Fewer stars, same conviction

Summary: A fund can lose a star and keep its 'Good' tag in the same week, and both calls can be right. One number is counting something the other isn't even measuring. The gap between them tells you more than either one alone. Summary: A fund can lose a star and keep its 'Good' tag in the same week, and both calls can be right. One number is counting something the other isn't even measuring. The gap between them tells you more than either one alone.At our last Fund Advisor Live session, one question came up more than any other: Parag Parikh Flexi Cap has trailed for two years. It still has five stars and remains on our list. How can all three be true?I get the same puzzle from the other side every month. A subscriber's fund slips from four stars to three. They open their Fund Advisor portfolio and find our opinion unchanged. Which one should they believe?Both, because they answer different questions.The rating tells you where a fund stands amo This article was originally published on September 07, 2026.