In October, Morningstar added analyst ratings for another four separately managed accounts, as well as for four U.S. funds. It also published rating activity for 159 U.S. open-end mutual funds, exchange-traded funds and five SMAs.
Analysts upgraded ratings for six funds, downgraded ratings for 12 funds and one SMA, affirmed ratings for 136 funds and four SMAs and placed one fund's rating under review.
"Diamond Hill Mid Cap earned an inaugural Morningstar Analyst Rating of Gold for its exceptional team and disciplined framework," Laura Pavlenko Lutton, Morningstar's director of manager research for North America, said in a statement.
Lutton added, "Chris Welch and two additional portfolio managers work with the firm's two dozen analysts who perform rigorous, bottom-up research. They look for companies trading below their intrinsic values that offer promise over a five-year time horizon. Adding to this strong team and approach is a relatively cheap fee versus its mid-cap value Morningstar Category peers."