Report

40 Stocks for February 2018

This report was originally published on Feb 5, 2018. It followed an abbreviated note that was issued prior to the close on January 31, 2018.

Long/Short Model Portfolio Monthly Update: January 31, 2018
There are limitations inherent in our theoretical model results, particularly with the fact that such results do not represent actual trading and they may not reflect the impact material economic and market factors might have had on our decision making if we were actually managing client money. Please see additional disclaimers and disclosures at the back of this report.
We highlight stocks that demonstrate solid growth at a reasonable price (GARP). Stocks selected for our model portfolio strategies all rank highly for the following metrics, with an emphasis on proxies for cash flow growth and ROIC:
• Relative Value
• Operating Momentum
• Analyst Revision Momentum
• Fundamental Quality
Pages 7-9 contain brief commentary and highlights of a few stocks that seem particularly attractive.
Page 11 contains rebalancing actions for our long-only model portfolio.
Page 12 contains rebalancing actions for our short-only model portfolio.
Target and stop prices, as well as updated return data, to be provided in our daily reports that will follow.

Underlyings
Ablynx nv

Ablynx N.V.. Ablynx NV is a Belgium-based biopharmaceutical company engaged in the development of Nanobodies, proprietary therapeutic proteins based on single-domain antibody fragments, which combine the advantages of conventional antibody drugs with some of the features of small-molecule drugs. Ablynx NV has more than 30 proprietary and partnered programmes in development in various therapeutic areas including inflammation, haematology, immuno-oncology, oncology and respiratory disease. The Company has collaborations with multiple pharmaceutical companies including AbbVie, Boehringer Ingelheim, Eddingpharm, Genzyme, Merck & Co, Inc., Merck Serono and Novartis.

Advanced Energy Industries Inc.

Advanced Energy Industries designs, manufactures, sells and supports power conversion products that convert power into various usable forms. The company's products enable manufacturing processes that use thin film technology for products such as semiconductor devices, flat panel displays, thin film renewables, architectural glass, optical coating and consumer products decorative and functional coating. The company also supplies thermal instrumentation products for temperature measurement and control for multiple industrial markets. The company's network of global service support centers provides repair services, conversions, improvements, and refurbishments and used equipment to companies using its products.

Alcoa Corporation

Alcoa is a vertically integrated aluminum company comprised of bauxite mining, alumina refining, aluminum production (smelting, casting, and rolling), and energy generation. Through direct and indirect ownership, the company has 30 operating locations in nine countries around the world, situated primarily in Australia, Brazil, Canada, Iceland, Norway, Spain, and United States.

Altice USA Inc. Class A

Altice USA is a holding company. Through its subsidiaries, the company provides broadband communications and video services and markets its services primarily under two brands: Optimum, in the New York metropolitan area, and Suddenlink, principally in markets in the south-central United States. The company delivers broadband, video, and telephony services to the residential and business customers. The company also provides fiber connectivity, bandwidth and managed services to enterprise customers through its Lightpath business (also marketed as Altice Business) and the company provides advertising time and services to advertisers. The company has launched Altice Mobile, a mobile offering, to consumers across its footprint.

Applied Industrial Technologies Inc.

Applied Industrial Technologies is a distributor of bearings, power transmission products, fluid power components and systems, specialty flow control solutions, and other industrial supplies, operating in North America, Australia, New Zealand, and Singapore. In addition, the company provides engineering, design, and systems integration for industrial, fluid power, and flow control applications, as well as customized mechanical, fabricated rubber, fluid power, and flow control shop services. The company has two reportable segments: service center based distribution; and fluid power and flow control.

Applied Materials Inc.

Applied Materials provides manufacturing equipment, services and software to the semiconductor, display and related industries. The company's segments are: Semiconductor Systems, which develops, manufactures and sells a range of manufacturing equipment used to fabricate semiconductor chips; Applied Global Services, which provides integrated solutions to support equipment and fab performance and productivity; and Display and Adjacent Markets, which is comprised of products for manufacturing liquid crystal displays, organic light-emitting diodes and other display technologies for TVs, monitors, laptops, personal computers, electronic tablets, smart phones, and other consumer-oriented devices.

Aspen Technology Inc.

Aspen Technology supplies asset optimization solutions for industrial environments. The company's aspenONE solutions are organized into three suites: engineering; manufacturing and supply chain; and asset performance management. The company's engineering software is used to develop process designs of new plants, re-vamp existing plants, and optimize existing processes. The company's manufacturing software is used to optimize processing activities. The company's supply chain management software enables process manufacturers to reduce inventory levels, respond to market demands and optimize supply chain operations. The company's asset performance management software is used to understand and predict the reliability of a system.

Avis Budget Group Inc.

Avis Budget Group is a provider of mobility solutions through its three brands, Avis, Budget and Zipcar, together with several other brands. The company has two segments: Americas, which provides and licenses the company's brands to third parties for vehicle rentals and ancillary products and services in North America, South America, Central America and the Caribbean, and operates its car sharing business in certain of these markets; and International, which provides and licenses the company's brands to third parties for vehicle rentals and ancillary products and services in Europe, the Middle East, Africa, Asia and Australasia, and operates the company's car sharing business in certain of these markets.

Blackstone Group Inc.

Blackstone Group, together with its subsidiaries, is a global manager of private capital. The alternative asset management business includes the management of private equity funds, real estate funds, real estate investment trusts, funds of hedge funds, hedge funds, credit-focused funds, collateralized loan obligation vehicles, separately managed accounts and registered investment companies (collectively referred to as the Blackstone Funds). The company's business is organized into four segments: Real Estate, Private Equity, Hedge Fund Solutions and Credit.

Brighthouse Financial Inc.

Brighthouse Financial is a holding company. Through its subsidiaries, the company is a provider of annuity products and life insurance products. The company has three segments: annuities, which consists of variable, fixed, index-linked and income annuities designed to address contract holders' needs for protected wealth accumulation on a tax-deferred basis, wealth transfer and income security; life, which consists of insurance products and services, including term, universal, whole and variable life products designed to address policyholders' needs for financial security and protected wealth transfer; and run-off, which consists of products no longer actively sold and which are separately managed.

Citizens Financial Group Inc.

Citizens Financial Group is a bank holding company. The company's principal business activity is banking, conducted through its banking subsidiary Citizens Bank, National Association. The company's operating segments are: Consumer Banking and Commercial Banking. In Consumer Banking, the company provides mobile and online banking, a 24/7 customer contact center and automated teller machines. Consumer Banking products and services include a range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, the company provides corporate, institutional and not-for-profit clients a range of wholesale banking products and services including lending and deposits, and capital markets.

CMC Materials Inc.

Cabot Microelectronics supplies polishing slurries and pads used in the manufacture of integrated circuit (IC) devices within the semiconductor industry, in a process called chemical mechanical planarization (CMP). The company develops, produces and sells CMP slurries for polishing many of the conducting, insulating and isolating materials used in IC devices, and also for polishing the disk substrates and magnetic heads used in hard disk drives. In addition, the company develops, manufactures and sell CMP polishing pads, which are used in conjunction with slurries in the CMP process. The company also pursue other surface modification applications through its Engineered Surface Finishes business.

Colfax Corporation

Colfax is a technology company that provides fabrication technology and medical technology products and services to customers around the world principally under the ESAB and DJO brands. The company reports its operations through the Fabrication Technology and Medical Technology segments. In its Fabrication Technology segment, the company formulates, develops, manufactures and supplies consumable products and equipment for use in the cutting, joining and automated welding of steels, aluminum and other metals and metal alloys. In its Medical Technology segment, the company develops, manufactures, and distributes medical devices with a range of products used for rehabilitation, pain management and physical therapy.

Commerce Bancshares Inc.

Commerce Bancshares is a bank holding company. Through a second tier bank holding company, the company owns all of the outstanding capital stock of Commerce Bank (the Bank). The Bank engages in general banking business, providing a range of retail, mortgage banking, corporate, investment, trust, and asset management products and services to individuals and businesses. The company also owns various non-banking subsidiaries. Their activities include private equity investment, securities brokerage, insurance agency, and leasing activities. The company's two main markets include St. Louis and Kansas City, which serve as the central hubs for the company The company is managed in three segments: Consumer, Commercial, and Wealth.

Community Bank System Inc.

Community Bank System is a financial holding company. Through its subsidiary, Community Bank, N.A., the company operates as a financial services enterprise providing banking and other financial services to retail, commercial and municipal customers. The company has three reportable segments: Banking, which is focused on serving the financial needs of customers in local communities; Employee Benefit Services, which provides employee benefit trust, collective investment fund, retirement plan administration and fund administration; and All Other, which includes Wealth Management, which provides investment alternatives and Insurance Agency, which provides personal and commercial lines of insurance.

East West Bancorp Inc.

East West Bancorp is a bank holding company for East West Bank (the Bank). Through its network of banking locations, the Bank provides a range of personal and commercial banking services to businesses and individuals. The Bank also provides a range of deposit products that include personal and business checking and savings accounts, money market, time deposits, individual retirement accounts and provides foreign exchange, and wealth management services. The Bank's lending activities include commercial and residential real estate, lines of credit, construction, trade finance, letters of credit, commercial business, housing loans, asset-based lending and equipment financing.

Ellie Mae Inc.

Ellie Mae is a cloud-based platform provider for the mortgage finance industry. The company's Encompass digital mortgage software is an end-to-end enterprise solution that handles most of the functions involved in running the business of originating mortgages including: marketing; lead management; loan origination; loan processing; underwriting; preparation of mortgage applications, disclosure agreements, and closing documents; funding and closing the loan for the borrower; compliance with regulatory and investor requirements and overall enterprise management that provides one system of record for loans. Delivery of the company's Encompass software is in an on-demand Software-as-a-Service environment.

Evercore Inc Class A

Evercore is a holding company. Through its subsidiaries, the company is an investment banking advisory firm. The company's segments include: Investment Banking, which includes the advisory business through which it provides advice to clients on mergers, acquisitions, divestitures, shareholder activism and other corporate transactions, and the Evercore International Strategy and Investment business through which it provides macroeconomic, policy and fundamental equity research and agency-based equity securities trading for institutional investors; and Investment Management, which includes the wealth management business through which it provides investment advisory, wealth management and fiduciary services.

Exelixis Inc.

Exelixis is an oncology-focused biotechnology company that involved in the discovery, development and commercialization of new medicines for cancers. The company's marketd products are: CABOMETYX? (cabozantinib) tablets for renal cell carcinoma and previously treated hepatocellular carcinoma; and COMETRIQ? (cabozantinib) capsules for progressive, metastatic medullary thyroid cancer. The company's products resulting from its discovery efforts are: COTELLIC? (cobimetinib), an inhibitor of MEK approved as part of a combination regimen to treat melanoma; and MINNEBRO? (esaxerenone), an oral, non-steroidal, selective blocker of the mineralocorticoid receptor approved for the treatment of hypertension in Japan.

Fastenal Company

Fastenal is engaged in the wholesale distribution of industrial and construction supplies. The company is a distributor of fasteners and related industrial and construction supplies. This includes threaded fasteners, bolts, nuts, screws, studs, and related washers, as well as miscellaneous supplies and hardware, such as pins, machinery keys, concrete anchors, metal framing systems, wire rope, strut, rivets, and related accessories. The company's fastener product line is primarily sold under the Fastenal product name.

Fifth Third Bancorp

Fifth Third Bancorp is a bank holding company. Through its subsidiaries, the company provides financial products and services to the commercial, financial, retail, governmental, educational, energy and healthcare sectors. The company's segments are: Commercial Banking, which provides credit intermediation, cash management and financial services; Branch Banking, which provides a range of deposit and loan products to individuals and small businesses; Consumer Lending, which includes the company's residential mortgage, automobile and other indirect lending activities; and Wealth and Asset Management, which provides a range of investment alternatives for individuals, companies and not-for-profit organizations.

Flowserve Corporation

Flowserve is a manufacturer and aftermarket service provider of flow control systems. The company develops and manufactures flow control equipment integral to the movement, control and protection of the flow of materials in its customers' processes. The company's segments are: Flowserve Pump Division, which are for custom, pumps, pre-configured industrial pumps, pump systems, mechanical seals, auxiliary systems and replacement parts and related services; and Flow Control Division, which are for engineered and industrial valves, control valves, actuators and controls and related services.

Gentex Corporation

Gentex designs and manufactures automatic-dimming rearview mirrors and electronics for the automotive industry, dimmable aircraft windows for the aviation industry, and commercial smoke alarms and signaling devices for the fire protection industry. The company's key business involves designing, developing, manufacturing and marketing interior and exterior automatic-dimming automotive rearview mirrors that use electrochromic technology to dim in proportion to the amount of headlight glare from trailing vehicle headlamps. The company also designs, develops and manufactures various electronics features to the interior and exterior automotive rearview mirrors as well as interior visors and overhead consoles.

Howmet Aerospace Inc.

Arconic is engaged in lightweight metals engineering and manufacturing. The company's segments include: Engineered Products and Solutions, which produces products that are used mainly in the aerospace (commercial and defense), industrial, commercial transportation, and power generation end markets; Global Rolled Products, which produces aluminum sheet and plate for a variety of end markets, and also produces aseptic foil for the packaging end market; and Transportation and Construction Solutions, which produces products that are used in the commercial transportation and nonresidential building and construction end markets, and also produces aluminum products for the industrial products end market.

Huntington Bancshares Incorporated

Huntington Bancshares is a holding company. Through its subsidiaries, the company provides commercial, small business, consumer banking services, mortgage banking services, automobile financing, recreational vehicle and marine financing, equipment leasing, investment management, trust services, brokerage services, insurance programs, and other financial products and services. The company's segments include: Consumer and Business Banking, which provides financial products and services to consumer and small business customers; and Commercial Banking, which provides products and services to the middle market, large corporate, real estate and government public sector customers.

InterDigital Inc.

InterDigital designs and develops technologies that enable and improve wireless communications and capabilities. The company designs and develops a range of applications that are used in digital cellular and wireless products and networks. The company is also a holder of patents in the video industry. The company's wholly owned subsidiaries hold a portfolio of patents and patent applications related to a range of technologies. In terms of video technology, the company's portfolio includes patents and applications relating to standards established by the ISO/IEC Moving Picture Expert Group, the ITU-T Video Coding Expert Group, the Joint Collaborative Team on Video Coding and the Joint Video Expert Team, among others.

Kohl's Corporation

Kohl's operates department stores, a website (www.Kohls.com), FILA outlets, and Off-Aisle clearance centers. The company's Kohl's stores and website sell proprietary and national brand apparel, footwear, accessories, beauty and home products. The company's website includes merchandise that is available in its stores, as well as merchandise that is available only online. The company's portfolio includes private brands such as Apt. 9, Croft & Barrow, Jumping Beans, SO and Sonoma Goods for Life and exclusive brands that are developed and marketed through agreements with brands such as Food Network, LC Lauren Conrad, Elle and Simply Vera Vera Wang.

Kronos Worldwide Inc.

Kronos Worldwide is a producer and marketer of titanium dioxide pigments (TiO2), a base industrial product used in a range of applications. The company, along with its distributors and agents, sells and provides technical services for customers in countries in Europe, North America and Asia Pacific. The company operates two ilmenite mines in Norway pursuant to a governmental concession with an unlimited term. The company also manufactures and sells iron-based chemicals, which are co-products and processed co-products of the sulfate and chloride process TiO2 pigment production. The company manufactures and sells titanium oxychloride and titanyl sulfate, which are side-stream products from the production of TiO2.

LogMeIn Inc.

LogMeIn provides a portfolio of cloud-based communication and collaboration, identity and access, and customer engagement and support solutions. The company's cloud-based services are categorized into three business lines: Unified Communications and Collaboration, which includes GoToConference, GoToMeeting, GoToTraining, GoToWebinar, Grasshopper, Jive, join.me, join.me pro and join.me business, and OpenVoice; and Customer Engagement and Support, which includes Bold360, Bold360 ai, RescueAssist, GoToAssist Corporate and GoToAssist Seeit, and LogMeIn Rescue; and Identity and Access Management, which includes LogMeIn Central, GoToMyPC, LogMeIn Pro, and LastPass.

Louisiana-Pacific Corporation

Louisiana-Pacific is a provider of building solutions serving the new home construction, repair and remodeling and outdoor structures markets. The company has four segments: siding, which includes LP SmartSide? Strand and Fiber trim and siding, as well as LP Outdoor Building Solutions? products for outdoor buildings; oriented strand board (OSB), which manufactures and distributes OSB structural panel products; engineered wood products, which include LP SolidStart? I-Joist, Laminated Veneer Lumber, and other related products; and South America, which manufactures and distributes OSB structural panel and siding products in South America and certain export markets.

MasTec Inc.

MasTec is an infrastructure construction company operating mainly throughout North America across a range of industries. The company's segments include: Communications, which performs engineering, construction, maintenance and customer fulfillment activities related to communications infrastructure; Oil and Gas, which performs engineering, construction and maintenance services on oil and natural gas pipelines and processing facilities; Electrical Transmission, which performs engineering, construction and maintenance of electrical transmission lines and substations; and Power Generation and Industrial, which performs installation and construction of power facilities.

Methanex Corporation

Methanex is a producer and supplier of methanol to the international markets of Asia Pacific, North America, Europe and South America. Co.'s operations consist of the production and sale of methanol, a commodity chemical.

MetLife Inc.

MetLife, through its subsidiaries and affiliates, provides insurance, annuities, employee benefits and asset management. The company's segments include: United States; Asia; Latin America; Europe, the Middle East and Africa; and MetLife Holdings. In the United States, the company provides a variety of insurance and financial services products, including life, dental, disability, property and casualty, guaranteed interest, stable value and annuities to both individuals and groups. Outside the United States, the company provides life, medical, dental, credit and other accident and health insurance, as well as annuities, endowment and retirement and savings products to both individuals and groups.

Morgan Stanley

Morgan Stanley is a financial holding company. Through its subsidiaries and affiliates, the company advises, and originates, trades, manages and distributes capital for, governments, institutions and individuals. The company's segments are: Institutional Securities, which provides investment banking, sales and trading, lending and other services; Wealth Management, which provides brokerage and investment advisory services, financial and wealth planning services, stock plan administration services, annuity and insurance products, residential real estate loans and other lending products, banking, and retirement plan services; and Investment Management, which provides investment strategies and products.

NortonLifeLock Inc.

Symantec is a provider of cyber security. The company provides cyber security products, services and solutions to organizations and individuals worldwide. The company's Enterprise Security portfolio includes a mix of products, services and solutions, delivered as part of an Integrated Cyber Defense platform. The company's platform unifies cloud and on-premises security to provide threat protection and information protection across endpoints, networks, email, and cloud applications. The company also provides services, support services, and cyber security services. The company's Cyber Safety solutions from Norton LifeLock help consumers protect their devices, online privacy, identities, and home networks.

Nucor Corporation

Nucor manufactures steel and steel products. The company's operations include international trading and sales companies that buy and sell steel and steel products. The company's segments are: steel mills, which produces sheet steel, plate steel, structural steel, and bar steel; steel products, which produces hollow structural section steel tubing, electrical conduit, steel joists and joist girders, steel deck, cold finished steel, steel fasteners, metal building systems, and wire and wire mesh; and raw materials, which produces direct reduced iron (DRI), brokers ferrous and nonferrous metals, pig iron, hot briquetted iron and DRI, supplies ferro-alloys, and processes ferrous and nonferrous scrap metal.

OPKO Health Inc.

Opko Health is a healthcare company. The company manages two segments: Diagnostics, which provides laboratory testing services utilized by healthcare providers in the detection, diagnosis, evaluation, monitoring, and treatment of diseases, including esoteric testing, molecular diagnostics, anatomical pathology, genetics, women's health and correctional healthcare; and Pharmaceutical, which includes Rayaldee for the treatment of secondary hyperparathyroidism in adults with chronic kidney disease (CKD) and vitamin D insufficiency, and Alpharen (Fermagate Tablets) for the treatment of hyperphosphatemia in CKD patients requiring regular hemodialysis.

Peabody Energy Corporation

Peabody Energy is a coal company, engaged in the mining of thermal coal for sale primarily to electric utilities and metallurgical coal for sale to industrial customers. The company owns interests in several coal mining operations located in the U.S. and Australia. The company has a majority interest in several of those mining operations and an equity interest in Middlemount Coal Pty Ltd. (Middlemount), which owns the Middlemount Mine in Queensland, Australia. In addition to its mining operations, the company markets and brokers coal from other coal producers, both as principal and agent, and trade coal and freight-related contracts through trading and business offices in the U.S., Australia, China, and the U.K.

Plains All American Pipeline L.P.

Plains All American Pipeline is a holding company. Through its subsidiaries, the company owns and operates midstream energy infrastructure and provides logistics services for crude oil, natural gas liquids (NGL) and natural gas. The company has three operating segments: Transportation, which provides activities associated with transporting crude oil and NGL on pipelines, gathering systems, trucks and barges; Facilities, which provides storage, terminalling and throughput services for crude oil, NGL and natural gas, as well as NGL fractionation and isomerization services and natural gas and condensate processing services; and Supply and Logistics, which provides merchant-related activities.

PNC Financial Services Group Inc.

PNC Financial Services Group is a bank holding company. The company has businesses engaged in retail banking, including residential mortgage, corporate and institutional banking and asset management, providing its products and services nationally. The company's segments are: Retail Banking, which provides deposit, lending, brokerage, insurance services, investment management and cash management products and services; Corporate and Institutional Banking, which provides lending, treasury management, and capital markets-related products and services; Asset Management Group, which provides personal wealth management; and BlackRock, which provides a range of investment and technology services.

Portola Pharmaceuticals Inc.

Portola Pharmaceuticals is a biopharmaceutical company focused on the development and commercialization of therapeutics in the areas of thrombosis, other hematologic diseases and inflammation for patients who have limited or no approved treatment options. The company's primary product is Andexxa, an antidote for patients treated with rivaroxaban or apixaban, when reversal of anticoagulation is needed due to life-threatening or uncontrolled bleeding. Bevyxxa is an anticoagulant approved for hospital and extended duration prophylaxis of venous thromboembolism in adult patients. Cerdulatinib is the company's investigational oral, dual spleen tyrosine kinase and janus kinase inhibitor.

SAGE Therapeutics Inc.

Sage Therapeutics is a clinical-stage biopharmaceutical company focused on developing and commercializing medicines to treat life-altering central nervous system disorders. The company's principal product candidate is ZULRESSO? (brexanolone) injection, a proprietary intravenous formulation of brexanolone for the treatment of postpartum depression (PPD). The company's other product candidate is SAGE-217, an oral compound that is being developed for PPD and major depressive disorder. The company also has a portfolio of other compounds that target GABAA receptors, which include SAGE-324 and SAGE-689. The company's second area of focus is the development of compounds that target the NMDA receptor, which include SAGE-718.

Seagate Technology PLC

Steel Dynamics Inc.

Steel Dynamics is a steel producer and metal recycler. The company manufactures and sells steel products, processes and sells recycled ferrous and nonferrous metals, and fabricates and sells steel joists and deck products. The company's segments are: Steel, which produces steel from ferrous scrap and scrap substitutes, utilizing casting, automated rolling mills and several downstream steel coating and bar processing lines, and Iron Dynamics; metals recycling, which involves the purchase, processing, and resale of ferrous and nonferrous scrap metals into reusable forms and grades; and steel fabrication, which produces steel building components, including steel joists, girders, trusses, and steel deck.

Stellantis N.V.

Fiat Chrysler Automobiles is a holding company. Through its subsidiaries, Co. is an international automotive group engaged in designing, engineering, manufacturing, distributing and selling vehicles, components and production systems. Co. has operations in approx. 40 countries and sells its vehicles directly or through distributors and dealers in more than 140 countries. Co. designs, engineers, manufactures, distributes and sells vehicles for the mass market under the Abarth, Alfa Romeo, Chrysler, Dodge, Fiat, Fiat Professional, Jeep, Lancia and Ram brands and the SRT performance vehicle designation.

SunTrust Banks Inc.

SunTrust Banks is a financial services holding company. Through its subsidiary, SunTrust Bank (the Bank), the company provides a line of financial services for consumers, businesses, corporations, institutions, and not-for-profit entities, both through branches (located primarily in Florida, Georgia, Virginia, North Carolina, Tennessee, Maryland, South Carolina, and the District of Columbia) and through other digital and national delivery channels. The Bank provides deposit, credit, mortgage banking, and trust and investment services to its clients through a selection of channels, including branch, call center, Teller Connect? machines, automated teller machines, online, mobile, and tablet.

SVB Financial Group

SVB Financial Group is a financial services company, as well as a bank holding company and a financial holding company. The company provides commercial and private banking products and services through its principal subsidiary, Silicon Valley Bank. The company has three segments: Global Commercial Bank, which comprises of its Commercial Bank, its Private Equity Division, SVB Wine, SVB Analytics and its Debt Fund Investments; SVB Private Bank, which provides a range of personal financial solutions for consumers; and SVB Capital, which focuses primarily on funds management.

Tableau Software Inc. Class A

Tableau Software provides software products that enable a population of business users to engage with data, ask questions, and solve problems. The company provides four main products: Tableau Desktop, a self-service analytics product for anyone with data; Tableau Server, a business intelligence platform for organizations; Tableau Online, a hosted software-as-a-service version of Tableau Server; and Tableau Public, a cloud-based platform for analyzing and sharing public data. The company's technology, Visual Query Language (VizQL) for Databases is a visual query language for data that simultaneously describes how to query data and how to deliver it visually.

Target Corp

Teradyne Inc.

Teradyne is a global supplier of automation equipment for test and industrial applications. The company designs, develops, manufactures and sells automatic test systems used to test semiconductors, wireless products, data storage and electronics systems in the consumer electronics, wireless, automotive, industrial, computing, communications, and aerospace and defense industries. The company's automatic test equipment and industrial automation products and services include: semiconductor test systems; defense/aerospace test instrumentation and systems, storage test systems, and circuit-board test and inspection systems; industrial automation products; and wireless test systems.

Trinseo SA

Valaris PLC Class A

Ensco is an offshore contract drilling company engaged in providing offshore contract drilling services to the international oil and gas industry. As of Dec 31 2017, Co. owned and operated an offshore drilling rig fleet of 62 rigs. Co.'s rig fleet includes 12 drillships, 11 semisubmersible rigs, four moored semisubmersible rigs and 38 jackup rigs, including rigs under construction. Co.'s business consists of three operating segments: floaters, which includes its drillships and semisubmersible rigs; jackups; and other, which consists of management services on rigs owned by third-parties. Co.'s two reportable segments, floaters and jackups, provide one service, contract drilling.

VARIAN MEDICAL SYSTEMS INC

Varian Medical Systems is a manufacturer of medical devices and software for treating cancer and other medical conditions. The company's segments are: Oncology Systems, which designs, manufactures, sells and services hardware and software products for treating cancer with radiotherapy, and treatments such as fixed field intensity-modulated radiation therapy, image-guided radiation therapy, volumetric modulated arc therapy, stereotactic radiosurgery, stereotactic body radiotherapy and brachytherapy, as well as associated equipment; and Proton Solutions, which develops, designs, manufactures, sells and services products and systems for delivering proton therapy, for the treatment of cancer.

ViaSat Inc.

ViaSat is a provider of broadband technologies and services. The company conducts its business through three segments: satellite services, which provides satellite-based broadband services to consumers, enterprises, and mobile broadband customers; commercial networks, which develops and produces a variety of satellite and wireless products, systems and solutions that enable the provision of fixed and mobile broadband services; and government systems, which provides global mobile broadband services to military and government users, and develops and produces network-centric Internet Protocol-based fixed and mobile communications products and solutions.

Vishay Intertechnology Inc.

Vishay Intertechnology is a manufacturer and supplier of discrete semiconductors and passive components. The company's semiconductor products include metal oxide semiconductor field-effect transistors, diodes, and optoelectronic components. Semiconductors are used to perform functions such as switching, amplifying, rectifying, routing, or transmitting electrical signals, power conversion, and power management. The company's passive components include resistors, capacitors, and magnetics such as inductors and transformers. Passive components are used to store electrical charges, to limit or resist electrical current, and to help in filtering, surge suppression, measurement, timing, and tuning applications.

Voya Financial Inc.

Voya Financial is a holding company. Through its subsidiaries, the company provides a range of retirement services, investment management services, mutual funds, group insurance and supplemental health products. The company's Retirement segment provides tax-deferred, employer-sponsored retirement savings plans and administrative services. The company's Investment Management segment provides investment products and retirement solutions across a range of geographies, market sectors, investment styles and capitalization spectrums. The company's Employee Benefits segment provides stop loss, group life, voluntary employee-paid and disability products to mid-sized and large businesses.

Webster Financial Corporation

Webster Financial is a bank holding company and financial holding company. The company, through its subsidiary, Webster Bank, National Association, delivers banking, investment, and financial services. The company provides mortgage lending, financial planning, trust, and investment services through banking centers, ATMs, a customer care center, and a range of web and mobile-based banking services. The company also provides equipment financing, commercial real estate lending, asset-based lending, and treasury and payment solutions primarily in the eastern United States. The company provides health savings accounts, while also delivers health reimbursement arrangements, and commuter benefit account administration services.

Western Alliance Bancorp

Western Alliance is a bank holding company. Through its subsidiaries, the company provides a variety of financial services to customers, including commercial real estate loans, construction and land development loans, commercial loans, and consumer loans. The company provides deposit products, including checking accounts, savings accounts, money market accounts, and other types of deposit accounts, including fixed-rate, fixed maturity certificates of deposit. In addition to commercial banking activities, the company provides other financial services to its customers, including: internet banking, wire transfers, electronic bill payment and presentment, lock box services, courier, and cash management services.

Wintrust Financial Corporation

Wintrust Financial is a financial holding company.Through its community banking segment, the company's banking subsidiaries provide community-oriented, personal and commercial banking services. Through its specialty finance segment, the company provides financing of insurance premiums for businesses and individuals; accounts receivable financing, out-sourced administrative services; and other finance businesses. Through its wealth management segment, the company provides a range of wealth management services including trust and investment services, tax-deferred like-kind exchange services, asset management, securities brokerage services and 401(k) and retirement plan services.

Provider
Ascendere Associates LLC
Ascendere Associates LLC

J. Stephen Castellano founded Ascendere Associates LLC to provide innovative equity research and investment advisory services that blends fundamental and quantitative approaches.

In general, our approach is quite simple -- we believe that return on invested capital and long-term earnings growth are key to stock valuation.  More specifically, we use powerful and unique financial models that combine publicly available data, consensus estimates and our own inputs to generate consistent and actionable stock recommendations. 

Among the services that Ascendere provides are: 1) detailed custom equity research analysis; 2) valuation scenario analysis studies; 3) long/short model portfolio strategies; 4) long and short idea generation; 5) portfolio feedback; 6) detailed fundamental financial modeling services; and 7) additional analytical consulting services. Recent financial modeling consulting clients have included several notable startups as well as BCG Platinion, the risk management division of Boston Consulting Group.  

Mr. Castellano has over 20 years of experience in equity research and related consulting work.  At PaineWebber, Warburg Dillon Read and Credit Lyonnais Securities he developed fundamental equity valuation models and conducted in-depth research on the steel and telecom services industries.  At Boston Private Value Investors, he developed quantitative models for stock idea generation and also provided general fundamental equity research coverage. Steve received a MBA from the F. W. Olin School of Business at Babson College (2005) and a BA from Oberlin College (1993). 

Mr. Castellano's career history is highlighted below:

  • Ascendere Associates, LLC (2009-Present)
  • Boston Private Value Investors , Equity Research, Equity Research Analyst (2005-2009)
  • Pyramid Research, Contract Consultant, Telecom Services (2002-2003)
  • Credit Lyonnais Securities (USA), Equity Research, Telecom Services, Vice President (2000-2001)
  • Warburg Dillon Read, Equity Research, Telecom Services, Research Associate (1999-2000)
  • PaineWebber, Equity Research, Steel and Nonferrous Metals, Research Associate, Editor (1995-1999)

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