Highlights of the findings -
The good news is that the post-mortem reveals Analyst Ratings were generally predictive – most significantly amongst equity and asset allocation funds, where Gold (and sometimes Silver) rated funds generally did outperform. In the case of equities the “Negative” funds underperformed as well.
However, there was relatively little persistent return differential between Bronze and Neutral funds, and the relative outperformance (or predicted underperformance) varied significantly by time horizon and asset class (and geographic region).