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Manager Changes Diminish These Funds

Manager Changes Diminish These Funds
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These 2 Bond Funds Gain Gold Status in March

In March 2021, Morningstar analysts updated Analyst Ratings for 1,476 fund share classes, exchange-traded funds, and separately managed accounts/collective investment trusts. Of these, 1,074 ratings stayed the same, 121 were downgrades, 131 were upgrades, and 131 were new to coverage. We placed 19 entities under review owing to significant changes such as manager departures.
Sorting out multiple share classes and vehicles, Morningstar rated 350 unique strategies during the month. Of these, 25 received a rating for the first time; the rest previously had at least one investment vehicle type with a Morningstar Analyst Rating. Below are some highlights of the upgrades, downgrades, and newly covered funds.
Upgrades
Metropolitan West Unconstrained Bond (MWCIX), the fund's institutional share class, rose to a Gold rating to join the fund's cheapest share class, (MWCPX). The pricier M class ((MWCRX)) moved up to Silver from Bronze. Portfolio managers Tad Rivelle, Steve Kane, Laird Landmann, and Bryan Whalen have used a team-based approach since this fund's inception almost 10 years ago. Together they develop a top-down perspective, while sector teams express it with individual positions. It's an unconstrained mandate, so the team can do all sorts of things that more-traditional bond funds can't: build currency positions, adjust duration (even making it negative), and add equity. Compared with its nontraditional peers, however, the team's disciplined flexibility has rarely leaned on these more esoteric abilities. Instead, the managers have generally preferred to lean on credit, the firm's strongest suit, with good results. The managers are not simply standing pat on a successful strategy, however. The Analyst Rating upgrade comes because we lifted the Process rating to High, reflecting the team's recent upgrades. The most notable one came in duration management, which has made the fund more competitive in volatile environments. The result has been good performance against its competitors without as much volatility.

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