Report
Dave Nicoski ...
  • Ross LaDuke
EUR 232.00 For Business Accounts Only

Vermilion Int'l Compass: Global Equity Strategy

Defensive posture warranted

Our outlook for global equity markets remains cautious and we expect additional weakness and consolidation, notwithstanding shorter-term countertrend rallies. Indexes throughout Europe and Asia continue their struggle to gain a firm footing, and, unsurprisingly, the same can be said of broad developed and emerging market indexes (i.e., MSCI EAFE, EM, ACWI, ACWI ex-U.S.) which are all in downtrends or have recently broken down. In light of continued global market weakness, we believe a defensive posture is warranted. In today's report we highlight various ways to achieve that goal:

• Real Estate Investment Trusts: Defensive REITs have benefitted from overall global equity market risk aversion, and represent leadership within our International Financial Sector... see page 3.

• Utilities: The quintessential defensive Sector, Utilities currently holds the top Relative Strength Ranking (RSR) among all 12 Vermilion International Sectors by a significant margin... see page 4.

• Health Care: Pharmaceutical stocks are today's primary focus within Health Care, but we also highlight a few distributor and medical device stocks... see page 4.
Underlyings
Advance Residence Investment Corporation

Advance Residence Investment Corp. Advance Residence Investment Corporation is a real estate investment trust (REIT) company. It aims to achieve sustainable growth in asset and stable earnings from mid- to long-term perspectives. It primarily invests in residential real estate properties located in central Tokyo, the Tokyo metropolitan area and ordinance-designated cities. Its property portfolio mainly includes RESIDIA TOWER Meguro-Fudomae, Pacific Royal Court Minato Mirai Ocean Tower, Park Tower Shibaura Bayward Urban Wing, RESIDIA Daikanyama- Sarugakucho, RESIDIA Akasaka, RESIDIA TOWER Azabu, RESIDIA TOWER Azabujuban, RESIDIA Nihonbashi-Bakurocho, and RESIDIA Mejiro-Otomeyama. The asset manager of the Fund is AD Investment Management Co., Ltd.

AEON REIT Investment Corp.

Aeon Reit Investment Corp. AEON REIT Investment Corporation is a Japan-based real estate investment trust (REIT). The Trust aims to achieve sustainable growth in assets and stable earnings from mid- to long-term perspectives. The Trust's portfolio mainly included Aeon Lake Town mori, Aeon Lake Town kaze, Aeon Mall Morioka, Aeon Mall Ishinomaki, Aeon Mall Mito Uchihara, Aeon Mall Ota, Aeon Sagamihara Shopping Center, Aeon Mall Ogaki, AEON Mall Suzuka and Aeon Mall MEIWA, among others. The Trust's asset management company is Aeon REIT Management Company.

AES Gener S.A.

AES Gener SA is a Chile-based company engaged in the electricity generation. The Company supplies electric power to four national grids: the Central Interconnected System (SIC) and the Great North Interconnected System (SING) in Chile, the National Interconnected System (SIN) in Colombia, as well as the Argentinean Interconnected System (SADI) in Argentina. Its power generation facilities comprise run-of-river hydroelectric plants, diesel oil and natural gas-fired thermoelectric plants, coal-fired thermoelectric plants and cogeneration plants, among others. In addition, the Company develops electricity projects. The Company is indirectly controlled by AES Corp through its subsidiary Inversiones Cachagua Ltda.

Alembic Pharmaceuticals

Alembic Pharmaceuticals Limited is a pharmaceutical company. The Company is engaged developing formulations and active pharmaceutical ingredients (API). The Company focuses on anti-infective, analgesic and, cough and cold therapies. It also focuses on therapies, such as cardiology, diabetes, gynecology, gastrointestinal, orthopedic, dermatology and ophthalmology. Its APIs include independent manufacturing blocks for Macrolides, non-steroidal anti-inflammatory drugs (NSAIDs) and other drugs. The Company offers international and domestic formulations. Under domestic formulation, it offers Branded Formulations and Generic formulations. Its domestic formulation include Roxid, Zofix, Althrocin, Tellzy AH, Revas H, Lactonic, Folinal, Gestofit, Glisen 1/2, Glimser 1/2, Veldrop, Azithral, Brinzemic and Neolap. Its generic formulations include Cetral, Ephedrex CD, Sicor, Worid, Alcephin, Alcizon, Baciclox, Comeba, Furobid, O Win Suspension, O win T, Silomag Gel, Pentab, Aginal AT and Pyremol.

As One Corp.

As One is mainly engaged in the wholesale of scientific equipment and apparatuses. Along with its subsidiaries, Co. operates in two business divisions: research and industrial equipment, and hospital and nursing care. Co. is involved in the wholesale of equipment and apparatuses used by researchers and technicians to scientific equipment dealers, the provision of product catalogs to dealers including the import and sale of laboratory apparatuses; and the wholesale of equipment and apparatuses used by nurses and nursing care professionals to medical and nursing care institutions.

ATCO Ltd. Class I

ATCO operates several business segments. Co.'s Structures and Logistics segment is made up of four divisions: Modular Structures, Logistics and Facility Operations & Maintenance (O&M) Services, Lodging & Support Services, and Sustainable Communities. Co.'s Electricity's activities are conducted through two regulated businesses, and two non-regulated businesses. Co.'s Pipelines & Liquids activities are conducted through three regulated businesses, ATCO Gas, ATCO Pipelines, and ATCO Gas Australia, and one non-regulated business, ATCO Energy Solutions. Co.'s Corporate and Other segment includes the commercial real estate owned by Co. in Alberta and business development activities.

Bausch Health Companies Inc.

Valeant Pharmaceuticals International is a pharmaceutical and medical device company that develops, manufactures, and markets a range of branded, generic and branded generic pharmaceuticals, over-the-counter (OTC) products, and medical devices (contact lenses, intraocular lenses, ophthalmic surgical equipment, and aesthetics devices). Co. has two operating and reportable segments: Developed Markets, which focuses in dermatology, neurology, gastrointestinal disorders, and eye health therapeutic; and Emerging Markets, which focuses primarily on branded generics, OTC products, and medical devices.

Boardwalk REIT

Boardwalk Real Estate Investment Trust is an unincorporated, open-ended real estate investment trust company. Through its subsidiaries, Co. is engaged in investing in revenue producing multi-family residential properties or interests.

Centrica plc

Centrica is an energy and services company. Co.'s segment are: Energy Supply and Services, which supplies gas and electricity in the U.K. and North America; Connected Home, which supplies energy solutions and technologies to residential customers; Distributed Energy and Power, which supplies energy solutions, generation and technologies to commercial and industrial customers; Energy Marketing and Trading, which trades and optimizes energy; Exploration and Production, which produces and processes gas and oil and develops new fields; Central Power Generation, which generates power from combined cycle gas turbines, wind and nuclear assets; and Centrica Storage, gas storage in the U.K.

Chongqing Three Gorges Water Conservancy & Electric Power(A)

Chongqing Three Gorges Water Conservancy and Electric Power is engaged in the generation and supply of power; design, installation and debug of power generation, distribution and transformer equipment; manufacture and installation of pressure container for boiler; construction of platform facilities; production of platform advertisement and street sign; construction decoration project; and commercial trading. Through its subsidiaries, Co. is engaged in the manufacture and sale of modern water conservancy products; water conservancy and power development; design, planning and production of advertisement; civil engineering construction; basic engineering investigation; and property management.

Comforia Residential REIT Inc.

Comforia Residential REIT is a real estate investment trust that invests in residential properties and is managed by TLC Comforia Investment Management Inc. Co. mainly invests in residential real estates that are for lease including leasing properties for singles and small families, senior housings, service apartments and student dormitories which are accessible from stations. As of Jan 31 2014, Co.'s portfolio consisted of 55 properties with 3 master lease tenants and total rentable 117,763.35 sq. m. of area. 90.9% or more of total portfolio is in Central Tokyo and the Tokyo area. The remaining is in the Tokyo Metropolitan Area, including Kanagawa, Saitama and Chiba, as well as in Osaka.

Energix Renewable Energies

Energix Renewable Energies Ltd is an Israel-based Company engaged in the alternative energy sector. The Company invests in wind energy projects.

First Gen Corp

First Gen provides natural gas energy, with portfolio covers natural gas, geothermal, hydro, and wind. Co.'s segments include: First Gas Power Corporation, which operates the 1,000 megawatt combined cycle, natural gas-fired Santa Rita power plant; FGP Corp., which operates the 500 megawatt combined cycle, natural gas-fired San Lorenzo power plant; Energy Development Corporation (EDC) and subsidiaries, which holds service contracts corresponding to around 14 geothermal contract areas each granting EDC exclusive rights to explore, develop, and utilize the corresponding resources in the relevant contract area; and First Gen Hydro Power Corporation, which operates the 132 megawatt PAHEP/MAHEP.

Fujian Nanfang Textile Co. Ltd. A

FUJIAN FUNENG CO., LTD, formerly FUJIAN NANFANG TEXTILE CO., LTD, is a China-based company principally engaged in the electric power and textile businesses. The Company mainly operates through electric power business, which includes heat-power co-generation, natural gas power and wind power. The Company also provides textile products, including woven fabrics, spunlace non-woven fabrics, needle punched non-woven fabrics and others. The Company mainly operates its businesses in Fujian Province, China.

Glenmark Pharmaceuticals Limited

Glenmark Pharmaceuticals is engaged in the discovery of new molecules, both NCEs (new chemical entity) and NBEs (new biological entity), with seven molecules in various stages of clinical development & pre-clinical development. Co.'s Drug Discovery business primarily focuses in the areas of inflammation, metabolic disorders and pain. Co.'s Formulations business focuses on therapeutic areas such as dermatology, anti-infectives, respiratory, cardiac, diabetes, gynecology, CNS, and oncology. Co.'s Glenmark Generics Ltd. business focuses on developing, manufacturing, selling and the distribution of generics through wholesalers, retailers and pharmacy chains.

Global One Real Estate Investment Corporation

Global One Real Estate Investment is a real estate investment trust that invests in office properties and is managed by Global Alliance Realty Co., Ltd. As of Mar. 31, 2015, Co.'s portfolio consisted 9 office properties with 153 tenants and total rentable 105,489.80 sq. m. of area in Tokyo, Saitama, Osaka, and Aichi Prefectures.

Guangdong Investment Limited

Guangdong Investment is engaged in investment holding, water resources, property holding and investment, hotel ownership and operation, hotel management, department store operations and investments in infrastructure and energy projects. Co. segments include: property investment and development, department stores, water resources, electric power generation, hotel operations, toll roads and bridges, and others.

Gulf Energy Development Public Company Limited

Gulf Energy Development PCL is a Thailand-based holding company primarily engaged in the energy sector. The Company generates and sells electricity to the Electricity Generating Authority of Thailand (EGAT), as well as industrial users through Independent Power Producer (IPP) and Small Power Producers (SPP) programs. The Company sells electricity to the Provincial Electricity Authority (PEA) through the Very Small Power Producers (VSPP) program. The Company is also involved in the business of renewable energy, such as solar rooftops and biomass energy. The Company has investments in the natural gas distribution business.

H&R Real Estate Investment Trust

H&R Real Estate Investment Trust is an unincorporated open-ended trust with each unitholder participating pro rata in distributions of income and, in the event of termination of Co., participating pro rata in the net assets remaining after satisfaction of all liabilities. Co.'s investment objectives are to provide unitholders with stable and growing cash distributions, generated by the revenue it derives from investments in income producing real estate properties; and to maximize unit value through ongoing active management of Co.'s assets, acquisition of additional properties and the development and construction of projects which are pre-leased to creditworthy tenants. .

Hankyu Hanshin REIT Inc.

Hankyu REIT is a real estate investment trust that invests in commercial, office and complex properties and is managed by Hankyu REIT Asset Management, Inc. Commercial properties Co. invests include retail stores, restaurants, shopping centers and hotels which are in the city center and accessible from stations, as well as in the suburbs. Complex properties Co. invests include retail stores, offices and hotels. As of Nov 30 2013, Co.'s portfolio consisted of 19 properties with 251 tenants and total rentable 477,703.07 sq. m. of area mainly in Kansai Area, including Osaka and Hyogo Prefectures, as well as Tokyo, Shizuoka and Hiroshima Prefectures.

Heiwa Real Estate REIT Inc.

Heiwa Real Estate REIT is a real estate investment trust that invests in office and housing properties and is managed by Heiwa Real Estate Asset Management Co., Ltd. Properties Co. invests include office buildings in Central Tokyo and suburban cities, as well as apartments and hotels in the city center. As of Nov. 30 2013, Co.'s portfolio consisted of 89 properties with 3,602 tenants and total rentable 196,809.84 sq. m. of area. Approximately 71.9% of total portfolio is in Central Tokyo and the Tokyo area. The remaining is in the Tokyo Metropolitan Area, including Kanagawa, Chiba and Saitama prefectures, as well as in Aichi, Hyogo, Miyagi, Fukuoka, Kyoto and Osaka prefectures.

Ichigo Hotel REIT Investment

Ichigo Hotel REIT Investment Corporation is real estate investment trust (REIT) company. It aims to achieve sustainable growth in asset and stable earnings from mid- to long-term perspectives. The Company mainly invests in hotel real estate in major cities of Japan, as well as domestic and foreign cities with tourism resources. Its property portfolios include Smile Hotel Kyoto Shijo, Comfort Hotel Okayama, Nest Hotel Sapporo Ekimae, Nest Hotel Naha, Valie Hotel Hiroshima, Hotel Livemax Nihonbashi Hakozaki, and Valie Hotel Tenjin. The asset manager of the Fund is Ichigo Investment Advisors Co Ltd.

Ichigo Office REIT Investment Corporation

Ichigo Office Reit Investment is a real estate investment trust that invests primarily in housing properties and is managed by Ichigo Real Estate Investment Advisors Co., Ltd. As of Apr 30 2015, Co.'s portfolio consisted of 65 properties with 605 tenants and total rentable 184,919.13 sq. m. of area. Co. invests include 48 office buildings, 17 other properties including housing properties, commercial facilities, and hotels. More than 70% of total portfolio is in Tokyo and the Tokyo metropolitan area including Kanagawa, Chiba and Saitama prefectures. The remaining is in Aichi, Miyagi, Toyama, Oita, Saga, Kagawa, Akita, Kumamoto, Osaka, Hokkaido and Fukuoka prefectures.

Japan Excellent Inc.

Japan Excellent is a real estate investment trust that invests in office properties and is managed by Japan Excellent Asset Management Co., Ltd. As of June 30, 2013, Co.'s portfolio consisted of 28 office properties with 152 tenants and total rentable 302,505 sq. m. of area. 89% or more of total portfolio is in Central Tokyo and the Tokyo Metropolitan Area including Kanagawa, Saitama, and Chiba Prefectures, Japan. The remaining is in Osaka, Aichi, and Fukuoka Prefectures, Japan as well as a government-ordinance-designated city, such as Osaka, Nagoya, Fukuoka, Hiroshima, and Sapporo.

Japan Metropolitan Fund Investment Corporation

Japan Retail Fund Investment is a real estate investment trust that invest in commercial facilities and is managed by Mitsubishi Corp.-UBS Realty Inc. Co. seeks to achieve stable growth in mid to long-term earnings through investment in properties in three main areas which are Tokyo, Osaka, and Aichi Prefectures. As. of Aug 31 2013, Co.'s portfolio consisted of 81 properties with 1,021 tenants and total rentable 3,095,171.83 sq. m. of area. 40% or more of total portfolio is in Tokyo and the Tokyo Metropolitan Area. The remainings are in Osaka and Aichi Prefectures as well as other government-decreed cities.

Japan Real Estate Investment Corp.

Japan Real Estate Investment is a real estate investment trust that invests in office buildings and other assets and is managed by Japan Real Estate Asset Management Co., Ltd. Co. also invests in real estate-related securities. As of Sept 30 2013, Co.'s portfolio consisted of 62 office buildings with 1,146 tenants and total rentable 713,180 sq. m. of area mainly in Central Tokyo and the Tokyo Metropolitan Area including Saitama and Kanagawa. Co.'s main portfolio includes Kitanomaru Square, Shiodome Building, Mitsubishi UFJ Trust and Banking Building, MM Park Building, Shibuya Cross Tower and Tokyo Opera City Building.

Kansai Electric Power Company Incorporated

Kansai Electric Power is engaged in the supply of electric power to residential, commercial and industrial customers in the Kinki area. Electric Power segment is engaged in the generation, transmission and distribution of electric power through hydro, thermal, nuclear power and renewable energy. Gas/Other Energies segment is engaged in the supply of city gas, the operation of LNG terminals, the overseas power generation and other energy related services. IT and Communications segment provides internet connection services for individual and corporate customers, as well as IT services for corporate customers. Co. is also engaged in the real estate development, leasing and management.

Kenedix Office Investment Corporation

Kenedix Office Investment is a real estate investment trust that invests in office buildings, housings and commercial buildings, and is managed by Kenedix REIT Management, Inc. Co.'s investments include amusement parks, business hotels, parking lots, education facilities, hospitals, nursing care facilities and other health related facilities. Co.'s properties include KDX Harumi Building, Toranomon Toyo Building, Hiei Kudan-Kita Building, KDX Shinjuku Building, KDX Ochanomizu Building and others. As of Apr. 30, 2015, Co.'s portfolio is consisted of 97 properties with 1,134 tenants and total rentable 453,999.44 sq. m. of area mainly in Tokyo, Osaka, Aichi and others.

Kenedix Residential Next Investment Corporation

Kenedix Residential Next Investment Corp Formerly known as Kenedix Residential Investment Corp. Kenedix Residential Next Investment Corporation, formerly Kenedix Residential Investment Corporation is a real estate investment trust (REIT) company. The Company aims to achieve sustainable growth in asset and stable earnings from mid-to long-term perspectives. The Company mainly invests in residential facilities (rented accommodation) and other real estate-related assets. It conducts diversified investment in residential properties, including company-owned houses, student residences, elderly housing, service apartment and lands with lease rights. Its asset management company is Kenedix Residential Partners, Inc.

Kissei Pharmaceutical Co. Ltd.

Kissei Pharmaceutical is a pharmaceutical company engaged in the research and development, manufacture and sale of pharmaceutical products. Co.'s major research and development areas are urogenital system, metabolism and endocrinology, as well as immunology and allergy. Co.'s principal products include a treatment for hyperphosphatemia "P-TOL Chewable," dysuria associated with benign prostatic hyperplasia (BPH) "Urief®," a rapid onset and short acting insulin secretagogue "Glufast®" and a therapeutic agent for patients with dry mouth "Salagenan®." In addition, Co., through its subsidiaries, is engaged in the purchase and sale of primary materials, and the development of information systems.

Kyushu Electric Power Company Incorporated

Kyushu Electric Power is an electric company engaged in the generation, transmission and distribution of electric power mainly in the Kyushu Region with 78,619 million kWh of electricity sales as of Mar 31 2017. Co. is also engaged in the research, design, construction and supervision of electric and civil engineering construction work, the environment protection for power plants; the sale of electric machine tools, natural uranium, gas and LNG; the new energy generation and heat supply businesses; the data communication, broadband, fixed phone and IT related businesses; the environmental, recycling, real estate, housing and nursing care businesses.

Manila Electric Co.

First Philippine is a holding company. Co. conducts its business in four segment: Power generation, which includes the power generation operations and related subsidiaries; Real estate development, which consists of the residential and commercial real estate development and leasing business, and the sale of industrial lots and ready-built factories; Manufacturing, which includes the production of electrical and photovoltaic components of subsidiaries; and Construction and other services, which include construction and drilling services, oil transport and other service and investment holding companies within Co.

Merck KGaA

Merck is a global science and technology company based in Germany. Co. diversifies its activities into four business divisions: Merck Serono, Consumer Health, Performance Materials and Merck Millipore. The Merck Serono develops, manufactures and markets prescription drugs to treat cancer, multiple sclerosis, infertility, growth disorders, and selected cardiovascular and metabolic diseases. The Consumer Health manufactures and markets over-the-counter drugs addressing health themes such as mobility, women's and children's health, cough and cold. Performance Materials is a specialty chemicals business. The Merck Millipore is the supplier of products and services for the life science industry.

Mercury NZ Ltd.

Mercury NZ is engaged in the investment, development and producing of electricity from renewable and other energy sources, selling of energy and energy related services and products to retail and wholesale customers. As of June 30 2013, Co. had 388,000 electric customers.

Meridian Energy Limited

Meridian Energy is engaged in the generation, trading and retailing of electricity, related products and services. Co. operates in three reportable segments. The wholesale segment includes generation and sale of electricity to wholesale market; purchase and resale of electricity to industrial and retail customers; development of New Zealand renewable energy generation opportunities; and provision of risk management and dam consultancy services. The retail segment includes purchase and sale of electricity to retail customers; and provision of metering services. The international segment includes generate, sale and retail of electricity within Australia and United States.

Nippon Accommodations Fund Inc.

Nippon Accommodations Fund is a real estate investment trust that invests in accommodation properties and is managed by Mitsui Fudosan Accommodations Fund Management Co., Ltd. The accommodation properties Co. invests include rental apartments, dormitories, corporate housing, serviced apartments, senior residences and hotels. As of Aug 31 2017, Co.'s portfolio consisted of 121 properties with total rentable 486,483.66 sq. m. of area. 80% or more of total portfolio is in Central Tokyo. The remaining is in the Tokyo Metropolitan Area, including Tokyo, Kanagawa, Chiba and Saitama Prefectures, Japan as well as in Hokkaido, Miyagi, Aichi, Osaka, Kyoto, Hyogo and Fukuoka Prefectures, Japan.

NIPPON REIT Investment Corp

Nippon Reit Investment Corp. NIPPON REIT Investment Corporation is a real estate investment trust (REIT) company. It aims to achieve stable earnings and sustainable growth of its investment assets to maximize investment value from mid- to long-term perspectives, by investing in real estate and corresponding securities. Its properties include FORECAST Nishi Shinjuku, Nihombashi Playa Building, FORECAST Mita, Green Oak Takanawa Base, Shiba Park 3-chome Building and among other. The asset management company of the fund is Sojitz REIT Advisors K.K.

ORIX JREIT Inc.

ORIX JREIT is a real estate investment trust that invests in real estate properties, centered on offices, and also logistics and retail facilities, residential properties, hotels and other properties. Co. is managed by ORIX Asset Management Corporation. As of Aug 31 2017, Co.'s portfolio consisted of 110 properties with 1,019 tenants and total rentable 1,160,490.21 sq. m. of area. More than 60% of total portfolio is in Central Tokyo wards, other Tokyo wards and the Tokyo Metropolitan area. The remaining is in the other areas, including Aichi, Osaka, Miyagi, Hokkaido, Hyogo, Shizuoka, Kagoshima, Okayama, Iwate, Akita, Yamaguchi, Mie, Fukuoka, Ishikawa and Yamagata Prefectures, Japan.

Premier Investment Corporation

Premier Investment is real estate investment trusts that invests in office buildings and residential properties and is managed by Premier REIT Advisors Co., Ltd. Co.'s principal residential properties have wide type, family type, DINKS type, and single type. As of Apr 30 2015, Co.'s portfolio consisted of 58 properties with 3,610 tenants and total rentable 261,471.39 sq. m. of area in 5 Central Wards of Tokyo and other 18 Wards of Tokyo as well as surrounding city area including Kanagawa Prefecture, Japan. Co.'s principal portfolio lists are Landic Shimbashi Buildings, Premier Dogenzaka Building, Ougaku Building, The Kanagawa Science Park R&D Building, Park Axis Yotsuya Stage, and others.

Property For Industry Limited

Property for Industry is an industrial property investment company. Co.'s subsidiaries' principal activity is property investment and management. Co. primarily invests in the multipurpose industrial property in New Zealand's main urban centers.

RioCan Real Estate Investment Trust

RioCan Real Estate Investment Trust is a real estate investment trust. Co. is engaged in owning, developing and operating retail real estate, mixed use and office real estate. As of Dec 31 2009, Co. owned and managed a portfolio of Canadian shopping centres, with ownership interests in a portfolio of 258 retail properties, including 12 under development, containing an aggregate of over 61.7 million square feet. Co.'s Canadian portfolio of properties is concentrated around Canada's urban markets. Co. also owns properties in secondary markets, such as Kingston, Ontario and Quebec City, Quebec.

Rural Funds Group

Rural Funds Group is registered as a diversified agricultural real estate investment trust. The Trust is engaged in the leasing of agricultural properties including almond orchards and water rights, poultry property and infrastructure and vineyards in Australia.

Sanofi India

Sanofi India is engaged in the research, development, manufacture and production, of: (i) new and existing drugs, pharmaceuticals, haemaccel and biologicals; and, (ii) liquid injectibles, tablets, capsules, ointments, antibiotic powders, drops, syrups, Co.'s products include: Daonil, Avil, Soframycin, Combiflam, Tarivid, Streptase , Rifater and Rifadin INH, Rabipur, Claforan and Rulide (parenteral anti-infectives) Amaryl (oral anti-diabetic), Tavanic (anti-infective), Vaxcem Hib (Haemophilus Influenza type B (HIB) Vaccine), Morupar (measles, mumps, rubella (MMR) Vaccine), Insuman (human insulin) and Cardace-H.

Shionogi & Co. Ltd.

Shionogi is the parent company of a group engaged in the research and development, purchase, manufacture and sale of pharmaceutical products. Co.'s principal prescription drugs are "Crestor Tablet" for hyperlipidemia treatment, "Irbetan Tablet" for antihypertensive, "Cymbalta Capsule" for treatment for depression and depressive symptoms, "Finibax" and "Finibax Kit" for carbapenem antibiotic, "Differin Gel" for acne vulgaris treatment, "Pirespa Tablet" for idiopathic pulmonary fibrosis treatment, and "OxyContin Tablet" and "OxiNorm Powder" for cancer pain analgesic, and OTC drugs including "Sedes First," "Sedes Hi G," "Pylon," "Rapiacta Bag" and "Rapiacta Vial."

SmartCentres Real Estate Investment Trust

SmatCentres Real Estate Investment Trust is an unincorporated open-ended mutual fund trust. The Trust owns, develops, manages and operates income properties located in Canada. As of Dec 31 2010, Co.'s national portfolio included 119 operating properties and 11 development properties with total gross leasable area of 24,218,389 sq. ft., located across Canada.

Terna Energy S.A.

Terna Energy is a vertically organized renewable energy sources group based in Greece. Co. is mainly engaged in the energy and construction sector. Co. is active in Wind Energy, as well as Hydroelectric Projects, Solar PV and Integrated Management of Waste to Energy and Biomass Projects. Co. is also engaged in the research for the operation and construction of projects related to other renewable energy sources (RES). Co. maintains a class 6 contractor certificate and its activity in the construction sector relates to the construction of private and public projects as a main contractor or subcontractor or through joint ventures.

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.

TOKYU REIT Inc.

Amortization of investment corporation bond issuance expenses Amortization of investment corporation bond issuance expenses Tokyu REIT is a real estate investment trust that invests in retail and office properties and is managed by Tokyu Real Estate Investment Management Inc. Retail properties Co. invests include department stores, shopping centers, and amusement parks which are in city center and accessible from stations as well as shopping center which are in suburban area. As of Jan 31 2014, Co.'s portfolio consisted of 30 properties with 204 units and total rentable 280,114.52 sq. m. of area in Central Tokyo and the Tokyo Area as well as in Kanagawa and Saitama Prefectures, Japan.

Trustpower

Trustpower is an electric power generation and retail group based in New Zealand. Co. and its subsidiaries are engaged in the development, ownership and operation of electricity generation facilities from renewable energy sources and the retail sale of electricity and telecommunications services to its customers. Co. owns and maintains 36 small to medium size Hydro Generating Stations and two Wind Farms, with a further Wind Farm in South Australia. Co. is engaged in the production of electricity from renewable sources and its power stations produce enough electricity for around 220,000 New Zealand households.

United Urban Investment Corporation

United Urban Investment is a real estate investment trust that invests in commercial facilities, office buildings, hotels, and housing properties and is managed by Japan REIT Advisors Co., Ltd. As of May 31 2015, Co.'s portfolio consisted of 108 properties with 1,860 tenants and total rentable 1,177,654.28 sq. m. of area. Co.'s most of portfolio is in Central Tokyo Area in Japan. The remaining is in the Tokyo Metropolitan Area including Tokyo, Kanagawa, Chiba, Saitama, Ibaraki, Gunma, Tochigi and Yamanashi Prefectures in Japan as well as major cities including government-ordinance-designated cities and the peripheral cities in Japan.

Virbac SA

Virbac is an independent veterinary pharmaceutical laboratory. Co. develops and provides veterinarians and farmers with medicines and vaccines that improve the health of food producing animals. Co. markets a range of products designed for pets and livestock. It offers seven types of products for companion animals (Parasiticides, Immunology, Antibiotics/dermatology, Specialties, Equine, Specialized pet food and Other products), and four types of products for food producing animals (Bovine parasiticides, Bovine products (excluding parasiticides), Pig/poultry antibiotics and Other products). Co. markets its products in the ethical (veterinarian) and OTC markets.

Vitrolife AB

Vitrolife AB is a Sweden-based company engaged in assisted reproduction services. The Company's product portfolio comprises G-RINSE, which is a solution for rinsing of contact materials, EmbryoGlue, which is a human albumin recombinant, ASP, which is a solution for oocyte retrieval and rinsing, and Semen VTS, which is a viscosity treatment system, among others. It also provides a range of procedural solutions for sperm preparation, vitrification, embryo transfer and oocyte retrieval, such as temperature control, condition control, gamete-safe labware and embryo support. The Company is active in Australia, China, France, Italy, Japan, the United States and the United Kingdom, among others, and conducts its business through a number of subsidiaries, such as Vitrolife Ltd., Vitrolife Pty Ltd., and A.T.S. Srl.

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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