Morningstar just dropped off another batch of analyst rankings, which is good news for First Pacific Advisors (FPA) and Pimco, less so for Lord Abbett and Bogle Investment Management.

The $242 million FPA Perennial fund, managed by the Los Angeles-based FPA, is Morningstar's the latest gold-rated fund. It's got a 1 percent expense ratio and has returned 12.75 percent so far this year, according to Morningstar. Other upgraded funds are the $7.1 billion Pimco Emerging Markets Currency fund, which has a 1.1 percent expense ratio and is up 6.92 percent year to date.

Three funds retained gold ratings through this latest round of scrutiny: Matthews Asia Dividend Investor Fund, Royce Premier Investment, and T. Rowe Price Mid-Cap Value.

But Morningstar's analysts handed out some coal along with the gifts. The $112 millionBogle Small Cap Growth Instl fund was dropped from gold to silver, while the Lord Abbett Total Return I slipped from bronze to neutral.

So now PMs from Bogle and Lord Abbett can sympathize with Jeff Gundlach and share his well-publicized disdain for Morningstar's analyst rankings. And the controversy about the research firm's methodology and judgment will continue to simmer. 

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