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Cases to demonstrate the worst enemy for investors, and how to tackle it Continue reading...
Discover the similarities and differences between two mutual fund research providers, Morningstar and Zacks Investment Research.
Morningstar, Inc. (Nasdaq: MORN) today announced that Morningstar Credit Ratings (MCR) has entered into a settlement with the United States Securities and Exchange Commission (SEC) to resolve an investigation into whether certain activities of MCR's asset-backed securities staff in 2015 to 2016 complied with sales and marketing rules applicable to Nationally Recognized Statistical Rating Organizations.
Unfortunately for some shareholders, the Morningstar (NASDAQ:MORN) share price has dived 33% in the last thirty days...
The board of directors of Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment research, today declared a quarterly dividend of 30 cents per share. The dividend is payable July 31, 2020 to shareholders of record as of July 2, 2020.
TORONTO , April 17, 2020 /CNW/ -- Great Place to Work® Institute Canada has named Morningstar Research Inc. ( Morningstar Canada ), a subsidiary of independent investment research provider Morningstar, Inc. (MORN), as one of this year's "Best Workplaces in Canada ", for the eighth year in a row. "At Morningstar Canada, we strive to offer an environment that promotes wellness, personal and professional development, innovation, and collaboration," said Scott Mackenzie , president and CEO of Morningstar Canada .
Morningstar (NASDAQ:MORN) shares have had a really impressive month, gaining 35%, after some slippage. Unfortunately...
Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment research, today announced first-quarter 2020 financial results.
Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment research, today reported estimated U.S. mutual fund and exchange-traded fund (ETF) flows for March 2020. As equities and pockets of the bond market sold off in March, long-term mutual funds and ETFs posted record outflows of $326 billion, or 1.7% of the industry's $19.7 trillion in assets at the end of February. Morningstar estimates net flow for mutual funds by computing the change in assets not explained by the performance of the fund, and net flow for U.S. ETFs by dividing reported net assets by shares outstanding.
We hate to say this but, we told you so. On February 27th we published an article with the title Recession is Imminent: We Need A Travel Ban NOW and predicted a US recession when the S&P 500 Index was trading at the 3150 level. We also told you to short the market and buy […]
Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment research, today announced it has reached an agreement to acquire Sustainalytics, a globally recognized leader in environmental, social, and governance (ESG) ratings and research. Morningstar currently owns an approximate 40% ownership stake in Sustainalytics, first acquired in 2017, and will purchase the remaining approximate 60% of Sustainalytics shares upon closing of the transaction.
Morningstar, Inc. (Nasdaq: MORN) plans to report its first-quarter 2020 financial results after the market closes on Wednesday, April 29, 2020. The company does not hold analyst conference calls; however, investors may submit written questions to Morningstar at investors@morningstar.com.
Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment research, today published its annual Target-Date Strategy Landscape Report. The 2020 report examines investors' usage of target-date strategies throughout 2019 and amid recent market volatility, as well as key trends behind target-date adoption, how firms are adapting to meet investor preferences, and recent regulatory changes that may alter the target-date landscape going forward.
CHICAGO , April 27, 2020 /CNW/ -- Morningstar, Inc. (MORN), a leading provider of independent investment research, today published the second chapter of its biannual Global Investor Experience (GIE) report. The report, now in its sixth edition, assesses the experiences of mutual fund investors in 26 markets across North America , Europe , Asia , and Africa .
Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment research, today announced that its Annual Shareholders' Meeting on Friday, May 15, 2020 at 9 a.m. CT, will be held virtually at www.virtualshareholdermeeting.com/MORN2020. The virtual-only format is due to the public-health impact of the coronavirus (COVID-19) pandemic, the executive order in effect in Illinois that limits gatherings of more than 10 people, and to support the health and well-being of its employees, shareholders, and community.
(Bloomberg Opinion) -- With the coronavirus pandemic triggering wild price swings, hedge funds have got their dancing shoes on as they seek to make the most of volatile values and atone for their underperformance in recent years. While the temptation is for traders to load up on risk to boost profits and bonuses, strutting their stuff like drunken uncles at a particularly raucous wedding, a couple of recent blowups suggest that the risk managers charged with curbing those enthusiasms need to stand firm in setting and abiding by risk limits. At Graham Capital Management, which oversees about $15 billion and specializes in global macro, a portfolio manager called Jeremy Wien lost a ton of money speculating on equity volatility, a measure of how much share prices move that in March quadrupled in the space of a few short weeks. The scale of the loss — $500 million gone from a $4 billion absolute return fund, according to my colleagues at Bloomberg News — suggests the U.S. firm didn’t step in quickly enough to stanch the bloodletting once the cracks in the position started to appear.At H20 Asset Management, which ran into trouble last year after loading up on illiquid debt, a fund that lost 45% last month was downgraded by fund-rating firm Morningstar Inc. this week. H2O, which managed $34 billion at the end of last year, is run by Bruno Crastes and Vincent Chailley and backed by French bank Natixis SA. Morningstar singled out “bold macro bets” the pair are responsible for that it said “were not adequately reined in by formal risk controls” as its motivation for downgrading their Allegro fund to negative, the lowest level of its five-rung scale:We think the balance of power at H20 is too strongly tilted in favor of portfolio managers. As an example, risk management cannot force portfolio managers to adjust exposures immediately if a risk limit has been breached because of market movements rather than active changes.Risk managers at hedge funds need to be especially vigilant about the bets their traders are making to profit from current market dislocations or there's a danger they'll repeat the mistakes made by their banking peers that kindled the global financial crisis a decade ago, albeit on a shortened and potentially more explosive timescale.Back then, the risk management officers at the world’s biggest investment banks had found themselves unable to say “no” to increasingly risky bets . That had disastrous consequences for the economy. In an unsigned 2,000 word article published by the Economist in August 2008, an unidentified risk manager at what the weekly said was a large global bank admitted that the pursuit of profit had overridden prudence for several years:Most of the time the business line would simply not take no for an answer, especially if the profits were big enough. This made it hard to discourage transactions. If a risk manager said no, he was immediately on a collision course with the business line. The risk thinking therefore leaned toward giving the benefit of the doubt to the risk-takers.Banks — and their regulators — learned a hard lesson, and have curtailed many of their risk-seeking tendencies in the intervening years. The baton, though, has been passed on. So it’s vital that traders and portfolio managers in the investment community resist the temptation to chase returns by stepping outside of their risk boundaries. If they threaten to drift, risk officers should have the courage to restrain them — with the full and unconditional backing of their firm’s leaders and owners.At least one hedge fund has long understood the need for gatekeepers of the firm’s risk budgets to have the status to be able to stand up to its traders. In 2006, Alan Howard made Aron Landy, his chief risk officer, a partner at Brevan Howard Asset Management as a way to ensure he had sufficient clout to go head to head when disputes arose. Landy must have done a good job; he was promoted to chief executive officer in October when Howard stepped back from his management role to focus on trading. Meantime, Howard’s main $3.3 billion Master Fund is enjoying its best year since it started in 2003, and was recently up by more than 20% this year.Why should we care if a hedge fund chasing riches goes boom? Because, as Bank of England Chief Economist Andy Haldane said in a 2014 speech on the broader asset management industry, the danger of a fire sale of assets increases the possibility that “asset prices would be driven south, possibly to well below their long-term or fundamental value.”In short, a widespread market crash triggered by indiscriminate asset-dumping by failing hedge funds would affect all of our investments, be that in pension funds or other savings vehicles. “As long as the music is playing, you've got to get up and dance,” Charles Prince, who was then CEO of Citigroup Inc., told the Financial Times in July 2007, four months before mounting losses and writedowns led to his departure from the disco. Hedge funds should be boogying hard — but with half an eye on the door, and always, but always, accompanied by a chaperone in the shape of a respected risk officer with the power to turn down the volume.This column does not necessarily reflect the opinion of Bloomberg LP and its owners.Mark Gilbert is a Bloomberg Opinion columnist covering asset management. He previously was the London bureau chief for Bloomberg News. He is also the author of "Complicit: How Greed and Collusion Made the Credit Crisis Unstoppable."For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.