Stars and style boxes are the icons on which the Morningstar brand depends. But I wouldn't be too slavish to the number of stars as that can be misleading as can their absence in the case of unrated funds. For example, TRAMX is unrated as yet but in my opinion it is a well-managed fund covering a unique sector. Pimco Commodity Real Return rates a single star yet it does an efficient job of covering the commodity sector. When I'm analyzing a new fund, the stars do get my attention, begging the question: What has this fund been doing to merit those stars? In the case of PRGSX, you can more readily discern why it rates five stars (experienced manager, excellent stock selection, consistent performance). In other cases, the success of five-star funds can be more elusive. Hennessy Focus 30 (HFTFX), for example, depends less on manager Neil Hennessy than it does on a particular method of stock selection and trading regimen.