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

Equity Bottom-Up

Australia & New Zealand Bankin / Equity Bottom-Up

<ul><li>The most compelling equity ideas globally from Morningstar's coverage universe.</li><li>Updated for February 2016.</li><li>Recent Asian additions: <a href="https://www.smartkarma.com/entities/443" target="_blank" data-smartkarma-citation="entities:443">ANz Bank,</a> and <a href="https://www.smartkarma.com/entities/914" target="_blank" data-smartkarma-citation="entities:914">Platinum Asset Management</a>.</li><li>Recent Asian deletions: <a href="https://www.smartkarma.com/entities/711" target="_blank" data-smartkarma-citation="entities:711">Santos</a>, <a href="https://www.smartkarma.com/entities/693" target="_blank" data-smartkarma-citation="entities:693">Brambles</a>, <a href="https://www.smartkarma.com/entities/917" target="_blank" data-smartkarma-citation="entities:917">Csl Ltd</a> &amp; <a href="https://www.smartkarma.com/entities/958" target="_blank" data-smartkarma-citation="entities:958">Qube Holdings</a></li></ul>Analysts: Michael Holt CFA

The most compelling equity ideas globally from Morningstar's coverage universe.Updated for February 2016.Recent Asian additions: ANz Bank, and Platinum Asset Management.Recent Asian deletions: Santos, Brambles, Csl Ltd &amp; Qube HoldingsAnalysts: Michael Holt CFA

Global Asset Allocation, Politics & Governance, Ecstrat

John-Paul Smith

Global Asset Allocation, Politics & Governance

Ecstrat

Ecstrat is a consultancy advising on asset allocation between global equity markets, with a focus on the intersection of governments, geopolitics, governance and markets.
 
Over the past few years and more especially since the Great Financial Crisis (GFC), investors have become more focused on short-term market movements and real-time returns and have consequently neglected the analysis of the underlying structural themes that underpin longer term performance.
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More specifically we believe that the evolution of governance-based relationships between investors, controlling shareholders, labour and the state is one of the primary determinants of both relative and absolute performance between individual equity markets.
 
We will endeavour to provide investors with some of the context surrounding governance-related issues which encompass many different disciplines including history, economics and political science, as well as the financial metrics which are the most obvious manifestation of the structural characteristics of each market.
 
We will pay particular attention to the shifts and potential inflection points for governance in individual markets as these are often the best lead indicators for both economic and market performance.

Cross Asset Strategy

Our bearish outlook for 2016 predicated on the rising risk of a “sudden stop” for China and uncontrolled FX depreciation across EM is unfortunately starting to play out; although markets currently feel very oversold and could rally sharply over the short term, we believe that there is further downside for EM equities in absolute and relative terms over the remainder of the year.

Our bearish outlook for 2016 predicated on the rising risk of a “sudden stop” for China and uncontrolled FX depreciation across EM is unfortunately starting to play out; although markets currently feel very oversold and could rally sharply over the short term, we believe that there is further downside for EM equities in absolute and relative terms over the remainder of the year.

Ferrari: Initiating Coverage with a Wide Economic Moat&nbsp;Rating and a $50 Fair Value.Like the rich heritage of the Ferrari brand, we think Ferrari&nbsp;stock will regularly trade at rich, luxury-goods valuation&nbsp;multiples.We find the long-term stability of Ferrari revenue,&nbsp;addressable market growth from a rising global population&nbsp;of high-net-worth individuals, expansive profit margin, and&nbsp;solid returns on invested capital throughout economic&nbsp;cycles, to be compelling reasons to invest.Ferrari's heritage originates from the engineering, manufacturing,&nbsp;and fielding of race cars since Enzo Ferrari first founded Scuderia&nbsp;Ferrari in 1929 under Alfa Romeo ownership.As Enzo Ferrari said,&nbsp;"The Ferrari is a dream--people dream of owning this special vehicle&nbsp;and for most people it will remain a dream apart from those lucky&nbsp;few."Analyst: Richard Hilgert

Ferrari: Initiating Coverage with a Wide Economic Moat&nbsp;Rating and a $50 Fair Value.Like the rich heritage of the Ferrari brand, we think Ferrari&nbsp;stock will regularly trade at rich, luxury-goods valuation&nbsp;multiples.We find the long-term stability of Ferrari revenue,&nbsp;addressable market growth from a rising global population&nbsp;of high-net-worth individuals, expansive profit margin, and&nbsp;solid returns on invested capital throughout economic&nbsp;cycles, to be compelling reasons to invest.Ferrari's heritage originates from the engineering, manufacturing,&nbsp;and fielding of race cars since Enzo Ferrari first founded Scuderia&nbsp;Ferrari in 1929 under Alfa Romeo ownership.As Enzo Ferrari said,&nbsp;"The Ferrari is a dream--people dream of owning this special vehicle&nbsp;and for most people it will remain a dream apart from those lucky&nbsp;few."Analyst: Richard Hilgert

iShares MSCI Global Min Vol Factor ETF / Equity Bottom-Up

<ul><li>The Best Ideas list is a compilation of stock ideas sourced from Morningstar&rsquo;s global equity research team.</li><li>With more than 100 analysts covering nearly 1,500 companies, we&rsquo;re able to provide a wide variety of what we believe are attractively priced securities looking across sectors, industries, and geographies.</li><li>Best Ideas are nominated by analysts and approved by managers in addition to the normal due diligence processes that precede our published research and ratings.</li><li>Pan Asian names are particularly focussed this month on the Gaming, Materials, Financials and Consumer Discretionary sectors.&nbsp;</li><li>Analysts: Michael Holt, CFA; Alex Morozov, CFA; Elizabeth Collins, CFA; Lorraine Tan CFA.</li><li>Full report below the fold. In addition subscribers will find in-depth notes and commentary published on several of these names easily available on the platform.</li></ul>

The Best Ideas list is a compilation of stock ideas sourced from Morningstar&rsquo;s global equity research team.With more than 100 analysts covering nearly 1,500 companies, we&rsquo;re able to provide a wide variety of what we believe are attractively priced securities looking across sectors, industries, and geographies.Best Ideas are nominated by analysts and approved by managers in addition to the normal due diligence processes that precede our published research and ratings.Pan Asian names are particularly focussed this month on the Gaming, Materials, Financials and Consumer Discretionary sectors.&nbsp;Analysts: Michael Holt, CFA; Alex Morozov, CFA; Elizabeth Collins, CFA; Lorraine Tan CFA.Full report below the fold. In addition subscribers will find in-depth notes and commentary published on several of these names easily available on the platform.

<ul><li>We believe the impact of Volkswagen's diesel scandal on the Chinese auto market is likely to be reputational in nature.</li><li>However, the fallout offers an opportunity for domestic auto manufacturers to gain market share.</li><li>The scandal is limited to emissions testing of diesel passenger vehicles, while gasoline engines dominate the passenger vehicles market in China.&nbsp;More recently, the market has also seen the emergence of hybrid and electric vehicles.</li><li>Diesel passenger vehicles account for less than 1% of total passenger vehicle sales in China, and only have a significant presence in the commercial sector.</li><li>Volkswagen is the number-one car manufacturer in China, accounting for 14% of sales in 2014.</li><li>Given the small number of diesel passenger vehicle sales in China, the direct impact from the scandal will be limited in terms of sales, but will rather manifest through the company's loss of reputation.</li></ul>Analysts: Phillip Zhong and Michael WuFull report below the fold...

We believe the impact of Volkswagen's diesel scandal on the Chinese auto market is likely to be reputational in nature.However, the fallout offers an opportunity for domestic auto manufacturers to gain market share.The scandal is limited to emissions testing of diesel passenger vehicles, while gasoline engines dominate the passenger vehicles market in China.&nbsp;More recently, the market has also seen the emergence of hybrid and electric vehicles.Diesel passenger vehicles account for less than 1% of total passenger vehicle sales in China, and only have a significant presence in the commercial sector.Volkswagen is the number-one car manufacturer in China, accounting for 14% of sales in 2014.Given the small number of diesel passenger vehicle sales in China, the direct impact from the scandal will be limited in terms of sales, but will rather manifest through the company's loss of reputation.Analysts: Phillip Zhong and Michael WuFull report below the fold...

Volkswagen Scandal Positive for Chinese Auto Manufacturers

India

Tata Motors Limited manufactures cars and commercial automotive vehicles. The Company designs, manufactures, and sells heavy, medium, and small commercial vehicles including trucks, tankers, vans, buses, ambulances and minibuses. Tata also manufactures small cars and sports utility vehicles.

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Tata Motors Ltd (TTMT IN)

Equity Best Ideas

The most compelling equity ideas globally from Morningstar's coverage universe. Updated for February 2016. Recent Asian additions: ANz...

Morningstar, Inc.

China and the EM Ugly Contest

Our bearish outlook for 2016 predicated on the rising risk of a “sudden stop” for China and uncontrolled FX depreciation across EM is unfortunately...

John-Paul Smith

People Dream of Owning a Ferrari

Ferrari: Initiating Coverage with a Wide Economic Moat Rating and a $50 Fair Value.Like the rich heritage of the Ferrari brand, we think...

Morningstar, Inc.

Morningstar: Global Equity Best Ideas

The Best Ideas list is a compilation of stock ideas sourced from Morningstar’s global equity research team. With more than 100 analysts covering...

Morningstar, Inc.

Volkswagen Scandal Positive for Chinese Auto Manufacturers

We believe the impact of Volkswagen's diesel scandal on the Chinese auto market is likely to be reputational in nature. However, the fallout...

Morningstar, Inc.

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