Morningstar confirms fund rating changes post methodology change

Morningstar has published the new ratings of funds affected by the recent changes to its methodologies used for Analyst Rating and Quantitative Rating output.
Announced in July 2019, the changes were described as "setting a higher bar for funds to earn a Gold, Silver, or Bronze rating and also doubling down on fees. The Analyst Ratings will also be tailored to individual fund share classes, taking fee differences into account. Morningstar will make accompanying updates to the Quantitative Rating, a companion forward-looking system that uses machine-learning techniques to assign ratings to funds not covered by a Morningstar analyst. Those updates will ensure the Quantitative Rating continues to strongly align with the Analyst Rating."
Upgrades
- BGF World Financials - Upgraded to a Morningstar Analyst Rating of Bronze, previously Neutral
Downgrades
- Edinburgh Investment Ord - Downgraded to a Morningstar Analyst Rating of Neutral, previously Silver
- Fidelity US High Yield - Downgraded to a Morningstar Analyst Rating of Bronze, previously Silver
- Franklin US Low Duration - Downgraded to a Morningstar Analyst Rating of Neutral, previously Bronze
- Invesco UK Strategic Income - Downgraded to a Morningstar Analyst Rating of Neutral, previously Bronze
- Invesco High Income - Downgraded to a Morningstar Analyst Rating of Neutral, previously Bronze
- Invesco Income - Downgraded to a Morningstar Analyst Rating of Neutral, previously Bronze
- JPMorgan Korea Equity - Downgraded to a Morningstar Analyst Rating of Neutral, previously Bronze
- M&G Recovery - Downgraded to a Morningstar Analyst Rating of Neutral, previously Bronze
- Robeco Emerging Markets Equities - Downgraded to a Morningstar Analyst Rating of Bronze, previously Silver
- Schroder ISF Global Smaller Companies - Downgraded to a Morningstar Analyst Rating of Neutral, previously Bronze
- Schroder ISF Hong Kong Equity - Downgraded to a Morningstar Analyst Rating of Bronze, previously Silver
- Veritas Global Equity Income - Downgraded to a Morningstar Analyst Rating of Silver, previously Gold
- Veritas Global Focus - Downgraded to a Morningstar Analyst Rating of Silver, previously Gold
New Ratings
- Guardcap Global Equity - Morningstar Analyst Rating of Silver