MORNINGSTAR™ RATINGS

The Morningstar Rating TM for stocks helps investors answer the most difficult question in stock investing: Is a company worth the price that the market is asking for its shares? The Morningstar Rating for stocks represents Morningstar’s opinion of the firm’s intrinsic value relative to its market price.

For example, if a stock trades at a much cheaper price than Morningstar's fair value estimate, it will receive a high Morningstar Rating. If a stock's market price is significantly above their fair value estimate, it will receive a low Morningstar Rating.

Morningstar believes that purchasing shares of superior businesses at discounts to their intrinsic value and allowing them to compound over long periods of time is the surest way to create wealth in the stock market.

EQUITY RESEARCH

Equity research is at the core of Morningstar's independent approach. Stocks are evaluated for what they truly are – pieces of a business. Instead of prognosticating short-term price movements, Morningstar's analysts focus on determining the value of a business, the risks of buying a piece of that business, and whether the stock price offers an attractive margin of safety.

MUTUAL FUNDS

Morningstar’s interactive tools, comprehensive information and commentary on mutual funds and the popular Morningstar RatingTM for funds help investors make better investing decisions.