{"id":109708,"date":"2021-11-03T11:30:00","date_gmt":"2021-11-03T15:30:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=109708"},"modified":"2023-07-26T11:02:45","modified_gmt":"2023-07-26T15:02:45","slug":"style-ratings-for-etfs-mutual-funds-4q21","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/style-ratings-for-etfs-mutual-funds-4q21\/","title":{"rendered":"Style Ratings for ETFs & Mutual Funds: 4Q21"},"content":{"rendered":"\n

At the beginning of the fourth quarter of 2021, the All Cap Value, Large Cap Blend, and All Cap Blend styles earn Attractive-or-better rating. Our style ratings are based on the normalized aggregation of our fund ratings for every ETF and mutual fund in each style. Our fund ratings are based on aggregations of the ratings of the stocks they hold. See last quarter\u2019s Style Ratings here<\/a>.<\/p>\n\n\n\n

Investors looking for style funds that hold quality stocks should look no further than the All Cap Value, Large Cap Blend, and All Cap Blend styles. These styles house a large portion of the highest rated funds. Figures 4 through 7 provide more details. The primary driver behind an Attractive fund rating is good portfolio management<\/a>, or good stock picking, with low total annual costs<\/a>.<\/p>\n\n\n\n

Attractive-or-better ratings do not always correlate with Attractive-or-better total annual costs. This fact underscores that (1) cheap funds can dupe investors<\/a> and (2) investors should focus on funds with good stocks and low fees.<\/p>\n\n\n\n

More reliable & proprietary<\/a> fundamental data, proven in The Journal of Financial Economics<\/a>, drives our research. Our Robo-Analyst technology<\/a>[1]<\/a> empowers our unique ETF and mutual fund rating methodology<\/a>, which leverages our rigorous analysis of each fund\u2019s holdings.[2]<\/a> Our Core Earnings<\/a>[3]<\/a> and Earnings Distortion factor general novel alpha<\/a>.<\/a><\/p>\n\n\n\n

See Figures 4 through 13 for a detailed breakdown of ratings distributions by investment style. See our ETF & mutual fund screener<\/a> for rankings, ratings, and reports on ~6,000 mutual funds and 800+ ETFs. Our fund rating methodology is detailed here<\/a>.<\/p>\n\n\n\n

All of our reports on the best & worst ETFs and mutual funds in every investment style are available here<\/a>.<\/p>\n\n\n\n

Figure 1: Ratings for All Investment Styles<\/strong><\/h2>\n\n\n\n
\"Ratings<\/figure>\n\n\n\n

Source: New Constructs, LLC and company filings<\/p>\n\n\n\n

To earn an Attractive-or-better Rating, an ETF or mutual fund must have high-quality holdings and low costs. Only the top 30% of all ETFs and mutual funds earn our Attractive-or-better rating.<\/p>\n\n\n\n

Pacer U.S. Cash Cows 100 ETF<\/a> (COWZ) is the top rated All Cap Value fund. It gets our Very Attractive rating by allocating over 69% of its value to Attractive-or-better-rated stocks.<\/p>\n\n\n\n

Dunham Small Cap Growth Fund<\/a> (DADGX) is the worst rated Small Cap Growth fund. It gets our Very Unattractive rating by allocating over 42% of its value to Unattractive-or-worse-rated stocks. Making matters worse, it charges investors total annual costs of 5.44%.<\/p>\n\n\n\n

Figure 2 shows the distribution of our Ratings for all investment style ETFs and mutual funds.<\/p>\n\n\n\n

Figure 2: Distribution of ETFs & Mutual Funds (Assets and Count) by Rating<\/strong><\/h2>\n\n\n\n
\"Distribution<\/figure>\n\n\n\n

Source: New Constructs, LLC and company filings<\/p>\n\n\n\n

Click here to read the full article<\/a><\/p>\n\n\n\n

—<\/p>\n\n\n\n

This article originally published on <\/em>October 18, 2021<\/em><\/a>.<\/em><\/p>\n\n\n\n

D<\/em>isclosure: David Trainer, Kyle Guske II, and Matt Shuler receive no compensation to write about any specific stock, sector or theme.<\/em><\/em><\/p>\n\n\n\n

Follow us on <\/em>Twitter<\/em><\/a>, <\/em>Facebook<\/em><\/a>, <\/em>LinkedIn<\/em><\/a>, and <\/em>StockTwits<\/em><\/a> for real-time alerts on all our research.<\/em><\/p>\n\n\n\n

[1]<\/a> Harvard Business School features our research automation technology in the case Disrupting Fundamental Analysis with Robo-Analysts<\/a>.<\/p>\n\n\n\n

[2]<\/a> See how our models overcome flaws in Bloomberg and Capital IQ\u2019s (SPGI) analytics in the detailed appendix of this paper<\/a>.<\/p>\n\n\n\n

[3]<\/a> The Journal of Financial Economics<\/a> proves that only Core Earnings enable investors to overcome the flaws in legacy fundamental data.<\/p>\n\n\n\n

Click here to download a PDF of this report.<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

New Constructs fund ratings are based on aggregations of the ratings of the stocks they hold. See last quarter\u2019s Style Ratings here.<\/p>\n","protected":false},"author":25,"featured_media":109710,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[14,18,6,8,9,22,26,3],"tags":[297,8196,1440],"contributors-categories":[13616],"class_list":{"0":"post-109708","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-etfs","8":"category-macro","9":"category-north-america","10":"category-region","11":"category-securities","12":"category-stocks","13":"category-text-articles","14":"category-traders-insight","15":"tag-etfs","16":"tag-mutual-funds","17":"tag-ratings","18":"contributors-categories-new-constructs"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"\nStyle Ratings for ETFs & Mutual Funds: 4Q21<\/title>\n<meta name=\"description\" content=\"New Constructs fund ratings are based on aggregations of the ratings of the stocks they hold. 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