Morningstar Has More Downgrades Than Upgrades For May

Morningstar’s monthly ratings adjustments have come out, and while there weren’t many changes in general the bad outnumbered the good with just two upgrades and eight downgrades. Morningstar also initiated coverage on Harding Loevner Frontier Emerging Markets (HLFMX) at Neutral because its strong risk-adjusted returns are offset by high expense ratios and on Mairs & Power Small Cap (MSCFX) at Silver because of its solid management team and a better expense ratio. It also initiates coverage of AQR Risk Parity (AQRIX) at Bronze but doesn’t give a detailed explanation for the rating. Janus Overseas downgraded by Morningstar over its ‘terrible’…