| In 2001, Morningstar launched its Rating and Fund Categories methodologies in Asia to help streamline their fund research and selection process. Effective July, 2007, Morningstar debuts enhancements to further refine our rating system and categories as investment objectives of mutual funds become more and more diversified. These improvements reinforce the key principles behind the rating system: To assess funds within their relevant peer group; to evaluate funds over a long-term horizon; and to adjust a fund's past performance according to both risk and costs. Morningstar Risk-Adjusted Return (MRAR) will continue to be the basis of the star-rating calculation and funds are ranked from one to five stars. Th e rating calculation is category based in order to distinguish managers with greater skills in managing certain types of portfolio. By comparing 'apples' to 'apples', the Morningstar RatingTM assists investors in identifying managers whom add value to their funds, and funds with superior risk-adjusted, long-term performance. As always, the Morningstar RatingTM is not an indicator of future performance, it can be used to gauge how a fund has performed relative to similar offerings. A fund must have at least three-year performance history in order to be rated. In addition, when a category has less than 5 members, no star rating is assigned to the group. Morningstar Pan-Europe/Asia Fund Categories methodologies are rooted in holding-based analysis and are reviewed regularly. For details, please refer to asiaapi.morningstar.com. | ||
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