Morningstar published its summary of Morningstar Analyst Rating activity for 162 U.S. open-end mutual funds and exchange-traded funds that occurred in June.
Morningstar's research analysts assigned new ratings to seven funds, including a Gold rating to T. Rowe Price Institutional Mid-Cap Equity Growth, which is a clone of Gold-rated T. Rowe Price Mid Growth.
According to Laura Pavlenko Lutton, Morningstar's director of manager research for North America, T. Rowe Price Institutional Mid-Cap Equity Growth excels on multiple fronts earning an inaugural rating of Gold.
"With one of the industry's longest-tenured managers at the helm, Brian Berghuis, the fund executes a valuation-conscious, quality-oriented growth strategy to find companies with a variety of expansion patterns," she said in a statement. "The fund has held up better than the benchmark in market turbulence, but it has also enjoyed on the upside, thanks to good stock-picking. Low fees further cement this fund's edge."
Analysts also upgraded ratings for 10 funds, downgraded ratings for two funds, affirmed ratings for 142 funds, and placed one fund under review in June.
