We are looking for gold medalists in global equities
With a fresh year ahead of us, investors are likely still feeling the effects of last year’s roller coaster in equities. Though inflation continues to be a challenge in many markets, China’s reopening mightfrom abroad. No one has a crystal ball in terms of what to expect from global equities this year, but Morningstar’s analyst team has a fairly good idea of which fund managers will continue to produce excess returns on an after-fee basis.
1) People: the quality of the management team, including their tenure, experience, team turnover, and general alignment with investor interests. 2) Parent: the overall stewardship of the parent company. Is the fund company truly producing products that will help investors get to their financial goals, or opening/closing faddish products that generate the most revenue for the firm?
3) Process: factors including what risk-mitigation techniques are used, investment team resources, and general evidence of a repeatable investment process. We note here that we’ll focus on this pillar in particular for passively managed funds, where the other two pillars are less influential on the rating.
These three pillars form the basis of the Morningstar Analyst Rating and our forward-looking qualitative opinion on whether a fund will outperform. Historically, this has proven to be the case, with medal-rated funds outperforming neutral/negative funds as a group, in multiple time periods after receiving the rating. Today, we use this rating to look for funds in the global equity category that might be a good choice for investors looking to increase exposure outside of Canada.
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