A year ago, Morningstar introduced its forward-looking analyst ratings system for the mutual funds it covers in the United States.

At the time, Karen Dolan, Morningstar's director of fund analysis, said that the star ratings are a good measure of risk-adjusted performance over the long haul and that the analyst ratings can complement the stars rating well. Last week, the Chicago-based research shop shared its initial assessment of the industry using the "rather limited data" it has gathered since last November.

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