Report
Henry Heathfield, CFA
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Diversification is AXA's biggest strength and greatest weakness.

AXA has announced the takeover of XL Group for $15.3 billion, or EUR 12.4 billion. The deal represents a 33% premium to XL Group’s closing share price on March 2 and is subject to regulator and shareholder approval. It is expected to close at the end of the third quarter and is a major shift in AXA's strategic direction.
We are very surprised to see this announcement and are pretty unnerved by the acquisition. In terms of corporate activity, we felt management would focus on strengthening its as...
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Morningstar
Morningstar

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.

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Analysts
Henry Heathfield, CFA

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