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Morningstar Research
May 2016
Morningstar Rating Analysis
of European Investment Funds 31 March 2016
Authors:
Nikolaj Holdt Mikkelsen, CFA
Ali Masarwah
Morningstar Rating™ European Rating Analysis of Investment Funds
31 March 2016
©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates
(collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for
informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information
may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions,
damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past perfo rmance is no guarantee of future
results.
Content
Morningstar European Rating Analysis of Investment Funds 3
Top 50 Asset Managers in Europe; Sorted by AUM; Open-Ended Funds 6
Top Asset Managers in Europe; Sorted by AUM; Exchange Traded Products 8
Largest Asset Managers (First Quartile of Managers with minimum EUR 5 Billion) 9
Top 50 Smaller Asset Managers (Second to Fourth Quartile of Managers with minimum EUR 5 Billion) 11
Morningstar Ratings Grouped by Domicile 13
Methodology 14
About Morningstar 15
Morningstar Rating™ European Rating Analysis of Investment Funds
31 March 2016
©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates
(collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for
informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information
may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions,
damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past perfo rmance is no guarantee of future
results.
Morningstar European Rating Analysis of Investment Funds
The Morningstar European Rating Analysis of Investment Funds is designed to compare managed fund ranges
across asset managers and domiciles in Europe by aggregating their Morningstar ratings. The research format is
calculated on a quarterly basis. It provides a quantitative assessment of the risk-adjusted return of all European-
domiciled open-end funds and ETFs carrying a Morningstar rating.
The Morningstar Rating for funds, often called the “Star rating,” debuted in 1985 and was quickly embraced by
investors and advisors. The Morningstar rating is a quantitative assessment of a fund’s past performance—both
return and risk—as measured from one to five stars. The methodology rates funds based on an enhanced
Morningstar Risk-Adjusted Return measure, which also accounts for the effects of all sales charges, loads, or
redemption fees.
The Morningstar European Rating Analysis of Investment Funds aggregates the rankings by providers by brand
name) and domiciles and thus provides a useful insight into the strengths and weaknesses of fund ranges. It is,
however, not designed as a forward-looking tool and does not indicate the future positioning of asset managers
or fund domiciles. This follows the line that the Morningstar rating is intended for use as the first step in the fund
evaluation process.
For one, the Morningstar Rating Analysis of European Investment Funds provides a ranking by arithmetic,
averaging the overall Morningstar ratings of asset managers and domiciles. It also delivers an asset-weighted
ranking of asset managers and European-domiciled funds. The arithmetic ranking sorts by average Overall
Morningstar Rating, the asset-weighted ranking also shows the percentage of assets sitting in 4- and 5-Star
rated funds of all rated assets.
The ranking by average overall Morningstar rating and the asset-weighted ranking both have their merits. The
ranking by average overall Morningstar rating mirrors the average quality of the overall fund range, given that all
funds are weighted equally. The asset-weighted ranking gives a realistic assessment of the fields of an asset
manager’s weakness and strength, in light of how investors allocated assets between available investment
options within the fund range.
The Morningstar European Rating Analysis of Investment Funds includes all European-domiciled open-ended
funds and exchange traded products with a Morningstar rating. This implies that funds belonging to several
broad categories are excluded since they are not eligible for a Morningstar rating. This includes alternative funds,
money market funds, directly invested property funds, and commodity funds/ETPs.
The Morningstar European Rating Analysis of Investment Funds includes five tables updated quarterly.
Morningstar Rating™ European Rating Analysis of Investment Funds
31 March 2016
©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates
(collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for
informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information
may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions,
damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past perfo rmance is no guarantee of future
results.
Table 1 shows the top 50 asset managers in Europe, ranked by rated assets under management. Assets
include rated European-domiciled open-ended funds. The column Equal-Weighted Rating shows the simple
arithmetic mean of the overall Morningstar rating. The columns showing the Asset-Weighted Rating represent
the asset-weighted average Morningstar rating overall, and by the broad categories of equity, fixed income, and
allocation. Finally, the column at the far right shows the percentage of assets sitting in 4- and 5-Star rated funds
as a percentage of total rated assets.
Table 2 shows the top ETF providers in Europe, ranked by rated assets under management. Assets include
rated European-domiciled exchange traded products. Only asset managers with more than EUR 1 billion (ETF)
are included. The column Equal-Weighted Rating shows the simple arithmetic mean of the overall Morningstar
rating. The columns showing the Asset-Weighted Rating represent the asset-weighted average Morningstar
rating overall, and by the broad categories of equity, fixed income, and allocation. Finally, the column at the far
right shows the percentage of assets sitting in 4- and 5-Star rated funds as a percentage of total rated assets.
Table 2 is the only table in the report that includes exchange traded products.
To enable peer group comparisons, we then group together large asset managers in Table 3 and the smaller
asset managers in Table 4.
Table 3 ranks the largest asset managers in Europe by rated assets under management (open-ended funds).
Only asset managers with more than EUR 5 billion and a minimum of 10 share classes/funds are included in the
underlying universe. The table shows the top quartile of asset managers by rated assets under management.
The column Equal-Weighted Rating shows the simple arithmetic mean of the overall Morningstar rating. The
columns showing the asset-weighted rating represent the asset-weighted average Morningstar rating overall,
and by the broad categories of equity, fixed income, and allocation. Finally, the column to the far right shows the
percentage of assets sitting in 4- and 5-Star rated funds as a percentage of total rated assets.
Table 4 ranks the largest 50 asset managers by rated assets (open-ended funds) which belong to the
subsequent three quartiles. Only asset managers with more than EUR 5 billion and a minimum of 10 share
classes/funds are included. The column Equal-Weighted Rating shows the simple arithmetic mean of the overall
Morningstar rating. The columns showing the Asset-Weighted Rating represent the asset-weighted average of
the overall Morningstar rating, and by the broad categories of equity, fixed income, and allocation. Finally, the
column to the far right shows the percentage of assets sitting in 4- and 5-Star rated funds as a percentage of
total rated assets.
Table 5 shows the Morningstar ratings (open-ended funds) grouped by domicile ranked by equal-weighted
ratings (the simple arithmetic mean of the overall Morningstar rating). The columns to the right show the asset-
weighted rating, which represents the asset-weighted average of the overall Morningstar rating, and by the
Morningstar Rating™ European Rating Analysis of Investment Funds
31 March 2016
©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates
(collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for
informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information
may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions,
damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past perfo rmance is no guarantee of future
results.
broad categories of equity, fixed income, and allocation. Finally, the column to the far right shows the
percentage of assets sitting in 4- and 5-Star rated funds as a percentage of total rated assets.
For further information about this report or Morningstar in general, please contact:
- Ali Masarwah, Morningstar Germany, +49 6927 1377155, [email protected]
- Nikolaj Holdt Mikkelsen, CFA, Morningstar Denmark +45 3318 6010, [email protected]
Morningstar Rating™ European Rating Analysis of Investment Funds
31 March 2016
©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates
(collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for
informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information
may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions,
damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past perfo rmance is no guarantee of future
results.
Table 1:
Top 50 Asset Managers in Europe; Sorted by AUM; Open-Ended Funds
Continued on next page.
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Morningstar Rating™ European Rating Analysis of Investment Funds
31 March 2016
©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates
(collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for
informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information
may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions,
damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past perfo rmance is no guarantee of future
results.
Table 1: Assets include open-ended rated European-domiciled funds. Total Rated Asset bil. EUR included in the calculation. Equal-Weighted
Rating: Simple arithmetic mean of Overall Morningstar Rating. Asset-Weighted Rating: Asset-weighted Overall Morningstar Rating, overall
and on broad asset classes. Assets 4-5 Star: Percentage of assets invested in funds rated 4 & 5 stars.
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Morningstar Rating™ European Rating Analysis of Investment Funds
31 March 2016
©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates
(collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for
informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information
may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions,
damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past perfo rmance is no guarantee of future
results.
Table 2:
Top Asset Managers in Europe; Sorted by AUM; Exchange Traded Products
Table 2: Assets include rated European-domiciled Exchange-Traded-Products. Total Rated Asset bil. EUR included in the calculation. Equal-
Weighted Rating: Simple arithmetic mean of Overall Morningstar Rating. Asset-Weighted Rating: Asset-weighted Overall Morningstar
Rating, overall and on broad asset classes. Assets 4-5 Star: Percentage of assets invested in funds rated 4 & 5 stars.
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Morningstar Rating™ European Rating Analysis of Investment Funds
31 March 2016
©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates
(collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for
informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information
may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions,
damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past perfo rmance is no guarantee of future
results.
Table 3:
Largest Asset Managers (First Quartile of Managers with minimum EUR 5
Billion); Sorted by Average Overall Morningstar Rating; Open-Ended Funds
Table 3: Only asset managers with more than EUR 5 billion in AUM and a minimum of 10 share classes/funds are included in the table.
� � � � � � � � � � � � � � � � � �� � � � � � � � � � � � � � �� � � � � �� � � � � � � � � � � � � � � � � �� � � � � � � � � � � � � � � � � ! " � � � �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` 7 ) > ^ = - . + / , + * 3 , + * / , + * , , + 1 0 , + 2 4 1 4 5
� � � � � � � � � � � � � � � �
Morningstar Rating™ European Rating Analysis of Investment Funds
31 March 2016
©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates
(collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for
informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information
may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions,
damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past perfo rmance is no guarantee of future
results.
Assets include rated open-ended European-domiciled funds. Total Rated Asset bil. EUR included in the calculation. Equal-Weighted Rating:
Simple arithmetic mean of Overall Morningstar Rating. Asset-Weighted Rating: Asset-weighted Overall Morningstar Rating, overall and on
broad asset classes. Assets 4-5 Star: Percentage of assets invested in funds rated 4 & 5 stars.
Morningstar Rating™ European Rating Analysis of Investment Funds
31 March 2016
©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates
(collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for
informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information
may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions,
damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past perfo rmance is no guarantee of future
results.
Table 4:
Top 50 Smaller Asset Managers (Second to Fourth Quartile of Managers with
minimum EUR 5 Billion); Sorted by Average Overall Morningstar Rating; Open-
Ended Funds
Continued on next page.
a b c d e f d g h c i j k c l j em n n j l no a f p q r s k t r u v c p wx j f g y l j ek c l f d g m p p r u v f l z { f | j e} d ~ � i j m p p � ~ c l f � d m n n j l n� � � n l c b� � � � � � � � � � � � � � � � � � � � � � � � � � � � � �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �� � � � � � � � � ¡ � � ¢ � � � � � � � � � � � � � � � � � �£ � � � ¤ � � � � ¥ � � � � � � � � � � � � � � ¦ � � � ¦ � � � � � � ¦ � � � ¢ ¦ �§ � � � � � � � ¨ � ¦ � � ¨ � � � � � � � � � � � � � ¢ � � �¥ � © � � � � ¤ � � � � ¥ � � � � � � � � � � � ¨ � � � ¨ ¦ � � ¨ ¦ � � � ¨ �� � � � � ª � « � ¬ � � � � � « � � ¨ � � � � ¨ ¦ � � ¢ ¦ ¦ � � � ¨ � � ¨ � � � ¢ � � �® � � � � � � � � � ¥ � � � � � � � � � � � � � � ¨ � � � � � � � � ¨ � � � � � � � �¯ � ª � � � � � � � ¨ � � � ¨ ¦ � � ¨ ¨ � � � � � ¢ ¢ �� � � � � � � � � ¨ ¢ � ¢ � � � � � � ¢ � � � � � ¦ � ¦ � � � � �° � � � � � � � � � � � � � ¢ � � � ¨ � � � � � ¨ � � � ¢ ¨ �§ � � � � � � � � � � � � � � � � � � � ¢ � � � ¦ � � ¢ � � � ¨ � � � � ¢ ¢ � �£ � ± � ² � � � « � � � � � � � � � � � � � � ¨ � � � � � � � � �¤ ¥ � � � � � � � � � � � ¦ � � � ¦ � � � ¦ � � ¦ � � � � � � � � ¢ � �³ � ¡ � � � � � � � ¨ ¦ � ¢ ¦ ¦ � � ¢ ¦ � � ¨ ¦ � � � � � � � � � �´ ¯ µ � � ª � � � ¨ � � ¦ � ¢ ¨ ¦ � � � ¦ � � � � � � ¨ �± � ª � « � ¦ ¦ � � ¦ � � ¢ � � � ¢ � � � � � � ¦ � ¦ � ¢ ¢ ¢ � �§ � ¬ ¶ � � � � ¦ � � � ¦ � � � ¦ � � ¨ ¦ � ¦ � � � ¨ � � ¨ �· � � � � � � � � ¸ ¸ � � � ¨ � � � ¦ � � � ¦ � ¦ ¢ ¦ � � ¢ ¦ � � � ¨ � � � � ¢ �± � � � � ¹ � � � � � ¨ ¦ � � ¦ � � ¢ ¦ � � � ¦ � � ¨ � � � ¨ � � � �¤ � � � � � � ¨ � � ¨ ¦ � � � ¦ � ¢ � ¦ � � ¢ � � � � ¦ � � � � � �´ � � ¡ � ° � ¬ � � � � � � ¦ � � � � � � � ¦ � ¢ ¨ ¦ � � ¨ � � � ¨ ¢ � �¥ � � « � � � � � ª � � ° � ¬ � � � � � � ¦ � ¦ ¦ � � ¦ ¦ � ¨ � ¦ � ¢ � ¨ � ¢ ¦ ¦ � ¦ � � � �¤ � « � � � � ¦ ¦ � � ¦ ¦ � � � ¦ � � ¢ ¦ � � ¨ ¦ � ¦ � � � �¥ � ¨ ¢ � � ¦ � � � � � � � � � � � ¦ � � ¢ � � ¢ � ¢ ¢ �± � ¸ ¸ � � � � � � ¦ � � � ¦ � � ¢ ¦ � � ¢ � ¦ � � � � ¢ �¥ � º � � � « � � � ¨ ¦ � � ¨ ¦ � � � � ¦ � � � � � � �§ � � � � � � � ¤ � � � � ¥ � � � � � � � ¨ ¦ � � � ¦ � � � ¦ � � � ¨ � ¢ ¨ ¨ � � � � � �� � � � � ¹ � � � � � ¦ � � ¦ � � � � � � ¢ ¦ � ¢ � � � ¦ ¦ � � � � � ¢ �� � � � � � � � « � � ¨ � � � ¦ � � � ¦ � � ¢ ¦ � ¢ � ¦ � � � � � � � � � �· ¥ ¯ � ¨ � � ¦ � � � ¦ � � ¦ ¦ � � � ¦ � � � ¦ � � ¦ � � �§ � » ¸ � � � � � � ¤ � � � � ¥ � � � ¦ � � � ¦ � � ¨ � � � � � � � ¦ ¨ � � � � � � � ¢ � � � � � � ª � � � � ¨ ¨ � � ¦ � � ¨ ¦ � � � ¦ � � � ¦ � � � ¦ � � � � � �· ³ ¼ ¥ � � � � � ¦ � � � ¦ � � � � � � ¨ � � � � ¦ � � � ¦ � � � � � �¤ � ¨ ± ¹ � ¥ � � � � � � � � � ¨ ¦ � ¦ ¢ ¦ � � ¨ ¦ � � � � � � � ¦ � � ¦ � ¢ �
m n n j l w x j f g y l j e k c l f d g
Morningstar Rating™ European Rating Analysis of Investment Funds
31 March 2016
©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates
(collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for
informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information
may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions,
damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past perfo rmance is no guarantee of future
results.
Table 4: Only asset managers with more than EUR 5 billion in AUM and a minimum of 10 share classes/funds are included in the table. Asset
managers from the top quartile are excluded. Assets include open-ended rated European-domiciled funds. Total Rated Asset bil. EUR
included in the calculation. Equal-Weighted Rating: Simple arithmetic mean of Overall Morningstar Rating. Asset-Weighted Rating: Asset-
weighted Overall Morningstar Rating, overall and on broad asset classes. Assets 4-5 Star: Percentage of assets invested in funds rated 4 & 5
stars.
½ ¾ ¿ À Á  À Ã Ä ¿ Å Æ Ç ¿ È Æ ÁÉ Ê Ê Æ È ÊË ½ Â Ì Í Î Ï Ç Ð Î Ñ Ò ¿ Ì ÓÔ Æ Â Ã Õ È Æ ÁÇ ¿ È Â À Ã É Ì Ì Î Ñ Ò Â È Ö × Â Ø Æ ÁÙ À Ú Û Å Æ É Ì Ì Û Ú ¿ È Â Û À É Ê Ê Æ È ÊÜ Ý Þ Ê È ¿ ¾ß à á â ã ä å â ä â æ â ä ç è â ä æ â â ä é â â ä æ ê è ë ìí î ï ð ñ ò î ó ô õ î ö ê ä ÷ â ä â è â ä ê ã â ä ç è ã ä ÷ è â ä è ê æ â ìø ô ï ð ù ñ ô ú ù î ö é è ä ë â ä â è â ä å ÷ â ä â ë å ä ë é ã ä ÷ ÷ â ã ìû ü ù ñ ý þ ÿ ñ ü � ÿ ô ù � î ÿ ê ä å â ä â è â ä å æ â ä â æ â ä ÷ ÷ â ä å é â ê ì� ú ù õ ú � ð ö å é ä å â ä â è â ä ë ê ã ä é æ â ä è ê â ä ã ã ç è ì� � ñ ñ ð ö ö é ê ä ÷ â ä â â â ä â ê â ä è ç â ä è ë å ä ã å ã â ì� ð õ ð ÿ � î ï æ ä ÷ â ä â â â ä ã ê â ä ë â å ä ç ë â ä ë ë è ê ìí ð ï ó ð ù è ä è â ä â â â ä è å å ä ê ã ã ä ã å ã ä é ç ã ã ì� ÿ ú � ó î ï î æ ä ÷ â ä å ê â ä ã ã â ä ê é â ä é å â ä é è ã ã ìò î ù ÿ ô î ï â å ä å â ä å æ â ä â è â ä â å â ä è ê â ä é ê â ç ìà � à � à é ÷ ä ê â ä å æ â ä è è � � â ä è è è æ ìß � ô ñ ñ û ô ý ð ë ä ã â ä å ç â ä ë ÷ â ä è â ã ä å å â ä ã ã ç ç ì� ú � ð ÿ ô õ ð ù ñ ñ ð õ � î ë ä æ â ä å è â ä æ â â ä ê ê â ä ç ç â ä ë ã ç å ì ö ö ô î ù � ç ä ÷ â ä å ã â ä ë æ â ä è ë â ä â ë ã ä æ ë æ é ìí û � é å ä ê â ä å ã â ä â â â ä ç â â ä ÷ é â ä ÷ ÷ â â ì
É Ê Ê Æ È Ó Ô Æ Â Ã Õ È Æ Á Ç ¿ È Â À Ã
Morningstar Rating™ European Rating Analysis of Investment Funds
31 March 2016
©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates
(collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for
informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information
may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions,
damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past perfo rmance is no guarantee of future
results.
Table 5:
Morningstar Ratings Grouped by Domicile; Sorted by Average Overall
Morningstar Rating; Open-Ended Funds
Table 5: Assets include open-ended rated European-domiciled funds. Total Rated Asset bil. EUR included in the calculation. Equal-Weighted
Rating: Simple arithmetic mean of Overall Morningstar Rating. Asset-Weighted Rating: Asset-weighted Overall Morningstar Rating, overall
and on broad asset classes. Assets 4-5 Star: Percentage of assets invested in funds rated 4 & 5 stars.
� � � � � � � � � � � � � � � � �� � � ! � � " # $ % � & $ ' ( � " )* � � � + � � �� � � � � � � " " $ ' ( � � , - � . � �/ � 0 1 � � � " " 1 0 � � � 1 � � � � 2 3 4 � � �5 6 7 8 6 9 : ; < = > ? @ A B C A B B C A D E C A E F ? A G D ? A ? F E @ HI 6 < J ; 9 K L B A @ C A @ F C A B G C A L B C A G D ? A E M @ D HN O < : ; < = B B A M C A C G C A L M C A C F ? A F D ? A F G B B HP < O 7 6 = Q O < R = S J D ? B A G C A M L C A B G C A B D C A ? ? C A @ @ @ B HT U 6 = 6 < M B M A M C A M @ C A M D C A ? M M A L ? C A M L ? E HV 6 : R O W J E D A D C A M C C A @ B C A M E M A L ? C A E @ ? E HT U O 7 X 6 9 : ; < = M B D A @ C A M M C A ? L C A @ @ C A ? M C A ? @ ? L HY 9 6 : ; < = ? ? ? A M C A G L C A B E C A L C C A B @ M A E L @ D H5 S 9 U ; Z B L A E C A G M C A C C C A ? F C A C F M A D M ? @ H[ W \ 6 J ] S W 9 R G ^ E B G A @ C A F E C A @ M C A B ? C A C M C A B G @ C HT _ ; O < G ? F A B C A F C C A G E C A F ? C A @ @ M A D D C B HN 9 ; < ` 6 C E D A ? C A F F C A C B C A M ? C A C ? C A @ G ? ? HY 7 ; : Z G M C A B C A F F C A C ? M A D B C A M M C A @ E ? M Ha S : ; < = G C A C M A D L C A F L C A M M C A F ? C A F M C B Hb 6 9 J ; < Z M C G A @ M A D G C A @ M C A @ C C A ? F C A @ E @ F Hc 6 9 > 6 Z E A L M A L C C A G D C A @ ? M A E D M A ? D ? F Hd W > 7 9 O ; B ? A E M A E D C A F E M A @ C C A F ? C A B @ C M Ha S 9 7 W R ; : B A F M A B E M A L B M A G M C A M C M A B L M G Hb W 6 9 < > 6 Z @ A C M A @ E C A G B C A G D M A ? E C A M E ? F H[ O 6 ` 8 7 6 < > 7 6 O < G L A F M A @ B M A D D C A C ? M A E C M A E M C @ H
� � � ) * � � � + � � � � � � � � �
Morningstar Rating™ European Rating Analysis of Investment Funds
31 March 2016
©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates
(collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for
informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information
may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions,
damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past perfo rmance is no guarantee of future
results.
Methodology
The Morningstar Rating is a global comparison of funds with similar investment exposure taking into account
funds’ risk-adjusted return. Morningstar assigns ratings based on comparisons of all funds within a specific
Morningstar Category. The Morningstar Category system for funds is designed to help investors make
meaningful comparisons between Investment funds. Morningstar regularly reviews the category structure and
the funds within each category to ensure that the system meets the needs of investors and keeps pace with
market developments.
This Morningstar analysis is a comparison of Overall Morningstar Ratings across branding names, domiciles, and
so on. All rated European-domiciled funds/share classes are included in this report. Funds or share classes with
share class total net assets older than four months are excluded. For share classes with updated fund size but
no share class size, we assume assets are divided equally among such share classes in a given fund.
Morningstar Rating™ European Rating Analysis of Investment Funds
31 March 2016
©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates
(collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for
informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information
may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions,
damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past perfo rmance is no guarantee of future
results.
About Morningstar
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia,
and Asia. The company offers an extensive line of products and services for individual investors, financial
advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 525,000 investment offerings, including stocks, mutual funds, and
similar vehicles, along with real-time global market data on nearly 18 million equities, indexes, futures, options,
commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also
offers investment management services through its investment advisory subsidiaries, with more than $180
billion in assets under advisement and management as of March 31, 2016. The company has operations in 27
countries.
Morningstar’s mission is to create great products that help investors reach their financial goals. We accomplish
this by working directly with investors, as well as the advisors and institutions that serve them. e f g h i h g j k l m use Morningstar to make educated investment decisions. They access our independent investment
information and analysis through publications, conferences, and online resources such as Morningstar.com®
and our other investing websites around the world. n h f k f o h k l k g i h m p q m and other investment professionals turn to Morningstar for tools that help them research,
analyse, and present their investment ideas. We support these professionals with software, services, events,
and our advisor platforms: Morningstar Office and Morningstar® Advisor Workstation. e f m r h r j r h p f m value our independence, breadth of information, and customized services. We help them meet
business goals through our investment consulting and investment management services, as well as through
offerings such as Morningstar® Data and our institutional investment analysis platform, Morningstar Direct.