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.

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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 our October International Strategy, we provide a synopsis on current market conditions around the globe, and explore the following themes in further detail:<ul>
<li>Supporting our cautious outlook, cyclical and growth Sectors are breaking down on the international front - namely Technology and Consumer Discretionary.  </li>
<li>Overweight Norway.</li>
<li>Price support holding in Japan as RS improves. </li>
<li>Health Care remains attractive, especially defensive pharma Groups within Japan and Europe.</li>
</ul>

In our October International Strategy, we provide a synopsis on current market conditions around the globe, and explore the following themes in further detail:
Supporting our cautious outlook, cyclical and growth Sectors are breaking down on the international front - namely Technology and Consumer Discretionary.  
Overweight Norway.
Price support holding in Japan as RS improves. 
Health Care remains attractive, especially defensive pharma Groups within Japan and Europe.


Global Equity Strategy: Market Deterioration Continues; Cyclical & Growth Sectors Breaking Down

Founder

Kemp Dolliver, CFA

Cherrystone Hill Research

Equity Bottom-Up

Recent developments in <a href="https://www.smartkarma.com/entities/22932" target="_blank" data-smartkarma-citation="entities:22932:1">Samsung Biologics Co., (207940 KS)</a>'s business have been mixed with a negative skew. First, partner <a href="https://www.smartkarma.com/entities/26820" target="_blank" data-smartkarma-citation="entities:26820:1">Merck &amp; Co Inc (MRK UN)</a> terminated a product development project, reducing long-term revenue and earnings prospects. Second, recent biosimilar product launches face increased competition relative to prior launches. Third, the CMO business' capacity is expanding dramatically while backlogs have been stagnant. Fourth, accounting controversies are returning to the fore. The company's US$27 billion market cap remains a function of earnings prospects in 4-5 years, which we think are likely to disappoint.

Recent developments in Samsung Biologics Co., (207940 KS)'s business have been mixed with a negative skew. First, partner Merck &amp; Co Inc (MRK UN) terminated a product development project, reducing long-term revenue and earnings prospects. Second, recent biosimilar product launches face increased competition relative to prior launches. Third, the CMO business' capacity is expanding dramatically while backlogs have been stagnant. Fourth, accounting controversies are returning to the fore. The company's US$27 billion market cap remains a function of earnings prospects in 4-5 years, which we think are likely to disappoint.

Today's report puts a spotlight on the Health Care Sector, which is assuming a global leadership role vs. other Sectors. We also focus on the Communications Sector as we are seeing steady relative strength ranking (RSR) improvements over the last couple of months. At the Group level, we highlight select smid-cap Casinos &amp; Gaming stocks. Finally, India’s S&amp;P BSE SENSEX is breaking out to new all-time highs as RS bullishly inflects, we highlight actionable stocks.

Today's report puts a spotlight on the Health Care Sector, which is assuming a global leadership role vs. other Sectors. We also focus on the Communications Sector as we are seeing steady relative strength ranking (RSR) improvements over the last couple of months. At the Group level, we highlight select smid-cap Casinos &amp; Gaming stocks. Finally, India’s S&amp;P BSE SENSEX is breaking out to new all-time highs as RS bullishly inflects, we highlight actionable stocks.

Global Strategy: Health Care Outperforming - Overweight; India Breaking Out -Add Exposure

Healthcare Specialist

Winnie Wong

The Securities and Exchange Commission (SEC) believes that insider trading occurred around <a href="https://www.smartkarma.com/entities/4564" target="_blank" data-smartkarma-citation="entities:4564:1">Sanofi (SAN FP)</a> 's $11.6 billion deal for <a href="https://www.smartkarma.com/entities/26434" target="_blank" data-smartkarma-citation="entities:26434:1">Bioverativ Inc (BIVV US)</a> .  Last Friday, <a href="https://www.sec.gov/litigation/litreleases/2018/lr24035.htm" target="_blank">SEC filed a lawsuit</a> in the US District Court for the Southern District of New York against “unknown traders” who made “a series of suspicious transactions” surrounding the announcement of a definitive agreement under which Sanofi will acquire Bioverativ".The regulator believes that the traders allegedly used foreign broker…

The Securities and Exchange Commission (SEC) believes that insider trading occurred around Sanofi (SAN FP) 's $11.6 billion deal for Bioverativ Inc (BIVV US) .  Last Friday, SEC filed a lawsuit in the US District Court for the Southern District of New York against “unknown traders” who made “a series of suspicious transactions” surrounding the announcement of a definitive agreement under which Sanofi will acquire Bioverativ".The regulator believes that the traders allegedly used foreign broker…

Insider Trading Alleged as Sanofi Continues Its Shopping Spree

France

Sanofi operates as a pharmaceutical company. The Company manufactures prescription pharmaceuticals and vaccines. Sanofi also develops cardiovascular, thrombosis, metabolic disorder, central nervous system, and oncology medicines and drugs. Sanofi serves customers worldwide.

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Sanofi (SAN FP)

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.

Global Equity Strategy: Market Deterioration Continues; Cyclical & Growth Sectors Breaking Down

In our October International Strategy, we provide a synopsis on current market conditions around the globe, and explore the following themes in...

Vermilion Research

Samsung BioLogics Update

Recent developments in Samsung Biologics Co., (207940 KS)'s business have been mixed with a negative skew. First, partner Merck & Co Inc (MRK...

Kemp Dolliver, CFA

Global Strategy: Health Care Outperforming - Overweight; India Breaking Out -Add Exposure

Today's report puts a spotlight on the Health Care Sector, which is assuming a global leadership role vs. other Sectors. We also focus on...

Vermilion Research

Insider Trading Alleged as Sanofi Continues Its Shopping Spree

The Securities and Exchange Commission (SEC) believes that insider trading occurred around Sanofi (SAN FP) 's $11.6 billion deal for Bioverativ Inc...

Winnie Wong

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