NORTH AMERICA EQUITIES - tradingfloor.com america.pdf · Monday, October 13, 2014 NORTH AMERICA...

Monday, October 13, 2014

NORTH AMERICA EQUITIES

QUANTITATIVE EQUITY VALUATION

Peter Garnry, CFA | Head of Equity Strategy

+45 3977 6786 | [email protected]

Saxo Bank A/S

This publication represents our views on the most liquid North America equities. All forecasts are

based on a statistical ensemble learning method that takes into account several quantitative factors

on global equities to make "wisdom of the crowds" predictions.

SAXO BANK A/S | PHILIP HEYMANS ALLÉ 15 | 2900 HELLERUP | PHONE: +45 3977 4000 | WWW.SAXOBANK.COM | CVR NR: 15 73 12 49

Ticker Name Sub industry MCAP PriceEV/Sales

T12M

EV/Sales

F12M

EV/EBITDA

T12M

EV/EBITDA

F12M

P/E

T12M

P/E

F12MP/B D/P

Sales

GrowthROE FCST UI

DO UN DIAMOND OFFSHORE Oil & Gas Drilling 3,837 35.41 2.8 1.9 7.6 5.2 11.9 11.1 1.2 10.0 -1.5 9.9 45 5

ESV UN ENSCO PLC-CL A Oil & Gas Drilling 6,891 37.22 3.6 2.7 13.1 5.7 8.4 6.3 0.8 8.3 -1.3 11.5 39 4

HP UN HELMERICH & PAYN Oil & Gas Drilling 7,172 83.87 3.4 2.1 8.1 4.9 13.9 11.8 2.0 3.3 9.5 15.2 29 -3

NBR UN NABORS INDS LTD Oil & Gas Drilling 4,467 18.86 1.9 1.3 7.2 4.4 17.5 10.2 1.0 1.0 9.3 5.2 36 -5

NE UN NOBLE CORP PLC Oil & Gas Drilling 3,895 18.87 3.2 3.4 6.6 7.1 5.2 8.3 0.6 8.1 -1.4 6.3 46 -1

RIG UN TRANSOCEAN LTD Oil & Gas Drilling 8,222 28.73 2.6 2.2 6.5 6.4 5.6 10.1 0.7 10.4 -5.1 6.4 36 5

BHI UN BAKER HUGHES INC Oil & Gas Equipment & Services 19,483 56.68 1.5 1.1 8.9 5.2 17.8 11.6 1.5 1.1 9.4 11.0 34 -4

CAM UN CAMERON INTERNAT Oil & Gas Equipment & Services 9,283 57.90 1.6 1.3 11.2 8.3 16.4 12.6 2.5 0.0 7.3 15.0 30 -5

FTI UN FMC TECHNOLOGIES Oil & Gas Equipment & Services 9,483 51.10 2.0 1.6 13.4 9.3 19.9 16.6 4.9 0.0 10.2 26.0 28 -4

HAL UN HALLIBURTON CO Oil & Gas Equipment & Services 36,485 54.29 2.2 1.5 10.2 6.2 15.9 11.3 3.4 1.2 11.6 25.6 32 -5

NOV UN NATL OILWELL VAR Oil & Gas Equipment & Services 23,905 70.32 1.5 1.3 7.8 6.1 12.2 11.0 1.5 2.4 -5.3 12.4 22 -3

SLB UN SCHLUMBERGER LTD Oil & Gas Equipment & Services 95,338 93.07 3.4 2.5 12.5 8.8 17.9 15.3 3.2 1.7 8.5 19.7 23 -5

CVE CT CENOVUS ENERGY Integrated Oil & Gas 14,548 27.28 1.5 1.3 7.7 5.9 16.6 14.9 2.0 4.0 7.8 14.6 22 -4

CVX UN CHEVRON CORP Integrated Oil & Gas 170,883 113.89 1.2 1.0 6.4 4.3 10.8 10.7 1.5 3.8 -1.5 13.3 23 1

XOM UN EXXON MOBIL CORP Integrated Oil & Gas 308,665 91.60 1.2 0.9 8.1 5.2 11.7 12.5 2.3 3.1 -1.1 18.9 23 3

HES UN HESS CORP Integrated Oil & Gas 20,069 82.54 2.1 2.7 7.1 4.3 14.9 16.5 1.1 1.2 -44.0 8.7 26 -1

HSE CT HUSKY ENERGY INC Integrated Oil & Gas 19,368 27.95 1.6 1.2 6.3 4.8 14.0 10.9 1.4 4.3 10.2 12.6 25 -4

IMO CT IMPERIAL OIL Integrated Oil & Gas 29,772 49.86 1.6 1.2 9.6 8.0 12.9 12.2 2.0 1.0 15.6 21.0 23 3

OXY UN OCCIDENTAL PETE Integrated Oil & Gas 56,402 91.56 3.4 2.9 5.6 5.1 13.5 13.2 1.8 3.2 4.7 12.7 25 2

SU CT SUNCOR ENERGY Integrated Oil & Gas 37,841 36.66 1.8 1.4 5.6 4.9 11.1 10.3 1.3 3.1 2.6 7.4 28 -4

APC UN ANADARKO PETROLE Oil & Gas Exploration & Produc 35,329 88.37 4.0 3.2 7.7 4.9 19.5 16.4 2.5 1.2 17.4 5.5 37 -2

APA UN APACHE CORP Oil & Gas Exploration & Produc 24,149 79.91 3.3 2.8 4.6 4.0 11.6 12.7 1.0 1.3 -10.7 7.2 31 -3

ARX CT ARC RESOURCES LT Oil & Gas Exploration & Produc 5,997 26.82 6.6 4.4 9.6 7.4 30.8 21.2 2.5 4.5 48.5 10.8 37 3

COG UN CABOT OIL & GAS Oil & Gas Exploration & Produc 9,674 29.34 7.9 5.4 11.6 7.5 34.8 24.1 5.5 0.3 25.7 15.9 35 -1

CNQ CT CAN NATURAL RES Oil & Gas Exploration & Produc 29,611 38.48 3.6 2.7 7.1 5.1 13.0 10.9 1.6 2.4 27.8 15.6 31 -4

COS CT CANADIAN OIL SAN Oil & Gas Exploration & Produc 6,248 18.30 3.2 2.7 8.3 5.8 11.1 8.7 1.9 7.7 -2.1 4.9 30 4

CHK UN CHESAPEAKE ENERG Oil & Gas Exploration & Produc 9,979 18.97 1.8 1.5 7.0 4.9 12.8 10.6 1.0 1.9 12.4 8.4 32 -5

XEC UN CIMAREX ENERGY C Oil & Gas Exploration & Produc 7,731 112.43 6.0 3.8 7.9 5.6 15.0 16.6 2.5 0.6 33.2 13.2 37 -2

COP UN CONOCOPHILLIPS Oil & Gas Exploration & Produc 68,357 70.36 2.1 1.6 6.3 4.2 11.0 11.5 1.7 4.2 14.5 14.9 22 -3

CPG CT CRESCENT POINT Oil & Gas Exploration & Produc 11,479 36.82 7.3 4.1 10.0 6.9 39.5 21.6 1.7 7.5 40.7 6.0 24 -4

DNR UN DENBURY RESOURCE Oil & Gas Exploration & Produc 3,555 12.77 4.1 3.2 7.4 5.7 10.5 11.6 1.0 2.9 2.3 6.4 38 -5

DVN UN DEVON ENERGY CO Oil & Gas Exploration & Produc 19,207 59.42 3.3 2.1 7.2 5.3 27.1 10.4 1.2 1.6 63.1 10.4 34 -4

ECA CT ENCANA CORP Oil & Gas Exploration & Produc 11,583 22.19 3.4 2.6 7.9 4.5 38.0 10.6 2.3 1.4 16.4 20.8 34 -1

ERF CT ENERPLUS CORP Oil & Gas Exploration & Produc 2,515 17.39 4.5 2.4 6.4 4.7 45.9 14.0 1.9 6.2 35.4 9.6 40 -5

EOG UN EOG RESOURCES Oil & Gas Exploration & Produc 38,857 89.83 4.3 3.0 8.3 5.5 18.2 15.7 3.2 0.7 19.4 17.7 36 1

EQT UN EQT CORP Oil & Gas Exploration & Produc 9,821 82.04 8.9 5.8 12.6 8.6 28.9 24.2 3.1 0.2 18.9 10.9 39 -1

MRO UN MARATHON OIL Oil & Gas Exploration & Produc 18,242 34.23 2.4 2.4 5.1 4.6 12.5 12.6 1.3 2.4 -16.2 13.3 31 0

MUR UN MURPHY OIL CORP Oil & Gas Exploration & Produc 7,461 53.18 2.1 2.0 4.8 3.1 12.2 11.8 1.2 2.6 5.2 6.4 28 -2

NFX UN NEWFIELD EXPLORA Oil & Gas Exploration & Produc 3,262 30.21 4.4 2.9 6.2 4.7 18.4 13.5 1.4 0.0 28.0 8.8 47 -3

NBL UN NOBLE ENERGY INC Oil & Gas Exploration & Produc 16,783 58.72 6.3 4.3 9.8 6.2 20.1 20.4 2.4 1.2 11.6 11.0 37 -4



T12M

EV/Sales

F12M

EV/EBITDA

T12M

EV/EBITDA

F12M

P/E

T12M

P/E

F12MP/B D/P

Sales

GrowthROE FCST UI

PWT CT PENN WEST PETROL Oil & Gas Exploration & Produc 2,030 5.82 3.3 2.2 6.0 4.6 NM 17.9 0.4 9.6 6.1 2.0 52 -4

PXD UN PIONEER NATURAL Oil & Gas Exploration & Produc 19,927 176.24 8.5 6.1 51.0 9.5 NM 28.6 4.0 0.0 15.8 8.9 37 -2

QEP UN QEP RESOURCES IN Oil & Gas Exploration & Produc 3,612 25.38 3.0 2.3 6.3 5.1 20.8 19.9 1.5 0.3 20.9 NM 40 -5

RRC UN RANGE RESOURCES Oil & Gas Exploration & Produc 8,452 63.41 8.9 5.9 16.1 9.5 45.7 34.1 3.8 0.3 17.0 10.2 35 -5

SWN UN SOUTHWESTRN ENGY Oil & Gas Exploration & Produc 9,465 33.92 4.6 3.2 7.8 5.8 14.9 14.8 3.2 0.0 24.3 18.1 33 -1

TLM CT TALISMAN ENERGY Oil & Gas Exploration & Produc 5,957 8.16 3.1 2.2 5.7 4.0 NM 36.2 1.0 3.8 18.3 3.8 43 -5

MPC UN MARATHON PETROLE Oil & Gas Refining & Marketing 18,265 81.59 0.3 0.2 5.9 4.7 11.8 9.6 2.4 2.2 4.5 18.5 31 1

PSX UN PHILLIPS 66 Oil & Gas Refining & Marketing 33,703 76.32 0.3 0.2 16.3 6.5 13.9 11.0 2.1 2.4 5.5 15.9 32 3

TSO UN TESORO CORP Oil & Gas Refining & Marketing 6,249 61.67 0.2 0.3 7.6 5.6 17.5 10.4 2.0 1.8 4.8 14.4 37 5

VLO UN VALERO ENERGY Oil & Gas Refining & Marketing 18,835 45.15 0.2 0.2 4.8 4.1 8.8 7.7 1.3 2.3 -8.8 14.0 26 -5

ENB CT ENBRIDGE INC Oil & Gas Storage & Transporta 30,006 50.31 2.2 2.3 21.8 15.5 51.2 24.5 4.9 3.0 11.8 12.5 13 -2

KMI UN KINDER MORGAN IN Oil & Gas Storage & Transporta 29,630 36.47 5.8 5.5 14.3 13.3 30.7 30.1 3.2 5.1 14.9 4.5 23 0

OKE UN ONEOK INC Oil & Gas Storage & Transporta 9,587 58.33 1.7 1.5 17.0 13.5 35.5 32.8 20.0 4.2 -4.2 39.7 21 0

PPL CT PEMBINA PIPELINE Oil & Gas Storage & Transporta 10,149 45.05 3.0 3.2 17.9 16.5 40.2 33.4 3.0 3.9 13.1 8.4 23 -1

SE UN SPECTRA ENERG Oil & Gas Storage & Transporta 19,640 37.05 7.7 6.8 17.4 13.4 22.2 24.4 3.1 3.8 8.5 12.6 17 2

TRP CT TRANSCANADA CORP Oil & Gas Storage & Transporta 26,686 53.51 6.7 6.5 14.1 12.1 23.3 21.1 2.3 3.7 17.6 9.5 19 4

WMB UN WILLIAMS COS INC Oil & Gas Storage & Transporta 29,613 50.15 9.4 7.3 31.3 15.4 92.7 39.6 5.2 4.7 8.3 8.2 34 2

CCO CT CAMECO CORP Coal & Consumable Fuels 5,019 18.00 3.7 3.5 14.2 14.0 14.5 21.6 1.3 2.2 -5.3 6.5 39 2

CNX UN CONSOL ENERGY Coal & Consumable Fuels 5,909 32.49 3.6 2.7 16.2 9.1 31.5 30.7 1.6 0.8 13.8 4.5 39 -5

LYB UN LYONDELLBASELL-A Commodity Chemicals 38,473 95.04 1.2 1.1 8.4 6.9 12.7 10.4 4.9 3.1 5.7 37.0 20 -3

DOW UN DOW CHEMICAL CO Diversified Chemicals 44,882 47.57 1.4 1.3 11.3 8.5 17.0 14.3 2.7 3.2 2.6 14.4 21 -1

EMN UN EASTMAN CHEMICAL Diversified Chemicals 8,788 74.58 1.9 1.6 7.6 7.6 11.4 10.4 3.1 1.9 1.9 25.2 22 -3

DD UN DU PONT (EI) Diversified Chemicals 48,120 66.54 1.9 1.9 12.4 9.4 18.3 15.1 3.9 2.9 0.6 25.6 17 4

FMC UN FMC CORP Diversified Chemicals 5,553 52.75 2.8 2.0 13.3 8.4 14.7 11.4 4.5 1.2 8.6 28.4 17 -5

AGU CT AGRIUM INC Fertilizers & Agricultural Che 9,559 94.42 1.0 0.9 9.9 7.7 14.8 12.5 1.8 3.6 4.9 11.8 15 -1

CF UN CF INDUSTRIES HO Fertilizers & Agricultural Che 10,444 266.11 2.9 3.6 4.8 7.4 13.1 13.1 3.2 2.3 -14.1 23.7 24 5

MON UN MONSANTO CO Fertilizers & Agricultural Che 44,236 106.72 4.2 3.8 13.9 12.3 20.8 18.2 7.4 2.5 3.3 34.3 13 -5

MOS UN MOSAIC CO/THE Fertilizers & Agricultural Che 12,320 41.62 2.3 1.7 10.7 6.9 22.4 13.9 1.5 2.4 1.2 8.7 19 -1

POT CT POTASH CORP SAS Fertilizers & Agricultural Che 20,863 35.71 5.4 4.7 14.1 9.7 18.7 16.5 3.2 4.4 -12.5 16.3 18 4

APD UN AIR PRODS & CHEM Industrial Gases 20,696 122.96 3.3 3.0 13.3 11.9 22.0 19.6 3.7 2.5 3.2 17.8 15 3

ARG UN AIRGAS INC Industrial Gases 6,227 105.74 2.1 1.9 11.2 9.9 22.0 20.1 4.4 2.1 4.8 19.8 12 1

PX UN PRAXAIR INC Industrial Gases 27,867 120.77 4.0 3.5 12.4 10.7 19.9 17.9 5.5 2.3 4.6 26.9 14 -3

ECL UN ECOLAB INC Specialty Chemicals 25,872 109.28 2.9 2.7 14.7 12.9 28.7 24.4 4.8 1.1 8.9 19.5 13 0

IFF UN INTL FLVR & FRAG Specialty Chemicals 5,959 92.93 3.0 2.6 14.2 11.4 18.6 17.7 5.1 2.0 4.5 25.5 13 -3

PPG UN PPG INDS INC Specialty Chemicals 19,990 183.55 1.9 1.7 12.5 10.7 20.7 18.4 4.4 1.4 1.8 19.2 13 -4

SHW UN SHERWIN-WILLIAMS Specialty Chemicals 16,468 213.14 2.0 1.9 15.6 14.7 27.0 21.7 14.9 1.1 10.0 52.5 11 3

SIAL UW SIGMA-ALDRICH Specialty Chemicals 12,737 135.49 4.2 5.5 14.1 18.1 32.2 30.1 5.7 0.7 3.3 17.0 11 5

MLM UN MARTIN MAR MTLS Construction Materials 5,927 112.10 3.1 2.4 16.9 11.1 34.7 23.8 3.6 1.4 32.1 7.0 22 0

VMC UN VULCAN MATERIALS Construction Materials 5,846 56.52 3.5 3.0 13.6 13.7 NM 44.3 2.0 0.4 5.9 2.2 25 0

BLL UN BALL CORP Metal & Glass Containers 6,850 62.62 1.4 1.4 10.2 9.7 17.2 16.0 7.8 0.8 1.8 43.5 10 4



T12M

EV/Sales

F12M

EV/EBITDA

T12M

EV/EBITDA

F12M

P/E

T12M

P/E

F12MP/B D/P

Sales

GrowthROE FCST UI

OI UN OWENS-ILLINOIS Metal & Glass Containers 3,237 24.85 1.3 1.1 7.9 5.8 8.9 8.4 2.5 0.0 0.0 26.0 18 -5

AVY UN AVERY DENNISON Paper Packaging 3,108 41.96 0.9 0.8 9.1 7.1 15.5 13.9 3.0 2.9 3.9 20.7 17 -4

BMS UN BEMIS CO Paper Packaging 3,008 38.11 1.1 1.1 9.3 8.3 16.3 15.3 2.4 2.9 -2.8 14.4 9 1

MWV UN MEADWESTVACO COR Paper Packaging 5,245 39.40 1.7 1.4 10.4 8.1 26.5 19.6 2.0 3.2 3.6 7.9 15 -1

SEE UN SEALED AIR CORP Paper Packaging 5,363 32.01 1.5 1.4 12.8 10.0 28.7 17.0 5.2 1.6 1.0 23.0 22 -1

AA UN ALCOA INC Aluminum 13,688 14.71 1.2 1.0 9.0 6.8 24.9 14.7 1.4 0.8 1.5 5.7 26 2

FM CT FIRST QUANTUM Diversified Metals & Mining 7,877 18.60 5.0 3.3 12.1 7.6 17.3 12.7 1.3 1.1 8.5 6.8 29 -5

FCX UN FREEPORT-MCMORAN Diversified Metals & Mining 25,171 30.66 2.9 2.4 6.9 5.5 10.9 11.7 1.8 4.0 6.7 11.1 26 -4

SCCO UN SOUTHERN COPPER Diversified Metals & Mining 18,571 28.24 4.8 4.1 10.0 8.5 16.8 15.3 4.3 2.0 1.3 23.4 19 -4

TCK/B CT TECK RESOURCES-B Diversified Metals & Mining 7,319 18.01 2.2 1.9 7.4 6.2 15.9 17.9 0.6 5.0 -8.3 2.8 36 -5

AEM CT AGNICO EAGLE MIN Gold 4,852 32.82 5.0 3.6 12.4 10.1 43.4 31.9 1.6 1.1 15.1 5.9 25 -5

ABX CT BARRICK GOLD CRP Gold 12,397 15.11 3.2 2.8 8.2 7.4 28.1 15.9 1.3 1.5 -18.0 6.6 28 -5

ELD CT ELDORADO GOLD Gold 4,123 8.17 5.5 5.0 12.8 11.8 NM 31.7 1.1 0.4 -1.2 3.1 29 4

G CT GOLDCORP INC Gold 14,928 26.05 6.7 4.7 17.7 11.6 38.4 23.6 1.0 2.6 8.0 3.7 22 -4

K CT KINROSS GOLD Gold 2,620 3.25 1.8 1.5 5.6 4.4 31.5 18.3 0.6 0.0 -9.5 2.8 35 -5

NEM UN NEWMONT MINING Gold 8,752 22.21 2.7 2.6 8.6 8.6 27.3 29.3 1.2 0.5 -15.7 4.2 30 3

YRI CT YAMANA GOLD INC Gold 3,940 6.35 5.4 2.8 16.6 5.9 141.5 18.5 0.7 2.8 8.4 2.2 28 -5

SLW CT SILVER WHEATON Silver 5,587 21.78 15.9 10.5 22.2 14.7 22.1 20.0 2.2 1.3 -3.5 8.9 20 -5

ATI UN ALLEGHENY TECH Steel 2,727 31.74 1.6 1.0 92.8 8.8 NM 30.1 1.3 2.3 7.9 NM 26 -5

NUE UN NUCOR CORP Steel 12,272 48.71 1.0 0.9 11.2 7.8 26.0 17.7 2.2 3.1 9.9 12.9 17 -2

IP UN INTL PAPER CO Paper Products 15,568 46.14 1.1 1.2 7.9 6.6 8.4 12.4 2.8 3.3 -10.3 17.0 23 3

BA UN BOEING CO/THE Aerospace & Defense 69,180 121.50 1.0 0.9 10.5 8.5 17.4 14.9 6.8 2.5 3.5 41.4 16 -5

BBD/B CT BOMBARDIER INC-B Aerospace & Defense 4,384 3.52 0.6 0.6 9.4 7.2 11.7 7.6 2.5 2.8 8.2 27.3 25 2

GD UN GENERAL DYNAMICS Aerospace & Defense 32,021 121.22 1.3 1.3 9.3 9.2 16.6 15.5 3.3 2.1 -3.1 19.1 17 2

HON UN HONEYWELL INTL Aerospace & Defense 54,350 87.90 1.8 1.7 10.9 9.2 16.6 15.2 4.0 2.1 3.5 21.9 16 -2

LLL UN L-3 COMM HLDGS Aerospace & Defense 7,735 115.15 1.1 1.1 10.0 9.2 14.3 14.3 1.8 2.0 -3.9 11.9 20 4

LMT UN LOCKHEED MARTIN Aerospace & Defense 43,754 174.47 1.2 1.3 9.1 8.8 16.7 15.5 13.8 3.3 -1.3 77.8 16 4

NOC UN NORTHROP GRUMMAN Aerospace & Defense 20,375 124.01 1.1 1.2 7.4 7.7 13.7 13.5 2.7 2.2 -3.9 19.4 18 2

PCP UN PRECISION CASTPT Aerospace & Defense 25,350 223.62 4.1 3.3 13.1 10.6 18.2 15.6 2.9 0.1 8.9 16.5 17 -4

RTN UN RAYTHEON CO Aerospace & Defense 23,439 95.47 1.3 1.3 8.7 7.8 14.6 13.3 2.7 2.5 -4.0 18.5 17 0

COL UN ROCKWELL COLLINS Aerospace & Defense 7,987 74.82 2.6 2.4 11.4 9.9 16.2 15.4 5.6 1.8 7.2 34.0 13 -1

TXT UN TEXTRON INC Aerospace & Defense 7,322 33.19 1.1 0.9 10.5 8.6 17.9 14.2 2.2 0.2 19.0 13.4 21 -3

UTX UN UNITED TECH CORP Aerospace & Defense 72,239 99.94 1.9 1.6 11.1 9.2 16.4 14.0 2.9 2.5 4.3 18.9 17 -2

MAS UN MASCO CORP Building Products 6,241 22.16 1.2 1.1 NM 9.1 21.0 19.2 12.2 1.7 5.5 38.0 23 2

FLR UN FLUOR CORP Construction & Engineering 7,826 62.88 0.4 0.3 7.6 5.7 15.5 13.4 2.9 1.3 -14.9 17.3 21 -5

JEC UN JACOBS ENGIN GRP Construction & Engineering 4,911 46.71 0.6 0.5 10.3 7.0 13.7 12.7 1.5 0.0 8.5 8.3 18 -5

PWR UN QUANTA SERVICES Construction & Engineering 5,406 32.15 1.0 0.8 10.4 7.5 20.0 15.3 1.7 18.3 8.3 20 -3

SNC CT SNC-LAVALIN GRP Construction & Engineering 5,206 48.48 1.2 0.8 14.7 8.1 41.4 29.1 3.6 2.0 2.5 15.3 16 -5

AME UN AMETEK INC Electrical Components & Equipm 9,207 47.41 3.7 3.1 14.2 12.3 21.4 18.5 3.7 0.6 12.6 17.5 10 -5

ETN UN EATON CORP PLC Electrical Components & Equipm 22,156 58.92 2.0 1.5 17.6 9.7 13.6 12.2 1.8 3.3 3.4 12.3 23 -3



T12M

EV/Sales

F12M

EV/EBITDA

T12M

EV/EBITDA

F12M

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T12M

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F12MP/B D/P

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GrowthROE FCST UI

EMR UN EMERSON ELEC CO Electrical Components & Equipm 32,773 59.43 2.0 1.8 9.6 8.8 16.3 15.0 4.2 3.0 -0.5 26.2 16 -2

ROK UN ROCKWELL AUTOMAT Electrical Components & Equipm 10,950 100.52 2.5 1.9 13.1 9.1 17.6 15.2 5.5 2.5 4.6 30.8 14 -5

MMM UN 3M CO Industrial Conglomerates 68,519 133.83 3.1 2.7 11.6 10.6 18.9 17.1 5.4 2.6 4.0 29.4 17 2

DHR UN DANAHER CORP Industrial Conglomerates 39,784 71.86 2.8 2.4 12.7 10.7 20.2 18.5 2.3 0.6 4.8 11.0 13 -3

GE UN GENERAL ELECTRIC Industrial Conglomerates 192,417 24.27 1.9 1.7 11.4 10.3 17.2 14.0 2.0 3.6 2.2 10.4 19 -2

ROP UN ROPER INDS Industrial Conglomerates 11,208 141.80 4.7 4.3 14.2 12.7 23.5 21.4 3.4 0.6 9.9 14.2 13 2

CAT UN CATERPILLAR INC Construction Machinery & Heavy 46,201 93.13 1.3 1.1 8.1 7.4 15.2 14.4 3.0 3.0 -1.0 19.2 21 0

CMI UN CUMMINS INC Construction Machinery & Heavy 18,509 127.37 1.5 1.2 10.6 7.6 16.0 12.8 3.2 2.3 9.9 22.5 25 -3

JOY UN JOY GLOBAL INC Construction Machinery & Heavy 3,817 49.21 1.8 1.5 13.1 8.4 15.8 13.7 1.8 1.6 -26.1 11.2 20 -1

PCAR UW PACCAR INC Construction Machinery & Heavy 15,832 56.48 1.1 0.9 7.4 6.6 16.3 14.3 3.0 1.6 10.8 20.9 18 1

DE UN DEERE & CO Agricultural & Farm Machinery 22,934 80.98 0.9 1.0 4.8 7.2 8.7 12.3 2.8 2.7 -6.8 28.6 21 5

DOV UN DOVER CORP Industrial Machinery 9,970 75.76 2.1 1.8 10.1 8.8 14.7 15.1 3.5 2.1 -8.3 16.6 17 -3

FLS UN FLOWSERVE CORP Industrial Machinery 6,928 64.09 2.3 1.9 12.8 10.0 18.0 15.8 4.9 1.8 2.4 26.6 17 -5

ITW UN ILLINOIS TOOL WO Industrial Machinery 25,312 80.79 2.5 2.3 11.2 9.5 19.6 16.3 4.1 2.2 3.6 22.2 15 -1

IR UN INGERSOLL-RAND Industrial Machinery 11,555 54.67 1.5 1.3 12.7 9.6 16.8 15.5 2.5 1.8 4.0 16.5 21 0

PLL UN PALL CORP Industrial Machinery 6,920 82.00 3.0 2.9 14.2 12.8 23.0 21.1 5.0 1.4 6.4 19.3 12 3

PH UN PARKER HANNIFIN Industrial Machinery 12,815 108.98 1.4 1.2 12.2 8.0 17.0 14.2 2.6 1.8 2.9 16.4 20 1

SNA UN SNAP-ON INC Industrial Machinery 5,317 115.78 2.3 2.2 10.9 9.8 18.2 16.1 3.2 1.5 6.7 17.2 13 -3

SWK UN STANLEY BLACK & Industrial Machinery 10,320 83.58 1.6 1.5 10.8 9.5 17.8 14.1 2.0 2.5 3.7 12.5 16 -2

XYL UN XYLEM INC Industrial Machinery 4,691 32.50 2.0 1.7 14.0 9.4 18.8 15.2 2.9 1.6 3.0 15.1 17 -4

FAST UW FASTENAL CO Trading Companies & Distributo 9,975 42.54 3.7 3.1 16.1 13.2 26.7 22.9 6.6 2.4 12.3 25.1 16 -3

URI UN UNITED RENTALS Trading Companies & Distributo 7,104 93.74 3.4 2.9 7.5 5.9 19.3 12.8 5.4 0.0 13.5 32.7 24 -4

GWW UN WW GRAINGER INC Trading Companies & Distributo 13,007 240.69 1.8 1.6 11.9 9.8 20.8 18.2 5.3 1.8 5.8 23.1 13 -2

RSG UN REPUBLIC SVCS Environmental & Facilities Ser 10,753 38.26 2.4 2.3 8.5 8.1 19.8 18.8 1.9 2.9 4.0 8.7 9 0

SRCL UW STERICYCLE INC Environmental & Facilities Ser 7,833 116.89 5.1 4.3 18.2 14.8 29.1 25.9 5.9 19.2 19.4 8 -1

WM UN WASTE MANAGEMENT Environmental & Facilities Ser 17,254 46.82 2.2 2.3 12.3 8.9 27.6 19.3 4.0 3.3 1.3 18.8 12 0

PBI UN PITNEY BOWES INC Office Services & Supplies 3,684 22.99 2.1 1.8 9.7 7.6 11.8 11.9 18.0 3.3 0.0 NM 26 -2

CTAS UW CINTAS CORP Diversified Support Services 6,337 68.56 1.9 1.9 10.9 10.3 23.1 21.4 3.7 1.2 -2.0 15.8 12 4

ADT UN ADT CORP/THE Security & Alarm Services 4,419 32.14 3.1 2.8 6.1 5.6 17.2 15.9 1.9 2.3 3.1 9.3 27 -3

TYC UN TYCO INTL LTD Security & Alarm Services 14,729 42.03 1.9 1.7 12.3 10.8 22.2 18.2 3.4 1.8 -2.3 22.4 17 0

RHI UN ROBERT HALF INTL Human Resource & Employment Se 5,128 47.34 1.4 1.3 13.0 10.7 24.0 20.0 7.2 1.6 9.5 34.9 14 -2

DNB UN DUN & BRADSTREET Research and Consulting Servic 3,290 114.49 3.2 3.2 10.8 10.4 13.3 15.6 NM 1.5 1.5 NM 18 5

EFX UN EQUIFAX INC Research and Consulting Servic 6,895 71.66 4.4 4.0 12.6 11.3 25.2 17.5 3.9 1.4 6.5 15.7 9 -4

NLSN UN NIELSEN NV Research and Consulting Servic 12,530 41.70 4.1 3.4 16.6 11.5 32.4 15.8 3.0 2.4 11.8 17.1 13 -4

CHRW UW CH ROBINSON Air Freight & Logistics 7,514 64.62 0.8 0.7 13.7 12.6 23.6 20.7 10.2 2.3 5.9 44.0 8 1

EXPD UW EXPEDITORS INTL Air Freight & Logistics 5,912 38.35 1.2 1.0 12.4 9.8 22.0 19.7 4.3 1.7 5.9 19.2 18 0

FDX UN FEDEX CORP Air Freight & Logistics 34,634 154.75 1.0 1.0 7.1 6.5 21.0 16.5 3.0 0.6 5.2 15.9 18 1

UPS UN UNITED PARCEL-B Air Freight & Logistics 69,131 95.78 1.8 1.6 12.9 9.6 24.5 17.9 17.0 2.9 4.8 68.1 11 -2

DAL UN DELTA AIR LI Airlines 21,921 32.91 1.0 0.8 6.3 4.5 9.6 9.1 2.5 1.0 6.4 21.3 33 -5

LUV UN SOUTHWEST AIR Airlines 16,549 30.57 0.9 1.0 6.5 5.7 21.3 14.6 3.0 0.7 5.0 16.6 18 -2



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CNR CT CAN NATL RAILWAY Railroads 41,552 72.25 5.7 5.3 12.5 11.4 21.8 18.5 4.6 1.5 13.1 22.5 16 1

CP CT CANADIAN PACIFIC Railroads 25,631 212.20 6.0 5.8 14.3 12.9 28.9 21.7 5.3 0.7 8.3 20.4 17 -2

CSX UN CSX CORP Railroads 23,647 29.94 3.2 3.0 8.7 7.9 16.5 15.0 3.0 2.2 4.2 17.2 13 0

KSU UN KANSAS CITY SOUT Railroads 9,814 112.57 5.7 5.4 13.6 12.7 25.8 22.2 3.8 1.1 9.5 14.8 18 4

NSC UN NORFOLK SOUTHERN Railroads 25,033 102.36 3.5 3.2 9.1 8.1 16.7 14.7 2.8 2.2 5.3 17.4 19 1

UNP UN UNION PAC CORP Railroads 71,859 101.34 4.3 4.1 10.1 9.2 19.8 17.0 4.6 2.0 8.1 23.5 14 -1

R UN RYDER SYSTEM INC Trucking 3,399 81.06 1.4 1.3 6.4 5.3 23.1 13.4 2.4 1.8 4.9 NM 11 -5

BWA UN BORGWARNER INC Auto Parts & Equipment 9,360 51.86 1.9 1.4 12.4 8.2 16.2 14.4 3.4 1.1 14.3 19.9 21 -5

JCI UN JOHNSON CONTROLS Auto Parts & Equipment 21,720 41.27 0.9 0.8 10.0 8.7 12.1 11.8 2.5 2.3 1.1 16.9 22 -5

MG CT MAGNA INTL Auto Parts & Equipment 14,816 99.24 0.6 0.5 7.0 5.4 10.9 9.3 2.1 1.7 4.9 23.4 20 -5

GT UW GOODYEAR TIRE Tires & Rubber 4,388 20.17 0.7 0.6 6.6 4.8 9.6 6.8 3.3 1.0 -3.3 35.1 24 -5

F UN FORD MOTOR CO Automobile Manufacturers 42,260 13.79 0.4 0.3 4.9 4.4 7.5 10.2 2.2 3.9 -0.1 17.2 28 -4

GM UN GENERAL MOTORS C Automobile Manufacturers 38,405 30.29 0.3 0.2 3.6 2.1 16.4 7.4 1.3 4.0 0.4 11.9 25 -5

HOG UN HARLEY-DAVIDSON Motorcycle Manufacturers 9,701 56.46 3.1 2.9 12.2 10.5 14.5 14.0 3.9 2.1 6.5 25.4 18 -4

GRMN UW GARMIN LTD Consumer Electronics 7,575 49.77 3.2 2.4 12.0 9.1 16.2 16.5 3.0 3.8 7.1 4.2 19 -2

HAR UN HARMAN INTL Consumer Electronics 4,881 90.70 1.4 1.0 15.8 9.0 21.4 17.3 3.7 1.5 11.9 19.1 19 -5

LEG UN LEGGETT & PLATT Home Furnishings 3,668 33.82 1.5 1.4 15.9 11.4 21.6 17.4 4.0 3.5 4.9 20.3 11 1

MHK UN MOHAWK INDS Home Furnishings 7,373 128.12 1.6 1.4 12.2 9.1 17.7 14.1 2.2 8.3 13.6 25 -1

DHI UN DR HORTON INC Homebuilding 5,714 19.84 1.6 1.1 14.9 8.5 12.6 11.3 1.6 1.0 30.0 13.9 24 -1

LEN UN LENNAR CORP-A Homebuilding 6,075 38.45 1.7 1.4 14.2 9.5 15.6 12.5 1.8 0.4 28.9 19.7 26 4

PHM UN PULTEGROUP INC Homebuilding 5,062 17.04 1.5 1.2 12.3 6.9 12.9 13.2 1.5 1.2 0.2 12.9 22 -3

WHR UN WHIRLPOOL CORP Household Appliances 8,666 140.63 0.7 0.6 7.2 6.5 13.3 11.0 2.3 2.1 2.3 13.7 23 -3

NWL UN NEWELL RUBBERMAI Housewares & Specialties 7,280 33.65 1.9 1.9 13.6 11.1 17.6 16.2 5.1 2.1 2.4 23.6 15 1

HAS UW HASBRO INC Leisure Products 5,540 55.00 1.9 1.8 11.2 9.6 19.3 17.0 5.2 3.1 6.6 24.3 16 4

MAT UW MATTEL INC Leisure Products 8,203 30.73 2.3 1.8 12.0 9.6 13.6 13.9 3.8 5.0 -1.0 23.3 15 -3

COH UN COACH INC Apparel, Accessories & Luxury 7,419 34.08 1.8 2.0 6.7 9.1 11.0 18.1 4.2 4.0 -11.6 20.1 23 5

FOSL UW FOSSIL GROUP INC Apparel, Accessories & Luxury 4,043 96.70 1.8 1.5 9.4 7.6 15.0 12.9 5.5 0.0 9.7 37.0 19 -4

GIL CT GILDAN ACTIVEWEA Apparel, Accessories & Luxury 5,417 62.79 3.2 2.7 16.1 12.5 20.2 16.3 3.8 0.8 10.4 18.3 17 -1

KORS UN MICHAEL KORS HOL Apparel, Accessories & Luxury 11,957 73.66 4.8 3.1 14.7 9.8 20.9 17.5 8.0 0.0 30.8 35.5 14 -5

PVH UN PVH CORP Apparel, Accessories & Luxury 7,541 115.83 1.5 1.5 14.0 10.4 16.5 14.4 2.2 0.1 2.5 12.8 19 -4

RL UN RALPH LAUREN COR Apparel, Accessories & Luxury 11,148 160.43 1.7 1.6 9.6 9.1 19.1 17.9 3.8 1.1 6.6 18.5 16 2

UA UN UNDER ARMOUR-A Apparel, Accessories & Luxury 10,738 63.72 4.7 4.1 36.8 29.9 81.8 62.2 12.9 0.0 29.4 27.9 21 3

VFC UN VF CORP Apparel, Accessories & Luxury 21,984 64.54 2.4 2.3 14.9 13.5 22.7 20.0 5.3 1.8 8.1 22.1 13 0

NKE UN NIKE INC -CL B Footwear 59,351 87.19 2.2 2.3 14.7 14.5 26.7 23.5 7.1 1.2 10.7 25.7 12 1

WYNN UW WYNN RESORTS LTD Casinos & Gaming 14,151 176.71 4.4 3.9 14.7 13.1 21.1 21.7 906.1 2.8 2.5 272.5 25 -2

CCL UN CARNIVAL CORP Hotels, Resorts & Cruise Lines 21,752 35.51 2.4 2.1 11.6 9.7 20.5 16.0 1.1 2.8 3.6 2.9 16 -4

CCL LN CARNIVAL PLC Hotels, Resorts & Cruise Lines 21,753 2,181.00 2.4 2.1 11.5 9.7 19.4 16.0 1.1 2.8 3.6 2.9 24 -2

MAR UW MARRIOTT INTL-A Hotels, Resorts & Cruise Lines 14,590 63.55 1.7 1.5 18.4 13.7 27.8 23.3 NM 1.3 7.0 NM 5 -3

HOT UN STARWOOD HOTELS Hotels, Resorts & Cruise Lines 11,254 74.76 2.8 2.5 14.4 12.1 22.9 25.2 4.9 1.9 -0.8 17.6 13 -2

WYN UN WYNDHAM WORLDWID Hotels, Resorts & Cruise Lines 7,459 75.42 2.7 2.5 12.1 10.9 18.7 16.2 6.9 1.7 6.2 31.8 15 0



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CMG UN CHIPOTLE MEXICAN Restaurants 16,066 655.58 4.8 4.4 25.7 20.9 57.1 40.9 12.6 0.0 26.5 23.6 11 0

DRI UN DARDEN RESTAURAN Restaurants 5,070 48.37 1.0 1.1 10.2 9.9 28.3 19.7 3.2 4.6 -23.5 14.3 18 5

MCD UN MCDONALDS CORP Restaurants 71,612 92.30 3.9 3.6 10.7 10.0 16.7 16.8 6.1 3.8 0.1 33.8 12 3

SBUX UW STARBUCKS CORP Restaurants 44,196 74.46 3.7 3.2 70.6 13.6 29.5 24.6 11.9 1.6 10.8 33.8 13 -3

THI CT TIM HORTONS INC Restaurants 8,225 87.91 2.7 3.7 11.0 14.8 28.0 25.2 31.5 1.5 5.8 86.4 8 3

YUM UN YUM! BRANDS INC Restaurants 24,077 69.31 2.5 2.3 11.7 11.2 20.2 19.7 12.4 2.2 3.3 64.8 11 -1

HRB UN H&R BLOCK INC Specialized Consumer Services 6,182 28.44 2.6 2.2 8.7 7.0 16.1 14.5 5.9 2.8 4.7 33.9 20 -4

IPG UN INTERPUBLIC GRP Advertising 5,610 16.85 1.3 1.1 11.3 8.2 18.6 15.8 3.5 2.4 5.0 19.5 17 -4

OMC UN OMNICOM GROUP Advertising 13,002 65.52 1.5 1.3 10.2 8.8 16.4 15.0 5.2 3.0 4.8 30.5 13 -3

CBS UN CBS CORP-B Broadcasting 20,781 49.91 2.8 2.3 11.7 9.1 16.4 13.9 3.4 1.2 -7.7 19.4 28 -4

DISCA UW DISCOVERY COMM-A Broadcasting 18,674 35.07 5.5 4.5 13.3 11.1 21.6 16.8 4.3 0.0 16.5 20.5 20 0

SNI UN SCRIPPS NET-CL A Broadcasting 8,155 73.66 4.9 4.3 11.7 9.9 19.4 17.6 6.1 1.1 6.7 30.3 13 0

CVC UN CABLEVISION SY-A Cable & Satellite 3,745 17.48 2.1 2.0 7.3 7.1 17.3 22.5 NM 3.5 3.3 NM 26 5

CMCSA UW COMCAST CORP-A Cable & Satellite 107,561 52.62 2.7 2.6 8.2 7.7 19.2 17.1 2.8 1.8 6.5 14.4 18 -2

DTV UW DIRECTV Cable & Satellite 34,211 86.21 1.9 1.8 7.6 7.1 14.7 13.9 NM 0.0 4.8 NM 16 2

SJR/B CT SHAW COMM-B Cable & Satellite 8,887 27.07 3.3 3.2 7.7 7.3 16.0 14.2 3.0 4.1 2.3 18.5 14 5

TWC UN TIME WARNER CABL Cable & Satellite 31,195 141.21 2.9 2.7 8.1 7.5 19.6 17.4 5.8 2.2 3.8 30.2 15 -3

TWX UN TIME WARNER INC Movies & Entertainment 48,508 71.82 2.6 2.8 10.0 10.5 17.0 17.1 2.6 1.8 -7.9 12.9 21 1

FOXA UW TWENTY-FIRST C-A Movies & Entertainment 55,429 32.43 3.0 2.9 14.2 12.6 20.6 19.1 4.5 0.8 -6.4 45.1 21 -1

VIAB UW VIACOM INC-B Movies & Entertainment 23,555 70.44 3.6 2.9 11.4 8.8 13.1 11.5 7.8 1.9 -0.7 53.5 20 -4

DIS UN WALT DISNEY CO Movies & Entertainment 117,009 86.27 3.3 3.2 12.0 11.0 20.6 19.2 3.5 1.1 8.3 16.8 14 1

GCI UN GANNETT CO Publishing 4,862 27.27 1.9 1.5 9.7 6.2 12.0 10.4 2.3 2.9 14.9 20.2 25 -5

NWSA UW NEWS CORP-CL A Publishing 6,903 15.11 0.9 0.7 11.0 6.7 24.4 33.7 0.7 0.3 2.1 2.0 15 -4

TRI CT THOMSON REUTERS Publishing 23,062 40.77 3.0 2.9 12.0 10.5 29.0 17.9 2.1 3.7 1.1 10.0 13 2

GPC UN GENUINE PARTS CO Distributors 10,537 87.11 1.0 0.9 11.7 10.1 19.8 18.2 4.1 2.6 8.0 20.3 9 1

AMZN UW AMAZON.COM INC Internet Retail 113,680 311.39 1.8 1.4 32.0 20.0 819.4 93.0 14.7 0.0 22.0 4.1 18 -3

EXPE UW EXPEDIA INC Internet Retail 8,140 81.00 1.8 1.6 10.2 8.9 29.8 19.4 6.0 0.8 20.3 19.6 19 3

NFLX UW NETFLIX INC Internet Retail 21,465 452.08 5.2 4.2 61.6 39.8 136.2 79.2 18.3 0.0 26.1 13.5 23 5

PCLN UW PRICELINE GROUP Internet Retail 44,079 1,063.66 7.6 5.4 20.1 13.7 26.4 18.7 7.7 0.0 25.6 33.5 15 -5

TRIP UW TRIPADVISOR INC Internet Retail 9,318 82.59 14.1 8.1 42.9 20.3 56.4 33.2 12.4 0.0 31.5 29.0 21 -2

KSS UN KOHLS CORP Department Stores 9,155 56.61 0.8 0.8 5.8 5.9 13.8 12.7 2.1 2.9 0.1 14.9 29 5

M UN MACY'S INC Department Stores 15,815 56.68 0.9 0.9 7.0 6.6 13.7 12.1 3.7 2.3 1.9 26.4 21 3

JWN UN NORDSTROM INC Department Stores 10,659 70.04 1.2 1.1 8.5 8.3 18.8 17.5 6.7 1.9 7.2 34.5 13 3

CTC/A CT CANADIAN TIRE-A General Merchandise Stores 6,858 120.92 0.9 1.0 8.7 9.3 17.0 16.0 1.9 1.6 4.2 10.9 17 4

DG UN DOLLAR GENERAL C General Merchandise Stores 14,369 59.94 1.1 1.1 9.5 9.1 18.2 16.1 3.8 0.0 8.3 20.0 17 -2

DLTR UW DOLLAR TREE INC General Merchandise Stores 9,107 56.05 1.4 1.3 9.7 9.0 19.4 17.4 8.5 9.0 46.2 12 1

FDO UN FAMILY DOLLAR ST General Merchandise Stores 6,978 77.50 0.9 0.8 12.6 10.8 25.4 24.7 5.5 1.7 3.8 21.1 14 4

TGT UN TARGET CORP General Merchandise Stores 30,339 60.59 0.7 0.7 9.1 7.8 21.2 17.2 2.5 3.4 2.1 8.9 11 4

GPS UN GAP INC/THE Apparel Retail 12,487 36.34 1.1 0.9 6.6 5.7 13.6 12.2 5.7 2.4 2.7 45.8 14 -2

LB UN L BRANDS INC Apparel Retail 15,398 66.66 1.9 2.0 9.4 10.0 21.4 19.7 NM 2.4 5.2 NM 11 3



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ROST UW ROSS STORES INC Apparel Retail 12,854 77.53 1.2 1.4 8.1 9.1 19.0 17.4 8.0 1.1 6.4 35.3 11 3

TJX UN TJX COS INC Apparel Retail 33,711 61.57 1.3 1.4 9.0 9.5 20.8 18.5 10.6 1.2 6.4 50.6 12 3

URBN UW URBAN OUTFITTER Apparel Retail 3,709 34.94 1.4 1.2 8.2 7.2 19.3 16.5 3.7 0.0 8.1 18.3 19 -1

BBY UN BEST BUY CO INC Computer & Electronics Retail 8,423 30.49 0.2 0.2 4.9 4.3 13.9 12.6 2.5 2.3 -2.7 19.5 29 4

GME UN GAMESTOP CORP-A Computer & Electronics Retail 3,410 38.31 0.5 0.4 6.0 5.0 11.7 9.8 2.1 3.4 11.4 18.6 28 -3

HD UN HOME DEPOT INC Home Improvement Retail 98,424 92.55 1.5 1.6 10.4 10.8 22.3 19.0 11.6 2.4 4.9 51.8 12 2

LOW UN LOWE'S COS INC Home Improvement Retail 41,884 53.70 1.0 1.1 9.3 9.4 21.9 18.5 5.0 1.5 4.4 27.8 18 4

PETM UW PETSMART INC Specialty Stores 5,088 64.83 1.0 0.9 7.4 7.0 15.5 14.6 5.9 1.2 1.7 37.4 18 5

SPLS UW STAPLES INC Specialty Stores 6,083 11.95 0.4 0.4 6.0 5.8 10.5 12.3 1.4 4.2 -2.6 10.3 26 5

TIF UN TIFFANY & CO Specialty Stores 9,347 91.49 3.1 2.8 22.2 10.7 21.4 20.3 4.3 1.6 8.2 17.8 15 -3

TSCO UW TRACTOR SUPPLY Specialty Stores 6,217 57.15 1.5 1.3 12.8 10.8 23.4 20.6 6.7 0.9 9.3 28.2 15 -3

AN UN AUTONATION INC Automotive Retail 4,807 51.32 0.6 0.6 13.4 11.9 16.2 14.6 3.1 6.9 18.4 21 5

AZO UN AUTOZONE INC Automotive Retail 13,114 509.10 2.3 2.1 10.4 9.5 16.1 14.3 NM 0.0 5.1 NM 7 -2

KMX UN CARMAX INC Automotive Retail 7,761 45.60 1.4 1.2 19.3 16.4 19.7 17.2 3.1 12.1 15.3 18 -2

ORLY UW O'REILLY AUTOMOT Automotive Retail 12,426 151.55 2.4 2.3 12.2 11.1 22.9 19.8 8.1 0.0 7.7 37.5 12 0

BBBY UW BED BATH &BEYOND Homefurnishing Retail 9,543 65.20 1.0 1.0 6.7 6.8 13.5 12.3 4.3 0.0 3.7 31.2 17 5

CVS UN CVS HEALTH CORP Drug Retail 75,476 82.48 0.8 0.8 9.4 9.8 20.3 17.5 2.7 1.4 8.4 13.3 7 1

WAG UN WALGREEN CO Drug Retail 47,609 62.99 0.8 0.7 12.2 9.8 20.8 17.7 3.0 2.1 27.8 13.9 16 3

SYY UN SYSCO CORP Food Distributors 17,187 37.04 0.5 0.5 11.4 9.6 20.2 19.7 4.4 3.2 5.1 19.7 7 0

WN CT WESTON (GEORGE) Food Retail 8,097 89.67 0.8 0.7 16.0 7.8 11.8 16.0 1.9 1.9 29.6 7.1 8 2

KR UN KROGER CO Food Retail 20,923 53.92 0.3 0.3 7.6 7.4 16.8 15.7 5.6 1.3 10.3 29.0 9 0

L CT LOBLAW COS LTD Food Retail 16,040 55.06 0.8 0.8 18.2 9.3 108.8 17.1 1.6 1.7 31.4 6.9 12 3

MRU CT METRO INC Food Retail 4,495 74.99 0.6 0.6 8.3 8.9 15.0 13.8 2.5 1.6 1.3 16.8 13 5

SWY UN SAFEWAY INC Food Retail 6,164 33.86 0.3 0.3 6.5 6.4 60.8 31.5 1.5 2.3 1.7 3.3 11 2

WFM UW WHOLE FOODS MKT Food Retail 10,475 36.70 1.0 0.8 10.4 9.0 24.0 22.1 3.8 1.4 9.9 13.0 15 1

COST UW COSTCO WHOLESALE Hypermarkets & Super Centers 44,640 128.90 0.5 0.5 11.9 11.8 27.7 25.0 4.8 1.1 7.5 17.3 8 2

WMT UN WAL-MART STORES Hypermarkets & Super Centers 199,345 78.29 0.6 0.6 8.2 8.3 15.7 15.0 3.4 2.5 2.3 19.9 8 2

TAP UN MOLSON COORS-B Brewers 10,730 73.27 4.0 4.0 16.4 12.3 19.6 17.3 1.6 2.1 0.1 8.9 11 -1

BF/B UN BROWN-FORMAN -B Distillers & Vintners 14,588 86.74 6.3 4.4 18.5 16.9 27.9 25.3 9.5 1.5 6.7 32.6 7 -3

STZ UN CONSTELLATION-A Distillers & Vintners 13,082 85.83 4.1 3.8 14.3 12.7 18.7 18.8 3.1 0.0 23.1 15.0 16 1

KO UN COCA-COLA CO/THE Soft Drinks 154,110 44.47 4.4 4.5 15.6 16.1 22.8 21.0 6.2 2.9 -1.0 27.0 8 3

CCE UN COCA-COLA ENTER Soft Drinks 8,059 41.54 1.9 1.7 12.1 9.9 15.1 14.1 5.8 2.6 3.6 33.9 5 -5

DPS UN DR PEPPER SNAPPL Soft Drinks 9,934 64.43 2.3 2.5 9.9 10.6 18.0 17.9 6.0 2.6 0.7 31.2 5 3

MNST UW MONSTER BEVERAGE Soft Drinks 12,528 94.84 4.7 5.6 16.3 18.0 39.3 34.0 13.7 0.0 9.1 37.5 11 4

PEP UN PEPSICO INC Soft Drinks 111,926 94.65 2.4 2.4 12.5 12.2 20.9 19.8 6.3 2.9 0.5 29.3 6 -1

ADM UN ARCHER-DANIELS Agricultural Products 23,646 46.36 0.4 0.4 10.3 7.7 12.0 13.3 1.6 1.9 -1.6 9.5 12 -3

CPB UN CAMPBELL SOUP CO Packaged Foods & Meats 10,477 42.19 2.0 2.1 11.3 10.8 17.1 17.2 8.7 3.3 -0.2 43.1 9 4

CAG UN CONAGRA FOODS Packaged Foods & Meats 11,245 33.50 1.3 1.4 14.6 10.1 15.6 14.3 2.6 3.0 -8.5 17.1 6 2

GIS UN GENERAL MILLS IN Packaged Foods & Meats 23,762 49.81 2.3 2.1 12.1 10.6 18.9 16.3 4.4 3.4 2.9 26.8 7 -1

HSY UN HERSHEY CO/THE Packaged Foods & Meats 16,339 93.22 3.2 2.8 14.7 12.6 24.5 21.9 14.4 2.2 5.2 52.5 8 0



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HRL UN HORMEL FOODS CRP Packaged Foods & Meats 10,777 51.77 1.4 1.4 11.9 11.9 23.8 20.5 4.1 1.7 6.2 17.5 8 3

SJM UN JM SMUCKER CO Packaged Foods & Meats 7,861 97.71 2.2 2.1 10.7 9.6 17.3 16.0 2.1 2.7 3.3 11.8 3 -4

K UN KELLOGG CO Packaged Foods & Meats 17,158 60.30 2.1 1.9 9.1 10.6 10.8 15.1 6.2 3.1 0.3 33.9 8 1

GMCR UW KEURIG GREEN MOU Packaged Foods & Meats 17,988 140.16 4.2 4.1 16.9 17.6 37.9 35.7 7.2 0.8 7.3 14.5 20 5

KRFT UW KRAFT FOODS GROU Packaged Foods & Meats 26,221 55.87 2.4 2.3 9.7 10.9 13.6 17.2 6.6 4.1 0.4 35.9 8 0

MKC UN MCCORMICK-N/V Packaged Foods & Meats 6,904 67.62 2.4 2.3 15.0 13.2 20.4 19.2 4.7 2.3 3.7 22.3 7 1

MJN UN MEAD JOHNSON Packaged Foods & Meats 15,038 94.14 4.5 4.3 18.1 16.1 26.8 23.8 47.5 1.6 5.1 171.0 10 0

MDLZ UW MONDELEZ INTER-A Packaged Foods & Meats 44,610 33.49 2.6 2.1 16.8 12.5 22.6 18.9 2.2 1.8 -0.8 8.7 10 -4

SAP CT SAPUTO INC Packaged Foods & Meats 8,922 32.31 1.5 1.4 13.9 12.6 22.2 19.7 4.7 1.3 11.9 21.9 9 1

TSN UN TYSON FOODS-A Packaged Foods & Meats 11,232 40.42 0.4 0.4 7.0 5.1 14.9 12.6 2.3 0.8 9.2 15.3 17 -1

MO UN ALTRIA GROUP INC Tobacco 73,220 46.72 5.4 5.9 12.2 12.8 19.1 17.5 22.8 4.3 0.6 115.9 8 4

LO UN LORILLARD INC Tobacco 17,204 60.48 4.9 4.8 12.1 10.9 19.8 17.2 NM 4.0 1.6 NM 15 4

PM UN PHILIP MORRIS IN Tobacco 104,027 84.28 5.3 5.5 11.3 12.0 15.6 16.6 NM 4.7 -4.9 NM 7 0

RAI UN REYNOLDS AMERICA Tobacco 25,024 59.61 4.4 4.3 12.3 10.9 10.7 16.8 7.0 4.5 2.0 35.0 13 2

CLX UN CLOROX CO Household Products 9,911 97.09 2.5 2.6 12.0 12.4 22.7 22.0 88.0 3.0 -0.2 NM 6 5

CL UN COLGATE-PALMOLIV Household Products 47,116 65.29 3.9 3.7 17.1 13.5 22.6 21.5 36.3 2.2 0.4 123.6 6 -1

KMB UN KIMBERLY-CLARK Household Products 32,036 108.43 2.2 2.2 11.7 10.5 18.7 17.3 9.5 3.2 1.0 45.2 7 1

PG UN PROCTER & GAMBLE Household Products 181,188 84.69 2.8 3.0 12.9 12.8 20.1 19.2 3.7 3.1 1.1 18.1 7 1

AVP UN AVON PRODUCTS Personal Products 3,860 11.24 0.9 0.8 27.8 7.3 14.1 12.8 5.6 2.2 -9.3 26.4 21 -3

EL UN ESTEE LAUDER Personal Products 21,883 72.65 2.6 2.5 12.7 12.8 23.1 24.3 7.8 1.2 2.1 31.1 9 -3

ABT UN ABBOTT LABS Health Care Equipment 49,355 41.54 2.9 2.7 15.0 11.2 24.4 17.2 3.0 2.1 2.8 13.9 9 -1

BAX UN BAXTER INTL INC Health Care Equipment 30,495 71.25 2.8 2.7 13.1 10.0 15.3 13.7 4.8 2.9 10.3 29.4 7 -3

BDX UN BECTON DICKINSON Health Care Equipment 19,382 127.87 2.9 3.0 13.1 11.3 21.0 19.4 4.9 1.8 4.3 23.3 7 0

BSX UN BOSTON SCIENTIFC Health Care Equipment 12,486 11.92 2.9 2.6 19.5 11.4 29.1 14.4 2.6 0.0 3.5 13.4 14 -4

CFN UN CAREFUSION CORP Health Care Equipment 9,196 57.22 2.7 2.9 12.8 11.6 26.8 21.3 2.7 0.0 6.1 9.2 8 3

COV UN COVIDIEN PLC Health Care Equipment 33,225 92.93 4.3 4.2 17.8 15.0 23.9 21.7 4.6 1.5 3.7 18.0 8 3

BCR UN CR BARD INC Health Care Equipment 8,839 149.89 3.5 3.5 13.7 12.2 23.6 17.1 7.2 0.6 8.2 27.3 10 4

EW UN EDWARDS LIFE Health Care Equipment 8,763 104.59 3.9 4.4 6.7 18.3 39.9 29.8 6.3 0.0 9.3 17.0 14 5

ISRG UW INTUITIVE SURGIC Health Care Equipment 13,353 470.05 6.7 7.3 21.3 20.8 34.5 28.9 6.5 -8.0 16.1 16 4

MDT UN MEDTRONIC INC Health Care Equipment 49,618 64.11 3.5 3.4 10.3 9.3 16.5 15.6 3.5 2.0 4.3 19.4 15 -1

STJ UN ST JUDE MEDICAL Health Care Equipment 13,675 60.79 4.0 3.4 13.4 11.0 16.0 14.8 4.7 1.8 3.4 24.4 14 -4

SYK UN STRYKER CORP Health Care Equipment 24,499 81.90 3.3 3.0 24.8 10.9 19.6 16.2 3.7 1.5 6.8 12.5 10 -1

VAR UN VARIAN MEDICAL S Health Care Equipment 6,492 79.61 2.7 2.4 12.8 10.8 19.3 17.3 5.2 0.0 5.1 23.9 10 -3

ZMH UN ZIMMER HLDGS Health Care Equipment 13,522 101.08 3.8 3.6 12.0 9.1 18.1 16.3 2.9 0.9 2.0 13.4 11 -3

XRAY UW DENTSPLY INTL Health Care Supplies 5,033 44.93 2.7 2.5 14.2 12.0 21.2 17.1 2.7 0.6 1.7 13.0 7 -4

ABC UN AMERISOURCEBERGE Health Care Distributors 13,634 76.90 0.2 0.1 23.4 9.9 65.5 18.0 11.4 1.3 35.1 33.6 7 1

CAH UN CARDINAL HEALTH Health Care Distributors 20,059 75.52 0.3 0.3 10.3 9.9 21.7 17.8 4.3 1.8 1.4 21.6 12 2

MCK UN MCKESSON CORP Health Care Distributors 35,496 193.97 0.3 0.3 15.9 10.4 28.6 17.3 5.4 0.5 26.7 21.8 12 0

PDCO UW PATTERSON COS Health Care Distributors 3,368 40.88 1.1 1.1 11.3 10.9 19.3 17.8 3.1 2.1 6.9 13.4 11 4

CCT CT CATAMARAN CORP Health Care Services 6,722 45.99 0.5 0.4 13.0 10.8 29.7 17.2 1.8 0.0 42.9 1.8 13 -4



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DVA UN DAVITA HEALTHCAR Health Care Services 12,461 73.42 1.9 1.8 10.1 9.7 19.3 19.2 3.6 0.0 7.7 15.4 8 3

ESRX UW EXPRESS SCRIPTS Health Care Services 41,560 70.56 0.6 0.7 11.3 9.4 23.7 13.5 2.8 0.0 -4.9 17.7 13 0

LH UN LABORATORY CP Health Care Services 6,645 99.05 1.9 1.8 9.8 9.1 16.1 14.3 3.4 0.0 2.1 21.4 11 1

DGX UN QUEST DIAGNOSTIC Health Care Services 6,660 58.37 1.7 1.6 7.1 8.3 14.8 13.8 2.2 2.3 3.1 12.7 12 2

THC UN TENET HEALTHCARE Health Care Facilities 4,296 55.53 1.1 1.0 11.5 8.0 49.1 22.0 8.1 0.0 46.0 2.5 15 -1

UHS UN UNIVERSAL HLTH-B Health Care Facilities 8,142 103.86 1.7 1.7 9.3 8.8 19.9 17.0 3.1 0.3 9.6 14.1 14 -1

AET UN AETNA INC Managed Health Care 21,759 77.66 0.6 0.5 7.0 6.8 12.4 11.6 2.0 1.5 22.3 15.6 14 -1

CI UN CIGNA CORP Managed Health Care 18,884 90.59 0.7 0.6 6.7 6.5 12.8 11.8 2.4 0.0 7.3 18.2 14 -1

HUM UN HUMANA INC Managed Health Care 15,405 126.39 0.3 0.3 5.5 4.8 19.2 15.8 2.1 0.9 18.0 12.3 13 4

UNH UN UNITEDHEALTH GRP Managed Health Care 65,556 85.39 0.7 0.7 8.0 7.9 16.1 14.7 2.7 1.4 6.2 16.2 13 1

WLP UN WELLPOINT INC Managed Health Care 25,173 116.95 0.3 0.3 4.1 4.9 14.2 13.0 1.4 1.5 4.7 10.0 13 4

CERN UW CERNER CORP Health Care Technology 15,449 57.33 5.3 5.2 18.4 14.8 40.9 31.9 6.5 0.0 16.7 15.9 11 -2

ALXN UW ALEXION PHARM Biotechnology 26,227 167.80 15.3 13.5 39.9 28.8 78.1 34.3 12.5 0.0 41.7 33.0 15 -2

AMGN UW AMGEN INC Biotechnology 82,461 137.39 5.0 5.6 12.3 10.0 20.5 16.2 4.6 1.9 5.5 26.3 14 3

BIIB UW BIOGEN IDEC INC Biotechnology 58,801 315.14 8.7 7.0 19.9 13.5 35.5 20.6 8.4 0.0 74.9 30.5 19 -2

CELG UW CELGENE CORP Biotechnology 57,440 90.93 9.9 8.8 28.7 17.3 46.7 22.2 16.2 0.0 17.3 44.6 18 2

GILD UW GILEAD SCIENCES Biotechnology 123,898 103.73 7.3 5.7 12.1 8.5 23.0 11.0 10.7 0.0 117.3 79.7 20 2

REGN UW REGENERON PHARM Biotechnology 27,431 343.51 11.1 10.5 30.8 29.7 95.8 29.8 15.9 0.0 33.5 47.0 18 3

VRTX UW VERTEX PHARM Biotechnology 19,702 104.73 25.7 31.8 NM NM NM NM 23.0 0.0 -54.5 NM 21 4

ABBV UN ABBVIE INC Pharmaceuticals 69,210 54.97 4.9 4.3 14.3 12.4 18.7 16.1 18.2 3.4 4.4 84.2 13 -4

ACT UN ACTAVIS PLC Pharmaceuticals 49,407 236.62 4.6 4.7 22.5 13.1 57.4 16.5 4.6 0.0 44.7 11.4 17 1

AGN UN ALLERGAN INC Pharmaceuticals 44,054 187.61 7.2 7.3 22.4 16.9 39.4 25.9 8.9 0.1 13.3 24.3 14 2

BMY UN BRISTOL-MYER SQB Pharmaceuticals 65,866 50.28 4.7 5.2 21.0 20.3 28.2 28.4 5.9 2.9 -4.7 18.4 12 0

LLY UN ELI LILLY & CO Pharmaceuticals 56,633 64.15 3.3 3.5 12.5 14.6 20.3 22.2 4.3 3.1 -14.3 19.0 11 4

HSP UN HOSPIRA INC Pharmaceuticals 6,689 50.17 2.2 2.2 17.8 11.8 27.3 22.2 2.8 0.0 9.5 12.7 10 -1

JNJ UN JOHNSON&JOHNSON Pharmaceuticals 225,583 101.23 3.8 3.6 11.5 11.1 17.2 16.9 4.0 2.8 5.1 20.5 10 0

MNK UN MALLINCKRODT Pharmaceuticals 7,903 87.97 2.8 3.3 19.7 11.4 33.2 14.2 4.2 0.0 13.2 5.4 16 0

MRK UN MERCK & CO Pharmaceuticals 133,701 58.66 4.1 4.4 11.9 11.3 16.4 17.1 3.8 3.1 -3.4 20.7 13 2

MYL UW MYLAN INC Pharmaceuticals 14,585 49.35 3.6 3.0 15.9 11.2 24.6 12.6 6.0 0.0 12.4 30.8 18 -2

PRGO UN PERRIGO CO PLC Pharmaceuticals 15,788 149.19 5.4 5.0 23.7 16.4 38.7 20.2 2.5 0.3 10.4 10.0 11 -2

PFE UN PFIZER INC Pharmaceuticals 145,946 29.13 3.8 3.9 9.0 9.3 15.7 13.3 2.6 3.7 -3.8 19.7 11 -3

VRX CT VALEANT PHARMACE Pharmaceuticals 31,170 132.64 7.8 6.5 18.4 13.4 358.4 13.1 8.2 42.0 27.4 17 -5

ZTS UN ZOETIS INC Pharmaceuticals 14,526 36.68 4.2 4.4 18.1 15.4 26.8 22.7 15.7 0.8 3.5 58.5 10 1

A UN AGILENT TECH INC Life Sciences Tools & Services 14,135 53.64 2.7 2.6 13.9 11.7 22.4 16.2 3.4 1.0 3.2 3.4 12 -3

PKI UN PERKINELMER INC Life Sciences Tools & Services 3,674 41.18 2.7 2.3 15.3 11.7 21.8 15.8 2.4 0.7 4.2 13.0 11 -4

QIA GY QIAGEN NV Life Sciences Tools & Services 4,001 17.19 4.7 4.0 NM 13.4 23.8 19.1 2.0 0.0 4.3 9.2 14 2

TMO UN THERMO FISHER Life Sciences Tools & Services 36,752 116.47 4.2 3.5 18.5 14.2 32.1 15.6 2.4 0.5 29.3 13.4 11 -4

WAT UN WATERS CORP Life Sciences Tools & Services 6,458 97.34 4.3 3.8 14.1 11.8 19.8 17.3 4.8 0.0 4.3 25.0 12 -1

BAC UN BANK OF AMERICA Diversified Banks 136,932 16.48 NM NM NM NM 10.7 11.9 0.8 1.4 -4.0 6.4 18 4

BMO CT BANK OF MONTREAL Diversified Banks 37,305 81.63 NM NM NM NM 12.6 11.8 1.8 3.9 4.5 14.2 10 2



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BNS CT BANK OF NOVA SCO Diversified Banks 58,301 67.99 NM NM NM NM 12.6 11.8 1.9 3.9 9.7 15.2 9 -1

CM CT CAN IMPL BK COMM Diversified Banks 27,863 99.65 NM NM NM NM 13.3 10.8 2.4 4.1 5.0 20.3 9 0

C UN CITIGROUP INC Diversified Banks 120,040 50.11 8.1 9.3 21.1 29.7 9.7 10.0 0.8 0.2 1.3 6.7 14 -3

CMA UN COMERICA INC Diversified Banks 6,662 46.63 NM NM NM NM 15.0 14.8 1.2 1.8 1.4 8.1 14 3

JPM UN JPMORGAN CHASE Diversified Banks 173,918 58.52 NM NM NM NM 9.5 10.1 1.1 2.8 -2.2 9.9 11 -2

NA CT NATL BK CANADA Diversified Banks 11,861 51.34 NM NM NM NM 11.5 11.0 2.1 3.9 8.4 18.1 9 4

RY CT ROYAL BANK OF CA Diversified Banks 80,876 79.64 NM NM NM NM 13.4 12.3 2.5 3.8 6.8 18.6 10 1

TD CT TORONTO-DOM BANK Diversified Banks 69,169 53.24 NM NM NM NM 12.6 11.8 2.0 3.7 0.0 14.5 11 -3

USB UN US BANCORP Diversified Banks 57,051 40.07 NM NM NM NM 13.2 12.7 2.1 2.5 1.6 14.6 11 0

WFC UN WELLS FARGO & CO Diversified Banks 208,882 50.64 NM NM NM NM 12.5 12.3 1.8 2.8 -0.1 13.2 12 1

BBT UN BB&T CORP Regional Banks 21,088 37.09 NM NM NM NM 12.1 12.4 1.4 2.6 -5.3 9.4 10 -1

FITB UW FIFTH THIRD BANC Regional Banks 12,807 19.43 NM NM NM NM 9.9 11.3 1.3 2.7 -10.3 9.9 15 -2

HBAN UW HUNTINGTON BANC Regional Banks 6,097 9.45 NM NM NM NM 12.2 12.4 1.4 2.4 3.8 10.4 12 -3

KEY UN KEYCORP Regional Banks 8,900 12.88 NM NM NM NM 12.2 12.1 1.2 2.3 0.2 8.9 20 2

MTB UN M&T BANK CORP Regional Banks 12,508 119.96 NM NM NM NM 16.1 14.6 1.6 2.4 -1.2 9.4 10 1

PNC UN PNC FINANCIAL SE Regional Banks 34,909 81.73 NM NM NM NM 11.6 11.6 1.2 2.4 -5.8 8.7 12 -2

RF UN REGIONS FINANCIA Regional Banks 10,446 9.59 NM NM NM NM 11.7 11.2 0.9 2.2 -2.7 7.1 20 -3

STI UN SUNTRUST BANKS Regional Banks 15,090 35.97 NM NM NM NM 11.8 11.4 1.0 2.3 1.3 7.9 15 -4

ZION UW ZIONS BANCORP Regional Banks 4,379 27.33 NM NM NM NM 13.4 16.2 1.0 0.6 -1.0 5.6 15 -2

HCBK UW HUDSON CITY BNCP Thrifts & Mortgage Finance 3,948 9.45 NM NM NM NM 26.9 51.4 1.1 1.7 -21.5 2.4 11 5

PBCT UW PEOPLE'S UNITED Thrifts & Mortgage Finance 3,460 14.11 NM NM NM NM 16.9 16.4 1.0 4.8 4.1 5.4 10 3

CME UW CME GROUP INC Specialized Finance 21,666 81.61 8.5 8.9 13.5 13.8 28.0 23.4 1.4 5.1 3.0 5.1 15 5

ICE UN INTERCONTINENTAL Specialized Finance 18,250 203.60 7.5 8.1 17.4 13.5 27.6 21.4 1.9 1.3 90.4 6.6 13 3

MHFI UN MCGRAW HILL FINA Specialized Finance 16,948 79.18 4.5 4.0 12.9 10.7 21.9 19.3 16.1 1.6 6.7 115.0 13 -1

MCO UN MOODY'S CORP Specialized Finance 15,361 92.05 6.1 5.9 13.2 12.8 24.0 21.6 47.3 1.3 10.9 NM 15 4

NDAQ UW NASDAQ OMX GROUP Specialized Finance 5,514 41.36 2.5 4.0 8.7 8.6 15.6 13.6 1.2 1.5 25.1 7.5 20 3

AXP UN AMERICAN EXPRESS Consumer Finance 70,281 84.99 3.9 3.8 12.2 14.1 17.0 14.9 4.8 1.2 2.6 28.6 12 -3

COF UN CAPITAL ONE FINA Consumer Finance 35,641 80.36 3.5 3.6 8.0 13.1 10.7 10.5 1.1 1.6 -1.6 10.2 12 -3

DFS UN DISCOVER FINANCI Consumer Finance 22,927 62.82 4.5 4.8 8.0 10.6 12.3 11.5 2.9 1.6 5.6 21.9 12 -2

AMG UN AFFIL MANAGERS Asset Management & Custody Ban 8,356 190.38 5.9 4.7 16.5 13.1 25.5 15.0 4.5 0.0 18.7 11.3 15 -5

AMP UN AMERIPRISE FINAN Asset Management & Custody Ban 16,944 114.55 2.6 2.3 8.2 10.7 15.7 13.1 2.8 2.1 10.5 21.8 12 0

BK UN BANK NY MELLON Asset Management & Custody Ban 32,984 36.89 NM NM NM NM 17.1 14.7 1.2 1.9 -0.7 7.5 11 0

BLK UN BLACKROCK INC Asset Management & Custody Ban 41,029 308.87 5.3 4.7 12.2 11.1 17.9 15.7 2.1 2.7 10.4 12.1 14 -3

BEN UN FRANKLIN RES INC Asset Management & Custody Ban 25,074 50.75 3.8 3.1 9.1 7.5 14.5 13.1 3.0 1.0 6.5 19.0 18 0

IVZ UN INVESCO LTD Asset Management & Custody Ban 12,619 37.00 3.6 3.2 13.9 10.3 20.3 14.1 2.0 2.8 6.3 12.3 16 -3

LM UN LEGG MASON INC Asset Management & Custody Ban 4,526 49.46 2.1 1.9 10.9 9.3 20.2 17.2 1.3 1.4 4.9 6.1 16 5

NTRS UW NORTHERN TRUST Asset Management & Custody Ban 12,016 64.55 NM NM NM NM 20.9 18.0 2.0 2.1 5.6 10.3 10 2

STT UN STATE ST CORP Asset Management & Custody Ban 22,769 68.04 NM NM NM NM 13.6 13.8 1.5 1.8 4.5 10.2 12 -2

TROW UW T ROWE PRICE GRP Asset Management & Custody Ban 15,661 75.35 5.4 4.4 10.8 8.4 17.6 16.1 4.1 2.4 14.5 23.0 11 -4

SCHW UN SCHWAB (CHARLES) Investment Banking & Brokerage 27,012 26.23 5.6 5.1 14.2 12.6 28.5 25.5 3.6 0.9 10.3 11.7 15 0



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ETFC UW E*TRADE FINANCIA Investment Banking & Brokerage 4,460 19.55 5.6 6.1 9.7 15.8 19.6 19.8 1.2 0.0 2.3 5.2 14 -5

GS UN GOLDMAN SACHS GP Investment Banking & Brokerage 64,881 180.38 11.7 13.9 24.4 38.4 10.2 10.8 1.2 1.3 1.4 8.0 14 5

MS UN MORGAN STANLEY Investment Banking & Brokerage 51,101 32.94 11.9 12.6 40.5 52.7 14.6 12.3 1.1 1.3 3.1 6.4 16 4

AON UN AON PLC Insurance Brokers 18,463 80.45 2.7 2.3 13.1 10.9 19.3 14.5 3.3 1.2 2.4 15.3 11 -1

MMC UN MARSH & MCLENNAN Insurance Brokers 21,414 49.79 2.4 2.2 11.9 10.0 18.7 16.9 3.7 2.2 5.5 15.8 12 -1

AFL UN AFLAC INC Life & Health Insurance 20,232 56.52 1.3 1.2 NM 5.5 9.1 9.3 1.6 2.8 -4.6 17.3 11 -4

LNC UN LINCOLN NATL CRP Life & Health Insurance 10,120 49.06 1.4 1.2 NM 4.0 8.8 8.4 0.9 1.5 7.3 12.2 20 0

MFC CT MANULIFE FIN Life & Health Insurance 26,931 20.57 1.4 1.4 NM NM 10.2 11.9 1.4 3.2 142.1 9.0 12 -5

MET UN METLIFE INC Life & Health Insurance 44,195 49.73 1.2 1.1 NM 6.3 9.2 8.6 0.9 2.8 2.0 11.2 20 -4

POW CT POWER CORP CDA Life & Health Insurance 9,434 29.03 0.9 NM NM NM 13.4 10.3 1.3 4.0 NM 10.7 9 -5

PFG UN PRINCIPAL FINL Life & Health Insurance 11,458 49.34 1.7 1.6 NM 5.8 13.6 11.5 1.6 2.8 5.8 13.4 13 0

PRU UN PRUDENTL FINL Life & Health Insurance 29,859 82.15 1.4 1.3 NM 7.5 11.8 8.3 1.0 2.8 0.5 16.6 18 -4

SLF CT SUN LIFE FINANCI Life & Health Insurance 16,645 38.63 1.2 1.1 NM NM 11.8 12.4 1.6 3.8 74.7 11.8 10 -2

TMK UN TORCHMARK CORP Life & Health Insurance 5,314 51.50 3.3 2.0 NM 9.8 14.4 12.0 2.6 1.0 NM 14.8 9 2

UNM UN UNUM GROUP Life & Health Insurance 6,675 33.16 1.1 1.1 NM 8.7 9.6 8.9 1.0 2.1 1.2 10.4 14 -1

AIG UN AMERICAN INTERNA Multi-line Insurance 56,327 49.96 1.8 1.8 NM NM 9.2 10.6 0.7 1.1 NM 6.0 21 -1

AIZ UN ASSURANT INC Multi-line Insurance 3,464 61.41 0.5 0.4 NM NM 9.2 9.4 0.9 1.8 10.3 8.9 17 2

GNW UN GENWORTH FINANCI Multi-line Insurance 4,940 12.59 1.4 1.1 NM NM 9.2 9.3 0.4 0.1 1.0 5.4 18 -5

HIG UN HARTFORD FINL SV Multi-line Insurance 12,745 36.02 1.0 1.1 NM NM 10.3 10.2 0.9 2.0 -28.5 7.5 18 1

L UN LOEWS CORP Multi-line Insurance 12,211 40.55 2.2 2.3 NM NM 12.2 13.0 0.8 0.7 -8.2 5.4 13 -5

ACE UN ACE LTD Property & Casualty Insurance 27,825 104.90 2.1 2.0 NM NM 11.0 11.4 1.3 2.5 NM 10.2 11 1

ALL UN ALLSTATE CORP Property & Casualty Insurance 20,944 61.16 0.9 0.9 NM NM 11.0 10.5 1.4 1.9 1.0 11.3 12 4

CB UN CHUBB CORP Property & Casualty Insurance 17,749 93.41 1.8 1.9 NM NM 12.7 12.0 1.5 2.2 NM 11.3 10 4

CINF UW CINCINNATI FIN Property & Casualty Insurance 6,045 46.75 1.8 1.6 NM NM 19.9 16.2 1.3 3.8 6.8 7.1 8 1

PGR UN PROGRESSIVE CORP Property & Casualty Insurance 11,684 25.00 0.9 0.9 NM NM 14.5 14.8 2.1 3.3 2.2 14.2 10 4

TRV UN TRAVELERS COS IN Property & Casualty Insurance 25,193 94.04 1.4 1.4 NM 8.3 9.5 10.1 1.4 2.4 1.0 11.8 14 4

VNO UN VORNADO RLTY TST Diversified REITs 15,200 102.51 12.2 11.8 23.5 20.4 6123.3 50.2 4.0 2.9 -0.7 5.9 10 2

PLD UN PROLOGIS INC Industrial REITs 14,728 37.28 16.8 15.1 30.1 23.3 58.0 156.6 1.5 3.6 2.5 1.8 9 -5

HST UN HOST HOTELS & RE Hotel & Resort REITs 12,422 20.78 3.9 3.6 16.1 13.4 39.7 25.3 2.3 3.8 3.8 7.2 13 -2

BXP UN BOSTON PROPERTIE Office REITs 14,436 119.34 12.6 12.5 21.2 20.5 70.3 61.8 3.6 3.1 9.1 5.4 9 0

HCP UN HCP INC Health Care REITs 15,194 41.91 13.0 13.3 15.7 15.4 21.3 20.6 1.9 5.3 3.5 10.5 11 5

HCN UN HEALTH CARE REIT Health Care REITs 17,132 66.48 9.6 9.5 18.6 17.5 131.6 50.8 2.0 4.9 15.1 2.9 7 3

VTR UN VENTAS INC Health Care REITs 15,256 65.60 9.7 9.2 17.1 15.7 37.5 36.3 2.4 4.6 6.5 6.7 14 4

AIV UN APARTMENT INVEST Residential REITs 3,783 32.75 9.4 9.8 17.0 16.9 35.7 126.0 5.4 3.3 2.1 8.4 11 3

AVB UN AVALONBAY COMMUN Residential REITs 15,752 146.25 15.3 15.0 24.4 23.3 54.1 38.4 2.4 3.3 14.5 6.1 9 1

EQR UN EQUITY RESIDENTI Residential REITs 18,610 65.11 13.5 13.3 21.5 20.8 105.3 51.3 2.5 3.2 9.6 2.6 8 1

ESS UN ESSEX PROPERTY Residential REITs 9,136 182.13 22.9 15.7 36.6 22.7 50.9 102.7 2.1 3.0 53.3 3.3 10 0

GGP UN GENERAL GROWTH P Retail REITs 16,537 23.68 14.6 11.8 21.2 17.7 112.8 41.9 3.1 2.7 -2.1 6.9 9 -1

KIM UN KIMCO REALTY Retail REITs 7,366 22.68 15.1 14.7 24.9 18.2 26.6 42.8 2.8 4.1 5.3 6.3 11 3

MAC UN MACERICH CO Retail REITs 7,343 66.04 13.5 12.8 23.2 20.3 140.5 69.7 3.1 3.9 -0.7 4.0 7 0



T12M

EV/Sales

F12M

EV/EBITDA

T12M

EV/EBITDA

F12M

P/E

T12M

P/E

F12MP/B D/P

Sales

GrowthROE FCST UI

SPG UN SIMON PROPERTY Retail REITs 41,358 168.43 14.1 14.8 19.2 20.2 36.1 38.3 11.1 3.2 -2.0 19.9 12 1

AMT UN AMERICAN TOWER C Specialized REITs 29,645 94.71 13.1 11.8 21.6 18.2 52.7 37.3 9.2 1.6 22.3 21.1 11 -2

IRM UN IRON MOUNTAIN Specialized REITs 4,864 31.88 3.6 3.3 11.1 11.0 26.2 22.6 5.2 9.9 3.3 23.9 15 -4

PCL UN PLUM CREEK TIMBR Specialized REITs 5,543 39.61 8.2 6.8 26.2 20.6 31.7 30.5 4.3 4.4 8.5 11.5 9 -4

PSA UN PUBLIC STORAGE Specialized REITs 22,986 168.51 16.1 15.2 23.6 20.5 33.6 31.8 6.1 3.5 8.0 17.7 12 3

WY UN WEYERHAEUSER CO Specialized REITs 13,358 32.00 2.9 2.7 13.3 12.2 20.2 21.8 2.9 3.0 -8.2 11.1 11 -3

BAM/A CT BROOKFIELD ASS-A Diversified Real Estate Activi 21,829 49.34 5.2 6.2 15.5 16.1 10.2 18.7 1.6 1.4 -19.3 8.4 10 -1

CBG UN CBRE GROUP INC-A Real Estate Services 7,461 28.43 1.7 1.3 15.0 10.1 21.5 16.5 4.8 20.9 22.4 17 -5

AKAM UW AKAMAI TECHNOLOG Internet Software & Services 7,961 56.55 5.7 4.4 15.2 10.3 33.0 22.8 3.9 0.0 23.6 12.3 18 -3

EBAY UW EBAY INC Internet Software & Services 50,861 51.86 3.5 3.2 12.1 10.1 NM 16.5 3.7 0.0 13.2 9.8 16 -2

FB UW FACEBOOK INC-A Internet Software & Services 149,067 72.91 15.9 12.3 29.5 19.2 79.3 40.6 11.1 0.0 55.6 21.6 27 2

GOOGL UW GOOGLE INC-A Internet Software & Services 293,627 555.19 5.3 5.4 16.7 10.9 28.5 19.4 4.2 0.0 11.4 4.1 16 -3

VRSN UW VERISIGN INC Internet Software & Services 5,321 53.87 6.0 6.4 9.8 10.0 14.1 18.5 NM 0.0 4.7 NM 18 5

YHOO UW YAHOO! INC Internet Software & Services 31,121 39.60 6.9 8.4 33.6 30.6 34.2 29.9 3.4 0.0 -1.8 9.9 24 5

ACN UN ACCENTURE PLC-A IT Consulting & Other Services 40,501 76.84 1.6 1.5 10.2 9.1 17.5 15.9 9.4 2.7 4.5 53.6 8 -3

GIB/A CT CGI GROUP INC-A IT Consulting & Other Services 8,378 38.03 1.4 1.3 8.1 7.8 14.6 12.2 2.6 0.0 5.0 19.1 18 -2

CTSH UW COGNIZANT TECH-A IT Consulting & Other Services 20,804 43.31 2.7 2.1 12.7 10.1 13.0 16.5 4.1 0.0 14.4 19.3 21 0

IBM UN IBM IT Consulting & Other Services 146,557 185.93 2.2 2.3 9.2 7.8 11.1 9.5 11.6 2.4 -2.0 92.0 11 2

TDC UN TERADATA CORP IT Consulting & Other Services 4,900 40.01 2.0 1.9 8.0 6.7 16.3 13.5 3.6 0.0 3.1 21.5 18 -2

ADS UN ALLIANCE DATA Data Processing & Outsourced S 10,397 236.97 3.8 2.8 13.1 9.5 29.4 17.5 14.6 0.0 22.9 49.4 16 -5

ADP UW AUTOMATIC DATA Data Processing & Outsourced S 27,610 72.66 3.0 2.9 13.7 13.9 23.2 23.8 5.7 2.6 -6.2 19.0 9 3

CSC UN COMPUTER SCIENCE Data Processing & Outsourced S 6,548 57.13 0.8 0.7 4.7 3.9 12.8 12.6 2.2 1.6 0.2 17.4 16 1

FIS UN FIDELITY NATIONA Data Processing & Outsourced S 12,243 54.29 3.2 3.0 11.3 9.9 22.7 16.6 2.6 1.7 5.7 11.8 5 -4

FISV UW FISERV INC Data Processing & Outsourced S 12,390 62.92 3.7 3.7 11.9 11.2 23.6 17.9 4.9 0.0 5.1 22.9 10 1

MA UN MASTERCARD INC-A Data Processing & Outsourced S 64,502 70.50 9.1 7.8 15.5 13.4 25.0 21.8 14.1 0.6 12.7 56.4 15 -4

PAYX UW PAYCHEX INC Data Processing & Outsourced S 12,445 43.41 5.7 5.5 13.2 12.8 25.0 23.0 9.2 3.5 8.5 36.7 8 4

TSS UN TOTAL SYS SERVS Data Processing & Outsourced S 4,281 29.18 3.0 2.6 11.1 8.8 22.4 13.9 3.6 1.4 14.5 17.2 12 -3

V UN VISA INC-CLASS A Data Processing & Outsourced S 100,925 204.98 12.0 8.9 17.9 13.0 28.2 20.9 6.0 0.8 7.6 18.9 12 -4

WU UN WESTERN UNION Data Processing & Outsourced S 6,559 15.67 2.0 1.8 8.4 7.5 10.7 10.3 8.4 3.3 1.6 72.6 17 1

XRX UN XEROX CORP Data Processing & Outsourced S 11,426 12.54 1.0 1.0 7.4 6.5 12.6 11.0 1.3 1.8 -1.4 10.7 17 -1

ADBE UW ADOBE SYS INC Application Software 24,941 63.29 8.2 6.4 47.8 19.3 131.8 37.3 4.9 0.0 1.9 2.0 13 -4

ADSK UW AUTODESK INC Application Software 9,645 53.72 4.5 4.3 30.7 21.9 72.5 43.5 5.7 0.0 8.3 12.3 17 -2

CTXS UW CITRIX SYSTEMS Application Software 8,533 65.66 3.5 3.4 15.8 10.8 36.0 19.0 5.5 0.0 9.1 25.0 17 3

INTU UW INTUIT INC Application Software 18,088 80.17 4.9 5.0 14.7 16.6 27.8 32.4 7.9 1.1 -3.8 NM 15 0

CRM UN SALESFORCE.COM Application Software 26,788 54.77 7.0 5.7 87.9 29.9 NM 91.7 10.9 0.0 31.8 2.5 17 -4

CA UW CA INC Systems Software 9,108 25.90 2.5 2.3 6.9 5.9 14.0 10.6 2.2 3.9 -3.2 18.0 15 -1

MSFT UW MICROSOFT CORP Systems Software 286,663 44.03 3.2 3.0 8.5 8.7 16.7 15.8 4.4 2.8 14.3 15.0 16 1

ORCL UN ORACLE CORP Systems Software 133,401 38.10 4.3 3.8 9.2 7.0 15.5 12.4 3.7 1.3 3.5 17.7 14 -2

RHT UN RED HAT INC Systems Software 8,237 55.50 6.1 4.8 32.5 17.3 57.3 33.3 7.2 0.0 16.1 20.0 14 -3

SYMC UW SYMANTEC CORP Systems Software 11,967 21.94 2.1 2.0 7.2 5.6 14.1 11.4 2.8 2.9 0.3 20.8 23 4



T12M

EV/Sales

F12M

EV/EBITDA

T12M

EV/EBITDA

F12M

P/E

T12M

P/E

F12MP/B D/P

Sales

GrowthROE FCST UI

EA UW ELECTRONIC ARTS Home Entertainment Software 8,529 34.53 2.5 2.2 24.4 9.3 56.2 18.8 4.3 0.0 3.5 10.8 18 -3

CSCO UW CISCO SYSTEMS Communications Equipment 94,425 23.34 2.2 1.8 8.3 5.4 14.2 10.8 2.2 3.3 4.4 15.9 14 -3

FFIV UW F5 NETWORKS Communications Equipment 6,270 107.11 4.6 3.9 14.9 10.2 28.0 17.7 6.2 0.0 16.6 30.4 21 1

HRS UN HARRIS CORP Communications Equipment 5,110 61.90 1.8 1.5 8.4 7.0 12.4 12.7 3.9 2.7 -2.8 26.4 11 1

JNPR UN JUNIPER NETWORKS Communications Equipment 6,788 19.04 2.1 1.6 16.2 6.2 19.9 12.3 1.5 2.3 1.5 8.4 15 -5

MSI UN MOTOROLA SOLUTIO Communications Equipment 11,705 59.05 2.1 2.4 13.1 11.5 16.9 21.8 3.9 3.4 -31.4 8.9 14 2

QCOM UW QUALCOMM INC Communications Equipment 94,316 71.22 3.8 3.0 12.1 8.0 17.1 13.0 3.3 2.5 7.9 22.9 11 -3

AAPL UW APPLE INC Technology Hardware, Storage & 476,579 100.73 2.3 2.4 7.1 7.2 16.3 14.3 5.4 1.9 5.6 26.7 17 3

BB CT BLACKBERRY LTD Technology Hardware, Storage & 3,801 10.23 1.0 0.9 NM 9.4 NM NM 1.4 0.0 -43.3 NM 31 5

EMC UN EMC CORP/MA Technology Hardware, Storage & 44,850 27.98 2.2 2.2 9.3 6.8 21.1 13.6 2.8 1.7 5.8 13.8 13 -2

HPQ UN HEWLETT-PACKARD Technology Hardware, Storage & 49,400 33.50 0.6 0.6 5.6 4.9 10.6 8.6 2.3 2.0 -0.5 27.0 21 0

NTAP UW NETAPP INC Technology Hardware, Storage & 9,815 38.91 1.3 1.3 7.4 5.5 19.4 12.7 3.5 1.8 0.6 21.7 15 3

SNDK UW SANDISK CORP Technology Hardware, Storage & 15,249 86.07 2.9 2.1 8.3 6.2 16.8 14.9 2.9 1.4 9.6 17.1 21 -4

STX UW SEAGATE TECHNOLO Technology Hardware, Storage & 14,153 54.94 1.4 1.3 7.4 6.6 11.8 10.3 6.8 3.4 4.2 59.7 23 2

WDC UW WESTERN DIGITAL Technology Hardware, Storage & 16,697 90.46 1.3 1.2 6.3 5.4 12.9 10.8 2.6 1.5 1.2 22.1 18 -3

FLIR UW FLIR SYSTEMS Electronic Equipment & Instrum 3,206 28.63 3.2 2.5 17.6 10.4 23.0 18.2 2.7 1.6 1.0 11.2 16 -5

APH UN AMPHENOL CORP-A Electronic Components 11,352 45.70 3.2 2.8 14.6 12.3 22.1 19.5 5.2 1.1 14.2 23.5 7 -4

GLW UN CORNING INC Electronic Components 18,535 18.17 3.2 2.3 11.4 6.2 13.6 12.0 1.3 2.2 29.3 9.4 15 -3

JBL UN JABIL CIRCUIT Electronic Manufacturing Servi 2,874 18.20 0.3 0.3 6.4 4.1 39.2 10.1 1.7 1.8 9.8 10.3 17 -2

AMAT UW APPLIED MATERIAL Semiconductor Equipment 19,075 19.83 2.8 2.4 14.7 10.0 20.0 15.8 3.3 2.0 21.0 15.4 16 -4

KLAC UW KLA-TENCOR CORP Semiconductor Equipment 8,867 68.07 3.3 2.9 11.2 8.8 19.2 18.2 3.3 2.9 5.4 12.8 15 2

LRCX UW LAM RESEARCH Semiconductor Equipment 8,460 65.91 2.0 1.8 9.6 7.3 19.0 14.2 2.3 1.1 9.0 15.0 19 -1

ALTR UW ALTERA CORP Semiconductors 7,620 31.21 5.0 4.2 15.9 13.2 21.4 19.7 3.1 2.3 11.5 14.0 17 -4

ADI UW ANALOG DEVICES Semiconductors 10,787 43.45 4.9 3.6 14.7 9.8 19.7 15.8 2.9 3.5 8.4 17.0 14 -5

BRCM UW BROADCOM CORP-A Semiconductors 16,834 36.05 2.2 2.1 16.2 7.8 26.9 11.3 2.7 1.4 0.1 17.5 14 -4

FSLR UW FIRST SOLAR INC Semiconductors 4,253 53.72 1.7 1.0 9.2 7.1 12.4 16.4 1.2 0.0 14.0 5.6 25 -3

INTC UW INTEL CORP Semiconductors 124,831 31.91 2.7 2.6 6.5 5.9 15.9 13.2 2.9 3.0 5.3 21.5 17 3

LLTC UW LINEAR TECH CORP Semiconductors 7,575 39.28 7.3 5.6 14.7 11.2 20.7 16.3 7.6 2.8 9.9 46.5 16 -2

MCHP UW MICROCHIP TECH Semiconductors 6,327 39.96 4.7 3.5 13.9 8.6 22.4 15.0 4.0 3.5 11.3 27.2 13 -4

MU UW MICRON TECH Semiconductors 23,512 27.79 2.3 1.7 6.8 4.4 10.1 7.5 2.9 0.0 12.4 26.2 34 -4

NVDA UW NVIDIA CORP Semiconductors 7,213 16.85 1.5 1.3 7.8 6.3 18.0 13.1 2.3 2.2 11.4 15.0 19 0

TXN UW TEXAS INSTRUMENT Semiconductors 36,052 42.74 4.2 3.6 12.1 9.4 19.7 15.4 4.7 2.9 6.8 28.9 12 -3

XLNX UW XILINX INC Semiconductors 7,813 36.83 4.8 3.5 13.9 10.2 16.2 15.3 3.8 3.1 4.7 23.0 15 -5

T UN AT&T INC Integrated Telecommunication S 140,345 34.25 2.0 1.8 5.3 5.9 10.8 13.1 2.1 5.4 3.8 14.2 11 2

BCE CT BCE INC Integrated Telecommunication S 27,767 47.67 2.9 3.0 7.4 7.4 15.4 15.1 3.4 5.3 2.5 16.2 5 0

CTL UN CENTURYLINK INC Integrated Telecommunication S 17,628 39.13 2.3 2.4 7.2 6.1 40.6 15.3 1.5 5.5 0.0 4.9 11 3

FTR UW FRONTIER COMMUNI Integrated Telecommunication S 4,672 5.90 2.8 2.7 6.4 6.1 30.2 33.0 1.6 6.8 -2.9 4.9 16 5

T CT TELUS CORP Integrated Telecommunication S 16,625 38.44 2.9 2.7 8.2 7.5 16.8 15.5 3.0 4.1 4.7 17.8 9 -1

VZ UN VERIZON COMMUNIC Integrated Telecommunication S 160,294 48.94 2.5 2.4 6.1 6.6 15.4 13.0 14.7 4.5 4.5 63.9 8 -2

WIN UW WINDSTREAM HOLDI Integrated Telecommunication S 4,817 10.12 2.5 2.5 6.5 6.8 28.1 41.6 11.2 9.9 -1.8 17.1 13 0



T12M

EV/Sales

F12M

EV/EBITDA

T12M

EV/EBITDA

F12M

P/E

T12M

P/E

F12MP/B D/P

Sales

GrowthROE FCST UI

RCI/B CT ROGERS COMMUNI-B Wireless Telecommunication Ser 15,470 42.15 2.9 2.8 7.4 7.2 13.9 13.7 4.4 4.4 1.0 31.6 7 0

AEP UN AMERICAN ELECTRI Electric Utilities 20,808 53.89 2.8 2.7 8.7 9.4 14.8 16.1 1.7 3.8 9.3 10.2 5 0

DUK UN DUKE ENERGY CORP Electric Utilities 42,936 76.83 3.7 3.7 12.3 11.4 16.1 16.9 1.4 4.2 5.1 7.8 6 3

EIX UN EDISON INTL Electric Utilities 14,859 57.72 2.6 2.5 8.1 7.3 13.7 15.6 2.0 2.7 1.7 11.6 4 -2

ETR UN ENTERGY CORP Electric Utilities 11,045 77.83 2.3 2.2 6.7 8.1 12.5 14.6 1.5 4.3 9.9 10.7 6 2

EXC UN EXELON CORP Electric Utilities 23,646 34.83 2.1 2.4 8.2 8.1 16.3 13.9 1.5 3.6 -3.0 8.4 10 4

FE UN FIRSTENERGY CORP Electric Utilities 11,575 34.85 2.5 2.6 11.1 8.1 15.0 12.8 1.5 4.1 1.4 8.1 12 5

FTS CT FORTIS INC Electric Utilities 5,263 34.69 3.5 3.5 11.0 8.5 22.1 19.9 1.6 3.9 17.6 6.7 3 -1

NEE UN NEXTERA ENERGY Electric Utilities 32,282 93.63 4.7 4.2 12.0 10.8 23.4 17.7 2.4 3.2 6.6 12.3 7 -2

NU UN NORTHEAST UTILS Electric Utilities 11,614 46.46 3.2 3.4 10.7 16.4 18.2 16.6 1.6 3.5 3.1 8.5 3 -1

POM UN PEPCO HOLDINGS Electric Utilities 5,323 26.78 2.6 2.4 10.2 9.7 21.4 22.5 1.7 4.0 11.8 7.0 5 2

PNW UN PINNACLE WEST Electric Utilities 4,934 56.56 2.9 2.8 7.6 7.6 15.8 15.0 1.6 4.1 1.6 9.4 3 0

PPL UN PPL CORP Electric Utilities 17,733 33.78 4.4 3.4 10.0 10.4 13.5 16.1 1.8 4.4 -3.9 11.4 7 -1

SO UN SOUTHERN CO Electric Utilities 31,925 45.11 3.6 3.6 9.4 10.3 15.6 16.5 2.3 4.7 6.2 12.2 4 1

XEL UN XCEL ENERGY INC Electric Utilities 12,610 31.58 2.5 2.5 9.6 9.2 16.3 15.4 1.7 3.8 5.9 10.1 3 1

GAS UN AGL RESOURCES Gas Utilities 4,892 51.82 2.0 1.9 7.7 7.3 12.0 15.5 1.7 3.8 15.9 11.6 4 0

AEE UN AMEREN CORP Multi-Utilities 7,586 39.57 2.8 2.7 8.1 8.1 16.0 17.3 1.6 4.3 4.5 8.8 5 1

CNP UN CENTERPOINT ENER Multi-Utilities 8,178 24.08 2.1 2.6 9.8 10.7 20.0 20.8 2.5 4.2 6.9 11.6 6 -4

CMS UN CMS ENERGY CORP Multi-Utilities 6,655 30.51 2.3 2.5 8.7 9.1 16.0 17.5 2.5 3.7 4.7 13.4 3 -1

ED UN CONS EDISON INC Multi-Utilities 13,684 59.13 2.2 2.3 8.3 8.1 14.5 15.7 1.5 4.3 2.0 9.1 4 2

D UN DOMINION RES/VA Multi-Utilities 32,513 70.62 5.0 5.0 14.9 11.7 20.3 19.2 3.9 3.5 1.8 16.9 6 0

DTE UN DTE ENERGY CO Multi-Utilities 11,010 78.73 1.9 2.2 8.7 8.1 18.3 17.2 1.9 3.5 10.4 9.7 3 1

TEG UN INTEGRYS ENERGY Multi-Utilities 4,234 67.02 1.3 1.6 10.5 11.3 20.7 17.8 1.7 4.1 -0.8 8.2 5 1

NI UN NISOURCE INC Multi-Utilities 10,105 40.56 3.4 3.3 12.1 11.1 24.2 22.5 2.3 2.6 11.3 8.8 8 1

PCG UN PG&E CORP Multi-Utilities 16,825 45.17 2.4 2.3 10.1 6.6 28.2 14.2 1.5 4.1 5.5 9.1 7 -2

PEG UN PUB SERV ENTERP Multi-Utilities 15,177 37.97 2.8 2.5 8.2 6.9 13.4 14.4 1.8 3.9 8.1 11.7 8 2

SCG UN SCANA CORP Multi-Utilities 5,546 49.41 2.9 2.9 9.9 12.7 13.3 13.5 1.6 4.3 4.7 10.7 3 -1

SRE UN SEMPRA ENERGY Multi-Utilities 20,536 105.70 3.7 3.5 13.2 11.7 25.4 22.9 2.5 2.5 4.2 9.5 7 1

TE UN TECO ENERGY INC Multi-Utilities 3,310 17.95 2.4 2.4 8.5 8.1 17.7 17.0 1.8 4.9 4.7 9.4 7 4

WEC UN WISCONSIN ENERGY Multi-Utilities 8,118 45.56 3.1 3.1 10.0 10.0 17.8 17.6 2.5 3.4 5.3 13.7 7 2

AES UN AES CORP Independent Power Producers & 7,572 13.25 2.1 1.6 8.1 5.4 11.8 9.2 2.5 1.7 9.3 17.9 13 -5

NRG UN NRG ENERGY Independent Power Producers & 8,043 30.14 2.4 2.1 12.7 9.7 18.9 17.6 1.1 1.9 34.9 4.6 8 -5

TA CT TRANSALTA CORP Independent Power Producers & 2,140 11.11 3.6 3.3 10.0 8.2 NM 35.2 1.5 6.5 9.4 5.3 4 -4


Behind the model

Data

Bloomberg is the only provider of raw data, but we conduct further proprietary data analysis on top of this data. The equity universe is defined as the S&P 1200 Global index consisting

of the 1200 largest stocks from North America, Europe, Asia Pacific and selected emerging markets. The model input data is a combination of wide range of fundamental and market

data with return on assets and price-to-sales ratio as two examples of fundamental data. Volatility and drawdowns are two examples of market data.

Markets covered

In this Europe publication the model covers stocks traded on the NYSE, Toronto Stock Exchange and NASDAQ GS.

Model

The valuation model is based on a statistical ensemble learning method that combines many different fundamental and market data factors.

Table explained

The table presents the model's output in addition to some useful factors to compare the stocks with each other. Below is a short description of the various factors.

MCAP is the market capitalisation in EUR million.

Price is the latest closing price in local price.

EV/Sales T12M is the enterprise value to sales based on trailing 12-month data

EV/Sales F12M is the enterprise value to sales based on 12-month forward expectations

P/E T12M is the price-to-earnings ratio based on trailing 12-month data

P/E F12M is the price-to-earnings ratio based on the 12-month expected earnings per share.

P/B is the price-to-book ratio based on the most recent data.

D/P is the dividend yield based on the 12-month expected dividends per share.

Sales Growth is the expected sales growth rate year-on-year over the next 12 months

ROE is the 12-month forward expecteed return on equity

FCST is the model's 12-month price forecast.

UI is an uncertainty indicator from 1-5 that reflects the difference between the model's forecast and current price target based on consensus estimates. One indicates very little

difference between the model's forecast and the market's whereas five indicates a high disagreement between the model and the market.


NON-INDEPENDENT INVESTMENT RESEARCH

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of the dissemination of investment research. Saxo Bank, its affiliates or staff, may perform services for, solicit business f rom, hold long or short positions in, or otherwise be interested in the investments

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None of the information contained herein constitutes an offer (or solicitation of an offer) to buy or sell any currency, product or financial instrument, to make any investment, or to participate in any particular

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