Lower Levels of AUM Dampen Eaton Vance's 4Q Results; Firm Starts Off Fiscal 2019 on Weaker Foot
We expect to lower our fair value estimate for narrow-moat Eaton Vane to $50 per share from $55 following a weaker close to fiscal 2018 than we had been projecting. The company closed out the October quarter with $439.3 billion in assets under management, down 3.1% sequentially but up 4.0% on a year-over-year basis (and below our own forecast of between $450 billion and $475 billion in managed assets). Net long-term inflows of $2.1 billion during the fourth quarter were the lowest level of inflo...Eaton Vance is engaged in managing investment funds and providing investment management and advisory services to high-net-worth individuals and institutions. Through its investment affiliates, the company manages active equity, income, alternative and blended strategies across a range of investment styles and asset classes, including United States, global and international equities, floating-rate bank loans, municipal bonds, global income, high-yield and investment grade bonds, and mortgage-backed securities, as well as a range of systematic investment strategies, including systematic equity, systematic alternatives and managed options strategies.
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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