The PIMCO Global Multi-Asset fund dropped one notch to a Bronze rating from a Silver rating, while the BlackRock Small Cap Growth Equity fund jumped one notch to a Neutral rating, exiting Negative territory, according to Morningstar.

Specifically, analyst Dan Culloton wrote that BlackRock’s growth equity fund’s checkered recent record and its higher risk relative to peers contributed to its previous Negative rating. However, Culloton contends that the fund is not a lost cause.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.