Mutual Funds: Data Definitions: Snapshot

 Performance

Growth of $10,000 Graph

The Growth of $10,000 graph shows a fund's performance based on how $10,000 invested in the fund would have grown over time. The returns used in the graph are not load-adjusted. The growth of $10,000 begins at the date of the fund's inception, or the first year listed on the graph, whichever is appropriate.

Located alongside the fund's graph line is a line that represents the growth of $10,000 in either the S&P 500 index for domestic-stock funds, the Barclays Aggregate index for bond funds, or the MSCI EAFE Ntdr_D for international stock funds. The third line represents the fund’s Morningstar category.

Annual Returns

Total returns calculated on a calendar-year basis.

Total return includes both income (in the form of dividends or interest payments) and capital gains or losses. Morningstar calculates total return by taking the change in a fund's NAV, assuming the reinvestment of all income and capital gains distributions (on the actual reinvestment date used by the fund) during the period, and then dividing by the initial NAV.

Unless marked as load-adjusted total returns, Morningstar does not adjust total return for sales charges or for redemption fees. Total returns do account for management, administrative, and 12b-1 fees and other costs automatically deducted from fund assets.

 

 Fund Details

Fund Inception Date

The date the fund began operations.

Manager Name

The name of the individual or individuals who are employed by the advisor or subadvisor who are directly responsible for managing the fund’s portfolio, as taken directly from the fund's prospectus. Other terms that may appear in this column include the following:

Sales Charge %

Manager Start Date

The date the current manager began managing the fund.

 

 Quick Stats

NAV

A fund's net asset value (NAV) represents its per-share price. A fund's NAV is derived by dividing the total net assets of the fund, less fees and expenses, by the number of shares outstanding.

Day Change

The change in the price of the fund during the prior business day.

YTD Return %

The YTD total return of the fund, updated daily.

Morningstar Rating

Morningstar rates mutual funds from one to five stars based on how well they've performed (after adjusting for risk and accounting for sales charges) in comparison to similar funds. Within each Morningstar Category, the top 10% of funds receive five stars and the bottom 10% receive one star. Funds are rated for up to three time periods--three-, five-, and 10 years and these ratings are combined to produce an overall rating. Funds with less than three years of history are not rated. Ratings are objective, based entirely on a mathematical evaluation of past performance. They're a useful tool for identifying funds worthy of further research, but shouldn't be considered buy or sell recommendations.

Morningstar Category

While the investment objective stated in a fund's prospectus may or may not reflect how the fund actually invests, the Morningstar category is assigned based on the underlying securities in each portfolio. Morningstar categories help investors and investment professionals make meaningful comparisons between funds. The categories make it easier to build well-diversified portfolios, assess potential risk, and identify top-performing funds.

We place funds in a given category based on their portfolio statistics and compositions over the past three years. If the fund is new and has no portfolio history, we estimate where it will fall before giving it a more permanent category assignment. When necessary, we may change a category assignment based on recent changes to the portfolio.

Net Assets

This figure is recorded in millions of dollars and represents the fund's total asset base, net of fees and expenses.

 

 Portfolio

Top 5 Holdings

These are the top 5 holdings in the fund's portfolio ranked by the % of net assets.

Current Investment Style (Morningstar Style Box)

The Morningstar Style Box is a nine-square grid that provides a graphical representation of the investment style of stocks and funds. For stocks and stock funds, it classifies securities according to market capitalization (the vertical axis) and growth and value factors (the horizontal axis). Fixed-income funds are classified according to credit quality (the vertical axis) and sensitivity to changes in interest rates (the horizontal axis).

Asset Allocation

How do I interpret the bar graph?

 

Top 3 Stock Sectors % (stock funds only)

The top sectors in which the fund has placed its stock assets. Morningstar divides the economy into three super sectors and 11 sub-sectors. Read the global equity classification methodology.  

Cyclical

Sensitive

Defensive

Top 3 Credit Weightings  (bond funds only)

The credit analysis depicts the quality of bonds in the fund's portfolio. The analysis reveals the percentage of fixed-income securities that fall within each credit-quality rating as assigned by Standard & Poor's or Moody's.

At the top of the ratings are AAA bonds. U.S. government bonds are also included within the AAA category (effective 6/30/06). Bonds with a B rating are the lowest bonds that are still considered to be of investment grade. Bonds that are rated lower than B (often called junk bonds or high-yield bonds) are considered to be quite speculative. Any bonds that appear in the NR/NA category are either not rated by Standard & Poor's or Moody's, or do not currently have a rating available.