While Advisor Perspectives, a consulting firm that specializes in high-net-worth investors, maintains that Morningstar’s star rating system works broadly well over a three-year period, it’s  inconsistent across investment categories, Dow Jones reports.

Advisor Perspectives found that the probability of five-star rated bond funds beating four-star rated bond funds is 63%, but that declines to 59% for balanced funds, to 55% for U.S. equity funds and to 48% for international equity funds.

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