Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

Thematic (Sector/Industry)

Morningstar and PitchBook hosted the 10th annual Management Behind the Moat Conference in Chicago on Nov. 7 and 8, offering our institutional clients an opportunity to engage with the management of 49 public companies we think have structural competitive advantages, or economic moats, as well as two private companies worth watching. This report distills the highlights from company presentations. A roster of all companies that participated in the conference, including those that held one-on-one meetings with investors, can be found on Page 2 of the attached document.<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/069/790/original/img%201.JPG?1542165661" class="editor-image img-responsive" data-smartkarma-image-id="69790"></figure>

Morningstar and PitchBook hosted the 10th annual Management Behind the Moat Conference in Chicago on Nov. 7 and 8, offering our institutional clients an opportunity to engage with the management of 49 public companies we think have structural competitive advantages, or economic moats, as well as two private companies worth watching. This report distills the highlights from company presentations. A roster of all companies that participated in the conference, including those that held one-on-one meetings with investors, can be found on Page 2 of the attached document.

Morningstar Management Behind the Moat 2018: Conference Highlights

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

In last week’s Compass we noted the S&amp;P 500 was near the top end of the uptrend channel and that the index could fall 2.75%-3.25% before we get to uptrend support. Considering the S&amp;P 500 fell roughly 1% last week we believe the recent pause appears to be a normal and healthy pullback within the multi-month uptrend. Despite the potential for additional backing-and-filling toward the uptrend support, our expectation is that this uptrend continues, supporting our overall positive outlook.

In last week’s Compass we noted the S&amp;P 500 was near the top end of the uptrend channel and that the index could fall 2.75%-3.25% before we get to uptrend support. Considering the S&amp;P 500 fell roughly 1% last week we believe the recent pause appears to be a normal and healthy pullback within the multi-month uptrend. Despite the potential for additional backing-and-filling toward the uptrend support, our expectation is that this uptrend continues, supporting our overall positive outlook.

S&P 500: A Pause in the Uptrend - More Consolidation Expected.

Global Head of Research, Smartkarma

Mark Artherton

Global Head of Research

LR Research

In this issue:The bargain between the party and the population in China, US banking regulation, ECB complexity, distraction and productivity, NTPC to buy stressed power assets, IoT in agriculture, changing Chinese consumption patterns, Alibaba bonds, China Mobile buying Oi?,  FCA looks at IPO collusion in the UK.<div class="content-highlight">1.  The forced eviction of migrant workers in Beijing, following a fire, has led to an increase in censorship.  China continues to struggle with the needs of its population as the…</div>

In this issue:The bargain between the party and the population in China, US banking regulation, ECB complexity, distraction and productivity, NTPC to buy stressed power assets, IoT in agriculture, changing Chinese consumption patterns, Alibaba bonds, China Mobile buying Oi?,  FCA looks at IPO collusion in the UK.1.  The forced eviction of migrant workers in Beijing, following a fire, has led to an increase in censorship.  China continues to struggle with the needs of its population as the…

Chairman, sgtradex

Tan Chin-Hwee

Chairman

Having <a href="http://www.scmp.com/comment/insight-opinion/article/1893796/why-walking-away-successful-career-finance-not-so-hard" target="_blank">left the industry after 20 years</a>, one could still not escape the media headlines of dwindling workforce and bonuses in the once coveted fund management industry which is going through consolidation.I am not writing to add coal to the fire but would like to share some of my observations as an outsider and hopefully stimulate a discussion.  The active fund management industry is facing a direct assault in the light of advancement of technology which enhances the execution capabilities of…

Having left the industry after 20 years, one could still not escape the media headlines of dwindling workforce and bonuses in the once coveted fund management industry which is going through consolidation.I am not writing to add coal to the fire but would like to share some of my observations as an outsider and hopefully stimulate a discussion.  The active fund management industry is facing a direct assault in the light of advancement of technology which enhances the execution capabilities of…

The Asset Management Industry - A Perfect Storm. Who Will Remain when the Dust Settles?

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Equity Bottom-Up

Zhonghong Holding Co Ltd A / Equity Bottom-Up

On Friday <a href="https://www.smartkarma.com/entities/18259" target="_blank" data-smartkarma-citation="entities:18259:1">Seaworld Entertainment Inc (SEAS US)</a> announced that Suzhou-based property and leisure conglomerate <a href="https://www.smartkarma.com/entities/14824" target="_blank" data-smartkarma-citation="entities:14824:1">Zhonghong Holding Co Ltd A (000979 CH)</a> plans to acquire a 21% stake in the marine park operator from <a href="https://www.smartkarma.com/entities/6249" target="_blank" data-smartkarma-citation="entities:6249:1">Blackrock Inc (BLK US)</a>. The proposed transaction suggests continued strong interest from Chinese investors in the US entertainment and hospitality segments, both of which absorbed record levels of Chinese investment in 2016. In this note we present an overview of the proposed deal and…

On Friday Seaworld Entertainment Inc (SEAS US) announced that Suzhou-based property and leisure conglomerate Zhonghong Holding Co Ltd A (000979 CH) plans to acquire a 21% stake in the marine park operator from Blackrock Inc (BLK US). The proposed transaction suggests continued strong interest from Chinese investors in the US entertainment and hospitality segments, both of which absorbed record levels of Chinese investment in 2016. In this note we present an overview of the proposed deal and…

Whale of a Deal! ZhongHong Buys 21% of SeaWorld, Extends Boom in Chinese FDI in US Entertainment

United States

BlackRock, Inc. provides investment management services. The Company offers investment, advisory, and risk management services. BlackRock serves individuals, families, educational, governments, insurance companies, and non profit organizations worldwide.

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BlackRock (BLK US)

Morningstar Management Behind the Moat 2018: Conference Highlights

Morningstar and PitchBook hosted the 10th annual Management Behind the Moat Conference in Chicago on Nov. 7 and 8, offering our institutional...

Morningstar, Inc.

S&P 500: A Pause in the Uptrend - More Consolidation Expected.

In last week’s Compass we noted the S&P 500 was near the top end of the uptrend channel and that the index could fall 2.75%-3.25% before we get...

Vermilion Research

21 Things Worth Knowing (#18)

In this issue:The bargain between the party and the population in China, US banking regulation, ECB complexity, distraction and productivity, NTPC...

Mark Artherton

The Asset Management Industry - A Perfect Storm. Who Will Remain when the Dust Settles?

Having left the industry after 20 years, one could still not escape the media headlines of dwindling workforce and bonuses in the once coveted fund...

Tan Chin-Hwee

Whale of a Deal! ZhongHong Buys 21% of SeaWorld, Extends Boom in Chinese FDI in US Entertainment

On Friday Seaworld Entertainment Inc (SEAS US) announced that Suzhou-based property and leisure conglomerate Zhonghong Holding Co Ltd A (000979...

Daniel Hellberg

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