Morningstar has awarded this fund 5 stars based on its risk-adjusted performance compared to the 1273 funds within its Morningstar Category.
How is it determined?
The Overall Morningstar RatingTM for a fund is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics, which are based on risk-adjusted returns, as of the date stated.
3 Yrs
Out of 1,273 funds
5 Yrs
Out of 1,174 funds
10 Yrs
Out of 885 funds
What does it mean?
A fund's Morningstar Rating is a quantitative assessment of a fund's past performance that accounts for both risk and return, with funds earning between 1 and 5 stars. As always, this rating system is designed to be used as a first step in the fund evaluation process. A high rating alone is not sufficient basis upon which to make an investment decision.
This fund scored High because it delivered returns that were in the top 10% when compared to other funds within its Morningstar category over a 3-year period.
How is it calculated?
This rating is based on a fund's Morningstar Return (its annualized return in excess to the return of the 90-day U.S. Treasury bill over a three-, five-, or ten-year period). The Morningstar Returns in each category are then scored against each other on a bell curve. In each Morningstar Category: – top 10% - High – next 22.5% - Above Average – middle 35% - Average – next 22.5% - Below Average – bottom 10% - Low
What does it mean?
While past performance is no guarantee of future results, the Morningstar Return shows how the fund has done in the past in comparison to similar funds in its peer group. It does not, however, show the effects of risk.
Therefore, the Morningstar Return is most helpful when used in conjunction with the Morningstar Risk Score. For example, an investor could use these two scores when comparing between funds that have the same Morningstar Star Rating and similar Morningstar Risk Adjusted Returns but different levels of risk.
This fund's expenses are rated as Above Average because they fall between the 60th and 80th percentiles when compared with other funds in the category.
How is it calculated?
This Morningstar data point compares the fund's net expense ratio to the net expense ratio of all the other funds within its Morningstar Category grouping.
What does it mean?
Excessive expenses can detract from overall returns and can be a drain on performance. While you should not base any investment decision entirely on expenses or expense ratios, a fund's expense structure may be one factor to consider.
Morningstar assigns a risk level to each of its mutual fund categories. These risk levels range from 1 for those funds with least amount of risk to 10 for those with the greatest amount of risk.
How is it calculated?
Morningstar calculates these risk levels by looking at the Morningstar Risk of the funds in the Category over the previous 5-year period. Morningstar Risk is the difference between the Morningstar Return, based on fund total returns, and the Morningstar Risk Adjusted Return, based on fund total returns adjusted for performance volatility. The Category Risk Level is based on the equal weighted average Morningstar Risk of the funds in the category. Morningstar's Research Committee evaluates the Category Morningstar Risk and assigns the Category Risk Level after further qualitative judgment.
What does it mean?
This score can help you understand the risk involved with a particular Morningstar category of funds, which may be helpful in evaluating the risk associated with a specific investment. The Category Risk Level is based on the equal weighted average performance of the funds in the category. It does not reflect the risk associated with any individual fund or the relative risk of a fund within a particular Morningstar category. Because the score is based on past performance, it may not reflect the future risk of the category. In addition to risk, you should evaluate a fund's investment objective, strategy, fees and other characteristics before making your investment decision.
The Morningstar RatingTM for funds, or "star rating", is calculated for funds with at least a three-year history. (Exchange-traded funds and open-end mutual funds are considered a single population for comparative purposes.) It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly excess performance (excluding the effect of sales charges, if any), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each fund category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star.
Past performance is no guarantee of future results.
Lipper Ranking
AS OF 01/31/2025
LIPPER PEER GROUP: Growth & Income
1 Yr
#94
Out of 3,344 funds
5 Yrs
#54
Out of 2,852 funds
10 Yrs
#8
Out of 2,114 funds
The fund is ranked based on total return. Each fund is ranked within a universe of funds with similar investment objectives. Rankings include the reinvestment of dividends and capital gains but exclude the effect of a fund's sales load, if applicable. Lipper Inc. is a nationally recognized organization that ranks the performance of mutual funds. Multiple share classes of a fund have a common portfolio but impose different expense structures.
Past performance is no guarantee of future results.