KKR Reports Solid Second Quarter; Plan to Maintain $20 Fair Value Estimate
KKR reported a decent second quarter, as the firm continued to perform well, and we plan to maintain our narrow moat and $20 fair value estimate. We’re most impressed with the 13% increase in assets under management to $148.5 billion, benefiting not only from $6.8 billion in gross inflows, but also $3.8 billion in new AUM due to the PAAMCO Prima transaction. After-tax economic net income of $753 million was helped by stronger performance income, while management fee dipped slightly due a fall in...KKR & Co. is an investment firm, engaged in managing investments across various asset classes including private equity, energy, infrastructure, real estate, credit and hedge funds. The company's segments are: Private Markets, which manages and sponsors private equity funds and co-investment vehicles that invest for long-term appreciation, and manages and sponsors a group of funds and co-investment vehicles that invest in real assets; Public Markets, which operates its combined credit and hedge funds businesses; Capital Markets, which is comprised of its global capital markets business; and Principal Activities, which manages the firm's own assets and deploys capital to support its businesses.
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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