Standard & Poor's responds to Alan Steel

So-called “Fund Stars” are mathematically calculated statistics based on three-year fund return information relative to peers, adjusted for volatility of that relative performance, S&P says. Fund “Ratings” on the other hand are “entirely qualitative assessment of the management of the rated funds, involving face-to-face interviews and year-round monitoring of the processes, practices and actions of the fund manager/management team”, S&P adds. ”We assume Steel’s Communication [published by IFAonline last week] is aimed at Standard & Poor’s Fund Stars. But, Steel confuses (a) absolute f...