Dave Nicoski ...
  • Ross LaDuke
EUR 228.15 For Business Accounts Only

Int'l Insights: Bullish Stocks

EAFE > EM; Add exposure to Japan

Continue to favor EAFE over EM. As long as the U.S. dollar remains elevated, we believe developed international (EAFE) will remain in a leadership position relative to EM (MSCI EM). Below we highlight attractive and actionable themes within developed int'l:

• Japan, Switzerland, Australia, Canada. Major Japanese indexes have been underperforming for nearly two years but are making bullish price and RS inflections and exhibit early signs of bottoming. Switzerland, Australia, and Canada are all trading at multi-year highs and are among the most attractive country-specific indexes across the globe. These four countries encompass a significant portion of today's stock recommendations... see page 2.

• Attractive Japanese Sectors. Technology remains leadership within Japan, however Financials, Health Care, and Staples are also making bullish price and RS reversals -- add exposure... see page 3.

• Attractive European/UK Sectors. Our favorite MSCI Sectors within Europe include Health Care, Industrials, Staples and Utilities... see page 4.
Outside of the above themes, a bottoms-up approach is required to uncover attractive and actionable stocks. On page 5 we include a table of all stocks highlighted in this report, sorted first by sector and then by country... see page 5.
Acom Co. Ltd.

ACOM is mainly engaged in the loan business with total assets of Y1,228,930 million as of Mar 31 2017. Along with its affiliates, Co. operates in four business segments. Loan and Credit Card segment is engaged in the unsecured loans business and credit card business. Guarantee segment is engaged in the guarantee business. Overseas Financial segment is engaged in the unsecured loan and installment loan businesses in Thailand and the banking business in Indonesia. Loan Servicing segment is engaged in the servicing business and loan servicing business. In addition, Co., through its associated company, is engaged in the contracting at the contact center and temporary personnel services.

Ajinomoto Co. Inc.

Ajinomoto and its affiliates are mainly engaged in the manufacture and sale of food products, fine chemicals and pharmaceuticals in Japan and overseas. Co.'s principal food products for the retail and commercial markets include umami seasoning "AJI-NO-MOTO®," "HON-DASHI," and "Cook Do®," processes foods, frozen foods, instant noodles, coffee products, sweeteners and umami seasonings for processed food manufacturers. Co. also manufactures feed-use amino acids, amino-acids for pharmaceuticals and foods, amino acid-based products and specialty chemicals, as well as pharmaceuticals for gastrointestinal and metabolic diseases.

Asahi Group Holdings

Asahi Group Holdings is a holding company. Co. and its subsidiaries are engaged in the manufacture and sale of alcoholic beverages, including beer, low-malt beer (happoshu), distilled spirits (shochu), wines and whiskey, as well as soft drinks and chilled beverages in its soft drinks business, along with baby foods, supplements and other products in the food business. Co.'s principal brands include "Asahi Super Dry," "Asahi Super Dry Back," "Asahi Dry Premium," "Asahi Style Free," "Asahi Dry Zero," "Clear Asahi," "Kanoka," "Black Nikka," "WONDA," "Mitsuya Cider" and "Calpis." Co. is also engaged in the manufacture and sale of beer and other alcohol products, and soft drinks in overseas.

Azbil Corp.

Azbil is mainly engaged in building automation business. Co. offers building automation systems, wide area management systems, air conditioning management systems, actuators, control valves for air conditioning, various wireless sensors, building and energy management, maintenance and consultation services; distributed control systems, solution packages, equipment diagnosis equipment, converters, sensors and switches, maintenance and consultation services; gas and water work meters, healthy and medical emergency notification services, caring services, residential whole building air-conditioning systems; precise machine tools, special assembly machines, processing machines and others.

Cembra Money Bank

Cembra Money Bank provides financial services in Switzerland. Its product range includes consumer loans, auto leases and loans, credit cards and insurances sold with these products as well as deposit and savings products. As of Jan. 1, 2017, Co. renders its services through its headquarters in Zurich as well as through 18 branches in Switerland.

Chugai Pharmaceutical Co. Ltd.

Chugai Pharmaceutical is a pharmaceutical company. Along with its subsidiaries, Co. is engaged in the research and development of new prescription medicines and the subsequent manufacturing, marketing and distribution activities. Co. sells its pharmaceutical products to the nationwide appointed stores in Japan, as well as in overseas, such as Germany, the U.K., France, Taiwan, China, South Korea and the U.S. Co., through its subsidiaries, is also involved in the management of research facilities, and the research on drug discovery, as well as the provision of literature research services for pharmaceutical information, and pharmaceutical academic information.

Concordia Financial Group

Concordia Financial Group is a commercial banking group mainly based in Tokyo and Kanagawa Prefectures with total assets of Y18,739,930 million as of Mar 31 2017. Co. is principally engaged in the operation of management business and related business through its bank subsidiaries. Through its subsidiaries, The Bank of Yokohama. and its group companies, as well as The Higashi-Nippon Bank and its group companies, Co. is engaged in operation of banking business, as well as leasing, financial products trading business, information services and research work, venture capital business and other financial services.

CSL Ltd.

CSL is engaged in the research, development, manufacture, marketing and distribution of biopharmaceutical and allied products. Co.'s operations are divided into three segments: CSL Behring, Seqirus, and CSL Intellectual Property. CSL Behring is engaged in manufacturing, marketing and developing plasma therapies (plasma products and recombinants). Seqirus is engaged in manufacturing and distributing non-plasma biotherapeutic products. CSL Intellectual Property is engaged in the licensing of intellectual property of Co. to unrelated third parties. Co. operates primarily in five specific geographic areas, namely Australia, the U.S., Germany, Switzerland, and the U.K.

easyJet PLC

EasyJet and its subsidiaries are a low-cost airline carrier operating principally in Europe. Co. operates in the European short-haul aviation market. As of Sept 30 2017, Co. operated 862 routes. Co.'s total fleet as at Sept 30 2017, comprised 279 aircraft, split between 156-seat Airbus A319s, 180-seat A320s, 186-seat A320s and 186-seat A320neos. Co.'s main markets are the U.K., France, Italy, Switzerland, Germany, Netherlands, Portugal and Spain.


Engie is an industrial group, based in France, active in the fields of gas, electricity, energy services and the environment. Co. is an energy provider across the entire energy chain, in electricity and in natural gas, including: purchase, production and commercialization of natural gas and electricity; transport, distribution, management and development of major natural gas infrastructures; design and commercialization of energy services and environment-related services. Co.'s activities are conducted through five segments: Energy Europe, Energy International, Global Gas and LNG, Infrastructures, and Energy Services.


Euronext is a cross-border exchange. Co. operates combined regulated markets across Belgium, France, the Netherlands, Portugal and the United Kingdom (derivatives only). Co. offers a range of integrated services including the listing of financial instruments, trading in securities and derivatives, clearing, netting and settlement, market data dissemination and IT solutions and support. Co.'s customers include listed companies, members, institutional and individual investors who trade on Co. markets, other organizations, notably exchanges that use its technologies and services, and users of the financial and information generated by market activity.

Exchange Income Corp

Exchange Income, through its subsidiaries, is engaged in providing products and services in two business segments: Aviation and Manufacturing. Co.'s Aviation segment provides airline services to communities in Manitoba, Ontario and Nunavut and also provides aircraft and engine aftermarket parts to regional airline operators around the world. The Aviation segment also includes the operations of Co.'s subsidiary, Provincial Aerospace Ltd., which provides airline services in eastern Canada. Co.'s Manufacturing segment consists of specialty metal manufacturers in markets throughout Canada and the U.S.

Experian Group

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.

Financial Products Group

Financial Products Group is mainly engaged in the tax leasing arrangement business. Co.'s principal business segments are Financial Products Group (FPG), FPG Securities, FPG Amentum, FPG Trust and FPG Raffles. Co. is engaged in the arrangement for shipping and ocean transportation containers of operating lease that is tax payable for investors. In addition, Co. is engaged in the entrusted business of operating lease management including constitution, sale and management. Co. is also engaged in the insurance agency, real estate business, mergers and acquisitions (M&A) brokerage, banking agency, financial instruments brokerage businesses and investment advisory business.

Fujitsu General Ltd.

Fujitsu General and its subsidiaries are mainly engaged in the development, manufacture and sale of air-conditioning equipment, information-communication equipment, and electronic devices. Co.'s principal products include air conditioners, variable refrigerant flow (VRF) systems, electric carpet, deodorizing equipment, fire-fighting systems, disaster-prevention systems, point-of-sale (POS) systems, on-vehicle cameras, surveillance cameras, video delivery systems, wireless systems for civilian use, security network systems and electronic components.

Fuso Chemical

Fuso Chemical is engaged in the manufacture and sale of organic acids, functional chemicals and electronic materials. Life Science segment is engaged in the manufacture and sale of fruit acids including malic acid, citric acid and gluconic acid for juice, other drinks and food products, maleic anhydride, L-tartaric acid, lactic acid, acid derivatives, ascorbic acid and amino acid. Electronic Materials & Functional Chemicals segment is engaged in the manufacture of electronic materials including ultra high purity colloidal silica and high purity organo silica sol, as well as functional chemicals including alkylation products, esterification products, nitrobenzoic acid and oxidation products.

Genmab A/S

Genmab is a biotechnology company specializing in the creation and development of differentiated human antibody therapeutics focused on the treatment of cancer. Co.'s product pipeline includes one marketed product, Arzerra, daratumumab in late stage clinical development, four antibodies in clinical development, and over 20 in-house and partnered pre-clinical programs. Co.'s Arzerra (ofatumumab) is a human monoclonal antibody which targets an epitope on the CD20 molecule. Co.'s proprietary technologies include the DuoBody technology, which creates antibodies that can target two molecules at once, and the HexaBody technology, which allows for the creation of more potent antibodies.

Givaudan S.A.

Givaudan is engaged in the fragrance and flavour industry. Co. provides its products to global, regional and local food, beverage, consumer goods and fragrance companies. Co. has two principal divisions: Fragrance, which manufactures and sales fragrances into three global business units: Fine Fragrances, Consumer Products, and Fragrance & Cosmetic Ingredients; and Flavour, which manufactures and sales fragrances into four business units: Beverages, Dairy, Savoury and Sweet Goods. In addition, Co. has distribution network in more than 40 countries.

GVC Holdings

GVC Holdings is a holding company. Through its subsidiaries, Co. is an online gaming company, provides business to consumer and business to business services to the online gaming and sports betting markets in Europe and Latin America. Co. operates in two segments, Sports and Gaming. Co. offers sports betting, casinos, games, and poker through online and mobile under the Sportingbet brand; and online bingo, sportsbook, casino, and poker access under the Betboo brand, as well as operates an online casino Website for German-speaking markets under the CasinoClub brand. Co. also various online poker games, including No Limit Texas Hold'em, Fixed Limit Texas Hold'em, and Pot Limit Texas Hold'em.

H & M Hennes & Mauritz AB B

H & M Hennes & Mauritz is engaged in the sale of clothing and cosmetics in Sweden and internationally. Co.'s stores offer basics, tailored classics, sportswear, and maternity clothes for women; basics, leisurewear, and seasonal fashions for men; denim and street fashions; and fashion wear for children and teenagers, as well as accessories, underwear, and shoes. Co. also provides makeup and body care products; and home fashion products, which include interior textiles for the bedroom, bathroom, living room, and kitchen. Co. has approximately 3,132 stores, including 110 franchise stores, 85 COS stores, 79 Monki stores, 21 Weekday stores, 8 & Other Stories stores and 3 Cheap Monday stores.

Hikma Pharmaceuticals

Hikma Pharmaceuticals is a pharmaceutical company engaged in developing, manufacturing, and marketing a range of branded and non-branded generic pharmaceutical products across the U.S., the Middle East and North Africa, and Europe. Co.'s business segments are: Injectables, which sells specialized generic injectable products, including sterile liquid, powder, lyophilized and cytotoxic products; Generics, which sells non-injectable generic products that include amoxicillin, buprenorphine, butalbital, acetaminophen and caffeine, colchicine, and fluticasone; and Branded products, which sells branded generics and in-licensed products including Amoclan®, Blopress®, Omnicef®, Prograf® and Suprax®.

Ichikoh Industries Ltd.

Ichikoh Industries and its affiliates are mainly engaged in the manufacture and sale of automobile parts, including lamps, rear-view mirrors, wipers and others. Co.'s principal business segments are automobile parts and supplies. Co.'s principal products include headlamps, fog lamps, front turn signal lamps, tail lamps, backup lamps, license lamps, side flasher lamps, parking lamps, interior lamps and speed indicator lamps, exterior mirrors, interior mirrors, bulbs, wipers, wiper blades and arms (high-speed blade and winter blade), ashtrays, wheel covers, radiator grilles, ornaments, switches and reflectors. Co. is also engaged in the manufacture and sale of light bulbs for automobiles.

Intermediate Capital Group PLC

Intermediate Capital Group is an asset manager. Co. operates across four asset classes: corporate, capital market, real asset and secondary investments. Co. is organized into the Fund Management Company (FMC) and the Investment Company (IC). FMC is the operating business of Co., sourcing and managing investments on behalf of third party funds and Co.'s balance sheet. IC invests Co.'s capital in support of third party fundraising and funds the development of new strategies. As of Mar 31 2017, Co. managed Euro23.80 billion of assets in third party funds and proprietary capital, principally in closed end funds.

Invincible Investment

Invincible Investment is a real estate investment trust. Co. positions hotels and residential properties as its core assets and conducts management activities to maximize growth potential and stability of the portfolio. Co. is managed by Consonant Investment Management Co., Ltd. As of Dec 31 2017, Co.'s portfolio consisted of 125 properties with 141 tenants and total rentable 508,518.23 sq. m. of area mainly in Central Tokyo and the Tokyo Metropolitan Area, including Tokyo, Kanagawa, Chiba and Saitama Prefectures, Japan as well as other major regional cities.

Lovisa Holdings

Lovisa Holdings is engaged in the retailing sale of fashion jewellery and accessories. As of June 30 2013, Co. had 166 retail stores in operation.

Maruwa Unyu Kikan

Maruwa Unyu Kikan Co Ltd. MARUWA UNYU KIKAN CO.,LTD. is principally engaged in logistics consulting business. The Company operates through two business segments. Logistics segment provides third-party logistics (3PL), transport service and moving service, focusing on pharmaceutical and medical logistics, low-temperature food distribution, and ordinary temperature logistics. The Company provides not only logistics consulting services from the selection of transportation route and logistics center, to work management method and reverse logistics, but also general freight transport, light truck transport and railway transport services. The Others segment consists of document storage service, real estate leasing service and restaurant service.

Matsumotokiyoshi Holdings

Matsumotokiyoshi Holdings is a holding company. Co., through its affiliates, operates in three business segments. The Retail segment is engaged in the sale of drugs and medicines, cosmetics, food, miscellaneous daily goods, commodities and others through nationwide stores. The Wholesale segment provides commodities to its affiliates and franchisee. The Management Support segment is engaged in the construction and repairing of stores, the management of corporate groups and indirect business trust, the non-life and life insurance agency businesses, as well as the distribution of newspaper advertising fliers. As of Mar 31 2017, Co. operates total 1,555 stores throughout Japan.

Mitani Sekisan

Mitani Sekisan is mainly engaged in the manufacture and sale of construction materials. Along with its subsidiaries, Co. operates in three business segments. Secondary Concrete Products segment offers concrete piles, concrete poles, concrete blocks, and gravels. Information-related segment is engaged in the provision of system development, as well as the sale of hardware and software of computer systems. Others segment is involved in the manufacture and sale of gravel products and construction materials; the leisure business; the leasing of real estate and mold forms of wave-dissipating blocks; and the establishment of information systems.

Morinaga & Co. Ltd.

Morinaga & Co. and its subsidiaries are mainly engaged in the manufacture and sale of food products. Co. operates in four principal business segments. Food Manufacturing segment is engaged in the manufacture and sale of confectionery including caramel candies, chocolates, candies, biscuits and others; foodstuffs including cocoa mixes, cake mixes and beverages; frozen desserts; and health products. Food Merchandise segment is engaged in the wholesale of confectionery and food products. Real Estate and Services segment is engaged in the real estate leasing and the operation of golf courses. In addition, Co. is engaged in the provision of financial services and bioscience research activities.

Morneau Shepell

Morneau Sobeco Income Fund is an unincorporated, open-ended, limited purpose trust. Co. is a Canadian-owned firm providing human resource consulting and outsourcing services, delivering solutions to assist employers in managing the financial security, health and productivity of their employees. Co. offers its services to organizations that are situated in Canada, in the United States and around the globe.

National Australia Bank Ltd.

National Australia Bank provides banking services, credit and access card facilities, leasing, housing and general finance, international banking, investment banking, wealth management, funds management, life insurance and custodian, trustee and nominee services. Co.'s division include: Australian Banking, which provides products and services to retail and business customers; National Australia Bank Limited Wealth, which provides superannuation, investment and insurance solutions; and New Zealand Banking, which comprises the Retail, Business, Agribusiness, Corporate and Institutional and Insurance franchises in New Zealand. As of Sept 30 2016, Co. had total assets of A$777.62 billion.

National Bank of Canada

National Bank of Canada is a provider of financial services that include banking and investment solutions for individuals and businesses as well as securities brokerage, insurance and wealth management services. Co. operates in three business segments: Personal and Commercial, which encompasses the banking, financing, and investing services; Wealth Management, which comprises investment solutions, trust services, banking services, lending services and other wealth management solutions; and Financial Markets, which encompasses banking services, investment banking services and financial solutions. At Oct 31 2017, Co. had total assets of C$245.83 billion and total deposits of C$156.67 billion.

Nissin Electric Co. Ltd.

Nissin Electric is a manufacturer of power system equipment and charged particle beam-oriented equipment. Co. operates in four business segments: Electric Equipment, Beam and Vacuum Application, New Energy and Environment, and Life Cycle Engineering. Co. manufactures power system equipment necessary to ensure reliable power supplies. Charged particle beam-oriented equipment includes high technology products such as ion implanters, electron processing systems, and thin-film coating equipment. Co. also provides a variety of engineering services ranging from installation and adjustment of high technology based products to advanced technical treatments.

Nitori Holdings

Nitori Holdings is a holding company engaged in the retail sale of household furniture and home furnishings. Co. operates its chain stores under the name of "Nitori" "Nitori Express" and "Deco Home Nitori" offering household furniture, floor coverings, curtains, bedding, kitchenware, housewares, other home furnishings, small household appliances, garden supplies, outdoor goods, exercise equipment and miscellaneous daily goods. Co. also operates shopping malls "Nitori Mall." In addition, Co. provides kitchen and bathroom remodeling services, as well as office and commercial facility design services. As of Feb 20 2017, Co. operates 428 stores throughout Japan and 43 stores in overseas.

Nomura Holdings Inc.

Nomura Holdings is a holding company and financial services groups in Japan and have worldwide operations. Co., through its subsidiaries, is engaged in the provision of a range of financial services including brokerage, trading, underwriting, M&A financial advisory services, merchant banking, and development and management of investment trusts and investment advisory services to clients such as individuals, corporations, financial institutions, governments and governmental agencies. Co. operates offices in countries and regions worldwide including Japan, the U.S., the U.K., Singapore and Hong Kong Special Administrative Region ("Hong Kong") through Co.'s subsidiaries.

Nomura Research Institute Ltd.

Nomura Research Institute is mainly engaged in the provision of consulting, financial and industrial IT services, and IT platform services. Consulting Services segment offers management consulting and system consulting services. Financial IT Solutions segment provides IT services including system development, operation outsourcing, and shared-online services for securities, insurance, banking, and other financial industries. Industrial IT Solutions segment provides IT services for distribution, manufacturing, service, and healthcare industries. IT Platform Services segment offers IT infrastructure services, managed services, and advanced information technology services.

Open House

Open House Co., Ltd. is principally engaged in detached business, brokerage business and open house architects business, which is integrated manufacturing and sales business style. The Company operates in six segments. The Brokerage segment engages in real estate brokerage business. The Detached Houses segment engages in construction of detached houses and sale of subdivision land. The Open House Architect segment engages in construction contracts business. The Condominium segment engages in development and sale of new apartments. The Revenue Real Estate segment acquires, operates and sells profitable real estate. The Others segment engages in residential related loan business, financial services business, real estate market analysis, sales of real estate, and creation of building confirmation application drawing.

Renesas Electronics

Renesas Electronics is a semiconductor solution provider. Co.'s solutions include electronic products and systems for communications, computing and peripherals, consumer electronics, as well as automotive and industrial sectors. Along with its subsidiaries and associated company, Co. operates in four business segments: automotive, industrial, broad-based and other semiconductors. Co.'s principal products are microcontrollers, microprocessors, smart analogs, secure MCUs (Microcontroller Units), embedded systems platform, software, tools, IPDs (Intelligent Power Devices), power MOSFET (Metal-Oxide-Semiconductor Field-Effect Transistors), analog and mixed-signal ICs, and transistors.

Rentokil Initial PLC

Rentokil Initial is a holding company. Through its subsidiaries, Co. provides services that include pest control, hygiene and workwear, as well as a range of other services including plants, medical services, property care and hygiene. Co.'s businesses include: Pest Control, which consists of Rentokil Pest Control, a commercial pest control company; Hygiene, which consists of Initial Hygiene, a hygiene services company; Workwear, which consists of Initial Workwear, a provider of workwear services across the four main continental European markets of France, Germany, Belgium and the Netherlands; and Other, which consists of Ambius, an interior landscaping business.

Resona Holdings Inc.

Resona Holdings is a holding company engaged in the management and supervision of banking and other subsidiaries as well as other ancillary activities. As of Mar 31 2017, Co. has total assets of 48,456,133 million. The Resona Group is a financial group comprising three banks (Resona Bank, Ltd., Saitama Resona Bank, Ltd. and The Kinki Osaka Bank, Ltd.) controlled by Co. Co., through its subsidiaries and associated companies, is engaged in the provision of financial services, including banking, trust operation, credit card services, venture capital business, factoring service and investment trust entrusted business.

Ricoh Leasing Co. Ltd.

Ricoh Leasing principally provides leasing services. Co. operates in two business segments. The Leasing and Installment segment is engaged in leasing, rental, installment and credit services for business and information related equipment, medical equipment, printing machines and operation machinery, as well as collection of debt. The Financial Services segment provides the loan services including business loan, specialty financing, housing loan and condominium loan, as well as the agency services such as billing and collection for accounts receivable. In addition, Co. is also engaged in the financing and factoring, the provision of entrusted technical services and the trading of goods.

Saizeriya Co. Ltd.

Saizeriya is a chain restaurant operator engaged in the operation of Italian wine and cafA(c) restaurants under the name of "Saizeriya." As of Aug 31 2017, Co. operates 1,053 "Saizeriya" restaurants nationwide, 4 fast food restaurants under the name of "Mariano," as well as 312 "Saizeriya" restaurants in Shanghai, Guangzhou and Beijing, China, and 59 "Saizeriya" restaurants in Taiwan, Hong Kong and Singapore. In addition, Co., through its subsidiary, is also engaged in the manufacture, process and distribution of food ingredients and food products for its restaurants.

San-A Co. Ltd.

San-A is engaged in the operation of retail stores, restaurants and convenience stores in Okinawa Prefecture. The Retail segment is engaged in the operation of supermarkets, shopping centers and restaurants, as well as home appliance stores "EDON" and cosmetic stores "Matsumoto Kiyoshi" under franchise agreements. Co.'s shopping centers contain supermarkets and retail stores offering apparel, cosmetic products, home appliances, food products and daily sundries, as well as restaurants and service retailers including hair salons, dry cleaners and travel agencies. The CVS segment is engaged in the direct and franchise operation of convenience stores under the name "LAWSON."

San-Ai Oil Co. Ltd.

San-Ai Oil is engaged in the wholesale distribution of petroleum products. Co.'s principal business segments are petroleum related, gas related and aviation related. Co. is engaged in the sale of gasoline, kerosene, fuel oil, gas oil, light oil and heavy oil; the manufacture and sale of automobile waxes for car wash machines, water-shedding coating and antiseptic agent; the provision of transportation and management of petroleum products; the sale, transportation and filling works of LP gas; the sale of gas appliances; the production and supply of city gas; the storage and supply service of aircraft fuel; the design and construction of construction works; and others.

Sapporo Holdings Ltd.

Sapporo Holdings is a holding company. Co., through its affiliates, is mainly engaged in the manufacture and sale of alcohol and beverages. Japanese Alcoholic Beverages segment manufactures and sells beer, Happo-shu (low-malt beer), wine and Shochu (distilled spirits) as well as sells imported beer, wine and spirits. International segment manages Co.'s international liquor business. Food & Soft Drinks segment manufactures and sells drinking water and food products as well as operates a coffee shop chain. Restaurants segment operates a wide variety of restaurants. Real Estate segment operates and manages complex facilities. Others segment manufactures and sells miso pastes and instant soups.


STMicroelectronics is a global independent semiconductor company that designs, develops, manufactures and markets a broad range of semiconductor integrated circuits (“ICs”) and discrete devices. Co. offers a diversified product portfolio and develops products for a wide range of market applications, including automotive products, computer peripherals, telecommunications systems, consumer products, industrial automation and control systems. Within its diversified portfolio, Co. is focused on developing products that leverage its technological strengths in creating customized, system-level solutions with digital and mixed-signal content.


SUBARU and its affiliates are mainly engaged in the manufacture and sale of automobiles and aerospace-related equipment. The Automobiles segment is engaged in the manufacture, sale and repair of passenger cars and their components under the name of "SUBARU." The Aerospace segment is engaged in the manufacture, sale and repair of commercial and defense aircrafts, helicopters, unmanned aerial vehicles and their components. In addition, Co. is engaged in the manufacture, sale and repair of generators, engine-equipped machinery, agricultural machinery, construction machinery and their components; the leasing of real estate; and the manufacture and sale of temporary houses.

Sundrug Co. Ltd.

Sundrug is mainly engaged in the operation of drugstore chain throughout Japan. Co. operates in two business segments. The Drugstore segment operates the drugstore chains such as “Sundrug,” “Sundrug Pharmacies,” “Drug Tops,” “Seikoudou Yakkyoku,” and “Sundrug Plus.” These drugstores sell pharmaceuticals, cosmetics, and household products. The Discount store segment is engaged in the operation of discount stores selling foods and household products under the name of "Direx." As of Mar 31 2017, Co. operates 831 drugstores including franchise stores, and 239 discount stores.


T-Gaia is an information technology ("IT") company. Along with its subsidiaries and associated company, Co. is engaged in the provision of subscription agency services for mobile phone users to join communication network, and distributes mobile phones to general consumers; and the network communication services, including telephone lines, and support services for fiber to the house ("FTTH") promotion, as well as the mobile contents business for cellular phones, and the cellular phone-related distribution business. In addition, Co. sells electronic payment-related products, such as e-money and international telephones, as well as prepaid cellular phones and prepaid cards.

Talanx AG

Talanx is a financial and management holding company. Co. is internationally active in primary insurance and reinsurance and in both property/casualty and life business. In the more than 100 years of Co.'s history, Co. has evolved from a single-line liability insurer for industry into a global insurance group with a focus on the industrial and retail lines and reinsurance business. Through its subsidiaries, Co. is engaged in five business segments: Life/Health Reinsurance; Non-Life Reinsurance; Retail Germany; Industrial Lines; and Retail International.


Teleperformance is engaged in outsourced customer experience management. Co. delivers integrated solutions to corporations and administrative bodies worldwide to manage all aspects of the customer-relations cycle on their behalf. Co.'s activities include four core business areas: customer care (these are services provided as part of customer service management); technical support; debt collection; and business information and marketing actions. As of Dec. 31, 2013, Co. had approximately 110,000 computerized workstations across 46 countries. Co.'s client includes industries like Telecoms, Internet, Financial services, Technology/media, Insurance, Government sector and Utilities.


TIS is a holding company mainly engaged in the information and communications businesses. Co. operates three principal business segments: information technology ("IT") infrastructure services, financial IT services, and industrial IT services. Co. is engaged in the provision of self-administered computer utility or system operation services through large IT facilities, including data centers; and the support of clients to use IT in their operations and in the execution of their business activities with IT expertise and business know-how to the finance industry and industrial and public sectors. In addition, Co., through its subsidiaries, is engaged in the real estate business.

Toppan Printing Co. Ltd.

Toppan Printing is mainly engaged in the provision of commercial printing and related services as well as the manufacture of electronic materials. Information and Communication segment manufactures of investment security certificates, passbooks, product coupons, gift certificates, IC cards, and various types of other cards as well as provides commercial printing including catalogs, pamphlets, flyers, direct mails, magazines and books. Living & Industry segment is engaged in the packaging business including development, and production of flexible packaging materials, plastic molded goods, and paper containers. Electronics segment provides display-related and semiconductor-related materials.

Tower Resources PLC

Tower Resources is an oil and gas exploration company Co. is an operator of international licenses with a focus on projects in Africa. Co. has exploration projects in Cameroon, South Africa and Zambia. As of Dec 31 2016, Co. had interests in the following properties: a 50% interest in Algoa-Gamtoos, South Africa; a 100% interest in Thali PSC in the Rio Del Rey basin, offshore Cameroon; and a 100% interest in Block 40 & 41, Zambia. Co. has not yet commenced production.

Uniper SE

Uniper SE is a Germany-based energy generation and energy trading company. The Company operates through three segments: European Generation, Global Commodities and International Power Generation. The European Generation segment generates power and owns coal, gas, oil and combined gas and steam power plants, hydroelectric power plants, nuclear power stations in Sweden, a biomass plant in France, as well as solar and wind power facilities; the Global Commodities segment bundles the Company's energy trading activities, as well as its gas storage and supply business, and the International Power Generation segment comprises equity investments in energy generation companies in the Russian Federation and Brazil.

Veolia Environnement S.A.

Veolia Environnement provides environmental management services to public authorities, industrial and commercial services customers, and individuals worldwide. These services include the supply of water, the treatment and recovery of municipal or industrial effluent, waste collection, processing and recycling, the supply of heating and cooling services and the optimization of industrial processes. Co.'s business operations are conducted through three divisions, each specializing in a single business sector: Veolia Eau (Water), Veolia Energie (Dalkia, Energy Services) and Veolia Proprete (Environmental Services).

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.

Vinci S.A.

Vinci is engaged in building, civil engineering and facilities management. Through its subsidiaries, Co. is engaged in five divisions comprising of: the Building division which provides retail solutions including construction and fit-out in both the retail and commercial sectors; the Civil Engineering division; the Air division which provides program management, engineering and construction services to customers with airport infrastructure requirements; the Technology division; and the VINCI Facilities division which provides facilities management, repair and maintenance and small works in both the private and public sectors.

Vodafone Group PLC

Vodafone Group provides mobile and fixed telecommunication services including: access charges, voice and video calls, messaging, interconnect fees, fixed and mobile broadband and related services such as providing televisual and music content, connection fees and equipment sales. Co. provides a range of consumer products and services including mobile, fixed voice, broadband and television, financial as well as other services to operators outside its footprint. Co. also provides a range of enterprise products and services including total communications such as mobile, fixed and a suite of converged communications services, internet of things, cloud and hosting and carrier services.

Westpac Banking Corp.

Westpac Banking is a banking organization with branches, affiliates and controlled entities throughout Australia, New Zealand, Asia and in the Pacific region. Co. provides a range of banking and financial services in these markets, including consumer, business and institutional banking and wealth management services. Co. is engaged in the provision of financial services including lending, deposit taking, payments services, investment portfolio management and advice, superannuation and funds management, insurance services, leasing finance, general finance, interest rate risk management and foreign exchange services. As of Sep 30 2017, Co. had total assets of A$851,875,000,000.

Wolters Kluwer N.V. Cert.

Wolters Kluwer operates through four divisions: Health is a global provider of information for medical and health professionals; Financial & Compliance Services is a U.S. provider risk management, compliance, finance, and audit professionals the services they need to optimize risk and business performance, and ensure compliance with local, regional, and global regulation; Tax & Accounting is a provider of tax, accounting, and audit information, and services; and Legal & Regulatory provides customers with expert content, software, and services in the areas of law, business, and regulatory compliance in Europe, North America and Asia Pacific.


Yamashin Filter Corp Formerly known as Yamashin-Filter Corp. YAMASHIN-FILTER CORP. is engaged in the manufacture and sale of filter products. The construction filter include hydraulic oil filter, transmission filter, fuel filter, engine oil filter, which are used for hydraulic oil in the hydraulic circuit, diesel oil fuel, filtration of the lubricating oil. The industrial filter include line filter and used in machinery field in general equipped with the hydraulic unit. The process filter include pincushion filter, non-woven fabric filter, membrane filter, which are used in the industries of electronic parts, precision parts, liquid crystal display and foods.

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.

Dave Nicoski

Ross LaDuke

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