Gyroscopic Investing

I've noticed a few weeks ago that Morningstar's risk rating for PRPFX changed to High:



I believe it used to be low or average. I understand that this is a relative risk compared to conservative allocation category - I bet most funds in this category are classic stock/bond funds without exotic assets like gold. But still I don't understand how can the fund with only 30% in equities all of a sudden become riskier than before. Perhaps these colorful risk/return bar charts should be taken as seriously as those "stars". 

For as long as I can remember Morningstar had PRPFX labeled as either Above Avg or High risk.

Ad Orientem wrote: For as long as I can remember Morningstar had PRPFX labeled as either Above Avg or High risk.

Looks like it. I vaguely recall that chart showing Above Average risk and High returns. Anyways, we shouldn't pay too much attention to these as the comparison is made to the "group" - and PRPFX, as any PP-type allocation, is not your typical "conservative allocation".