晨星中国区总裁，董事总经理 张雨萌 中国深圳 - 全球独立投资研究机构晨星公司（纳斯达克股票代码：MORN）宣布张雨萌于1月6 日加入公司，担任晨星中国区总裁，董事总经理。张博士常驻深圳，负责晨星在中国的整体战 略和可持续增长的执行，向晨星全球首席财务官迈克尔·霍尔特汇报。 霍尔特表示： "雨萌是一位富有合作精神的强有力的领导者，具备推动我们在中国市场持续发 展的企业家精神。他了解中国机构及个人投资者的需求，将带领我们的团队继续构建以客户为 中心的解决方案，实现我们赋能投资者成功的使命。" 张博士此前担任L l & G l的中国区总裁 拥有近20年的行业经验 曾在英国和中国的 张博士此前担任Legal & General的中国区总裁，拥有近20年的行业经验，曾在英国和中国的 头部资产管理公司工作。他曾在伦敦的Legal & General Investment Management（LGIM）担 任投资组合经理，2013年回到中国，负责Mercer中国的投资和养老金咨询业务。随后，他加 入平安资产管理，领导其解决方案业务，为中国的机构客户提供多资产和资产负债管理 （ALM）解决方案。在回归Legal & Ge ...

近日，全球独立投资研究机构晨星公司（NASDAQ：MORN）宣布完成两项战略性收购，进 一步增强其在私募信贷和结构性金融领域的业务实力。 其中，Lumonic Inc. 是一家专注于私募信贷投资组合监测与管理的平台，收购已于美国当地时 间3月3日完成。而Dealview Technologies Limited（DealX），则提供标准化的美国商业抵押 贷款支持证券（CMBS）及全球抵押贷款凭证（CLO）数据服务，该交易已于2025年3月1日顺 利收官。 此次收购将助力晨星提升私募信贷与结构性金融业务，为机构投资者和资产管理人提供更高 效、更透明的解决方案，以优化投资决策。 01 晨星构建覆盖公募与私募的综合服务生态 晨星在公募及私募投资领域的综合能力布局独具优势，通过PitchBook提供海量私募数据与深 度洞察，借助Morningstar Indexes的私募市场指数编制能力，以及旗下全球第四大信用评级机 构Morningstar DBRS，构建起全方位的综合服务生态。 晨星全球CEO Kunal Kapoor表示， "晨星希望为投资者打造贯通私募与公募市场的投资分析 工具。通过整合Lumonic与Dea ...

近日，全球独立投资研究机构晨星公司（NASDAQ：MORN）宣布完成两项战略性收购，进 一步增强其在私募信贷和结构性金融领域的业务实力。 其中，Lumonic Inc. 是一家专注于私募信贷投资组合监测与管理的平台，收购已于美国当地时 间3月3日完成。而Dealview Technologies Limited（DealX），则提供标准化的美国商业抵押 贷款支持证券（CMBS）及全球抵押贷款凭证（CLO）数据服务，该交易已于2025年3月1日顺 利收官。 此次收购将助力晨星提升私募信贷与结构性金融业务，为机构投资者和资产管理人提供更高 效、更透明的解决方案，以优化投资决策。 01 晨星构建覆盖公募与私募的综合服务生态 晨星在公募及私募投资领域的综合能力布局独具优势，通过PitchBook提供海量私募数据与深 度洞察，借助Morningstar Indexes的私募市场指数编制能力，以及旗下全球第四大信用评级机 构Morningstar DBRS，构建起全方位的综合服务生态。 晨星全球CEO Kunal Kapoor表示， "晨星希望为投资者打造贯通私募与公募市场的投资分析 工具。通过整合Lumonic与Dea ...

Financial Performance - The company recorded revenues of $2,275.1 million for the year ended December 31, 2024, with multiple product revenue streams [476]. - Consolidated revenue for 2024 was $2,275.1 million, representing a 11.6% increase from $2,038.6 million in 2023 [489]. - Operating income increased significantly to $484.8 million in 2024, up from $230.6 million in 2023, marking a 109.8% growth [489]. - Consolidated net income for 2024 reached $369.9 million, compared to $141.1 million in 2023, reflecting a 172.5% increase [491]. - Basic net income per share rose to $8.64 in 2024, up from $3.31 in 2023, indicating a 160.4% increase [489]. - Total reportable segment revenue for 2024 reached $2,073.1 million, an increase of 11.8% from $1,854.9 million in 2023 [577]. - Adjusted operating income for 2024 was $673.7 million, up 28.7% from $523.3 million in 2023 [577]. - Revenue from the United States was $1,638.8 million in 2024, up 11.4% from $1,470.6 million in 2023 [586]. - Total international revenue increased to $636.3 million in 2024, up from $568.0 million in 2023, marking a 12.0% growth [586]. Debt and Financing - As of December 31, 2024, the company's long-term debt was $698.6 million, with floating rate borrowings under the current credit facility, exposing it to interest rate risk [292]. - The current credit facility matures in September 2027, and the company may face challenges in renegotiating or obtaining new financing [294]. - A 100 basis-point change in the Secured Overnight Financing Rate (SOFR) is estimated to impact the company's interest expense by $3.5 million annually based on the outstanding principal balance [467]. - As of December 31, 2024, total debt was $698.6 million, down from $972.4 million in 2023, with a significant reduction in the Term Facility from $608.9 million to $349.8 million [546]. Cash and Investments - The company's cash, cash equivalents, and investments balance was $551.0 million as of December 31, 2024, with a 100 basis-point change in interest rates estimated to have no material effect on the fair value of the investment portfolio [466]. - Cash and cash equivalents increased to $502.7 million in 2024, up from $337.9 million in 2023, representing a 48.7% increase [493]. - The company reported a net increase in cash and cash equivalents of $164.8 million in 2024, contrasting with a decrease of $38.7 million in 2023 [497]. - The investment portfolio's total value decreased to $48.3 million in 2024 from $51.1 million in 2023, a decline of 5.5% [588]. Shareholder Equity and Dividends - Joe Mansueto, the Executive Chairman, owned approximately 35.8% of the outstanding common stock as of December 31, 2024, which may influence shareholder decisions [296]. - The company declared dividends per common share of $1.67 in 2024, up from $1.53 in 2023, a 9.1% increase [489]. - The company may not guarantee future dividends or share repurchases, which will depend on various factors including financial condition and results of operations [299]. - The existence of the share repurchase program could potentially increase the stock price and reduce market liquidity [300]. Revenue Recognition and Segments - Revenue recognition follows a five-step model under FASB ASC Topic 606, with performance obligations satisfied over time for subscription services [525]. - License-based revenue, the largest source of customer revenue, is typically recognized over terms of 1 to 3 years [527]. - Asset-based revenue is recognized daily based on the value of assets under management, with contracts typically lasting 1 to 3 years [530]. - The company expects to recognize $1,068.0 million in revenue related to contract liabilities in 2025 [556]. Expenses and Compensation - Compensation expenses for 2024 totaled $216.1 million, compared to $173.8 million in 2023, reflecting a 24.3% increase [574]. - Stock-based compensation expense was $54.7 million in 2024, slightly up from $52.8 million in 2023 but down from $83.2 million in 2022 [497]. - The total fair value of restricted stock units (RSUs) that vested in 2024 was $50.1 million, while market stock units (MSUs) that vested totaled $5.6 million [638][642]. Foreign Currency Exposure - The company has not engaged in currency hedging, exposing it to foreign currency fluctuations, with foreign denominated revenue percentages including 2.7% from Australian dollars and 7.4% from British pounds [468]. - The estimated effect of a 10% adverse currency fluctuation on revenue could result in a loss of $16.4 million from British pounds [468]. Acquisitions and Sales - The company completed the acquisition of LCD for a total consideration of $645.5 million, which includes an initial cash payment of $600.0 million and contingent consideration of up to $50.0 million [596][597]. - The acquisition of Praemium was finalized for $44.9 million in cash, with the financial results consolidated from June 30, 2022 [602]. - The company recorded a gain of $45.3 million from the sale of its Commodity and Energy Data business for $52.4 million on September 30, 2024 [610]. - A gain of $64.0 million was recorded from the sale of customer assets to AssetMark, Inc. for approximately $65.0 million, with potential contingent consideration based on customer net flows [611]. Taxation - The effective tax rate for 2024 was 21.9%, an increase of 2.9 percentage points from 19.0% in 2023 [651]. - The company anticipates a one-time repatriation of $142.0 million in earnings from foreign subsidiaries back to the US in 2025 [654]. - The income tax expense for 2024 was $104.0 million, compared to $33.0 million in 2023 and $56.5 million in 2022 [656].

Revenue Growth - Reported revenue for Q4 2024 increased 9.7% to $591.0 million, with organic revenue growth of 10.6%[3] - Full-year 2024 revenue increased 11.6% to $2.3 billion, with organic revenue growth of 11.8%[7] - Total revenue for the year ended December 31, 2024, reached $2,275.1 million, an 11.6% increase compared to $2,038.6 million in 2023[48] - Organic revenue for the year ended December 31, 2024, reached $2,272.5 million, reflecting an 11.8% growth compared to $2,033.3 million in 2023[58] Profitability - Operating income rose 78.2% to $168.2 million, including a $64.0 million gain from the sale of US TAMP assets[3] - Consolidated net income for the year ended December 31, 2024, was $369.9 million, a 162.2% increase from $141.1 million in 2023[44] - Consolidated net income for Q4 2024 was $116.9 million, a 59% increase from $73.5 million in Q4 2023[47] - Adjusted operating income for the year increased by 51.2% to $493.8 million from $326.5 million in 2023[58] Earnings Per Share - Diluted net income per share for Q4 2024 increased 58.5% to $2.71, while adjusted diluted net income per share rose 8.6% to $2.14[10] - Adjusted diluted net income per share for the year was $7.89, a 54.1% increase from $5.12 in 2023[59] Cash Flow - Cash provided by operating activities for the full year increased 87.0% to $591.6 million, and free cash flow increased 127.5% to $448.9 million[34] - Cash provided by operating activities for Q4 2024 was $153.4 million, up from $137.8 million in Q4 2023[47] - Free cash flow for the year ended December 31, 2024, was $448.9 million, representing a 127.5% increase from $197.3 million in 2023[59] Assets and Liabilities - Reported assets under management and advisement (AUMA) increased 12.3% to $62.3 billion, supported by strong market performance[25] - Total current assets increased to $1,014.1 million as of December 31, 2024, from $815.7 million in 2023[46] - Cash and cash equivalents rose to $502.7 million in 2024, compared to $337.9 million in 2023[46] - Total liabilities decreased to $1,930.3 million in 2024 from $2,075.6 million in 2023[46] - The company’s total equity increased to $1,618.6 million as of December 31, 2024, up from $1,327.8 million in 2023[46] Business Segments Performance - Morningstar Credit revenue grew 33.8% to $82.3 million, driven by strong performance in commercial mortgage-backed securities[21] - PitchBook revenue increased 12.5% to $162.5 million, with licensed users growing 16.4%[19] - Morningstar Data and Analytics revenue grew by 5.5% year-over-year to $788.1 million in 2024, with an adjusted operating margin of 45.1%[48] - PitchBook revenue increased by 12.0% year-over-year to $618.4 million in 2024, with adjusted operating income rising by 25.9%[48] - Morningstar Credit revenue surged by 35.1% year-over-year to $291.1 million in 2024, despite a decrease in adjusted operating margin to 26.0%[48] Debt and Share Repurchase - Morningstar reduced its debt by $273.8 million net in 2024 and repurchased $11.6 million of its shares[36] - The company repurchased $11.6 million in common shares during the year, compared to $1.4 million in 2023[47] Operational Efficiency - The company reported an operating margin of 28.5% for Q4 2024, up 11.0 percentage points from 17.5% in Q4 2023[44] - Consolidated operating margin improved to 28.5% in Q4 2024, up 11.0 percentage points from 17.5% in Q4 2023[59] Future Outlook - The company aims to maintain growth across its businesses despite potential geopolitical and regulatory challenges[41]

Core Insights - WuXi Biologics has been recognized as a 2025 Industry and Regional ESG Top-Rated Company by Morningstar Sustainalytics, marking the fifth consecutive year of high ESG Risk Ratings [1][2] - The company ranks in the top 1% of companies assessed in the pharmaceutical industry, highlighting its strong ESG achievements [2] Company Overview - WuXi Biologics is a leading global Contract Research, Development, and Manufacturing Organization (CRDMO) that provides end-to-end solutions for biologics [5] - The company employs over 12,000 skilled employees across multiple countries, including China, the United States, Ireland, Germany, and Singapore [6] ESG Commitment - The company views Environmental, Social, and Governance (ESG) responsibilities as integral to its business strategy and aims to be a leader in the biologics CRDMO sector [7] - WuXi Biologics has made significant progress in its ESG strategy, receiving various accolades such as the MSCI AAA Rating and inclusion in the Dow Jones Sustainability Indices for two consecutive years [3] Achievements and Recognition - The company has been included in the UNGC 20 Case Examples of Sustainable Development and awarded the Platinum Medal by EcoVadis [3] - WuXi Biologics has also been recognized in the CDP Water Security "A list" and awarded an "A-" CDP Climate Change score [3]

Core Viewpoint - Morningstar, Inc. (NASDAQ: MORN) is rated as a Hold for investors focused on capital appreciation, with a recommendation to buy shares on a pullback due to its outperformance compared to the S&P 500 Index [1]. Company Analysis - The company has shown strong performance relative to the S&P 500 Index, indicating potential for long-term investment [1]. - The recommendation for a buy on pullback suggests that there may be opportunities to acquire shares at a more favorable price in the future [1]. Analyst Background - The analysis is provided by David A. Johnson, who has over 30 years of investment experience and holds advanced degrees in finance and business administration [1].

Company Overview - Trinity Capital Inc. is a leading alternative asset manager focused on providing stable and consistent returns through access to the private credit market [3] - The company sources, vets, and invests in growth-oriented privately funded companies, offering investors a diversified portfolio [3] - Headquartered in Phoenix, Arizona, Trinity has an international presence supported by a dedicated team of investment professionals [3] Credit Rating - DBRS, Inc. has confirmed Trinity Capital's investment grade credit rating of "BBB (low)" with a stable outlook [1] - Morningstar DBRS is recognized as a leading provider of independent rating services, rating over 4,000 issuers and 60,000 securities globally [2]

Core Insights - AssetMark, Inc. has completed the acquisition of Morningstar Wealth's Turnkey Asset Management Platform (TAMP) assets, adding approximately $12 billion in assets to its platform, enhancing its investment solutions for financial advisors and their clients [1][2][3] Group 1: Acquisition Details - The acquisition is a significant milestone in the strategic alliance between AssetMark and Morningstar Wealth, aimed at broadening the investment solutions available to financial advisors [1][2] - The deal will allow advisors currently using Morningstar Wealth to access AssetMark's extensive suite of investment solutions, high-net-worth services, and advanced technology [2][3] Group 2: Strategic Importance - The acquisition is seen as a key step in advancing AssetMark's long-term strategy, enhancing its scale and capabilities to deliver greater value to clients [2][3] - Morningstar Wealth will continue to act as a third-party strategist on the AssetMark platform, enriching the investment services offered [2][3] Group 3: Company Background - AssetMark operates a wealth management platform that serves over 9,000 financial advisors and more than 263,000 investor households, with over $127 billion in platform assets as of September 30, 2024 [5] - Morningstar Wealth manages approximately $328 billion in assets under management and advisement as of September 30, 2024, and offers a range of investment strategies and platforms [6][8]

Core Viewpoint - The iShares Morningstar Mid-Cap Growth ETF (IMCG) is designed to provide broad exposure to the Mid Cap Growth segment of the US equity market, with a focus on companies that have a market capitalization between $2 billion and $10 billion, offering a balance of stability and growth potential [1][2]. Group 1: Fund Overview - IMCG is a passively managed ETF launched on June 28, 2004, and is sponsored by Blackrock, with assets exceeding $2.58 billion [1]. - The ETF has an annual operating expense ratio of 0.06%, making it one of the least expensive options in its category [5]. - It has a 12-month trailing dividend yield of 0.75% [6]. Group 2: Sector Exposure and Holdings - The ETF has the highest allocation to the Industrials sector, comprising about 25% of the portfolio, followed by Information Technology and Consumer Discretionary [7]. - Palantir Technologies Inc Class A (PLTR) accounts for approximately 1.83% of total assets, with Autodesk Inc (ADSK) and Hilton Worldwide Holdings Inc (HLT) also among the top holdings [8]. - The top 10 holdings represent about 10.39% of total assets under management [9]. Group 3: Performance Metrics - IMCG aims to match the performance of the Morningstar US Mid Cap Broad Growth Index, which includes mid-cap U.S. equities with growth characteristics [10]. - The ETF has increased by approximately 25.70% year-to-date and is up about 36.55% over the past year as of November 26, 2024 [10]. - Over the past 52 weeks, the ETF has traded between $59.20 and $80.59 [10]. Group 4: Risk and Diversification - IMCG has a beta of 1.08 and a standard deviation of 21.29% for the trailing three-year period, indicating a moderate level of volatility [11]. - The ETF holds about 306 different securities, effectively diversifying company-specific risk [11]. Group 5: Alternatives and Market Position - IMCG holds a Zacks ETF Rank of 2 (Buy), indicating strong expected performance based on various factors [12]. - Other comparable ETFs include the Vanguard Mid-Cap Growth ETF (VOT) with $15.91 billion in assets and an expense ratio of 0.07%, and the iShares Russell Mid-Cap Growth ETF (IWP) with $18.31 billion in assets and an expense ratio of 0.23% [13]. Group 6: Investment Appeal - Passively managed ETFs like IMCG are increasingly favored by retail and institutional investors due to their low costs, transparency, flexibility, and tax efficiency, making them suitable for long-term investment strategies [14].