Morningstar Rating Analysis

(1)

Morningstar Rating Analysis

of European Investment Funds

3

1

March

201

6

Authors

:

Nikolaj Holdt Mikkelsen, CFA

Ali Masarwah

(2)

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 Man

agers 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

(3)

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 an

d 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

r

ating,” 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

retu

rn 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 r

ankings 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

r

atings 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

r

ating. 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.

(4)

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. T

he columns showing the Asset

-

Weighted Rating represent

the a

sset-weighted average Morningstar rating overall

,

and by the broad categories of

equity, fixed inc

ome,

and

allocation. Finally, the column

at the far right

shows the percentage of assets sitting in 4

-

and 5

-

Star

r

ated 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 a

sset-

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

r

ated 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 Tab

le 4.

Table 3

ranks

the largest asset managers in Europe b

y

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 a

sset-

weighted

rating represent the

a

sset-

weighted average Morningstar rating overall,

and by the broad categories

of

and allocation. Finally, the column to the far

right shows the

percentage of assets sitting in 4

-

and 5

-

Star

r

Table

4

ranks

the

largest 50 asset managers by rated assets (open

-

ended funds)

which belong to the

sub

sequent three

quartiles. Only asset managers with more than EUR 5 bill

ion

and

a minimum of

10 share

classes/funds are included. The column Equal

-

Weighted Rating shows the simple arithmetic mea

n of

the overall

Morningstar rating

.

The columns showing the Asset

-

Weighted Rating represent the a

sset-

weighted average

of

the overall

Morningst

ar rating

,

and by the broad categories

of

and allocation. Finally, the

column to the far right shows the percentage of assets sitting in 4

-

and 5

-

Star

r

ated funds as a percentage of

total rated assets.

Table 5

shows the Morningstar

ratings

(open

-

ended funds) grouped by domicile ranked by

equal

-

w

e

ighted

ratings (the simple arithmetic mean of the overall Morningstar rating). The columns to the right show

the a

sset-weighted

r

ating,

which represents the a

sset-

weighted average

of the overall

Morningst

ar rating

,

and by the

(5)

broad categories of

equity, fi

xed income,

and allocation. Finally, the column to the far

right shows the

percentage of assets sitting in 4

-

and 5

-

Star

r

For further information about this report or Morning

s

tar in general, please contact:

-

Ali Masarwah, Morningstar Germany, +49

6927

1377155

,

[email protected]

(6)

Table 1:

Top 50 Asset Managers

in Europe;

Sorted by AUM; Open-Ended Funds

Continued

on next page.

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(7)

Table

1: Assets include

open

-ended

rated European

-domiciled funds. Total Rated Asset b

il. EUR included in the calculation

. Equal

-

Weighted

Rating: Simple arithmetic mean of Overall Morningstar Rating. A

sset

-

Weighted Rating: Asset

-

weig

hted Overall Morningstar Rating, overall

and on broad asset classes.

Assets

4

-5 Star: Percentage of assets invested in funds rated

4

&

5 star

s.

Z [\ ] ^ _] ` a \ b c d \ ec^ f gg c eg hZ _ij k l d m k n o \ ip q c _` r ec ^ d \ e_] ` f ii k n o _es t _u c^ v] w x b c f iix w\ e_x ] f gg c eg y z { g e\ [ | } ~ } } ¡ ¢ £ ¤ } ¥ ¦ § ¨ © ¨ ~ ¦ } ª ¨ ~ « ¬ ¥ ¥ f gg c epq c _` r ec^ d \ e_] `

(8)

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 b

il. EUR included in the calculation

. Equal

-Weighted

Rating: Simple arithmetic mean of Overall

Morningstar Rating. A

sset

-

weig

hted Overall Morningstar

Rating, overall and on broad asset classes.

Assets

4

&

5 star

s.

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(9)

Table

3

:

Largest

Asset Managers (

First Q

uartile

of M

anag

ers

w

ith minimum EUR 5

Billion)

; Sorted

by Average

Overall Morningstar Rating; Open-Ended Funds

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(10)

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. A

sset

-

weig

hted Overall Morningstar Rating, overall and on

(11)

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

a bc d e fd g h c i j k c lj e m n n jln oa fpq r s k t r u v c pw x j fg y lj e k c lfd g m pp r u v flz { f| j e }d ~ i j m pp ~ c lf d m n nj ln nlc b ¡ ¢ £ ¤ ¥ ¦ ¦ ¦ ¢¦ § ¨ ¦ ¨ ¢ ¥ © ¤ ¥ ¨ ¨¦ ¨¦ ¨ ª « ¬ « ¨ ¨¦ ¢¦ ¦ ¨ ¨ ¢ ® ¥ ¨ ¨ ¯ ª ¨ ¨¦ ¨ ¨ ¢ ¢ ¨ ¢ ¢ ¢ ¦ ¦ ° ¢ ¨ ¨ ¢ ¨ § ¢ ¦ ¢ ¨ ¢ ¢ £ ± ² « ¨ ¤ ¥ ¦ ¦ ¦ ¦ ¢ ³ ¡ ¨ ¦ ¢¦ ¦ ¢ ¦ ¨ ¦ ´ ¯ µ ª ¨ ¦ ¢ ¨ ¦ ¦ ¨ ± ª « ¦¦ ¦ ¢ ¢ ¦ ¦ ¢ ¢ ¢ § ¬ ¶ ¦ ¦ ¦ ¨ ¦ ¦ ¨ ¨ · ¸¸ ¨ ¦ ¦ ¦ ¢ ¦ ¢ ¦ ¨ ¢ ± ¹ ¨¦ ¦ ¢ ¦ ¦ ¨ ¨ ¤ ¨ ¨ ¦ ¦ ¢ ¦ ¢ ¦ ´ ¡ °¬ ¦ ¦ ¢ ¨ ¦ ¨ ¨ ¢ ¥ « ª °¬ ¦ ¦ ¦ ¦ ¦ ¨ ¦ ¢ ¨ ¢¦ ¦ ¦ ¤ « ¦ ¦ ¦ ¦ ¦ ¢ ¦ ¨ ¦ ¦ ¥ ¨ ¢ ¦ ¦ ¢ ¢ ¢ ¢ ± ¸¸ ¦ ¦ ¢ ¦ ¢ ¦ ¢ ¥ º « ¨ ¦ ¨ ¦ ¦ § ¤ ¥ ¨ ¦ ¦ ¦ ¨ ¢ ¨ ¨ ¹ ¦ ¦ ¢ ¦ ¢ ¦¦ ¢ « ¨ ¦ ¦ ¢ ¦ ¢ ¦ · ¥ ¯ ¨ ¦ ¦ ¦ ¦ ¦ ¦ ¦ § »¸ ¤ ¥ ¦ ¦ ¨ ¦ ¨ ¢ ª ¨ ¨ ¦ ¨ ¦ ¦ ¦ ¦ · ³ ¼ ¥ ¦ ¦ ¨ ¦ ¦ ¤ ¨± ¹ ¥ ¨ ¦ ¦ ¢ ¦ ¨ ¦ ¦ ¦ ¢ m n n jlwx jfg y lj e k c lfd g

(12)

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

il. EUR

included in the calculation

. Equal

-

Weighted

sset

-

-weig

hted Overall Morningstar Rating, overall and on broad asse

t classes.

Assets

4

&

5

stars.

½ ¾¿ À Á ÂÀ Ã Ä ¿ Å Æ Ç ¿ ÈÆ Á É Ê ÊÆ ÈÊ Ë½ ÂÌÍ Î Ï Ç Ð Î Ñ Ò ¿ ÌÓ Ô Æ ÂÃ Õ ÈÆ Á Ç ¿ ÈÂÀ Ã É ÌÌ Î Ñ Ò ÂÈÖ × ÂØ Æ Á ÙÀ Ú Û Å Æ É ÌÌÛ Ú ¿ ÈÂÛ À É Ê Ê Æ ÈÊ Ü Ý Þ ÊÈ¿ ¾ ß à á â ã äå â äâ æ â äç è âäæ â â äé â â äæ ê è ë ì í î ï ð ñ ò î ó ôõî ö ê ä÷ â äâ è â äê ã âäç è ã ä÷ è â äè ê æ â ì ø ôï ð ù ñôú ù î ö é è äë â äâ è â äå ÷ âäâ ë å äë é ã ä÷ ÷ â ã ì û ü ù ñý þ ÿñü ÿôù î ÿ ê äå â äâ è â äå æ âäâ æ â ä÷ ÷ â äå é â ê ì ú ùõ ú ð ö å é äå â äâ è â äë ê ãäé æ â äè ê â äã ã ç è ì ññð öö é ê ä÷ â äâ â â äâ ê âäè ç â äè ë å äã å ã â ì ðõ ð ÿ î ï æ ä÷ â äâ â â äã ê âäë â å äç ë â äë ë è ê ì í ð ï ó ð ù è äè â äâ â â äè å åäê ã ã äã å ã äé ç ã ã ì ÿú ó î ï î æ ä÷ â äå ê â äã ã âäê é â äé å â äé è ã ã ì ò î ù ÿôî ï â å äå â äå æ â äâ è âäâ å â äè ê â äé ê â ç ì à à à é ÷ äê â äå æ â äè è â äè è è æ ì ß ôññ û ôý ð ë äã â äå ç â äë ÷ âäè â ã äå å â äã ã ç ç ì ú ð ÿôõð ù ññðõ î ë äæ â äå è â äæ â âäê ê â äç ç â äë ã ç å ì ööôî ù ç ä÷ â äå ã â äë æ âäè ë â äâ ë ã äæ ë æ é ì í û é å äê â äå ã â äâ â âäç â â ä÷ é â ä÷ ÷ â â ì É Ê Ê ÆÈÓÔ ÆÂÃ Õ ÈÆ Á Ç ¿ ÈÂÀ Ã

(13)

Table

5

:

Morningstar Ratings Grouped by Domicile; Sorted

by Average

Overall

Morningstar Rating; Open-Ended Funds

Table

5: Assets include

open

-ended

rated European

il. EUR included in the calculation

. Equal

-

Weighted

sset

-

weig

hted Overall Morningstar Rating, overall

and on broad asset classes.

Assets

4

&

5 star

s.

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` 6 C ED A? C AF F C AC B C AM? C AC ? C A@ G ?? H Y7; :Z G MC AB C AF F C AC ? M AD B C AMM C A@ E ? MH a S :; < = GC AC MAD L C AFL C AM M C AF? C AF M C BH b 6 9J ; <Z MC G A@ MAD G C A@M C A@C C A? F C A@ E @ FH c 69> 6Z E AL MALC C AGD C A@? MAED M A? D ? FH d W>7 9O; B? AE MAE D C AFE M A@C C AF? C AB @ C MH a S 97W R; : B AF MAB E M ALB M AG M C AMC M AB L M GH b W 69<> 6Z @ AC MA@ E C AGB C AG D MA? E C AM E ? FH [ O6 `87 6 <>76 O< GL AF MA@ B M ADD C AC ? MAEC M AE M C @H )* +

(14)

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 Rating

s

across branding names, domiciles

, a

nd

so on

. All rated European

-domiciled funds/share classes are included in this report. Funds or share classes with

sha

re 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.

(15)

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 retire

ment 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 mana

gement 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 i

nstitutions that serve them.

ef g hi hg j k lm

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 hf k f o hk lk g i hm p qm

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.

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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