Gosling's Grouse: Why ratings agencies shouldn't decide 'fair price' for multi-manager funds
Market should make the choice
A couple of weeks ago, Morningstar lowered the rating on one of the industry's leading multi-manager funds, at the same time as upgrading another fund from the same group of managers.
Nothing unusual there, you might say, as that is part of Morningstar's role in the market, along with all the other fund research/ratings agencies. But did Morningstar remove the rating for performance...
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