Robin griffiths presentation september 2017

Page 1


The ECU Group plc



Stock Name

Sector

Quintile

MOM12M-Fwd Div. Yield VAL EPS % Chg

PE

P/Book

Market Cap ($)

83.7 6.5 102.8 44.4 22.8 24.9 40.8 35.8 17.8 43.6 20.3 22.1 24.3 2.2 8.4 4.0 28.6 -7.6 14.5 36.8 10.2 -300.3 29.8 39.9 38.8 -2.3 25.6 52.7 11.5 17.9

147.8 46.1 64.3 20.8 25.5 252.4 17.8 15.6 53.8 47.9 16.9 27.0 21.1 19.7 17.8 28.1 34.6 13.6 20.6 18.1 196.3 19.2 34.6 17.2 48.4 43.8 29.1 65.6

3.8 32.9 16.6 13.8 178.2 8.1 5.8 3.7 1.6 25.5 11.4 2.8 16.8 2.6 6.6 5.9 2.2 4.2 2.7 4.0 14.3 27.9 161.2 1.9 4.1 2.4 4.9 5.8 5.7 3.5

7778.6 38642.2 98285.9 13830.0 139430.6 20974.0 11307.0 22129.3 54395.7 11251.8 50284.1 25908.0 31681.0 104820.1 35111.3 8273.9 33284.0 13447.4 12295.9 28122.7 9969.2 11768.5 10758.4 11282.3 23588.2 12820.1 72107.7 19230.3 22541.0 30696.9

0.3 0.0 2.1 0.0 1.3 0.9 1.6 1.2 1.3 2.4 2.3 2.3 2.1 2.0 1.4 0.0 2.6 2.1 1.1 1.0 0.0 3.0 2.3 3.0 1.3

12.8 1086.7 15.5 21.5 0.9 145.3 15.7 10.1 18.5 19.3 7.6 10.6 95.8 12.0 46.5 9.7 -14.3 36.0 13.1 -10.0 4.0 -4.6 14.3 5.1 1.0

30.9 13.7 19.3 72.2 16.4 21.2 19.9 19.6 15.8 23.0 23.8 19.3 21.7 18.8 42.0 28.1 14.5 29.8 33.8 26.1 19.1 12.8 21.5

3.2 70691.5 2.6 33745.0 2.8 34066.0 14.9 18691.8 15.5 5123.3 6.4 24164.4 3.5 189097.9 10.6 25152.7 5.3 18737.8 3.4 20783.6 11.7 120624.4 3.6 10957.1 5.6 37052.8 6.4 39443.9 2.9 18308.4 9.4 31374.3 4.9 31823.9 0.9 16947.7 6.3 16936.4 2.2 11136.0 5.5 21635.8 2.6 26096.3 4.3 84240.4 1.5 256983.4 7.1 70724.8

0.0 0.0 0.0 0.0 0.0 0.4 9.2 6.6 3.5

-37.2 56.9 19.2 97.6 -40.6 2011.1 -42.3 -18.9 -18.7

-1.1 65.5 6.3 14.7 5.4 35.2 3.7 156.6 0.8 23.7 2.3 10.8 -14.3 8.3 1.7

DS-Mnem

Country

NRG ENERGY VERTEX PHARMS. NVIDIA ALIGN TECHNOLOGY BOEING ROCKWELL COLLINS FMC FREEPORT-MCMORAN BANK HOLDINGS OF NEW YORK MELLON CBOE REGENERON PHARMS. ROYAL CARIBBEAN CRUISES SHERWIN-WILLIAMS CHARTER COMMS.CL.A AON CLASS A SCRIPPS NETWORKS INTACT. 'A' PROLOGIS WHOLE FOODS MARKET EASTMAN CHEMICAL PROGRESSIVE OHIO WYNDHAM MICRO WORLDWIDE ADVANCED DEVC. GARTNERFINANCIAL 'A' E*TRADE ROPER TECHNOLOGIES TEXTRON PAYPAL HOLDINGS MICROCHIP TECH.PAPER INTERNATIONAL ALEXION PHARMS.

U:NRG @VRTX @NVDA @ALGN U:BA U:COL U:FMC U:FCX U:BK @CBOE @REGN U:RCL U:SHW @CHTR U:AON @SNI U:PLD @WFM U:EMN U:PGR U:WYN @AMD U:IT @ETFC U:ROP U:TXT @PYPL @MCHP U:IP @ALXN

UNITED STATES UNITED STATES UNITED STATES UNITED STATES UNITED STATES UNITED STATES UNITED STATES UNITED STATES UNITED STATES STATES UNITED UNITED STATES STATES UNITED UNITED STATES UNITED STATES UNITED STATES UNITED STATES UNITED STATES STATES UNITED UNITED STATES STATES UNITED UNITED STATES STATES UNITED UNITED STATES STATES UNITED UNITED STATES UNITED STATES UNITED STATES UNITED STATES

Utilities Health Care Technology Health Care Industrials Industrials Basic Materials Basic Materials Financials Financials Health CareServices Consumer Industrials Services Consumer Financials Services Consumer Financials Services Consumer Basic Materials Financials Consumer Services Technology Technology Financials Industrials Industrials Technology Basic Materials Health Care

1 1 1 1 1 1 1 1 12 12 12 12 12 12 12 12 3 12 3 12

9.4 6.8 6.6 6.4 5.4 4.6 4.4 4.3 1.3 3.7 1.3 3.7 1.3 3.6 1.3 3.6 1.3 3.5 1.2 3.4 1.2 3.3 1.2 3.2 1.2 0.4 3.1 1.2 0.4 3.0

0.5 0.0 0.3 0.0 2.4 1.0 0.8 0.0 1.8 1.1 0.0 1.6 1.0 0.0 1.0 1.4 2.8 1.7 2.4 1.4 2.4 0.0 0.0 0.0 0.6 0.2 0.0 1.8 3.4 0.0

THERMO FISHER SCIENTIFIC MICRON TECHNOLOGY NORFOLK RED HAT SOUTHERN CSRA DXC TECHNOLOGY COMCAST 'A' DELPHI AUTOMOTIVE SKYWORKS AMERIPRISESOLUTIONS FINL. 3M TIFFANY & CO DEERE MARSH & MCLENNAN MGM RESORTS INTL. MONSTER BEVERAGE AIR PRDS.& CHEMS. GROUP CITIZENS FINANCIAL EQUIFAX ARCONIC CERNER AVALONBAY COMMNS. UNION PACIFIC WELLS FARGO & CO NIKE 'B'

U:TMO @MU U:NSC U:RHT U:CSRA U:DXC @CMCSA U:DLPH @SWKS U:AMP U:MMM U:TIF U:DE U:MMC U:MGM @MNST U:APD U:CFG U:EFX U:ARNC @CERN U:AVB U:UNP U:WFC U:NKE

UNITED STATES UNITED STATES UNITED STATES UNITED STATES UNITED STATES UNITED STATES UNITED STATES UNITED STATES UNITED STATES UNITED STATES UNITED STATES UNITED STATES UNITED STATES UNITED STATES UNITED STATES UNITED STATES UNITED STATES UNITED STATES UNITED STATES

Health Care Technology Industrials Technology Technology Consumer Services Goods Technology Financials Industrials Consumer Services Industrials Financials Consumer Services Consumer Goods Basic Materials Financials Financials Basic Materials Technology Financials Industrials Financials Consumer Goods

3 1 3 1 3 1 3 1 3 1 3 3 3 3 3 3 4 3 4 4 4 4 4 4 4

0.4 3.0 0.4 3.0 0.4 2.8 0.4 2.7 0.4 2.7 0.4 0.4 0.4 0.4 0.4 0.4 -0.4 0.3 -0.4 -0.4 -0.4 -0.4 -0.5 -0.5 -0.5

UNDER ARMOUR 'C' CHESAPEAKE ENERGY CHIPOTLE MEXN.GRILL NEWFIELD EXPLORATION UNDER ARMOUR 'A' RANGE RES. MATTEL L BRANDS FOOT LOCKER

U:UA U:CHK U:CMG U:NFX U:UAA U:RRC @MAT U:LB U:FL

UNITED STATES UNITED STATES UNITED STATES UNITED STATES UNITED STATES UNITED STATES UNITED STATES UNITED STATES UNITED STATES

Consumer Goods Oil & Gas Consumer Services Oil & Gas Consumer Goods Oil & Gas Consumer Goods Consumer Services Consumer Services

5 5 5 5 5 5 5 5 5

-6.8 -7.0 -7.0 -7.2 -7.3 -8.3 -8.6 -8.8 -9.4

3532.1 3442.6 8804.2 5044.8 3177.5 4508.6 5644.7 10487.0 4711.2


Strongest Strong Neutral Weak Weakest

Aug.2017 China Equities EU Equities Industrial Metals EM Equities India Equities World Equities UK Equities Japan Equities US Equities EMD Inflation Linked Global High yield Global Broad Corporate Bonds EMD Hard Currency US High Yield Global Med-Long Dur ILG Global Short Dur ILG US Corporate Bonds Global Long Dur Govt Bond Global Short Dur Govt Bond Gold Bullion US Long Dur Treasuries US Cash US Short Dur Treasuries US Short-Med Dur TIPS US Long Dur TIPS Commodity Basket Energy Commodities Inverse US Equities Agricultural Commodities

Jul.2017 China Equities EU Equities India Equities EM Equities World Equities US Equities Japan Equities UK Equities Global High yield EMD Inflation Linked Global Broad Corporate Bonds US High Yield EMD Hard Currency Industrial Metals Global Short Dur ILG US Corporate Bonds Global Short Dur Govt Bond Global Med-Long Dur ILG US Cash US Short Dur Treasuries US Short-Med Dur TIPS Global Long Dur Govt Bond US Long Dur Treasuries Agricultural Commodities Gold Bullion Commodity Basket US Long Dur TIPS Inverse US Equities Energy Commodities

Jun.2017 China Equities EU Equities India Equities World Equities EM Equities Japan Equities US Equities UK Equities EMD Inflation Linked Industrial Metals Global High yield US High Yield EMD Hard Currency Global Broad Corporate Bonds Global Short Dur ILG US Corporate Bonds US Cash US Short Dur Treasuries Global Short Dur Govt Bond US Short-Med Dur TIPS US Long Dur Treasuries Global Med-Long Dur ILG Agricultural Commodities Gold Bullion Global Long Dur Govt Bond Commodity Basket US Long Dur TIPS Energy Commodities Inverse US Equities

May.2017 China Equities EU Equities India Equities EM Equities World Equities UK Equities US Equities Japan Equities Global High yield Industrial Metals US High Yield EMD Hard Currency EMD Inflation Linked Global Med-Long Dur ILG Global Broad Corporate Bonds Energy Commodities Global Short Dur ILG US Corporate Bonds Gold Bullion Commodity Basket US Cash Global Short Dur Govt Bond US Short-Med Dur TIPS US Long Dur Treasuries US Short Dur Treasuries Global Long Dur Govt Bond US Long Dur TIPS Agricultural Commodities Inverse US Equities


0

Kondratieff Wave Cycle 46-60 years (average 54 years)

Juglar Cycle 7-11 years (average 10 years)

Kitchin / Business Cycle 3-5 years (average 4 years)

Presidential Cycle 4 years

Seasonal Cycle Yearly

10

20

30

40

50

60


Our approach suggests we are in the late stage of the business cycle Focus on tactical/Risk Management








The ECU Group plc

War and Peace


Strongest Ranked Assets

China Equities EU Equities Industrial Metals EM Equities India Equities World Equities UK Equities

Strong

Japan Equities US Equities EMD Inflation Linked Global High yield Global Broad Corporate Bonds

Neutral

EMD Hard Currency US High Yield Global Med-Long Dur ILG Global Short Dur ILG US Corporate Bonds Global Long Dur Govt Bond Global Short Dur Govt Bond

Weak

Gold Bullion US Long Dur Treasuries US Cash US Short Dur Treasuries

Weakest Ranked Assets

US Short-Med Dur TIPS US Long Dur TIPS Commodity Basket Energy Commodities Inverse US Equities Agricultural Commodities














The ECU Group plc


Strongest Strong Neutral Weak Weakest

Aug.2017 China Equities EU Equities Industrial Metals EM Equities India Equities World Equities UK Equities Japan Equities US Equities EMD Inflation Linked Global High yield Global Broad Corporate Bonds EMD Hard Currency US High Yield Global Med-Long Dur ILG Global Short Dur ILG US Corporate Bonds Global Long Dur Govt Bond Global Short Dur Govt Bond Gold Bullion US Long Dur Treasuries US Cash US Short Dur Treasuries US Short-Med Dur TIPS US Long Dur TIPS Commodity Basket Energy Commodities Inverse US Equities Agricultural Commodities

Jul.2017 China Equities EU Equities India Equities EM Equities World Equities US Equities Japan Equities UK Equities Global High yield EMD Inflation Linked Global Broad Corporate Bonds US High Yield EMD Hard Currency Industrial Metals Global Short Dur ILG US Corporate Bonds Global Short Dur Govt Bond Global Med-Long Dur ILG US Cash US Short Dur Treasuries US Short-Med Dur TIPS Global Long Dur Govt Bond US Long Dur Treasuries Agricultural Commodities Gold Bullion Commodity Basket US Long Dur TIPS Inverse US Equities Energy Commodities

Jun.2017 China Equities EU Equities India Equities World Equities EM Equities Japan Equities US Equities UK Equities EMD Inflation Linked Industrial Metals Global High yield US High Yield EMD Hard Currency Global Broad Corporate Bonds Global Short Dur ILG US Corporate Bonds US Cash US Short Dur Treasuries Global Short Dur Govt Bond US Short-Med Dur TIPS US Long Dur Treasuries Global Med-Long Dur ILG Agricultural Commodities Gold Bullion Global Long Dur Govt Bond Commodity Basket US Long Dur TIPS Energy Commodities Inverse US Equities

May.2017 China Equities EU Equities India Equities EM Equities World Equities UK Equities US Equities Japan Equities Global High yield Industrial Metals US High Yield EMD Hard Currency EMD Inflation Linked Global Med-Long Dur ILG Global Broad Corporate Bonds Energy Commodities Global Short Dur ILG US Corporate Bonds Gold Bullion Commodity Basket US Cash Global Short Dur Govt Bond US Short-Med Dur TIPS US Long Dur Treasuries US Short Dur Treasuries Global Long Dur Govt Bond US Long Dur TIPS Agricultural Commodities Inverse US Equities

Key: ● EMD = Emerging Market Debt ● EM = Emerging Markets ● ILG = Index Linked Gilts ● IG=Investment Grade ● Dur=Duration ● Med = Medium


May.2017 Aug.2017

Jun.2017

Jul.2017

Jun

Neutral

Strong

Strongest

ChinaChina Equities China Equities China Equities China Equities Equities EU Equities India Equities EU Equities EU Equities EU Equities EM Equities EU Equities India Equities India Equities India Equities Industrial Metals EM Equities World Equities World Equities EM Equities India World EquitiesEquities World Equities EM Equities EM Equities EU High Yield EU High Yield Japan Equities Japan Equities UK Equities EU Corporate Bonds UK Equities UK Equities UK Equities US Equities WorldJapan Equities Japan Equities US Equities US Equities Equities EU Inflation EU High Yield UK High Yield UK HighLinked Yield Bonds All Dur.US Equities UK Equities EU Corporate Bonds Industrial Meta EMD Inflation Linked UK Long Dur ILG JapanGlobal Equities Industrial Metals EMD Inflation Industrial Metals High yield EU Govt Bonds Short EU Govt Bonds Short Dur Global High yie Global High yield Industrial MetalsDur US Equities EMD Inflation Linked EU Cash EMD Hard Currency EMD Inflation Linked EU Cash EU Inflation Linked Bonds All Dur.EU Corporate Global Broad Corporate Bonds EMD Hard Currency EU Govt Long Dur Dur ILG Global High yield EMD Hard Cur Global Short Dur ILG UK Bonds Short-Med GlobalUK High yield Bonds Global Broad Corporate Bonds EU Govt Bonds UK Cash Corporate EMD Inflation Linked EMD Hard Currency EU Inflation Li UK Short Dur Gilts Energy Commodities GlobalGlobal BroadMed-Long CorporateDur Bonds Global Broad C UK Short-Med Dur ILG ILG EU Govt Bonds Long Dur EMD Hard Currency Global Short Dur ILG Global Short D UK Corporate Bonds Commodity Basket Long Dur Govt Bond Bonds Global Short Dur Govt Bond EU Govt Bonds Agricultural Commodities GlobalGlobal Broad Corporate GlobalGold Med-Long Global Med-Long Dur ILG Global Short D Commodity Basket BullionDur ILG Equities Commodity Basket Agricultural Co Global Short Dur Govt BondInverse UKEU Long Dur Gilts Global Short Dur ILG Global Long Dur Govt Bond Global Med-Lo UK Long Dur Gilts Global Short Dur ILG Short Dur Govt Bond Gold Bullion Gold Bullion Global Med-Long Dur ILG GlobalUK Short Dur Gilts Gold Bullion Inverse EU Equities Commodity Ba Gold Bullion UK Cash Energy Commodities Global Long Du Global Long Dur Govt Bond Commodity Global Basket Short Dur Govt Bond Energy Commodities Energy Commo UK Long Dur ILG Global Long Dur Govt BondAgricultural Commodities Agricultural Commodities Inverse EU Equ Energy Commodities Agricultural Commodities EU Cash Inverse UK Equities Inverse UK Equities

Weak

Jul.2017 China Equities India Equities EU Equities EM Equities World Equities UK Equities Japan Equities UK High Yield US Equities Industrial Metals EMD Inflation Linked Global High yield UK Short Dur Gilts Global Broad Corporate Bonds UK Cash UK Corporate Bonds EMD Hard Currency Global Short Dur ILG UK Short-Med Dur ILG UK Long Dur Gilts Global Short Dur Govt Bond Global Med-Long Dur ILG Commodity Basket Gold Bullion UK Long Dur ILG Global Long Dur Govt Bond Energy Commodities Inverse UK Equities Agricultural Commodities

Weakest

Strongest Strong Neutral Weak Weakest

Aug.2017 China Equities EU Equities EM Equities Industrial Metals India Equities World Equities UK Equities Japan Equities UK High Yield US Equities UK Corporate Bonds UK Long Dur Gilts EMD Inflation Linked Global High yield UK Short-Med Dur ILG UK Short Dur Gilts Global Broad Corporate Bonds EMD Hard Currency Global Long Dur Govt Bond UK Long Dur ILG UK Cash Global Med-Long Dur ILG Global Short Dur Govt Bond Global Short Dur ILG Gold Bullion Commodity Basket Inverse UK Equities Energy Commodities Agricultural Commodities

Key: ● EMD = Emerging Market Debt ● EM = Emerging Markets ● ILG = Index Linked Gilts ● IG=Investment Grade ● Dur=Duration ● Med = Medium


Name 52 2.0 Hong Kong Financials China Evergrande 13 2.0 Hong Kong Financials Country Garden Holdings Health Care Out 0.0 US Vertex Pharms. Technology 46 0.3 US Nvidia Industrials 21 2.4 US Boeing Cons. Gds. 32 1.1 Taiwan Largan Precision Basic Mat. 12 3.0 Brazil Vale On Financials - 0.0 US Altaba Technology 7 0.9 S.Korea Sk Hynix France Cons. Svs. 34 1.5 Kering Financials 15 2.0 Ping An Insurance 'H' China Oil & Gas 15 0.7 Reliance Industries India Italy Financials - 0.0 Unicredit Spain Financials 21 3.9 Caixabank Mexico Telecommunications 24 1.8 America Movil 'L' Hong Kong Technology 50 0.2 Tencent Holdings UK Basic Mat. 44 1.6 Glencore US Cons. Gds. - 0.0 Tesla US Cons. Svs. 17 1.6 Royal Caribbean Cruises Cons. Svs. 21 0.0 Charter Comms.Cl.A US Switzerland Health Care 39 0.0 Actelion France Financials 11 4.0 Credit Agricole India Telecommunications Out 0.2 Bharti Airtel US Financials 21 1.4 Progressive Ohio Cons. Gds. Out 1.4 Hindustan Unilever India NetherlandsTechnology 32 0.9 Asml Holding US Basic Mat. 35 1.1 Southern Copper Japan Industrials Out 0.2 Keyence Japan Industrials 33 1.0 Recruit Holdings US Industrials 48 0.0 Paypal Holdings France Cons. Gds. 22 1.2 Christian Dior US Health Care Out 0.0 Alexion Pharms. Technology 14 0.0 Micron Technology US France Industrials 10 1.8 Safran Japan Cons. Gds. 29 1.2 Nintendo Ireland Cons. Svs. 18 0.0 Ryanair Holdings Italy Financials 7 6.3 Intesa Sanpaolo Italy Utilities 20 3.5 Enel Financials 14 1.2 Banco Bradesco On Brazil Financials 15 4.1 Banco Bradesco Pn Brazil India Financials 29 0.6 Hdfc Bank Boc Hong Kong (Hdg.)Hong Kong Financials 16 3.0 UK Basic Mat. 16 3.7 Rio Tinto Financials 26 1.0 Housing DevelopmentIndia Fin. Germany Cons. Gds. 39 1.1 Adidas Cons. Gds. 20 1.2 Delphi Automotive US Germany Industrials 16 3.0 Deutsche Post NetherlandsBasic Mat. - 0.0 Arcelormittal Galaxy EntertainmentHong Gp. Kong Cons. Svs. 32 0.0 11 4.2 Germany Financials Allianz

Utilities Nrg Energy Health Care Out Vertex Pharms. Technology 46 Nvidia Health Care Out Align Technology Industrials 21 Boeing Industrials 26 Rockwell Collins Basic Mat. Out Fmc Basic Mat. 18 Freeport-Mcmoran Financials Out Cboe Holdings Royal Caribbean CruisesCons. Svs. 17 Charter Comms.Cl.A Cons. Svs. 21 Cons. Scripps Networks Intact. 'A' Svs. 18 Whole Foods Market Cons. Svs. 35 Financials 21 Progressive Ohio Advanced Micro Devc. Technology Financials 19 E*Trade Financial Industrials 48 Paypal Holdings Health Care Out Alexion Pharms. Technology 14 Micron Technology Technology Out Red Hat Technology Dxc Technology Cons. Gds. 20 Delphi Automotive Financials 16 Ameriprise Finl. Health Care 18 Anthem Health Care 21 Cigna Technology 17 Lam Research Technology Western Digital Technology Autodesk T Rowe Price Group Financials 14 Health Care 21 Humana Cons. Svs. 18 Carnival Health Care 47 Intuitive Surgical Cons. Svs. 17 Best Buy Total System Services Industrials 32 Health Care 38 Illumina Health Care 37 Cooper Cos. Cons. Svs. Staples Health Care 19 Centene Cons. Svs. 51 Wynn Resorts Industrials 32 Agilent Techs. Financials 17 State Street Cons. Gds. 14 Pultegroup Health Care 42 C R Bard Industrials Xerox Industrials Out Caterpillar Financials 18 Zions Bancorp. Industrials 39 Xylem Health Care 35 Aetna Financials 14 Citigroup Cons. Svs. 16 H&R Block

0.5 0.0 0.3 0.0 2.4 1.0 0.8 0.0 1.1 1.6 0.0 1.4 1.7 1.4 0.0 0.0 0.0 0.0 0.0 0.0 0.9 1.2 2.4 1.5 0.0 1.1 2.2 0.0 2.7 0.6 2.4 0.0 2.2 0.8 0.0 0.0 4.7 0.0 1.5 0.8 1.8 1.4 0.3 3.1 2.7 1.1 1.2 1.3 1.9 3.2

Basic Mat. 27 Kaz Minerals Basic Mat. 12 Ferrexpo Cons. Svs. Out Wizz Air Holdings Technology 18 Sophos Group Thomas Cook Group Cons. Svs. 15 Health Care 42 Nmc Health Basic Mat. 24 Antofagasta Basic Mat. Evraz Industrials 43 Renishaw Industrials 34 Worldpay Group Industrials 16 Coats Group Cons. Svs. 18 Sports Direct Intl. Cons. Svs. 14 Brown (N) Group Industrials 26 Bodycote Cons. Gds. 36 Jimmy Choo Stobart Group Ord. Industrials 39 Technology 36 Fdm Group Industrials 19 Senior Health Care 38 Indivior Industrials 18 Sig Industrials 30 Electrocomp. Basic Mat. 44 Glencore Technology 19 Computacenter Cons. Svs. 35 Ssp Group Industrials 44 Sanne Group Industrials 23 Marshalls Cons. Gds. 10 Berkeley Group Hdg.(The) Industrials 27 Intertek Group Countryside PropertiesCons. Gds. 21 Coca-Cola Hbc (Cdi) Cons. Gds. 31 Financials 36 Rathbone Brothers London Stock Ex.GroupFinancials 32 Basic Mat. 10 Anglo American Cons. Gds. 13 Persimmon Cons. Gds. 9.5 Redrow

0.0 1.7 0.0 0.7 0.2 0.4 2.2 Out 1.1 0.5 1.2 0.0 4.5 1.7 0.0 4.7 2.4 2.4 0.0 1.8 1.9 1.6 2.2 1.1 1.2 2.5 3.7 1.3 1.5 1.4 2.1 1.2 2.7 5.2 2.0

Fiat Chrysler Autos. Italy Italy Ferrari (Mil) Germany Stada Arzneimittel (Xet) Germany Uniper Se (Xet) Germany Deutsche Lufthansa (Xet) AustriamicrosystemsSwitzerland Raiffeisen Bank Intl. Austria Sweden Sca 'B' Germany Wirecard (Xet) France Ubisoft Entm. Denmark H Lundbeck Germany Rwe (Xet) Commerzbank (Xet) Germany Germany E On (Xet) France Adp Italy Unione Di Banche Italian France Ipsen France Kering Norway Norsk Hydro Germany Fraport (Xet) Switzerland Straumann Hldg. France Stmicroelectronics (Mil) Italy Moncler Norway Storebrand Denmark Gn Store Nord Italy Unicredit Germany Kion Group (Xet) Spain Caixabank Switzerland Lonza Group Finland Wartsila France Eurazeo Sweden Boliden Chr Hansen Holding Denmark France Sfr Group France Faurecia Sweden Alfa Laval France Amundi (Wi) Netherlands Philips Lighting Finland Outokumpu 'A' France Credit Agricole Austria Omv Denmark Dsv 'B' Denmark Dong Energy As France Biomerieux Sopra Steria Group France Banco De Sabadell Spain France Eutelsat Communications Netherlands Asml Holding Italy Exor Ord Boss (Hugo) (Xet) Germany

Cons. Gds. 6.8 Cons. Gds. 40 Health Care Out Utilities 4.7 Cons. Svs. 4.8 Technology Out Financials 10 Basic Mat. 48 Industrials 42 Cons. Gds. Out Health Care 40 Utilities Financials Utilities Industrials 31 Financials 5.9 Health Care 43 Cons. Svs. 34 Basic Mat. 21 Industrials 18 Health Care 42 Technology 45 Cons. Gds. 29 Financials 12 Health Care 27 Financials Industrials 27 Financials 21 Health Care 42 Industrials 30 Industrials 8.5 Basic Mat. 12 Health Care 44 Telecommunications Cons. Gds. 9.6 Industrials 44 Financials 20 Industrials 19 Basic Mat. 7.1 Financials 11 Oil & Gas Out Industrials 32 Utilities 13 Health Care 42 Technology 18 Financials 14 Cons. Svs. 16 Technology 32 Financials 21 Cons. Gds. 20


The ECU Group plc









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