iShares Morningstar Growth ETF
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All iShares ETFs trade commission free online through Fidelity.
Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds' prospectuses or, if available, the summary prospectuses, which may be obtained by visiting the iShares ETF and BlackRock Fund prospectus pages. Read the prospectus carefully before investing. Investing involves risk, including possible loss of principal.
Before engaging Fidelity or any broker-dealer, you should evaluate the overall fees and charges of the firm as well as the services provided. Free commission offer applies to online purchases of select iShares ETFs in a Fidelity account. The sale of ETFs is subject to an activity assessment fee (from $0.01 to $0.03 per $1,000 of principal). For iShares ETFs, Fidelity receives compensation from the ETF sponsor and/or its affiliates in connection with an exclusive long-term marketing program that includes promotion of iShares ETFs and inclusion of iShares funds in certain Fidelity Brokerage Services platforms and investment programs. Please note, this security will not be marginable for 30 days from the settlement date, at which time it will automatically become eligible for margin collateral. Additional information about the sources, amounts, and terms of compensation can be found in the ETF’s prospectus and related documents. Fidelity may add or waive commissions on ETFs without prior notice.
The Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
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Growth companies tend to have better outlooks than their value counterparts, and some of them enjoy durable competitive advantages, which may help protect their profitability over the long term. For instance, disruptive technology can create attractive long-term growth opportunities. Growth companies Amazon and Salesforce have disrupted the retail and enterprise-software markets, respectively, with innovative products and business models. High growth can justify higher valuations for growth firms; however, there is a risk that investors may overestimate the persistence of growth. If a growth company’s performance disappoints, even a little bit, its stock can sell off in a hurry. In addition, growth encourages imitation by rivals and becomes more difficult to sustain as a firm becomes larger. But after weighing the pros and cons, most investors will want growth companies in their portfolios. Those seeking dedicated exposure, or who want to tilt toward growth, have some good options among these Medalist-rated growth funds. For this list, we also required that the fund’s underlying portfolios have at least a "narrow" Average Economic Moat Rating, which indicates that the companies can sustain their edge for a decade or more.
Mid- and Large-Cap Growth Funds
These funds primarily own what Morningstar identifies as “growth” stocks (which fall into the growth squares of the Morningstar style box). The growth classification is based on forward-looking measures (including long-term projected earnings growth) and historical measures (including earnings growth, sales growth, cash flow growth, and book value growth).
Gold- and Silver-Rated Funds
The Analyst Rating for Funds is based on our fund analysts’ conviction in a fund’s ability to outperform its peer group (funds in the same category) and benchmark on a risk-adjusted basis over the long term. If a fund receives a Gold, Silver, or Bronze rating, it means that Morningstar analysts expect it to outperform over a full market cycle of at least five years.
Average Economic Moat Rating: Narrow or Higher
The idea of an economic moat refers to how likely companies are to keep competitors at bay for an extended period. Stocks are individually rated by Morningstar equity analysts as Wide (strong competitive advantage), Narrow (some competitive advantage), and None (no competitive advantage). Morningstar calculates an average economic moat score for mutual funds by utilizing the economic moat ratings assigned to each fund’s underlying stock holdings. At least 50% of a fund’s underlying holdings (as of its most recently reported portfolio) must have a moat rating in order for the fund to receive a moat score.
Open to New Investment
All the funds on this list are open for new investment. Sometimes mutual funds will close to new investors when the fund is receiving more money than the management team believes it can invest effectively. Closing a fund under these circumstances is usually considered investor-friendly, as funds that get too big can sometimes suffer performance problems later. Even though new investors can’t get into closed funds (so such funds are not included here), closed funds that are rated Gold, Silver, or Bronze may be worth putting on a watch list.
This list includes only no-load funds. “No load” refers to a mutual fund that does not charge a fee (known as a load) for buying or selling its shares; the investor typically buys no-load funds directly from a fund company or through a fund supermarket. Load funds, on the other hand, are sold by an advisor or broker and charge a percentage fee at purchase or sale of the shares, which is meant to be compensation for the planner’s investment-selection advice. (Note: Not all advisors sell load funds. Many are compensated via a flat fee or a percentage of all assets under management.) Whether a fund charges a load or not isn’t a reflection of its underlying quality. Many load funds are also Medalists, and some load funds are available without a load through 401(k) or other retirement plans. But we’re including only no-load funds here, since this list is designed to help investors who are primarily doing their own fund-picking.
Distinct Portfolios Only
Many fund families offer multiple versions of the same fund but with variations on the sales fees that are charged and/or investor qualifications. Screening for “distinct portfolios only” removes all but one of these options to avoid having several share classes of the same offering cluttering the list. Morningstar normally designates the oldest share class as the distinct portfolio. In some cases, this share class may be for institutions (such as company retirement funds) or otherwise have a high investment minimum. In those cases, investors may want to consider an “investor” share class of the same fund, though the fund expenses may be higher for those share classes.
Morningstar Large Growth Index – ETF Tracker
The Best Growth Funds
For many investors, there are few reasons to be examining growth funds today. Investors who own core stock mutual funds or exchange-traded funds--especially those tracking a broad market index such as the S&P 500 or Wilshire 5000--already have exposure to growth stocks. They're diversified. It's unlikely they need to add more growth to their portfolios--they already have plenty.
Moreover, if you've been using discrete funds for your growth and value exposures, your once-balanced style portfolio is likely out of whack. It is probably growth-heavy after that style's extended period of outperformance: Despite value's recent outperformance, the Morningstar U.S. Growth Index has outrun the Morningstar U.S. Value Index by 17 full percentage points annually during the past three years.
However, you may be among those who think growth stocks are the place to be, and you'd like to tilt your portfolio toward that style. If that sounds like you, read on. And if not, you can always bookmark this article for a future time when you are in the market for a solid growth fund.
There are many fine growth funds and ETFs to choose from. Today, we're examining those that land in the U.S. large-growth, mid-growth, or small-growth Morningstar Categories that earn Morningstar Analyst Ratings of Silver or better. (We expect such highly rated funds to outperform over a full market cycle.)
For most investors, your search can begin and end in the large-growth category, and nearly four dozen funds and ETFs in this group earn our top ratings.
Managers plying growth strategies covet growth over price--they're less concerned about finding bargains than their value counterparts. As with any type of fund, though, don't over-rely on a fund's category placement to tell you everything you need to know. There's a good deal of variety among strategies in the large-growth category. And these various approaches can lead to different performance and risk profiles.
Most funds in this camp focus on earnings growth. To invest in a company, they demand that a company's earnings growth exceeds that of the market. Within this subset, some managers practice a momentum strategy, which pretty much ignores a stock's price and instead focuses on companies with accelerating earnings whose stocks are already on the upswing--the idea being that stocks that have outperformed will continue to do so, at least in the short run. Other managers are willing to invest in stocks without any earnings--they're focused instead on revenue growth, with the hope that earnings will eventually follow. Other funds focus on stocks with more moderate--but steady--earnings growth. These funds tend to boast portfolios of steady-growing and more reasonably priced blue-chip stocks.
Other differences exist, too. For example, a few funds on the list--including Akre Focus (AKRIX), Jensen Quality Growth (JENSX), and Loomis Sayles Growth (LGRNX) --maintain compact portfolios consisting of fewer than 40 securities, while others--such as Fidelity Contrafund (FLCNX) and many of the passive choices on the list--own upward of 300 stocks.
Speaking of passive funds: Even the index funds in this category take slightly different approaches. For instance, Vanguard Growth ETF (VUG) targets the faster-growing half of the U.S. large-cap market. However, it extends its reach further down the market-cap ladder and offers a broader portfolio than sibling Vanguard Mega Cap Growth ETF (MGK).
As an aside, funds that focus on popular strategies (such as growth today) or less liquid markets (such as small companies) sometimes stop accepting new money so that they can continue to effectively invest in their wheelhouses; check the fund's "status" field on our quote page to find out if a fund you're interested in is open to new investment.
The bottom line: Do your research before you buy. Our investment categories and Analyst Ratings are just a starting point.
While most investors will likely be able to find a strategy that suits their needs in the large-growth category, those with a greater risk tolerance may choose to move down the market-cap ladder and explore smaller companies. More than 40 mutual funds and ETFs in the mid-cap growth and small-cap growth categories are rated Gold or Silver.
Morningstar.com Premium Members can access a list of Morningstar Medalist funds here.
Large growth morningstar
.Using Morningstar to Pick Mutual Funds
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