90% of top-rated US equity funds have betas greater than one

Low beta funds have seen their Morningstar ratings drop significantly since the tail end of the 2008 financial crisis fell out of the 10-year lookback window used to rate performance.
According to research by Markov Processes International, nearly 15% of US equity funds saw their 10-year Morningstar ratings change by at least two stars in the 12 months to the end of April – a 500% increase over the prior year.
The vicissitudes of the calendar have caused “havoc and dislocation in fund ratings
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