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Morningstar Research May 2016 Morningstar Rating Analysis of European Investment Funds 31 March 2016 Authors: Nikolaj Holdt Mikkelsen, CFA Ali Masarwah
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Page 1: Morningstar Rating Analysis - fundresearch.de€¦ · money market funds, directly invest ed property funds , and commodity funds /ETPs. The Morningstar European Rating Analysis of

Morningstar Research

May 2016

Morningstar Rating Analysis

of European Investment Funds 31 March 2016

Authors:

Nikolaj Holdt Mikkelsen, CFA

Ali Masarwah

Page 2: Morningstar Rating Analysis - fundresearch.de€¦ · money market funds, directly invest ed property funds , and commodity funds /ETPs. The Morningstar European Rating Analysis of

Morningstar Rating™ European Rating Analysis of Investment Funds

31 March 2016

©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates

(collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for

informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information

may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions,

damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past perfo rmance is no guarantee of future

results.

Content

Morningstar European Rating Analysis of Investment Funds 3

Top 50 Asset Managers in Europe; Sorted by AUM; Open-Ended Funds 6

Top Asset Managers in Europe; Sorted by AUM; Exchange Traded Products 8

Largest Asset Managers (First Quartile of Managers with minimum EUR 5 Billion) 9

Top 50 Smaller Asset Managers (Second to Fourth Quartile of Managers with minimum EUR 5 Billion) 11

Morningstar Ratings Grouped by Domicile 13

Methodology 14

About Morningstar 15

Page 3: Morningstar Rating Analysis - fundresearch.de€¦ · money market funds, directly invest ed property funds , and commodity funds /ETPs. The Morningstar European Rating Analysis of

Morningstar Rating™ European Rating Analysis of Investment Funds

31 March 2016

©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates

(collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for

informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information

may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions,

damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past perfo rmance is no guarantee of future

results.

Morningstar European Rating Analysis of Investment Funds

The Morningstar European Rating Analysis of Investment Funds is designed to compare managed fund ranges

across asset managers and domiciles in Europe by aggregating their Morningstar ratings. The research format is

calculated on a quarterly basis. It provides a quantitative assessment of the risk-adjusted return of all European-

domiciled open-end funds and ETFs carrying a Morningstar rating.

The Morningstar Rating for funds, often called the “Star rating,” debuted in 1985 and was quickly embraced by

investors and advisors. The Morningstar rating is a quantitative assessment of a fund’s past performance—both

return and risk—as measured from one to five stars. The methodology rates funds based on an enhanced

Morningstar Risk-Adjusted Return measure, which also accounts for the effects of all sales charges, loads, or

redemption fees.

The Morningstar European Rating Analysis of Investment Funds aggregates the rankings by providers by brand

name) and domiciles and thus provides a useful insight into the strengths and weaknesses of fund ranges. It is,

however, not designed as a forward-looking tool and does not indicate the future positioning of asset managers

or fund domiciles. This follows the line that the Morningstar rating is intended for use as the first step in the fund

evaluation process.

For one, the Morningstar Rating Analysis of European Investment Funds provides a ranking by arithmetic,

averaging the overall Morningstar ratings of asset managers and domiciles. It also delivers an asset-weighted

ranking of asset managers and European-domiciled funds. The arithmetic ranking sorts by average Overall

Morningstar Rating, the asset-weighted ranking also shows the percentage of assets sitting in 4- and 5-Star

rated funds of all rated assets.

The ranking by average overall Morningstar rating and the asset-weighted ranking both have their merits. The

ranking by average overall Morningstar rating mirrors the average quality of the overall fund range, given that all

funds are weighted equally. The asset-weighted ranking gives a realistic assessment of the fields of an asset

manager’s weakness and strength, in light of how investors allocated assets between available investment

options within the fund range.

The Morningstar European Rating Analysis of Investment Funds includes all European-domiciled open-ended

funds and exchange traded products with a Morningstar rating. This implies that funds belonging to several

broad categories are excluded since they are not eligible for a Morningstar rating. This includes alternative funds,

money market funds, directly invested property funds, and commodity funds/ETPs.

The Morningstar European Rating Analysis of Investment Funds includes five tables updated quarterly.

Page 4: Morningstar Rating Analysis - fundresearch.de€¦ · money market funds, directly invest ed property funds , and commodity funds /ETPs. The Morningstar European Rating Analysis of

Morningstar Rating™ European Rating Analysis of Investment Funds

31 March 2016

©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates

(collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for

informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information

may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions,

damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past perfo rmance is no guarantee of future

results.

Table 1 shows the top 50 asset managers in Europe, ranked by rated assets under management. Assets

include rated European-domiciled open-ended funds. The column Equal-Weighted Rating shows the simple

arithmetic mean of the overall Morningstar rating. The columns showing the Asset-Weighted Rating represent

the asset-weighted average Morningstar rating overall, and by the broad categories of equity, fixed income, and

allocation. Finally, the column at the far right shows the percentage of assets sitting in 4- and 5-Star rated funds

as a percentage of total rated assets.

Table 2 shows the top ETF providers in Europe, ranked by rated assets under management. Assets include

rated European-domiciled exchange traded products. Only asset managers with more than EUR 1 billion (ETF)

are included. The column Equal-Weighted Rating shows the simple arithmetic mean of the overall Morningstar

rating. The columns showing the Asset-Weighted Rating represent the asset-weighted average Morningstar

rating overall, and by the broad categories of equity, fixed income, and allocation. Finally, the column at the far

right shows the percentage of assets sitting in 4- and 5-Star rated funds as a percentage of total rated assets.

Table 2 is the only table in the report that includes exchange traded products.

To enable peer group comparisons, we then group together large asset managers in Table 3 and the smaller

asset managers in Table 4.

Table 3 ranks the largest asset managers in Europe by rated assets under management (open-ended funds).

Only asset managers with more than EUR 5 billion and a minimum of 10 share classes/funds are included in the

underlying universe. The table shows the top quartile of asset managers by rated assets under management.

The column Equal-Weighted Rating shows the simple arithmetic mean of the overall Morningstar rating. The

columns showing the asset-weighted rating represent the asset-weighted average Morningstar rating overall,

and by the broad categories of equity, fixed income, and allocation. Finally, the column to the far right shows the

percentage of assets sitting in 4- and 5-Star rated funds as a percentage of total rated assets.

Table 4 ranks the largest 50 asset managers by rated assets (open-ended funds) which belong to the

subsequent three quartiles. Only asset managers with more than EUR 5 billion and a minimum of 10 share

classes/funds are included. The column Equal-Weighted Rating shows the simple arithmetic mean of the overall

Morningstar rating. The columns showing the Asset-Weighted Rating represent the asset-weighted average of

the overall Morningstar rating, and by the broad categories of equity, fixed income, and allocation. Finally, the

column to the far right shows the percentage of assets sitting in 4- and 5-Star rated funds as a percentage of

total rated assets.

Table 5 shows the Morningstar ratings (open-ended funds) grouped by domicile ranked by equal-weighted

ratings (the simple arithmetic mean of the overall Morningstar rating). The columns to the right show the asset-

weighted rating, which represents the asset-weighted average of the overall Morningstar rating, and by the

Page 5: Morningstar Rating Analysis - fundresearch.de€¦ · money market funds, directly invest ed property funds , and commodity funds /ETPs. The Morningstar European Rating Analysis of

Morningstar Rating™ European Rating Analysis of Investment Funds

31 March 2016

©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates

(collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for

informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information

may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions,

damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past perfo rmance is no guarantee of future

results.

broad categories of equity, fixed income, and allocation. Finally, the column to the far right shows the

percentage of assets sitting in 4- and 5-Star rated funds as a percentage of total rated assets.

For further information about this report or Morningstar in general, please contact:

- Ali Masarwah, Morningstar Germany, +49 6927 1377155, [email protected]

- Nikolaj Holdt Mikkelsen, CFA, Morningstar Denmark +45 3318 6010, [email protected]

Page 6: Morningstar Rating Analysis - fundresearch.de€¦ · money market funds, directly invest ed property funds , and commodity funds /ETPs. The Morningstar European Rating Analysis of

Morningstar Rating™ European Rating Analysis of Investment Funds

31 March 2016

©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates

(collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for

informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information

may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions,

damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past perfo rmance is no guarantee of future

results.

Table 1:

Top 50 Asset Managers in Europe; Sorted by AUM; Open-Ended Funds

Continued on next page.

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Page 7: Morningstar Rating Analysis - fundresearch.de€¦ · money market funds, directly invest ed property funds , and commodity funds /ETPs. The Morningstar European Rating Analysis of

Morningstar Rating™ European Rating Analysis of Investment Funds

31 March 2016

©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates

(collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for

informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information

may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions,

damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past perfo rmance is no guarantee of future

results.

Table 1: Assets include open-ended rated European-domiciled funds. Total Rated Asset bil. EUR included in the calculation. Equal-Weighted

Rating: Simple arithmetic mean of Overall Morningstar Rating. Asset-Weighted Rating: Asset-weighted Overall Morningstar Rating, overall

and on broad asset classes. Assets 4-5 Star: Percentage of assets invested in funds rated 4 & 5 stars.

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Page 8: Morningstar Rating Analysis - fundresearch.de€¦ · money market funds, directly invest ed property funds , and commodity funds /ETPs. The Morningstar European Rating Analysis of

Morningstar Rating™ European Rating Analysis of Investment Funds

31 March 2016

©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates

(collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for

informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information

may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions,

damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past perfo rmance is no guarantee of future

results.

Table 2:

Top Asset Managers in Europe; Sorted by AUM; Exchange Traded Products

Table 2: Assets include rated European-domiciled Exchange-Traded-Products. Total Rated Asset bil. EUR included in the calculation. Equal-

Weighted Rating: Simple arithmetic mean of Overall Morningstar Rating. Asset-Weighted Rating: Asset-weighted Overall Morningstar

Rating, overall and on broad asset classes. Assets 4-5 Star: Percentage of assets invested in funds rated 4 & 5 stars.

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Page 9: Morningstar Rating Analysis - fundresearch.de€¦ · money market funds, directly invest ed property funds , and commodity funds /ETPs. The Morningstar European Rating Analysis of

Morningstar Rating™ European Rating Analysis of Investment Funds

31 March 2016

©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates

(collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for

informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information

may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions,

damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past perfo rmance is no guarantee of future

results.

Table 3:

Largest Asset Managers (First Quartile of Managers with minimum EUR 5

Billion); Sorted by Average Overall Morningstar Rating; Open-Ended Funds

Table 3: Only asset managers with more than EUR 5 billion in AUM and a minimum of 10 share classes/funds are included in the table.

� � � � � � � � � � � � � � � � � �� � � � � � � � � � � � � � �� � � � � �� � � � � � � � � � � � � � � � � �� � � � � � � � � � � � � � � � � ! " � � � �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` 7 ) > ^ = - . + / , + * 3 , + * / , + * , , + 1 0 , + 2 4 1 4 5

� � � � � � � � � � � � � � � �

Page 10: Morningstar Rating Analysis - fundresearch.de€¦ · money market funds, directly invest ed property funds , and commodity funds /ETPs. The Morningstar European Rating Analysis of

Morningstar Rating™ European Rating Analysis of Investment Funds

31 March 2016

©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates

(collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for

informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information

may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions,

damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past perfo rmance is no guarantee of future

results.

Assets include rated open-ended European-domiciled funds. Total Rated Asset bil. EUR included in the calculation. Equal-Weighted Rating:

Simple arithmetic mean of Overall Morningstar Rating. Asset-Weighted Rating: Asset-weighted Overall Morningstar Rating, overall and on

broad asset classes. Assets 4-5 Star: Percentage of assets invested in funds rated 4 & 5 stars.

Page 11: Morningstar Rating Analysis - fundresearch.de€¦ · money market funds, directly invest ed property funds , and commodity funds /ETPs. The Morningstar European Rating Analysis of

Morningstar Rating™ European Rating Analysis of Investment Funds

31 March 2016

©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates

(collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for

informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information

may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions,

damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past perfo rmance is no guarantee of future

results.

Table 4:

Top 50 Smaller Asset Managers (Second to Fourth Quartile of Managers with

minimum EUR 5 Billion); Sorted by Average Overall Morningstar Rating; Open-

Ended Funds

Continued on next page.

a b c d e f d g h c i j k c l j em n n j l no a f p q r s k t r u v c p wx j f g y l j ek c l f d g m p p r u v f l z { f | j e} d ~ � i j m p p � ~ c l f � d m n n j l n� � � n l c b� � � � � � � � � � � � � � � � � � � � � � � � � � � � � �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �� � � � � � �   � � ¡ � � ¢ � � � � � � � � � � � � � � � � � �£ � � � ¤ � � � � ¥ � � � � � � � � � � � � � � ¦ � � � ¦ � � � � � � ¦ � � � ¢ ¦ �§ � � � � � � � ¨ � ¦ � � ¨ � � � � � � � � � � � � � ¢ � � �¥ � © � � � � ¤ � � � � ¥ � � � � � � � � � � � ¨ � � � ¨ ¦ � � ¨ ¦ � � � ¨ �� � � � � ª � « � ¬ � � ­ � � � « � � ¨ � � � � ¨ ¦ � � ¢ ¦ ¦ � � � ¨ � � ¨ � � � ¢ � � �® � � � � � � � � � ¥ � � � � � � � � � � � � � � ¨ � � � � � � � � ¨ � � � � � � � �¯ � ª � � � � � � � ¨ � � � ¨ ¦ � � ¨ ¨ � � � � � ¢ ¢ �� � � � � ­ � � � � ¨ ¢ � ¢ � � � � � � ¢ � � � � � ¦ � ¦ � � � � �° � � � � � � � � � � � � � ¢ � � � ¨ � � � � � ¨ � � � ¢ ¨ �§ � � � � � � � � � � � � � � � � � � � ¢ � � � ¦ � � ¢ � � � ¨ � � � � ¢ ¢ � �£ � ± � ² �   � � « � � � � � � � � � � � � � � ¨ � � � � � � � � �¤ ¥ � � � � � � � � � � � ¦ � � � ¦ � � � ¦ � � ¦ � � � � � � � � ¢ � �³ � ¡ � � � � � � � ¨ ¦ � ¢ ¦ ¦ � � ¢ ¦ � � ¨ ¦ � � � � � � � � � �´ ¯ µ � � ª � � � ¨ � � ¦ � ¢ ¨ ¦ � � � ¦ � � � � � � ¨ �± � ª � « � ¦ ¦ � � ¦ � � ¢ � � � ¢ � � � � � � ¦ � ¦ � ¢ ¢ ¢ � �§ � ¬ ¶ � � � � ¦ � � � ¦ � � � ¦ � � ¨ ¦ � ¦ � � � ¨ � � ¨ �· � � � � � � � � ¸ ¸ � � � ¨ � � � ¦ � � � ¦ � ¦ ¢ ¦ � � ¢ ¦ � � � ¨ � � � � ¢ �± � � � � ¹ � � � � � ¨ ¦ � � ¦ � � ¢ ¦ � � � ¦ � � ¨ � � � ¨ � � � �¤ � � � � � � ¨ � � ¨ ¦ � � � ¦ � ¢ � ¦ � � ¢ � � � � ¦ � � � � � �´ � � ¡ � ° � ¬ � � � � � � ¦ � � � � � � � ¦ � ¢ ¨ ¦ � � ¨ � � � ¨ ¢ � �¥ � � « � � � � � ª � � ° � ¬ � � � � � � ¦ � ¦ ¦ � � ¦ ¦ � ¨ � ¦ � ¢ � ¨ � ¢ ¦ ¦ � ¦ � � � �¤ � « � � � � ¦ ¦ � � ¦ ¦ � � � ¦ � � ¢ ¦ � � ¨ ¦ � ¦ � � � �¥ � ­ ¨ ¢ � � ¦ � � � � � � � � � � � ¦ � � ¢ � � ¢ � ¢ ¢ �± � ¸ ¸ � � � � � � ¦ � � � ¦ � � ¢ ¦ � � ¢ � ¦ � � � � ¢ �¥ � º � � � « � � � ¨ ¦ � � ¨ ¦ � � � � ¦ � � � � � � �§ � � � � � � � ¤ � � � � ¥ � � � � � � � ¨ ¦ � � � ¦ � � � ¦ � � � ¨ � ¢ ¨ ¨ � � � � � �� � � � � ¹ � � � � � ¦ � � ¦ � � � � � � ¢ ¦ � ¢ � � � ¦ ¦ � � � � � ¢ �� � � � � � � ­ � « � � ¨ � � � ¦ � � � ¦ � � ¢ ¦ � ¢ � ¦ � � � � � � � � � �· ¥ ¯ � ¨ � � ¦ � � � ¦ � � ¦ ¦ � � � ¦ � � � ¦ � � ¦ � � �§ � » ¸ � � � � � � ¤ � � � � ¥ � � � ¦ � � � ¦ � � ¨ � � � � � � � ¦ ¨ � � � � � � � ¢ � �­ � � � � ª � � � � ¨ ¨ � � ¦ � � ¨ ¦ � � � ¦ � � � ¦ � � � ¦ � � � � � �· ³ ¼ ¥ � � � � � ¦ � � � ¦ � � � � � � ¨ � � � � ¦ � � � ¦ � � � � � �¤ � ¨ ± ¹ � ¥ � � � � � � � � � ¨ ¦ � ¦ ¢ ¦ � � ¨ ¦ � � � � � � � ¦ � � ¦ � ¢ �

m n n j l w x j f g y l j e k c l f d g

Page 12: Morningstar Rating Analysis - fundresearch.de€¦ · money market funds, directly invest ed property funds , and commodity funds /ETPs. The Morningstar European Rating Analysis of

Morningstar Rating™ European Rating Analysis of Investment Funds

31 March 2016

©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates

(collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for

informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information

may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions,

damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past perfo rmance is no guarantee of future

results.

Table 4: Only asset managers with more than EUR 5 billion in AUM and a minimum of 10 share classes/funds are included in the table. Asset

managers from the top quartile are excluded. Assets include open-ended rated European-domiciled funds. Total Rated Asset bil. EUR

included in the calculation. Equal-Weighted Rating: Simple arithmetic mean of Overall Morningstar Rating. Asset-Weighted Rating: Asset-

weighted Overall Morningstar Rating, overall and on broad asset classes. Assets 4-5 Star: Percentage of assets invested in funds rated 4 & 5

stars.

½ ¾ ¿ À Á  À Ã Ä ¿ Å Æ Ç ¿ È Æ ÁÉ Ê Ê Æ È ÊË ½ Â Ì Í Î Ï Ç Ð Î Ñ Ò ¿ Ì ÓÔ Æ Â Ã Õ È Æ ÁÇ ¿ È Â À Ã É Ì Ì Î Ñ Ò Â È Ö × Â Ø Æ ÁÙ À Ú Û Å Æ É Ì Ì Û Ú ¿ È Â Û À É Ê Ê Æ È ÊÜ Ý Þ Ê È ¿ ¾ß à á â ã ä å â ä â æ â ä ç è â ä æ â â ä é â â ä æ ê è ë ìí î ï ð ñ ò î ó ô õ î ö ê ä ÷ â ä â è â ä ê ã â ä ç è ã ä ÷ è â ä è ê æ â ìø ô ï ð ù ñ ô ú ù î ö é è ä ë â ä â è â ä å ÷ â ä â ë å ä ë é ã ä ÷ ÷ â ã ìû ü ù ñ ý þ ÿ ñ ü � ÿ ô ù � î ÿ ê ä å â ä â è â ä å æ â ä â æ â ä ÷ ÷ â ä å é â ê ì� ú ù õ ú � ð ö å é ä å â ä â è â ä ë ê ã ä é æ â ä è ê â ä ã ã ç è ì� � ñ ñ ð ö ö é ê ä ÷ â ä â â â ä â ê â ä è ç â ä è ë å ä ã å ã â ì� ð õ ð ÿ � î ï æ ä ÷ â ä â â â ä ã ê â ä ë â å ä ç ë â ä ë ë è ê ìí ð ï ó ð ù è ä è â ä â â â ä è å å ä ê ã ã ä ã å ã ä é ç ã ã ì� ÿ ú � ó î ï î æ ä ÷ â ä å ê â ä ã ã â ä ê é â ä é å â ä é è ã ã ìò î ù ÿ ô î ï â å ä å â ä å æ â ä â è â ä â å â ä è ê â ä é ê â ç ìà � à � à é ÷ ä ê â ä å æ â ä è è � � â ä è è è æ ìß � ô ñ ñ û ô ý ð ë ä ã â ä å ç â ä ë ÷ â ä è â ã ä å å â ä ã ã ç ç ì� ú � ð ÿ ô õ ð ù ñ ñ ð õ � î ë ä æ â ä å è â ä æ â â ä ê ê â ä ç ç â ä ë ã ç å ì ö ö ô î ù � ç ä ÷ â ä å ã â ä ë æ â ä è ë â ä â ë ã ä æ ë æ é ìí û � é å ä ê â ä å ã â ä â â â ä ç â â ä ÷ é â ä ÷ ÷ â â ì

É Ê Ê Æ È Ó Ô Æ Â Ã Õ È Æ Á Ç ¿ È Â À Ã

Page 13: Morningstar Rating Analysis - fundresearch.de€¦ · money market funds, directly invest ed property funds , and commodity funds /ETPs. The Morningstar European Rating Analysis of

Morningstar Rating™ European Rating Analysis of Investment Funds

31 March 2016

©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates

(collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for

informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information

may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions,

damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past perfo rmance is no guarantee of future

results.

Table 5:

Morningstar Ratings Grouped by Domicile; Sorted by Average Overall

Morningstar Rating; Open-Ended Funds

Table 5: Assets include open-ended rated European-domiciled funds. Total Rated Asset bil. EUR included in the calculation. Equal-Weighted

Rating: Simple arithmetic mean of Overall Morningstar Rating. Asset-Weighted Rating: Asset-weighted Overall Morningstar Rating, overall

and on broad asset classes. Assets 4-5 Star: Percentage of assets invested in funds rated 4 & 5 stars.

� � � � � � � � � � � � � � � � �� � � ! � � " # $ % � & $ ' ( � " )* � � � + � � �� � � � � � � " " $ ' ( � � , - � . � �/ � 0 1 � � � " " 1 0 � � � 1 � � � � 2 3 4 � � �5 6 7 8 6 9 : ; < = > ? @ A B C A B B C A D E C A E F ? A G D ? A ? F E @ HI 6 < J ; 9 K L B A @ C A @ F C A B G C A L B C A G D ? A E M @ D HN O < : ; < = B B A M C A C G C A L M C A C F ? A F D ? A F G B B HP < O 7 6 = Q O < R = S J D ? B A G C A M L C A B G C A B D C A ? ? C A @ @ @ B HT U 6 = 6 < M B M A M C A M @ C A M D C A ? M M A L ? C A M L ? E HV 6 : R O W J E D A D C A M C C A @ B C A M E M A L ? C A E @ ? E HT U O 7 X 6 9 : ; < = M B D A @ C A M M C A ? L C A @ @ C A ? M C A ? @ ? L HY 9 6 : ; < = ? ? ? A M C A G L C A B E C A L C C A B @ M A E L @ D H5 S 9 U ; Z B L A E C A G M C A C C C A ? F C A C F M A D M ? @ H[ W \ 6 J ] S W 9 R G ^ E B G A @ C A F E C A @ M C A B ? C A C M C A B G @ C HT _ ; O < G ? F A B C A F C C A G E C A F ? C A @ @ M A D D C B HN 9 ; < ` 6 C E D A ? C A F F C A C B C A M ? C A C ? C A @ G ? ? HY 7 ; : Z G M C A B C A F F C A C ? M A D B C A M M C A @ E ? M Ha S : ; < = G C A C M A D L C A F L C A M M C A F ? C A F M C B Hb 6 9 J ; < Z M C G A @ M A D G C A @ M C A @ C C A ? F C A @ E @ F Hc 6 9 > 6 Z E A L M A L C C A G D C A @ ? M A E D M A ? D ? F Hd W > 7 9 O ; B ? A E M A E D C A F E M A @ C C A F ? C A B @ C M Ha S 9 7 W R ; : B A F M A B E M A L B M A G M C A M C M A B L M G Hb W 6 9 < > 6 Z @ A C M A @ E C A G B C A G D M A ? E C A M E ? F H[ O 6 ` 8 7 6 < > 7 6 O < G L A F M A @ B M A D D C A C ? M A E C M A E M C @ H

� � � ) * � � � + � � � � � � � � �

Page 14: Morningstar Rating Analysis - fundresearch.de€¦ · money market funds, directly invest ed property funds , and commodity funds /ETPs. The Morningstar European Rating Analysis of

Morningstar Rating™ European Rating Analysis of Investment Funds

31 March 2016

©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates

(collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for

informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information

may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions,

damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past perfo rmance is no guarantee of future

results.

Methodology

The Morningstar Rating is a global comparison of funds with similar investment exposure taking into account

funds’ risk-adjusted return. Morningstar assigns ratings based on comparisons of all funds within a specific

Morningstar Category. The Morningstar Category system for funds is designed to help investors make

meaningful comparisons between Investment funds. Morningstar regularly reviews the category structure and

the funds within each category to ensure that the system meets the needs of investors and keeps pace with

market developments.

This Morningstar analysis is a comparison of Overall Morningstar Ratings across branding names, domiciles, and

so on. All rated European-domiciled funds/share classes are included in this report. Funds or share classes with

share class total net assets older than four months are excluded. For share classes with updated fund size but

no share class size, we assume assets are divided equally among such share classes in a given fund.

Page 15: Morningstar Rating Analysis - fundresearch.de€¦ · money market funds, directly invest ed property funds , and commodity funds /ETPs. The Morningstar European Rating Analysis of

Morningstar Rating™ European Rating Analysis of Investment Funds

31 March 2016

©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates

(collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for

informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information

may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions,

damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past perfo rmance is no guarantee of future

results.

About Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia,

and Asia. The company offers an extensive line of products and services for individual investors, financial

advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 525,000 investment offerings, including stocks, mutual funds, and

similar vehicles, along with real-time global market data on nearly 18 million equities, indexes, futures, options,

commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also

offers investment management services through its investment advisory subsidiaries, with more than $180

billion in assets under advisement and management as of March 31, 2016. The company has operations in 27

countries.

Morningstar’s mission is to create great products that help investors reach their financial goals. We accomplish

this by working directly with investors, as well as the advisors and institutions that serve them. e f g h i h g j k l m use Morningstar to make educated investment decisions. They access our independent investment

information and analysis through publications, conferences, and online resources such as Morningstar.com®

and our other investing websites around the world. n h f k f o h k l k g i h m p q m and other investment professionals turn to Morningstar for tools that help them research,

analyse, and present their investment ideas. We support these professionals with software, services, events,

and our advisor platforms: Morningstar Office and Morningstar® Advisor Workstation. e f m r h r j r h p f m value our independence, breadth of information, and customized services. We help them meet

business goals through our investment consulting and investment management services, as well as through

offerings such as Morningstar® Data and our institutional investment analysis platform, Morningstar Direct.


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