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

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

Macroeconomics

* 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

<ul><li class="p1">Based on the early read we've had of the buying and selling activity of our top managers during the fourth quarter, it appears that the ongoing trend of high-conviction purchases of firms with wide economic moats continued during the most recent period.</li><li class="p1">Even so, four of the top 10 high-conviction purchases—non-rated Ally Financial (ALLY) and wide-moat Microsoft (MSFT), VF Corp. (VFC), and Stryker (SYK)—made during the fourth quarter were also new-money buys for our top managers.</li><li class="p1">And much as we've seen during past periods, there were a fair number of outright sales in the quarter—most of which was driven by valuation as opposed to changes in opinion.</li></ul>Analysts: Greggory Warren &amp; Eric Compton

Based on the early read we've had of the buying and selling activity of our top managers during the fourth quarter, it appears that the ongoing trend of high-conviction purchases of firms with wide economic moats continued during the most recent period.Even so, four of the top 10 high-conviction purchases—non-rated Ally Financial (ALLY) and wide-moat Microsoft (MSFT), VF Corp. (VFC), and Stryker (SYK)—made during the fourth quarter were also new-money buys for our top managers.And much as we've seen during past periods, there were a fair number of outright sales in the quarter—most of which was driven by valuation as opposed to changes in opinion.Analysts: Greggory Warren &amp; Eric Compton

Our Ultimate Stock-Pickers Top 10 High-Conviction Purchases

United States

The TJX Companies, Inc. is an off-price apparel and home fashion retailer in the United States and worldwide.  The Company operates off-price retail concepts in the U.S., Canada and Europe that offer a wide range of brand name and designer merchandise.

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Tjx Companies (TJX 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.

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

Our Ultimate Stock-Pickers Top 10 High-Conviction Purchases

Based on the early read we've had of the buying and selling activity of our top managers during the fourth quarter, it appears that the ongoing...

Morningstar, Inc.

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