Morningstar provides adjusted historical returns and an Extended Performance Rating for mutual funds, separate accounts, insurance group separate accounts, and collective investment trusts with multiple share classes (where at least one class has three years of history).
This means that any share class that doesn't have a 3-, 5-, or 10-year performance history may receive a hypothetical Morningstar Rating based on the oldest surviving share class of the fund. First, Morningstar computes the securities' new return stream by appending an adjusted return history of the oldest share class. Next, the Extended Performance Rating is determined by comparing the adjusted-historical returns to the current investment universe to identify placement in the bell curve used to assign the Morningstar Rating.
Extended Performance Ratings appear as hollow stars on reports:
In addition, statistics calculated with extended performance data appear in italics on the Investment Detail Report for easy identification.
See Also