Eaton Vance Corp. EV filed Quarterly Report for the period ended 2009-07-31.
Eaton Vance Corp.'s principal business is creating marketing and managing investment funds and providing investment management and counseling services to institutions and individuals.The Company conducts its investment management and counseling business through two wholly-owned subsidiaries Eaton Vance Management and Boston Management and Research.The Company's growth has resulted from its ability to develop offer successfully and manage effectively new funds and to increase the assets of existing Eaton Vance Funds. Eaton Vance Corp. has a market cap of $3.13 billion; its shares were traded at around $26.78 with a P/E ratio of 23.8 and P/S ratio of 2.7. The dividend yield of Eaton Vance Corp. stocks is 2.4%. Eaton Vance Corp. had an annual average earning growth of 24.4% over the past 10 years. GuruFocus rated Eaton Vance Corp. the business predictability rank of 3.5-star.
Assets under management of $143.7 billion on July 31, 2009 were 8 percent lower than the $155.8 billion reported a year earlier, despite strong open-end fund, institutional and retail managed account gross and net inflows and the $275.0 million initial public offering of Eaton Vance National Municipal Opportunities Trust in May, the largest public offering of a listed closed-end fund in the U.S. since 2007. Long-term fund net inflows of $2.5 billion over the last twelve months included $7.5 billion of open-end fund net inflows, offset by $4.1 billion of private fund net outflows and $0.9 billion of closed-end fund
net outflows. Net outflows from private and closed-end funds include net reductions in fund leverage of $2.0 billion and $1.4 billion, respectively, over the past twelve months. Retail managed account net inflows were $2.6 billion and institutional and high-net-worth separate account net inflows were $3.2 billion. Net price declines in managed assets reduced assets under management by $26.9 billion. A decrease in cash management assets reduced assets under management by an additional $0.3 billion.
On December 31, 2008, the Company acquired the TABS business of MD Sass, a privately held investment manager based in New York. The acquired TABS business managed $6.9 billion in client assets on December 31, 2008, consisting of $4.8 billion in institutional and high-net-worth family office accounts and $2.1 billion in retail managed accounts. Subsequent to closing, the TABS business was reorganized as the TABS division of Eaton Vance Management (EVM). TABS maintains its former leadership, portfolio team and investment strategies. Its tax-advantaged income products and services continue to be offered directly to institutional and family office clients, and are now offered by Eaton Vance Distributors, Inc. (EVD) to retail investors through financial intermediaries.
Equity assets under management included $31.0 billion and $46.3 billion of equity funds managed for after-tax returns on July 31, 2009 and 2008, respectively. Fixed income assets included $15.4 billion and $16.8 billion of tax-exempt municipal bond fund assets and $1.5 billion and $1.7 billion of cash management fund assets on July 31, 2009 and 2008, respectively.
Separate account net inflows totaled $2.1 billion in the third quarter of fiscal 2009 compared to net inflows of $2.9 billion in the third quarter of fiscal 2008. High-net-worth and institutional account net inflows totaled $1.2 billion in both the third quarters of fiscal 2009 and 2008, reflecting gross inflows of $2.3 billion and $2.0 billion, respectively, net of redemptions of $1.1 billion and $0.8 billion, respectively. Retail managed account net inflows totaled $1.0 billion in the third quarter of fiscal 2009 compared to net inflows of $1.6 billion in the third quarter of fiscal 2008, reflecting gross inflows of $2.2 billion and $2.7 billion, respectively, net of redemptions of $1.2 billion and $1.1 billion, respectively.
Read the The complete ReportEV is in the portfolios of Ron Baron of Baron Funds, Kenneth Fisher of Fisher Asset Management, LLC.
Eaton Vance Corp.'s principal business is creating marketing and managing investment funds and providing investment management and counseling services to institutions and individuals.The Company conducts its investment management and counseling business through two wholly-owned subsidiaries Eaton Vance Management and Boston Management and Research.The Company's growth has resulted from its ability to develop offer successfully and manage effectively new funds and to increase the assets of existing Eaton Vance Funds. Eaton Vance Corp. has a market cap of $3.13 billion; its shares were traded at around $26.78 with a P/E ratio of 23.8 and P/S ratio of 2.7. The dividend yield of Eaton Vance Corp. stocks is 2.4%. Eaton Vance Corp. had an annual average earning growth of 24.4% over the past 10 years. GuruFocus rated Eaton Vance Corp. the business predictability rank of 3.5-star.
Highlight of Business Operations:
Recoverability of our Investments We test our investments, including our investments in collateralized debt obligation (CDO) entities and investments classified as available-for-sale, for impairment on a quarterly basis. Our investments in CDO entities, which have been the subject of past impairments, have been reduced to $2.3 million at July 31, 2009, reflecting impairment losses of $1.6 million recognized in the first nine months of fiscal 2009. Unrealized gains on investments classified as available-for-sale, net of tax, totaled $0.7 million on July 31, 2009 compared to unrealized losses of $2.0 million on October 31, 2008. We evaluate our investments in CDO entities and investments classified as available-for-sale for impairment using quantitative factors, including how long the investment has been in a net unrealized loss position, and qualitative factors, including the underlying credit quality of the issuer and our ability and intent to hold the investment. If markets deteriorate during the quarters ahead, our assessment of impairment on a quantitative basis may lead us to impair investments in CDO entities or investments classified as available-for-sale in future quarters that are in an unrealized loss position at July 31, 2009.Assets under management of $143.7 billion on July 31, 2009 were 8 percent lower than the $155.8 billion reported a year earlier, despite strong open-end fund, institutional and retail managed account gross and net inflows and the $275.0 million initial public offering of Eaton Vance National Municipal Opportunities Trust in May, the largest public offering of a listed closed-end fund in the U.S. since 2007. Long-term fund net inflows of $2.5 billion over the last twelve months included $7.5 billion of open-end fund net inflows, offset by $4.1 billion of private fund net outflows and $0.9 billion of closed-end fund
net outflows. Net outflows from private and closed-end funds include net reductions in fund leverage of $2.0 billion and $1.4 billion, respectively, over the past twelve months. Retail managed account net inflows were $2.6 billion and institutional and high-net-worth separate account net inflows were $3.2 billion. Net price declines in managed assets reduced assets under management by $26.9 billion. A decrease in cash management assets reduced assets under management by an additional $0.3 billion.
On December 31, 2008, the Company acquired the TABS business of MD Sass, a privately held investment manager based in New York. The acquired TABS business managed $6.9 billion in client assets on December 31, 2008, consisting of $4.8 billion in institutional and high-net-worth family office accounts and $2.1 billion in retail managed accounts. Subsequent to closing, the TABS business was reorganized as the TABS division of Eaton Vance Management (EVM). TABS maintains its former leadership, portfolio team and investment strategies. Its tax-advantaged income products and services continue to be offered directly to institutional and family office clients, and are now offered by Eaton Vance Distributors, Inc. (EVD) to retail investors through financial intermediaries.
Equity assets under management included $31.0 billion and $46.3 billion of equity funds managed for after-tax returns on July 31, 2009 and 2008, respectively. Fixed income assets included $15.4 billion and $16.8 billion of tax-exempt municipal bond fund assets and $1.5 billion and $1.7 billion of cash management fund assets on July 31, 2009 and 2008, respectively.
Separate account net inflows totaled $2.1 billion in the third quarter of fiscal 2009 compared to net inflows of $2.9 billion in the third quarter of fiscal 2008. High-net-worth and institutional account net inflows totaled $1.2 billion in both the third quarters of fiscal 2009 and 2008, reflecting gross inflows of $2.3 billion and $2.0 billion, respectively, net of redemptions of $1.1 billion and $0.8 billion, respectively. Retail managed account net inflows totaled $1.0 billion in the third quarter of fiscal 2009 compared to net inflows of $1.6 billion in the third quarter of fiscal 2008, reflecting gross inflows of $2.2 billion and $2.7 billion, respectively, net of redemptions of $1.2 billion and $1.1 billion, respectively.
Read the The complete ReportEV is in the portfolios of Ron Baron of Baron Funds, Kenneth Fisher of Fisher Asset Management, LLC.
