Morningstar's mutual fund rating system is the subject of a newly released study from Advisor Perspectives. Morningstar's system gives a good primer for analyzing money manager tendencies; however, identifying the top mutual funds is a more complex exercise, the study found, according to Dow Jones Newswires. "The system seems to work on a very broad basis over the three-year time period studied," Robert Huebscher, CEO of Advisor Perspectives, was quoted in the report as saying. "But there are categories where star ratings are the most predictive and ones where they help a lot less."  

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