Flows sometimes follow Morningstar’s upgrades and downgrades.
What happens after we downgrade a fund? Do scores of investors rush for the exits? What about upgrades?
We rolled out the Morningstar Analyst Rating in 2011, so by now we have a fair amount of data to answer those questions. We looked at both aggregate flows and growth rates, approaching the data from three angles. What was the total dollar value of flows after an upgrade or downgrade? How did a fund’s flows compare with peers’ over the ensuing periods? How did fund flows change following an upgrade or downgrade relative to their previous flows?
출처: https://www.morningstar.com/funds/link-between-flows-fund-ratings
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