As part of our semi-annual Morningstar Category review, update for Morningstar European & Asian Category system was implemented in November.
This update is primarily intended to refine our classifications for Global Equity funds and Islamic funds and to clarify the naming convention for duration-specific bond categories. The update created more refined Islamic categories defined by geographic and currency focus. The Islamic categories, with the exception of Islamic Global Bond, were renamed and the ratings also removed from the small number of funds remaining in them given their heterogeneity. For Global Equity, we carved out a pure Global Small-Cap Equity category from the Global Small/Mid-Cap Equity category. As the funds remaining in the old category invest across the market-cap spectrum, the category was renamed Global Flex-Cap Equity and redefined accordingly.
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