The People Pillar is our evaluation of the ESMAX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers. The Parent Pillar is our rating of ESMAX’s parent organization’s priorities and whether they’re in line with investors’ interests. The Process Pillar is our assessment of how sensible, clearly defined, and repeatable ESMAX’s performance objective and investment process is for both security selection and portfolio construction.
The Morningstar Analysis section contains a thorough evaluation of an investment’s merits and drawbacks and often discusses the most important or decisive factors leading to the fund’s overall rating.