Some more PM changes have hitMorningstar's
In particular, two PMs are retiring, one from T. Rowe Price
] and the other from Mair & Power
] , leading Morningstar to adjust one of the fund's ratings.
Morningstar changed its rating on T. Rowe PriceSmall Cap
from Silver to Bronze after its PM lineup changed from Preston Athey to David Wagner. Russel Kinnel
writes that there is uncertainty over Wagner's talent being equal to Athey's, even though Wagner has been an associate PM on the fund since 2005 and has a fine five-year track record.
Kinnell writes that Mairs & Power Growth fund's Silver rating will stay Silver, in part because there is only one strategy to know, and in part because Bill Freis' replacement, Mark Henneman, has co-managed the fund since 2006, and has a bigger role in fund management than Wagner.
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