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)

<ul><li class="p1">We view the overall market as slightly undervalued, based on our fair value estimates for approximately 1,500 global companies.</li><li class="p1">The financial services, consumer cyclical, and healthcare sectors are the most undervalued, while the basic materials sector is our only overvalued sector.</li><li class="p1">Oil price concerns are hurting the financial services sector, while divergent paths for China’s future fixed asset investment growth and consumption inform our thinking in the basic materials and consumer cyclical sectors.</li></ul>Analyst: Elizabeth Collins

We view the overall market as slightly undervalued, based on our fair value estimates for approximately 1,500 global companies.The financial services, consumer cyclical, and healthcare sectors are the most undervalued, while the basic materials sector is our only overvalued sector.Oil price concerns are hurting the financial services sector, while divergent paths for China’s future fixed asset investment growth and consumption inform our thinking in the basic materials and consumer cyclical sectors.Analyst: Elizabeth Collins

Stock Market Outlook: Stocks Start to Look More Attractive

<ul><li class="p1">The idea of e-commerce as a disruptive force is not new, with consumers becoming increasingly comfortable making everyday purchases online or through mobile devices across many developed economies.</li><li class="p1">However, as we take a step back and examine the various states of digital commerce across different geographies, we find a number of constants in not only how winners in the digital commerce space rise to the top in each region, but also how these players develop lasting network effects that serve as the foundation of the wide economic moats we assign to many of the leading players in this industry across the globe.</li></ul>Analysts: R.J. Hottovy, Suruchi Jain, Daniel Mueller

The idea of e-commerce as a disruptive force is not new, with consumers becoming increasingly comfortable making everyday purchases online or through mobile devices across many developed economies.However, as we take a step back and examine the various states of digital commerce across different geographies, we find a number of constants in not only how winners in the digital commerce space rise to the top in each region, but also how these players develop lasting network effects that serve as the foundation of the wide economic moats we assign to many of the leading players in this industry across the globe.Analysts: R.J. Hottovy, Suruchi Jain, Daniel Mueller

The Global E-Commerce Handbook: Themes Investors Need to Know as Consumer Shopping Tendencies Evolve

CEO, CIO, ClearMacro

Mike Simcock

CEO, CIO

Strategic & Tactical Asset Allocation Global Macro

ClearMacro

CIO, & CEO ClearMacro Ltd
An institutional investor with over 25 years experience, laterly having spent 10 years at GIC Singapore SWF. Managng Director, managing Global Macro, FIxed Income (Europe) and Global Credit businesses.
Passionate about utilising technology to enhance portfolio idea generation across global, multi-asset classes and optimisation of the investment process.

Macroeconomics

We're awash in concerns over inflation - the Economist last week, and multiple speakers at the 2nd Independent Research Conference where we moderated a panel on asset allocation. Ignore them.  Our analysis suggests a low near term probability of sustained inflationary concerns in core markets. However, if you disagree, steer clear of linkers and commodity futures as your inflation hedge. You'll likely lose money. We recommend equities for this role, which are currently pricing in cyclical inflation lows.  In EM, we see the trend moving in the opposite direction, as inflationary pressures top out on the back of recovery in real exchange rates.  Longer term, the outlook for inflation in core economies will move up as policy makers are forced to ease more aggressively to drive it into a 2-4% range.  Not necessarily a bad thing for risk assets.

We're awash in concerns over inflation - the Economist last week, and multiple speakers at the 2nd Independent Research Conference where we moderated a panel on asset allocation. Ignore them.  Our analysis suggests a low near term probability of sustained inflationary concerns in core markets. However, if you disagree, steer clear of linkers and commodity futures as your inflation hedge. You'll likely lose money. We recommend equities for this role, which are currently pricing in cyclical inflation lows.  In EM, we see the trend moving in the opposite direction, as inflationary pressures top out on the back of recovery in real exchange rates.  Longer term, the outlook for inflation in core economies will move up as policy makers are forced to ease more aggressively to drive it into a 2-4% range.  Not necessarily a bad thing for risk assets.

Information Technology Consultant

Ishita Jain

Mark Twain once said 'Too much of anything is bad, but too much of good whisky is barely enough'. The 'water of life', as it's colloquially called, is enjoyed the world over in equal measure. Whether you like it smoky, smooth or peaty, whisky has always made good company. And now, over the last few years it's caught the imagination of the general public not only on the taste buds but also in portfolios. New and innovative ways to invest have cropped up in what used to be a drink reserved for the rich and the elite. The article gives an overview of the whisky market and some ways to invest in it. For those unaware of the difference between whisky and whiskey, you can read more <a href="http://www.whiskyforeveryone.com/whisky_basics/whisky_or_whiskey.html" target="_blank">here</a>.

Mark Twain once said 'Too much of anything is bad, but too much of good whisky is barely enough'. The 'water of life', as it's colloquially called, is enjoyed the world over in equal measure. Whether you like it smoky, smooth or peaty, whisky has always made good company. And now, over the last few years it's caught the imagination of the general public not only on the taste buds but also in portfolios. New and innovative ways to invest have cropped up in what used to be a drink reserved for the rich and the elite. The article gives an overview of the whisky market and some ways to invest in it. For those unaware of the difference between whisky and whiskey, you can read more here.

Global Macro Strategy

Callum Henderson

* Concerns over China, the US and oil have driven this year's market slump, not the Fed* Yellen's Fed is likely to enact the most 'measured' tightening cycle in the history of the Federal Reserve* The offset to extremely measured Fed rate hikes will be the gradual end and reversal of the dollar rally* USD weakness on the back of growth competition will be a positive for high-beta assets, including EM* The focus within EM will be on alpha rather than beta and more specifically on relative value* Overweight ASEAN currencies vs. Underweight NEA currencies (ex-JPY) continues to generate alpha

* Concerns over China, the US and oil have driven this year's market slump, not the Fed* Yellen's Fed is likely to enact the most 'measured' tightening cycle in the history of the Federal Reserve* The offset to extremely measured Fed rate hikes will be the gradual end and reversal of the dollar rally* USD weakness on the back of growth competition will be a positive for high-beta assets, including EM* The focus within EM will be on alpha rather than beta and more specifically on relative value* Overweight ASEAN currencies vs. Underweight NEA currencies (ex-JPY) continues to generate alpha

Asia Calling: Measure for Measure - Why Fed Tightening Is Great News for High-Beta Assets

United States

Las Vegas Sands Corp. owns and operates casino resorts and convention centers. The Company operates in the United States, Macau and Singapore. Las Vegas Sand Corp's casinos offer a wide range of gaming activities and entertainment as well as overnight accommodations, while its expo centers host a wide range of entertainment shows, expositions, and other activities.

Yum! Brands, Inc, owns and franchises quick-service restaurants worldwide.  The Company develops, operates, franchises and licenses a worldwide system of restaurants which prepare, package and sell a menu of food items.

Royal Caribbean Cruises Ltd. is a global cruise company operating a fleet of vessels in the cruise vacation industry. The Company operates through brands which primarily serve the contemporary, premium and deluxe segments of the cruise vacation industry, which also includes the budget and luxury segments.

Hyatt Hotels Corp. is a global hospitality company. The Company manages, franchises, owns, and develops branded hotels, resorts and residential and vacation ownership properties around the world.

Chipotle Mexican Grill, Inc. owns and operates quick serve Mexican restaurants. The Company manages restaurants throughout the United States.

Marriott International Inc. is a worldwide operator and franchisor of hotels. The Company franchises lodging facilities and vacation timesharing resorts under various brand names. Marriott also provides services to home and condominium owner associations for projects associated with several of its brands.

Wingstop Inc. owns and operates restaurants. The Company specializes in cooked-to-order, hand-sauced, and tossed chicken wings. Wingstop serves customers worldwide.

Domino's Pizza, Inc. operates a network of Company-owned and franchise Domino's Pizza stores, located throughout the United States and in other countries.  The Company also operates regional dough manufacturing and distribution centers in the contiguous United States and outside the United States.

Carnival Corporation owns and operates cruise ships offering cruises to all major vacation destinations including North America, the United Kingdom, Germany, Southern  Europe, South America and Asia/Pacific. The Company, through a subsidiary also owns and operates hotels and lodges.  Dually-listed company with CCL LN.

Hilton Worldwide Holdings Inc. operates as a holding company. The Company, through its subsidiaries, provides hospitality services. Hilton Worldwide Holdings owns and manages hotels, resorts, and time share properties worldwide.

Sands China Ltd. develops, owns, and operates integrated resorts, retail malls, and casinos. The Company also manages convention and exhibition halls in Macau.

Galaxy Entertainment Group Limited, through its subsidiary, operates casino, hotel and other entertainment facilities in Macau. The company also manufactures sells and distributes construction materials.

Aristocrat Leisure Limited manufactures and sells gaming machines in Australia and internationally.  The Company also supplies gaming systems, software, table gaming equipment and other gaming related products and services to casinos, clubs and hotels.

China Tourism Group Duty Free Corporation Limited engages in sales of duty free goods and tax goods. The Company sells tobacco, wine and spirits, perfume, cosmetics, fashion and accessories, watches, jewelry, food, luggage products,and other products. China Tourism Group Duty Free also engages in investment and development of tourism destination commercial complexes.

China Tourism Group Duty Free Corp Ltd (601888 CH)

ORIENTAL LAND CO., LTD. operates Tokyo Disney Resort.  The Company also operates restaurants within the complex and sells Disney merchandise.

Sodexo SA designs, manages and delivers comprehensive on-site service solutions for its clients.  The Company offers food, construction management, reception, technical maintenance and housekeeping services; maintains scanners and laboratory equipment; and operates river and harbor cruises and correctional facilities.  Sodexo also designs employee benefit and incentive programs.

InterContinental Hotels Group PLC owns and operates a portfolio of hotel businesses. The Company manages hotel loyalty and priority club rewards programs. InterContinental Hotels Group serves customers worldwide.

Evolution AB operates as a gaming company. The Company develops, produces, markets and licenses fully integrated B2B live casino solutions to online casino operators. Evolution serves customers worldwide.

Flutter Entertainment Public Limited Company provides mobile and online gambling services.

Starbucks Corporation retails, roasts, and provides its own brand of specialty coffee. The Company operates retail locations worldwide and sells whole bean coffees through its sales group, direct response business, supermarkets, and on the World Wide Web. Starbucks also produces and sells bottled coffee drinks and a line of ice creams.

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Starbucks Corp (SBUX US)

Stock Market Outlook: Stocks Start to Look More Attractive

We view the overall market as slightly undervalued, based on our fair value estimates for approximately 1,500 global companies. The financial...

Morningstar, Inc.

The Global E-Commerce Handbook: Themes Investors Need to Know as Consumer Shopping Tendencies Evolve

The idea of e-commerce as a disruptive force is not new, with consumers becoming increasingly comfortable making everyday purchases online or...

Morningstar, Inc.

Inflation - Really?

We're awash in concerns over inflation - the Economist last week, and multiple speakers at the 2nd Independent Research Conference where...

ClearMacro

Whisky - Rarer the Richer

Mark Twain once said 'Too much of anything is bad, but too much of good whisky is barely enough'. The 'water of life', as it's colloquially called,...

Ishita Jain

Asia Calling: Measure for Measure - Why Fed Tightening Is Great News for High-Beta Assets

* Concerns over China, the US and oil have driven this year's market slump, not the Fed* Yellen's Fed is likely to enact the most 'measured'...

Callum Henderson

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