Morningstar analyst Scott Berry devoted a Fund Spy column to a critique of ads from five fund firms. Under Berry's microscope: ads from Fidelity, Janus, American Century, T. Rowe and Vanguard that recently appeared in The Wall Street Journal. Berry concluded that overall, fund advertising "looks to be headed in the right direction," with more companies highlighting good risk/reward profiles and fewer firms boasting of short-term returns.  

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