We are looking for funds that have rebounded in 2023 after struggling in 2022
The screen
No investor likes to see the value of their investments decline, but the reality is that funds underperform from time to time. Although this can happen for a variety of reasons, including some that may warrant eliminating a fund from your portfolio, that is not always the case. Generally speaking, a structural change such as a modification to the fund’s investment philosophy or process, or a meaningful loss outside of what would be expected for the fund could be reason to reconsider holding it.
Calendar year 2022 was challenging. Morningstar’s Global Gross Index and Morningstar’s Global Core Bond Gross Index , both declined by more than 11 per cent in Canadian dollar terms, which signalled a tough investment period for most asset classes, and therefore most funds. I used Morningstar Direct to screen more than 4,300 mutual funds and exchange-traded funds to highlight some good funds to hold over the long term that had weak results in 2022, but have recovered so far in 2023.
A Morningstar Medalist Rating of gold, silver or bronze, indicating a forward-looking view of the fund’s ability to outperform its peer group and/or a relevant benchmark on a risk-adjusted basis over a full market cycle. A Morningstar Rating of four or five stars. The star rating is an objective look back at a fund’s after-fee, risk-adjusted returns relative to the category to which the fund belongs.
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