Introduction Morningstar Category Measuring Performance Morningstar Risk-Adjusted Return Morningstar Rating How to Use Morningstar Rating
Morningstar, Inc985 Morningstar Rating 996 Category Rating 2002 New Morningstar Rating 50 2
2 3 MRARMorningstar Risk-Adjusted Return 4 5 3
4 Security Selection Variation in Timing Asset Weighting
60% 80% 60% 2004 7 70% 2004 5
2004 7 30 90 2004 2 49 7 2 90 54 44 33 2004 7 4 4 5 6
Monthly Total Return n N = e TR + i= N b TR Di N i N e Nb Di i Ni i n 7
Downward Variation Morningstar Risk-Adjusted Return MRARMRAR 2 3 MRAR Expected Utility Theory 8
9 = + > + = = = 0, ) ( 0,, ) ( ) ( 2/ 2 T T t Gt T t Gt r r T MRAR + + = bt t Gt R TR r t t TR t bt R t MRAR(0) 0 > 2 = MRAR MRAR(0) MRAR(0)- MRAR(2)
2 5 2 MRAR(2) MRAR(2) 0% 5 22.5% 4 35% 3 22.5% 2 0% 2 2004 7 4 4 5 2004 7 30 0
. 2. 0% 5 5 3.
2004 7 3.55 3.2 0.88 0.83 2.8 3.07 0.93 0.79 0.42 2.87 0.9 0.68 0.8 2.46 0.9 0.69 9.85 5.32.2 0.59 9.5 4.90.07 0.57 7.82 3.82.02 0.48 7.83 2.54 0.95 0.49 7.00 2.09 0.93 0.42 2.8 0.20 0.80 0.4 3.33 2.72.05 0.7.96 4.07.6 0.03 80-3.55 3.00.5-0.38 80-4.29 2.34.2-0.47 22.30 0.87 0.70.73 7.25 2.3.04.20 3.22 9.89 0.7.0 0.88.4.08 0.78 9.4.69. 0.66 8.85 9.59 0.74 0.72 8.7 0.79.03 0.63 7.59 8.68 0.82 0.65 5.65 8.89 0.80 0.42 4.83 5.80 0.58 0.49 5.60 2.33.27 0.33 2.22.7.25 0.05.00 2.67.39-0.04-2.33 3.55.46-0.26 7.66 4.85 0.96.3 6.36 4.82.04 0.88.5 3.22 0.85-0.5-0.33 3.3 0.9-0.72 2004 7 30-4.30 3.6.23 -.77 2
3