Despite the negative rating, an area of strength of the firm is manager investment. Over 34% of the firm's assets are covered by invested managers, in an effort to align portfolio manager and shareholder interests. With an average asset-weighted tenure of eight years among the longest-tenured managers at ALPS, the firm is on par with peers. Seasoned teams tend to have more experience to draw upon should they need to weather turbulent market conditions. The firm charges fees on its open-end and exchange-traded funds that are on par with category peers. On average, fund fees on its products fall in the middle quintile, giving it neither an advantage nor disadvantage compared with the competition.
Nio Earnings: Revenue In Line, but Vehicle Margin Missed; Near-Term Pricing Pressure Remains
We’ve reduced our fair value estimate of Nio’s stock.