Morningstar Magazine - August/September 2017 - 63
for those that meet a range of quality metrics. They
include a strong balance sheet, high return on
capital, high return on equity, earnings quality, and
strong free cash flow generation.
"The really important thing we want
is for the company to have a sustainable
competitive advantage," Toyama says.
"We'd much prefer a company growing steadily
and solidly at 8% to 12% for many, many
years rather than something growing 20%
to 30% for a year or two, but beyond
that, we just don't know because the moat isn't
strong enough."
Morningstar's stock analysts assign companies
under coverage a Morningstar Economic
Moat Rating. Some companies have no moats,
others have wide or narrow moats providing
a level of sustainable competitive advantage. Madison Mid Cap has 23% in companies
designated by Morningstar as having
Haruki Toyama, director of U.S. equities and
a portfolio manager at Madison Investments.
global.morningstar.com/Morningstarmagazine
63
http://global.morningstar.com/Morningstarmagazine
Table of Contents for the Digital Edition of Morningstar Magazine - August/September 2017
Contents
Morningstar Magazine - August/September 2017 - Cover1
Morningstar Magazine - August/September 2017 - Cover2
Morningstar Magazine - August/September 2017 - 1
Morningstar Magazine - August/September 2017 - 2
Morningstar Magazine - August/September 2017 - Contents
Morningstar Magazine - August/September 2017 - 4
Morningstar Magazine - August/September 2017 - 5
Morningstar Magazine - August/September 2017 - 6
Morningstar Magazine - August/September 2017 - 7
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Morningstar Magazine - August/September 2017 - Cover3
Morningstar Magazine - August/September 2017 - Cover4
Morningstar Magazine - August/September 2017 - Cover1I
Morningstar Magazine - August/September 2017 - Cover2I
Morningstar Magazine - August/September 2017 - I3
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Morningstar Magazine - August/September 2017 - I14
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Morningstar Magazine - August/September 2017 - I16
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Morningstar Magazine - August/September 2017 - I20
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Morningstar Magazine - August/September 2017 - Cover3I
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