Overview:
Security details page is the Morningstar webpage which displays the Security details in a structured format across multiple tabs. Some of the information can be accessed for Free and for viewing Ratings, Research and proprietary data needs access to premium subscriptions
Locating Star Ratings/Medalist Ratings for Funds
To find the Morningstar Star Rating for a specific fund or Exchange Traded Fund (ETF), you can easily do so by following a few simple steps on the Morningstar website. The Star Rating provides a quick, visual summary of a fund's historical risk-adjusted returns, helping investors gauge its performance relative to its peers.
Follow these steps to view fund Star Ratings:
Sign in to the Morningstar Investor website.
Search for the Fund or ETF name in the search bar.
Click on the little icon to the right-hand side of the Fund/ETF name to view the ratings. screenshot below.
Why do the Fund not have a star rating?
Star rating for funds measures the historical performance of a fund. In most scenario below are the two reasons why Fund will not have Star ratings:
Fund have do not have 3 years of performance history
Fund category is not eligible for Rating.
Understanding Morningstar P/E ratio of the Fund.
The P/E (Price-to-Earnings) ratio displayed for a fund on the Morningstar website may differ from the one presented in the fund company's official documents. This difference typically arises from varying calculation methodologies.
Morningstar's Approach: Morningstar's P/E ratio for funds is forward-looking and is based on the Equity Style Box Measures. This approach considers future earnings estimates to provide a prospective view of the fund's valuation.
Fund Company's Approach: Fund companies may employ different calculation methodologies, which could be based on historical data, different earnings estimates, or other proprietary models. These variations can lead to discrepancies between the figures.
When will the new Analyst report be updated For Funds?
Morningstar's analyst reports for funds are updated annually. Additionally, these reports are reviewed every six months to assess if there has been a material change in the market conditions or within the fund itself. This ensures that the analysis remains current and relevant.
Can I Read Past analyst reports?
You can access and read past analyst reports for funds by following these steps on the Morningstar Premium website:
Sign-in to Premium.morningstar.com.au
Enter the fund name or ticker in the search box.
Under Analysis click on Archive
Scroll down a bit to the table below to view Past analyst reports. Screenshot below.
Where can I find Total Cost Ratio?
To find the Total Cost Ratio for a fund on the Morningstar Premium website, follow these instructions:
Sign-in to Premium.morningstar.com.au
Enter the fund name or ticker in the search box.
Click on Price tab to see the Total cost ratio
Where can I see Risk Measures like Alpha, Beta & Sharpe Ratio?
You can find various risk measures, including Alpha, Beta, and Sharpe Ratio, for funds, ETFs, and LICs on the Morningstar Premium website. Please note that the Risk Tab is specifically designed for these investment types and is not available for individual stocks.
Sign-in to Premium.morningstar.com.au
Enter the fund name or ticker in the search box.
Click on Risk tab to see the Risk Measures for 3,5 & 10 years.
Risk Tab is only for Funds,ETFs, LICs and not for Stocks.
Within the Risk Tab, you will find a comprehensive set of measures, including:
Alpha
Beta
R-squared
Sharpe Ratio
Standard Deviation
Upside and Downside Capture Ratios
Drawdown
Finding Information on Funds Domiciled Outside Australia
Morningstar Investor Australia does not display funds domiciled outside Australia directly on its website. However, you can access information about international stocks.
To explore funds from specific countries, you will need to visit the Morningstar website for the respective region directly. For example, to find funds domiciled in the US, you would visit Morningstar.com (US site).
What is Total Return as per Investment Price and Nav for ETFs?
Exchange Traded Funds (ETFs) have two primary measures for their value: their market price and their Net Asset Value (NAV).
On the Morningstar website, under the performance section for ETFs, users can view returns based on:
ETF Price: This data is sourced directly from the exchange where the ETF is traded.
NAV (Net Asset Value): This data is provided by the fund company.
For the calculation of Total Return, both dividends and distributions are reinvested to provide a comprehensive view of the ETF's performance.
What Are Separately Managed Accounts (SMAs)?
A Separately Managed Account (SMA) is a personalized investment account that is managed individually for each investor. Unlike traditional mutual funds where money is pooled, SMAs allow investors to have their own portfolio tailored to their specific preferences and financial goals.
Key characteristics of SMAs include:
Individual Management: Each SMA is managed on a one-on-one basis for the investor.
Higher Minimum Investment: SMAs typically require a higher minimum investment compared to traditional mutual funds.
Target Audience: They are primarily designed for high-net-worth individual investors.
Why Can’t I Find SMAs on the Morningstar Retail Website?
The Morningstar retail website focuses on providing research and ratings for widely accessible investment vehicles such as retail mutual funds and Exchange-Traded Funds (ETFs).
SMAs are not included on our retail platform because:
They are intended for wealthier individuals with substantial investments.
Detailed data and ratings for SMAs are available through Morningstar Direct, which is our institutional platform designed for financial professionals.
Do Morningstar Fund Returns Include Franking Credits?
ranking credits are tax credits that can be applied to income earned from Australian shares. However, it's important to note that:
Most funds do not provide or include franking credits in their return or distribution calculations.
Therefore, Morningstar's published data for fund returns typically does not include franking credits.
In rare cases where a fund manager provides data that does include franking credits, the fund is categorized as "miscellaneous." This is because incorporating franking credits can make the fund's performance non-comparable to other funds that do not include these credits, affecting how its performance is measured and benchmarked.
How is the Risk & Volatility measure are calculated for the Index under the “RISK” Tab.
For indexes listed under the "RISK" tab on Morningstar, the risk and volatility measures are calculated based on a comparative methodology:
Category Assignment: Each index is assigned to a specific Index category.
Common Category Index: Every Index category has a designated common category index.
Comparison: All individual indexes within a particular category are then compared against this common category index to determine their risk and volatility measures.
Why don’t we have NAV Growth chart for Funds.
The reason a Net Asset Value (NAV) growth chart is not available for Australian funds (excluding ETFs) is due to the type of data Morningstar collects:
For most Australian mutual funds, Morningstar primarily stores transaction prices (Entry/Exit prices).
We do not collect NAV-based data for Australian mutual funds.
This means that while you can see performance based on transaction prices, a dedicated NAV growth chart cannot be generated.
Which Benchmark is used fund comparison?
Morningstar compares funds and ETFs using the Morningstar category benchmark, rather than the prospectus benchmark provided by the fund itself.
Here's how this ensures consistent and fair comparisons:
Category-Based Methodology: Each fund is categorized based on Morningstar's proprietary methodology.
Specific Category Benchmark: Every Morningstar category has its own defined benchmark.
Consistent Comparison: This approach ensures that all funds within a specific Morningstar category are compared against the same benchmark, providing a standardized and equitable basis for performance evaluation.
Locating Factor Profiles for Equity Funds and ETFs
Factor profiles provide valuable insights into the underlying investment characteristics and risk exposures of a fund or Exchange Traded Fund (ETF). These profiles are specifically available for Equity Funds and ETFs, offering a deeper understanding of how a fund's portfolio is positioned across various market factors.
To find the factor profile for an Equity Fund or ETF, follow these steps:
Sign in to your Morningstar premium account and search for the Equity Fund or ETF.
Navigate to the "Portfolio" tab and scroll down to view the "Factor Profile" section.
Fund/ETFs security details page definition:
The Fund/ETFs Page on Morningstar Investor Australia provides a comprehensive overview of a fund or Exchange Traded Fund (ETF), organized into various tabs for detailed insights:
Analysis: The "Analysis" tab provides comprehensive analyst reports on a fund's Process, People, and Parent Pillars, alongside access to archived reports. It also features Star Ratings under "Comparables"
Overview: This tab displays essential fund information such as NAV, expense ratio, category, and minimum investment.
Chart: This tab features an interactive chart that can be adjusted for various time periods. You can add technical indicators and change the chart type to Growth.
Performance: This tab presents annual and trailing performance figures for the past 10 years. The Morningstar website displays post-tax returns when available; otherwise, it provides pre-tax return data.
Sustainability: This tab shows the ESG risk rating of funds, including corporate and sovereign sustainability risk scores. It also have ESG risk rating (Globe rating) for Funds and Product Involvement of the underlying stocks to various ESG issues.
Risk: This tab provides risk and volatility measures such as Alpha, Beta, R-squared, Sharpe Ratio, Standard Deviation, and Upside & Downside ratios.
Price: This tab displays the total cost ratio and other fee-related data.
Portfolio: This tab offers a detailed portfolio breakdown of the fund, including asset allocation, Equity or Fixed Income Style box, factor profile, sector & region, financial metrics, and underlying holdings.
People: This tab provides information on the fund managers and their tenure with the fund.
Parent: This tab gives information about the fund manager's company, including their total net assets and investment flows.
How to Access Dividend Information for Funds on Morningstar Investor Australia
You can view dividend information for any fund listed on the Morningstar Investor Australia website. Morningstar provides dividend events through the charting tool, and users can switch between graphical and tabular views to explore the full dividend history by following the below steps.
Search for the fund using the search bar located at the top of the Morningstar Investor page.
Select the fund from the search results to open the fund’s overview page.
Navigate to the Chart option located on the left side of the security page and choose the time period.
Open the Chart Selection menu (located next to the Compare bar) and choose Events from the list of categories.
Turn on the Dividend toggle to display dividend-related events on the chart.
Change the chart type from Graph to Table using the selector on the right side of the chart (next to Frequency).
Change the table view to Dividend to display only dividend-related data in tabular format.
