Eaton Vance's Impressive Organic Growth Continues in 1Q; No Change to $60 FVE
There was little in wide-moat Eaton Vance's fiscal first-quarter results that would alter our long-term view of the company, and we are maintaining our $60 fair value estimate. The company closed out the January quarter with $449.2 billion in total assets under management, up 6.4% sequentially and 23.5% year over year. While net inflows of $7.1 billion were much stronger than our expectations (for $3.5 billion), most of the difference came from Eaton Vance's exposure management assets, which car...
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