Adidas’ product innovation winning with global consumers, supporting our view on its brand prowess.
Narrow-moat Adidas delivered another strong quarter, with second-quarter sales growing 10% on a currency-neutral basis and operating income improving 120 basis points to 11.3% of sales. However, management maintained its previous fiscal 2018 guidance of 10% sales growth (versus our forecast of 7.6%) and operating margin between 10.3% and 10.5% (we forecast 10.4%). While we do not intend to materially alter our fair value estimate of EUR 152, which is based on our long-term forecast for 7.5% aver...ACM Managed Dollar Income Fund is a non-diversified, closed-end management investment company. This closed-end investment fund is designed for investors who seek high current income and capital appreciation. In order to achieve this objective, Co. invests primarily in high-yielding, U.S. and non-U.S. fixed income securities, denominated in U.S. dollars, that it expects to benefit from improving economic and credit fundamentals. Co. may utilize leverage through the investment techniques of reverse repurchase agreements and dollar rolls. As of Sept 30 2007, Co. had total assets of $192,614,325 and investment portfolio totalled $178,906,534.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company 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 approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 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 and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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