We cut this fund’s People rating to Average because it has seen too many manager changes for our comfort level. That dropped the fund’s A shares to Bronze from Silver. “Since 2018, seven managers have departed the strategy,” writes Morningstar senior analyst Stephen Welch. “Two were ...
The bottom line: We plan to maintain our wide moat rating and $58 fair value estimate, as the quarter largely reaffirmed our outlook. Shares look fairly valued after the Oct. 31 rally, as we think the market's growth worries have eased. For us to raise our valuation from here, we wou...