Results for “Staples”

….4% Industrials 12.6% 15.7% 1.2% 10.5% FTSE 100 5770 8.6% Discretionary 21.0% 23.9% 4.5% 10.8% MSCI Eurozone* 143 15.8% Staples 11.4% 13.1% 13.8% 19.5% MSCI Europe* 1104 13.2% Healthcare 18.4% 15.5% 15.0% 30.9% MSCI EM $* 995 12.2% Financials 25.6% 24.2% 23.0% 16.8% Brazil Bovesp...

… 8 6 4 2 a 2 4 6 8 -10 424 USDJPY DXY MSCI JP MSCI JP/ Discretionary Financials Materials IT Industrials Energy Telecom Staples Utilities Health care ex JP m Bear steep = Bear flat mBull steep = Bull flat Source: BofA Merrill Lynch Global Research, Bloomberg. Curve movements ba...

… + correlated sectors 0.60 - 0.50 - j 0.30 + 0.20 5 0.10 - Ee Ise Materials Industrials Energy Financials Cons D Cons staples Telecom Health Care Utilities Source: MSCI, 7 years’ weekly trailing correlation We call this very low regional correlation the global utility sector’...

…e: overweight Recommendations Tactical (6 months) e We like the Energy sector due to attractive valuations; Consumer Staples is another preferred sector Because of its defensive qualities. e Approaching the end of the patent cliff should remove some uncertainty on the Healthc...

… rates Participate in the continuation of the reflation trade. Cheapen Financials upside by selling rich Utilities and Staples vol & expensive correl. Higher US rates and stronger dollar are likely to hurt companies exposed to EM and help US DM. Trade the outperformance in a ri...

… Paper CONFIDENTIAL Global Sector Positioning Tech Industrials Insurance Pharma Discretionary Materials Energy Banks Staples . Substantially Telecoms underweight Utlites -40 -35 -30 -25 -20 “15 “10 5 +0 +5 +10 +15 +20 225 +30 +35 <= underweight // overweight => Source: Bank...

… 22.8% Industrials 10.0% 8.3% 174% -1.3% FTSE 100 6388 94% Discretionary 11.7% 5.9% 24.6% -2.2% MSCl Eurozone* 154 1.9% Staples 14.0% 13.8% 26.7% 1.2% MSCI Europe* 214 66% Healthcare 14.7% 14.7% 32.6% 1.9% MSCI EM $* 032 -1.8% Financials 11.2% 3.5% 26.3% 1.5% Brazil Bovespa 56028...

…BP and sales exposure have been the key determinants for post-Brexit UK equity returns 3% UK MATERIALS $ . 20% m UK FD/STAPLES oe = _ a CAP GDS$ ee UK INSURANCES UK}US K ENERGY $ 10% —r9 OHGREAL ESORETAKNEISTES 8 UK DIV FINS $ a -30% / U UK PHIBIO L SCI$ UK TICMBVS $ ees RS...

…(DXY) MSCI Japan MSCI Japan / ex Japan* Japan sector* Discretion Financials Materials ary IT Industrials Energy Telecom Staples Utilities Health care Bear steep 4.12 -0.60 8.58 3.32 11.68 9.97 9.96 9.46 8.58 5.88 3.27 2.86 2.83 1.89 Bear flat 1.90 0.31 3.88 0.58 3.49 -0.44 5.44 4...

…scCl USDJPY index — Japan / Japan sector* (DXY) ex Japan* Discretion Financials Materials IT Industrials Energy Telecom Staples — Utilities Health ary care Bear steep 4.12 -0.60 8.58 3.32 11.68 9.97 9.96 9.46 8.58 5.88 3.27 2.86 2.83 1.89 Bear flat 1.90 0.31 3.88 0.58 3.49 -0.44...

…1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Information Technology Financials Consumer Staples Health Care Energy Industrials Consumer Discretionary Utilities Materials Telecom Services S&P 500 Mkt Cap ($7) 9% 13 13 11 9 13 13 5 6 9 $5...

…ancials & REITs) LT Sector Estimated Wtd Avg Maturity (years) ST Fixed ST UT Cons. Disc. 70 Floating, 5A 2% ikea, Cons. Staples 8.1 23.3% ; 66.6% Energy BA Health Care 8.0 Industrials 8.0 Materials 14 LT Technology 14 Floating, Telecom 108 19.7% ST aes 12.0 Fixed, otal 8.3 2 8% S...

…m, IBES Chart 48: Financials valuations have recovered significantly relative to Chart 49: Rapid relative de-rating for Staples — relative PE for Food & the move in bond yields — relative PE back around average levels Beverage still 6-10% above 2010 / 2014 levels 0.90 3.5 1.70 0....

…a world-class 902,000 square-foot regional lifestyle center anchored by Apple, AMC Cinemas, Whole Foods, H&M, Old Navy, Staples, Guitar Center and a recently opened Saks Off Fifth Avenue. Fashion Show Mall, a +1.9 million square-foot regional mall, is located at the northwest co...

…K offers an attractive 4% dividend yield. We still like companies with high quality income streams. e We like Consumer Staples in the UK. The sector should provide steady earnings growth through its exposure to emerging markets. Strategic (1 to 2 years) e The UK market's close...