Carlyle Reports Acceptable 2Q; Performance Gap Between Peers Is Growing
Narrow moat Carlyle’s second quarter results were acceptable, and we plan to maintain our $19 fair value estimate. One important bit of news is that the firm announced it had completed the exit of its commodities and hedge fund businesses with a further $6 million charge in connection with investor settlements. Distributable earnings also recovered to $199 million from $55 million sequentially, an improvement, but still below $288 million earned in the second quarter of 2016.While fund perform...
Carlyle Group is an asset management firm. The company segments are: Corporate Private Equity, which advises its buyout and growth capital funds that pursue a variety of corporate investments; Real Assets, which advises its carry funds focused on real estate, infrastructure and energy and natural resources; Global Credit, which advises a group of funds that pursue investment strategies including loans and structured credit, direct lending, opportunistic credit, energy credit, distressed credit, and aircraft financing and servicing; Investment Solutions, which advises global private equity and real estate fund of funds programs and related co-investment and secondary activities across fund vehicles.
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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