Report
Dave Nicoski ...
  • Ross LaDuke
EUR 233.15 For Business Accounts Only

Vermilion Int'l Compass: Global Equity Strategy

The U.S. has continued to separate itself from broad emerging market and developed international indexes. Thankfully, one positive is that MSCI EM and MSCI EAFE have been able to stabilize from a price perspective despite relative strength weakness vs. MSCI ACWI... see charts below. In today's report we scour the globe for attractive investments in an environment where selectivity is key.

• Emerging markets. There is still not much to like about broad EM as the MSCI Emerging Markets index has remained weak following price and relative strength breakdowns. Remain underweight broad EM and be very selective. Colombia, India, and Saudi Arabia are the most attractive country-specific indexes. On the other hand, Egypt and Peru are breaking down -- avoid... see page 2.

• Developed international. Canada's S&P TSX and Australia's ASX All Ordinaries indexes are hitting new price highs as short-term relative strength uptrends remain intact. We recommend adding selective exposure. Japan's TOPIX large-cap index continues to consolidate sideways. Be selective. New Zealand's NZX 50 is one of the more attractive country indexes out there -- overweight. Europe's STOXX 600 continues to underperform -- underweight and be selective. The UK's FTSE 100 is a European index that continues to hold up well in terms of relative strength... see pages 3-5 for overviews and actionable country-specific stocks.

• Group and Sector Opportunities. At the Group level, European Hotels & Resorts are a bright spot. Additionally, we highlight select Services Groups that are outperforming. When it comes to international Sectors, Health Care and Energy currently occupy the top two relative strength rankings (RSRs). Add exposure... see pages 6-21 for overviews and actionable stocks.
Underlyings
ABCAM PLC

Abcam produces and distributes research-grade antibodies and associated protein research tools. Co.'s main product types consist of: antibodies, which is generated to target antigens on molecules it is interested in studying to understand where they are located within a cell or tissue sample; research-grade antibodies, which is used in academic pharma and biotech laboratories to investigate fundamental scientific questions; in vitro diagnostic antibodies, which is used in a clinical setting, such as a hospital or medical institute lab, to help diagnose a particular disease or condition; and kits, which contains everything a researcher needs to run an experiment.

Advanced Medical Solutions Group PLC

Advanced Medical Solutions is engaged in the design, development and manufacture of polymers (both natural and synthetic) for use in woundcare dressings, and distribution of medical adhesives, for closing and sealing tissue, and sutures and haemostats for sale into the global medical device market. Co.'s business units include: Branded Direct, which sells ActivHeal®, LiquiBand® and RESORBA® brands to end users in the U.K., Germany and Czech Republic; Branded Distributed, which provides LiquiBand® and RESORBA® branded products to all markets; and Original Equipment Manufacturer, which supports Co.'s business-to-business partners with a multi-product portfolio.

AltaGas Ltd.

AltaGas, energy infrastructure company, focus on natural gas, power and regulated utilities. Co.'s operating segments are (i) Gas includes natural gas liquids ("NGL") processing and extraction plants, transmission pipelines to transport natural gas and NGL, natural gas gathering lines, field processing and natural gas storage facilities, energy consulting and sale of natural gas and electricity; (ii) Power includes coal-fired and gas-fired power output under power purchase arrangements and other agreements, gas-fired power, wind and run-of-river power plants, and sale of power to commercial and industrial users in Alberta; and (iii) Utility includes regulated natural gas distribution assets.

Asahi Intecc Co. Ltd.

Asahi Intecc is mainly engaged in the development, manufacture, and sale of medical and industrial equipment. Along with its subsidiaries, Co. operates in two business segments: medical and devices. Co.'s principal products include PTCA guide wires, PTCA guiding catheters, PTCA dilation catheters, angiographic guide wire, angiographic catheters, micro catheters, IVR guide wire, and foreign object removal devices; and precision stainless steel wire rope, rope, coil, subcontract goods, terminal fitted item, and charge wire for the parts of medical and industrial area.

Astellas Pharma Inc.

Astellas Pharma is engaged in the development, research, manufacture, and sale of pharmaceuticals. Co. operates its operation in Japan, Americas, Europe, and Asia/Oceania. Co.'s principal product for the global market include "Xtandi" a therapeutic agent for prostatic cancer, "Eligard" a luteinizing hormone-releasing hormone (LHRH) agonist for the treatment of prostate cancer,"Prograf" an immunosuppressant used to prevent rejection in organ transplants, "Vesicare" a treatment for overactive bladder, "Harnal ( "Omnic" in the U.S. and Europe)" an 1 blocking agent for prostatic and urethral smooth muscle, and "Fungurad ("Mycamine" in the U.S. and Europe)" a candin-type antifungal agent.

AstraZeneca PLC

AstraZeneca is a holding company. Through its subsidiaries, Co. operates as a biopharmaceutical company engaged in discovering, developing, manufacturing and commercializing its pipeline of small molecule and biologic prescription medicines, including targeted business development through collaboration, in-licensing and acquisitions. Co. is focused on three main therapy areas: Oncology, Cardiovascular and Metabolic Diseases, and Respiratory. Co. is also selectively active in autoimmunity, infection and neuroscience. In addition, Co. works across small molecules, oligonucleotides and other drug platforms, as well as biologic medicines.

Auckland International Airport Limited

Auckland International Airport provides airport facilities and supporting infrastructure in Auckland, New Zealand. Co. and its subsidiaries have three reportable segments: Aeronautical, which provides services that facilitate the movement of aircraft, passengers and cargo, and provides utility services that support the airport; Retail, which provides services to the retailers within the terminals and provides car parking facilities for airport staff, visitors and passengers; and Property, which is engaged in the rental of space on airport land outside the terminals including cargo buildings, hangars and stand-alone investment properties.

Beach Energy Limited

Beach Energy is engaged in oil and gas exploration, development and production and investment in the resources industry. Co.'s operating segments include Cooper Basin, which includes oil and gas sales from Australian production; Other Australia, which includes Co.'s interest in all on-shore and off-shore production and exploration tenements within Australia other than the Cooper Basin; and International interests, which includes Co.'s interests in all areas outside Australia and oil and gas sales from Egyptian production. As of June 30 2016, Co. had total proved and probable reserve estimate of 69.8 million barrels of oil equivalent.

Benefit One Inc.

Benefit One is mainly engaged in the outsourcing business for welfare services. Co. provides two business divisions. Welfare Program division offers various welfare services to employees from corporate members under the benefit station scheme. Its services include the usage and benefits of partner lodging facilities, sports clubs and various schools, among others. Sales division provides shopping services for individual members by using membership points to purchase various products through seasonal magazines, guidebooks, fax services and mail order services.

Capgemini SE

Capgemini is a consulting and IT services provider. Co. works closely with technology partners at the cutting edge of innovation in major trends such as: Cloud, Big Data and mobility. Co. offers its clients skills in a variety of fields, such as digital transformation and digital customer experience, Cloud, Big Data, mobility, testing, cyber security, application management. In addition, Co. helps its clients enhance their performance and sharpen their competitive edge by offering them a range of skills grouped around four major businesses: Consulting Services through Capgemini Consulting, Technology Services (TS), Local Professional Services through Sogeti, and X Outsourcing Services (OS).

CGI
CGI

CGI Group is engaged in managing information technology services, including outsourcing, systems integration and consulting, software licenses and maintenance, as well as business process services to help clients realize their strategies and create added value.

Clinigen Group Plc

Clinigen Group is engaged in the pharmaceutical and services industry, with a combination of businesses focused on providing access to medicines. Co. has three synergistic operations: Clinical Trial Services, which is engaged in the specialist supply and management of comparator medicines and services to clinical trials and Investigator Initiated Trials; Unlicensed Medicines, which is engaged in sourcing and supplying unlicensed medicines, manages early access programs, and provides on-demand access globally to medicines which remain unlicensed at the point of care; and Commercial Medicines, which has global rights to niche hospital-only and critical care products.

Cochlear Limited

Cochlear is a for-profit entity and operates in the implantable hearing device industry. Co.'s implant systems comprise an implant which is inserted during surgery and an external sound processor. As of June 30 2016, Co. sold in over 100 countries and had a direct presence in approximately 20 countries and used distributors and agents in other areas. Manufacturing for the cochlear implant product range is based in Australia. The bone conduction implant product range is manufactured in Sweden. Co.'s supply chain operates with product being distributed from its manufacturing sites in Australia and Sweden to its regional distribution centres in the U.S., the U.K. and Panama.

Computershare Limited

Computershare is engaged in the operation of investor services, which provides registry maintenance and related services; plan services, which provides administration and related services for employee share and option plans; communication services, which comprise document composition and printing, intelligent mailing, among others; business services, which provides bankruptcy, class action and utilities administration services, voucher services, corporate trust services and mortgage servicing activities; stakeholder relationship management services, which provides investor analysis, investor communication and management information services; and technology services.

Dalata Hotel Group Plc

Dalata Hotel Group is a hotel operator in the Republic of Ireland. As of Dec 31 2016, Co. operates nine hotels in the United Kingdom.

Dentium

Dentium Co Ltd Formerly known as Dentium. Dentium CO., LTD is a Korea-based company principally engaged in the manufacture of the artificial dental implants. The Company's products include artificial dental implants, dental Equipment, synthetic bone for dentistry and other dental medical devices.

DTS Corp.

DTS is mainly engaged in the provision of information services. Along with its subsidiaries, Co. provides consulting in relation to the development of information system to the finance and public sector and corporate customers including telecommunications, manufacturing, retail, distribution, air transportation and others as well as design, development, operation and maintenance of systems, in-house developed solutions and ERP solutions. It is also engaged in design of total information systems including cloud-service and virtualization systems, operation and monitoring of the system operation either through personnel or remote access.

ENEOS Holdings Inc.

JXTG Holdings is a petroleum and metal industries holding company based in Japan. Co. was formed by the management integration of Nippon Oil and Nippon Mining Holdings. Co. comprises three core companies operating in the fields of Petroleum Refining and Marketing, Oil and Natural Gas Exploration and Production, and Metals. Co. conducts operations integrated from upstream resource development to petroleum refining and marketing, chemicals, copper smelting and refining, recycling and environmental services, and electronic materials. Co. operates in four business segments: energy, oil and natural gas exploration and production, metals, and others.

Enerplus Corporation

Enerplus is engaged in acquiring, exploiting and operating crude oil and natural gas assets for the benefit of Co. As of Dec 31 2010, Co.'s net proved reserves of light and medium oil, heavy oil, natural gas liquids, natural gas and shale gas amounted to 68,508,000 barrels, 23,963,000 barrels, 6,019,000 barrels, 473,896,000,000 cubic feet and 41,815,000,000 cubic feet, respectively.

Equinor ASA

Equinor is engaged in oil and gas exploration and production activities. Co. is primarily focused on exploration, development and production of oil and gas on the Norwegian continental shelf (NCS). Co.'s operations are organized into four segments. The Development and Production Norway and Development and Production International segments explore, develop, produce and extract crude oil, natural gas and natural gas liquids. The Marketing, Processing and Renewable Energy segment markets, trades, transports and processes oil and natural gas and renewable energy. The Other segment consists of global well and project delivery, research and develpoment, and business development.

Experian PLC

Experian is an information services group. Co. has four businesses: Credit Services, which collects data to analyze the credit histories of people and businesses, sorting through information about the credit they applied for and how they repaid the credit; Decision Analytics, which combines Co.'s data with data from its clients and third parties, and uses software and analytics to access, organize and analyze this data to help its clients to minimize the risk of fraud; Marketing Services, which helps Co.'s clients to plan, build and deliver their marketing campaigns; and Consumer Services, which, among others, monitors the information in people's credit reports for suspected fraud patterns.

Faes Farma S.A.

Faes Farma is engaged in the health care research, manufacture and sale of prescription pharmaceuticals, over-the-counter pharmaceuticals and fine chemicals, URGO bandages and dressings and LAZLO cosmetics.

Fisher & Paykel Healthcare Corporation Limited

Fisher & Paykel Healthcare, together with its subsidiaries, is a designer, manufacturer and marketer of medical device products and systems for use in respiratory care, acute care and the treatment of obstructive sleep apnea (OSA). Co.'s respiratory and acute care products include heated humidifier and respiratory products that are used in the treatment of a variety of medical conditions which interfere with normal respiration. Co.'s OSA products include the continuous positive airway pressure (CPAP) therapy devices, which is used in the treatment of OSA. CPAP is delivered through a mask attached to a flow generator device which generates airflow and enough pressure to keep the airway open.

Fleury SA

Fleury SA, formerly Laboratorio de Analises e Pesquisas Clinicas SC Ltda, is a Brazil-based company engaged in the provision of medical laboratory services. The Company's activities are divided into three business segments: Diagnostic medicine, Integrated medicine and Dental. The Diagnostic medicine division provides clinical analysis and diagnostic imaging in partner hospitals. The Integrated medicine division offers private medical diagnostics, as well as tests for laboratories, hospitals and clinics. The Dental division focuses on dental diagnostic imaging. The Company provides services in Brazil through a number of brand names, such as Fleury, Felippe Mattoso, Weinmann, a+ Medicina Diagnostica, Labs a+, Diagnoson a+ and Papaiz.

Future Corp

Future is a holding company mainly engaged in the information technology ("IT") business. Co. is engaged in the IT consulting services and procurement services for hardware and others, consulting services for financial institutions, and research and investigation services related to financial technologies, as well as the development, sale and provision of consulting services for administrative accounting packages; the sale of cloud WMS software; the provision of application service provider-based package software; the production of a magazine and the sale of sports and outdoor products through online.

GMO Payment Gateway Inc.

GMO Payment Gateway is an agent which connects credit card companies and credit card member stores. Co. primarily provides data processing service of credit-card transaction. Co.'s services include online and offline credit card settlement services, revenue billing services, online settlement data management services and other related services. Co. is also involved in the provision of payment processing services for convenience store receipt, electronic money transaction, and net bank/bank ATM transaction called "Pay-easy" and "PayPal™" transaction services; as well as the provision and operation of applications and online advertising service.

Husky Energy Inc.

Husky Energy is engaged in the exploration, development and production of oil and natural gas. Co.'s operations are located in Canada and United States. As of Dec. 31, 2011, Co. had total proved oil and natural gas reserves of 1,172.4 million barrels of oil equivalent (Mmboe) gross (1,010.7 Mmboe net).

Information Services International-Dentsu Ltd.

Information Services International-Dentsu is engaged in the provision of information technology ("IT") services. Co. provides consulting, custom system and software development, sales and support of software, outsourcing, operation and management services and IT equipment sales. Along with its affiliates, Co. operates in four business segments. Co. is engaged in the provision of IT solutions for financial institutions; core systems and the business management field; the product development and production fields in the manufacturing industry; and core systems at Dentsu Group as well as in collaboration with Dentsu Group.

Infosys Limited

Infosys is a global technology services company based in India. Co. provides business consulting, technology, engineering and outsourcing services. Co.'s end-to-end business solutions include: Consulting and Systems Integration - consulting, enterprise solutions, systems integration and advanced technologies; Business IT Services - application development and maintenance, independent validation services, infrastructure management, engineering services comprising product engineering and life cycle solutions and business process management; and Products, business platforms and solutions, including Finacle™, which addresses core banking, mobile banking and e-banking needs of banks worldwide.

Ipsen SA

Ipsen is global biotechnology specialty care company. Co. engages in research, development, manufacture and sale of pharmaceutical products for human healthcare. Co.'s product portfolio includes pharmaceutical products marketed around the world to specialists working in its targeted therapeutic areas (oncology, endocrinology, neurology and haematology). These products are specialist care drugs. Co. also markets products in other therapeutic areas including gastroenterology, cardiovascular and cognitive disorders. These products are primary care drugs. Co.'s brand names include Decapeptyl®, Somatuline®, Dysport®, Nutropin Aq®, Smecta®, Forlax®, Nisis®,Adrovance®, Exforge® and Adenuric®.

Keyera Corp.

Keyera is engaged in the business of operating natural gas midstream businesses in Canada. Midstream entities operate in the oil and gas sector between the upstream sector, which includes oil and gas exploration and production businesses, and the downstream sector, which includes the refining, distribution and retail marketing of finished products. Co. is organized into two integrated businesses, (i) The Gathering and Processing Business Unit which Co. is engaged in owning and operating raw gas gathering pipelines and processing plants and (ii) The Liquids Business Unit consisting of natural gas liquids infrastructure and marketing.

Knight Therapeutics

Knight Therapeutics is a specialty pharmaceutical company. Its principal business activity is developing, acquiring, in-licensing, out-licensing, marketing and distributing pharmaceutical products in Canada and internationally. Co.'s product portfolio includes Impavido®, ATryn®, Photofrin®, FOCUSFactor®, NXN-188m NXN-462 and nNOS/iNOS Inhibitor.

Lonza Group AG

Lonza supplies services and products that range from active pharmaceutical ingredients and stem-cell therapies to drinking water sanitizers, from vitamin B compounds and organic personal care ingredients to agricultural products, and from industrial preservatives to microbial control solutions. Co. operates in two segments: Lonza Pharma & Biotech, which clusters all of Co.'s offerings for pharmaceutical markets, focuses on providing custom development, custom manufacturing, cell therapy, viral therapeutics and bioscience solutions; and Lonza Specialty Ingredients, which includes offerings in its consumer care, agro ingredients, industrial solutions, wood protection and water treatment.

Mani

MANI is mainly engaged in the manufacture and sale of medical equipment. Along with its subsidiaries, Co. operates in three business segments: surgical-related, eyeless needle-related, and dental-related. Co.'s principal products are surgical suture needles and threads, as well as ophthalmic knives, born saws, blood vessel knives and other surgical equipment; eyeless surgical suture needles; and dental root canal treatment equipment, such as reamers, files and broaches; grinding and abrasive agents, such as carborundum points, and silicone points; and rotating dental treatment equipment, such as dia-burs and carbide burs, as well as dental materials and dental stereomicroscope.

Medipal Holdings Corporation

Medipal Holdings is a holding company controls, administers and supports the operating activities of subsidiaries and affiliates in which it holds shares in the prescription pharmaceutical wholesale business, cosmetics, daily necessities and OTC pharmaceutical wholesale business, Animal health products and food processing raw materials wholesale business, and related business. Co. is involved in the wholesale of pharmaceutical products, medical equipment and test reagents; cosmetics, daily necessities, soap, detergents, over-the-counter pharmaceuticals; and veterinary products, food additives and food processing raw materials.

Nanosonics

Nanosonics is engaged in the manufacturing and distribution of the Trophon® EPR ultrasound probe disinfector and its associated consumables and accessories; and research, development and commercialization of infection control and decontamination products and related technologies. Co. operates in a single operating segment, being the healthcare equipment segment. The principal products and services of the segment are the manufacture and commercialization of infection control and decontamination products and related technologies.

NMC Health PLC

Novo Nordisk A/S Class B

Novo-Nordisk is a global healthcare company engaged in the innovation of diabetes care. Co. also provides haemophilia care, growth hormone therapy and hormone replacement therapy. The Diabetes care business segment includes research, development, manufacturing and marketing of products within the areas of insulin, GLP-1 and related delivery systems, oral antidiabetic products (OAD) and obesity. The Biopharmaceuticals business segment includes research, development, manufacturing and marketing of products within the areas of haemophilia, growth hormone therapy, hormone replacement therapy, inflammation therapy and other therapy areas.

OUTSOURCING Inc.

Outsourcing is mainly engaged in the provision of integrated outsourcing services with focus on production and administrative operations. Co. operates in seven business segments: Domestic Engineering Outsourcing, Domestic Manufacturing Outsourcing, Domestic Service Operations Outsourcing, Domestic Administrative Outsourcing, Domestic Recruiting and Placing, Overseas Engineering Outsourcing, Overseas Manufacturing and Service Operations Outsourcing. Co. provides outsourcing services for production, engineering, manufacturing, IT operation, administrative operation, and recruitment in Japan as well as Asia, South America, Europe and Australia.

Oxford BioMedica PLC

Oxford BioMedica is a producer of gene and cell therapy in lentiviral vector and cell therapy research, development and production. Gene and cell therapy is the treatment of disease by the delivery of therapeutic deoxyribonucleic acid into a patient's cells. This can be achieved either in vivo (referred to as gene therapy) or ex vivo (referred to as cell therapy), the latter being where patients' cells are genetically modified cells outside the body before being re-infused. Co.'s products include: OXB-102, which targets Parkinson's disease; OXB-202, which targets corneal graft rejection; and OXB-302 (CAR-T 5T4), which targets targets a range of cancers.

Pandox AB Class B

Pandox AB is a hotel property company in northern Europe. The Company's principal business activities are the active ownership, development and leasing of large hotel properties in Stockholm, Gothenburg and Malmo, in Swedish regional and university cities and in capitals and other major cities in northern Europe. The Company's hotel properties are situated in such locations as city centers, airports and convention centers. Pandox' hotels are in the upper-medium to high price range and focus on the business and leisure segment. The Company's portfolio is comprised of 44 hotel properties in five countries (Sweden, Denmark, Germany, Belgium and the United Kingdom) totaling 8,143 rooms. The average number of rooms per hotel is 188. The Company's hotels are operated by such hotel operators as Hilton Group plc, Choice Hotels, Rezidor SAS, Best Western, Elite Hotels and First Hospitality, among others.

Parex Resources Inc.

Parex Resources is engaged in oil and natural gas exploration, development and production in South America and the Caribbean region. As of Dec 31 2010, Co. had gross proved light and medium oil reserve of 1,066 thousand barrels (net: 980 thousand barrels).

Premier Oil plc

Premier Oil is an exploration and production company with oil and gas interests in the North Sea, South East Asia, Pakistan, the Falkland Islands and Latin America. Co.'s operations are located and managed in six business units; namely the Falkland Islands, Indonesia, Pakistan (including Mauritania), Vietnam, the U.K. and the Rest of the World. Co. is active both offshore and onshore, but all of its operated interests are located offshore. As of Dec 31 2016, Co. had oil, natural gas liquids (NGLs) and gas developed and undeveloped reserves of 353.3 million barrels of oil equivalent, which consisted of 255.2 million barrels of oil and NGLs and 533.10 billion cubic feet of gas.

Rightmove PLC

Rightmove operates as an online property portal. Co. provides consumers with a place to search and research U.K. property and by providing its customers a place to reach home hunters. Co.'s segments are: The Agency, which provides resale and lettings property advertising services on Co.'s platforms; and The New Homes, which provides property advertising services to new home developers and housing associations on Co.'s platforms. Co.'s customers are primarily estate agents, lettings agents and new homes developers advertising properties for sale and to rent. Co. also provides software, delivering data, market insight and tools that provides insight, analysis and risk assessment tools.

Sartorius Stedim Biotech SA

Sartorius Stedim Biotech is a provider of equipment and services for the development, quality assurance and production processes of the biopharmaceutical industry. Co.'s solutions cover fermentation, filtration, purification, fluid management and lab technologies and membrane chromatography, including various conventional lab products to biopharmaceutical laboratories. Co.'s technologies, products and services are used to develop and manufacture medications and vaccines using biological methods. Co.'s products covers all upstream and downstream steps in the production of active pharmaceutical ingredients. It specializes in single-use products and offers technical consulting and services.

SHOPIFY INC.

Shopify provides a cloud-based commerce platform designed for small and medium-sized businesses. Merchants use its software to run their business across all of their sales channels, including web, tablet and mobile storefronts, social media storefronts, and brick-and-mortar and pop-up shops. Co. provides a platform for merchants to create an omni-channel experience that helps showcase the merchant's brand and grow its business. Co.'s platform provides merchants with a single view of their business and customers across all of their sales channels and enables them to manage products and inventory, process orders and payments, build customer relationships and leverage analytics and reporting.

Skistar Ab

SkiStar AB is a Sweden-based company active in the leisure and recreation industry. It is primarily engaged in the management of mountain ski resorts in Hemsedal and Trysil, in Norway, as well as in Salen, Are and Vemdalen, in Sweden. The Company's activities are divided into two business areas: Destinations and Property Development. The Destinations area is responsible for the skiing services, mediation of accommodation, ski school and ski rentals. The Property Development area operates through wholly owned subsidiaries, named Fjallinvest AB and Fjellinvest Norge AS, which manage accommodation properties for hire, own land for development and have a stake in a jointly-owned real estate entities operating at SkiStar's destinations. Furthermore, the Company is a parent of Salens Hogfjallshotell AB, Tandadalens Fjallhotell Service AB, and Are Invest AB, among others.

Straumann Holding AG

Straumann is engaged in tooth replacement solutions that include dental implants, prosthetics and regenerative products. Co. develops, manufactures and supplies dental implants, instruments, computer-aided design/computer-aided manufacturing prosthetics and tissue regeneration products for use in tooth replacement and restoration solutions or to prevent tooth loss. Co. provides a range of services to dental practitioners, clinics and laboratories. Through a collaboration with its academic partner the International Team for Implantology ( ITI), Co. supports research and offers training and education to dental professionals worldwide.

Suzuken Co. Ltd.

Suzuken is mainly engaged in the manufacture and sale of pharmaceutical products. Co. is engaged in the sale of pharmaceuticals and medical equipment; the manufacture of pharmaceutical products and diagnostic medicines; the operation of dispensing pharmacies; the provision of medical-related services, such as the sale of healthcare-related literature and the provision of clinical research coordinators; the provision of home nursing care and facility nursing care services; the manufacture of biological and physiological measuring equipment, such as electrocardiographic equipment and blood pressure gauges; as well as the transportation of pharmaceutical products.

Swedish Orphan Biovitrum AB

Swedish Orphan Biovitrum AB is a healthcare company focused on rare diseases. Co. develops, manufactures and commercializes treatments with a particular focus on four therapeutic areas: Inflammation, Genetics & Metabolism, Haemophilia and Neonatology. Co. also markets a portfolio of rare disease products for partner companies. Co.'s pipeline programmes include research and development focused on recombinant protein drugs in late preclinical and clinical phase for indications.

Sysmex Corporation

Sysmex and its affiliates are mainly engaged in the healthcare business. Co. is involved in the development, manufacture, and sale of clinical laboratory testing equipment and reagents. Co. provides instruments, in vitro diagnostic reagents, and software for testing of blood and urine samples in the field of hematology, urinalysis, immuno-chemistry, clinical chemistry, and hemostasis. Co.'s principal products include hematology (XN-L and XN series, pocH™-80i, XP-300™), hemostasis (CS-5100™), immunochemistry (HISCL™-5000), and urinalysis (UD-10™, UF-5000™, UC-3500™). Co. operates its operations in Japan, the Americas, EMEA (Europe, the Middle East and Africa), China and Asia Pacific regions.

Toho Holdings Co. Ltd.

Toho Holdings is a holding company mainly engaged in the wholesale distribution of pharmaceuticals. Co. operates in four major business segments: pharmaceutical wholesale, dispensing pharmacies, site management organization ("SMO") and information equipment sales. Co. is engaged in the sale of prescription pharmaceuticals, reagents and medical devices to hospitals, clinics and dispensing pharmacies; the management and operation of health insurance dispensing pharmacies; the SMO business firmly assists a variety of medical establishments and provides pharmaceutical development services commissioned by pharmaceutical manufactures; and the planning and sale of information processing equipment.

Vifor Pharma AG

Vifor Pharma is a holding company. Through its subsidiaries, Co. develops, manufactures and markets pharmaceutical products, runs pharmacies, provides logistical and database services and sets up networks. Pharma markets pharmaceutical iron-based products and offers a broad range of OTC products, prescription products, herbal remedies and parapharmaceutical products. Logistics delivers supplies to pharmacies, physicians, drugstores and hospitals and also handles and coordinates the purchase, sale, warehousing and distribution of products for third parties. Healthcare Information provides ways of networking the healthcare market. Retail runs pharmacies and participates in Coop Vitality.

Worley Limited

WorleyParsons is a services provider to the resources, energy and industrial sectors. Co. has four business lines of Services, Major Projects, Improve and Advisian and three customer sectors, each of which is focused on customers involved in the following activities: Hydrocarbons, which includes the extraction and processing of oil and gas; Minerals, Metals and Chemicals, which includes the extraction and processing of mineral resources and the manufacture of chemicals; Infrastructure, which includes projects related to water, the environment, transport, ports and site remediation and decommissioning, and all forms of power generation, transmission and distribution.

Zeria Pharmaceutical Co. Ltd.

Zeria Pharmaceutical and its subsidiaries are mainly engaged in the manufacture, sale, import, and export of prescription drugs and health care products. Ethical Pharmaceuticals segment manufactures, purchases and sells ethical pharmaceuticals including "Acofide®" therapeutic agent for functional dyspepsia, "Asacol®" therapeutic agent for ulcerative colitis, "Promac®" zinc-containing anti-ulcer agent, and other. Consumer Healthcare segment manufactures, purchases and sells OTC drugs, as well as manufactures and sells cosmetics. Co. is also engaged in the insurance agency and real estate services, the purchase and sale of sales promotional materials, and the maintenance business.

Provider
Vermilion Research
Vermilion Research

Vermilion Research delivers timely, actionable, and unique research inputs to professional investors. Our research strategists highlight securities which we believe are at major inflection points, based on our various proprietary technical indicators, and offer asymmetric risk/return profiles. We believe our research methodology, which is not limited by industry sector or market capitalization, enables us to deliver superior investment recommendations.

Our process begins by organizing all actively traded stocks into coherent sectors, then into logical industry groups. We then apply our proprietary relative strength tools to identify developing price trends. Once attractive trends are identified within a selected sectors or groups, we screen for individual stocks which we believe offer the best risk/reward profile. Vermilion offers U.S. and global equity market research products. Vermilion’s research team, which has received numerous awards and accolades, has a combined 70 year of experience in the analysis of investment securities.

Analysts
Dave Nicoski

Ross LaDuke

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