Report
Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Emerging Markets breakdown, avoid; MSCI ACWI falls below 200-day moving average; Be selective in Japan

Global markets have deteriorated considerably since we published our June International Macro Vision last week. The MSCI EM index has decisively broken down below the 60,000 major support level we identified, which coincided with a breakdown in relative strength. We're cutting EM to underweight and recommend reducing exposure. Additionally, the MSCI ACWI ETF has broken below its 200-day MA, leading us to believe additional consolidation is likely. ACWI long-term breadth as measured by the percentage of stocks below their 200-day MA is negatively diverging, another concerning development... see charts below.

• Emerging markets. We remained constructive on EM with the caution that price and relative strength levels must continue to hold at support. With the breakdown in price and relative strength, we expect additional weakness ahead. Avoid/underweight broad EM. We highlight the few country-specific indexes that remain attractive and comment on the three largest MSCI EM constituents... see below and page 2.

• Developed international. Hong Kong's Hang Seng has broken down as Chinese H-shares are dragging the index lower - underweight. Relative strength continues to improve and is showing signs of bottoming for Canada's S&P TSX and Australia's ASX All Ordinaries indexes. We recommend adding selective exposure. Price and relative strength for Japan's TOPIX is consolidating sideways despite many attractive Sectors/Groups. We no longer recommend a broad overweight - be selective. Consolidation for Europe's STOXX 600 continues and RS remains weak - underweight. The UK (FTSE 100) and Norway (Oslo OBX) are two exceptions within Europe... see pages 3-5.

• Major themes: Opportunities within Transportation and Metals and Mining. Global Transportation Groups are outperforming and many stocks are trading at logical entry points... see pages 6 and 8-11 for actionable stocks. Metals and Mining stocks are a bright spot in Australia and Canada. Add exposure... see pages 7 and 12-15 for actionable stocks.
Underlyings
Aeroports de Paris SA

Aeroports de Paris is the airport authority that owns and manages the fourteen civil airports and airfields in the Ile-de-France (Paris) area. Co. owns and operates the three main airports of the Ile de France region (Paris-Charles de Gaulle, Paris-Orly and Paris-Le Bourget), 10 general aviation airfields and the Issy-les-Moulineaux heliport. In the three main airports, Co. provides facilities to accommodate passengers, airlines and cargo and postal services, and offers a range of services. Co.'s activities are divided into five business segments: Aviation, Retail and Services, Real Estate, Airport Investments and Other Activities.

Aker ASA Class A

Aker is an industrial investment company that exercises active ownership. Co. organizes its business activities in two segments: Industrial holdings and Financial investments. The industrial holdings comprise Co.'s ownership interests in Aker Solutions ASA, Kvaerner ASA, Det norske oljeselskap ASA, Ocean Yield ASA, Aker BioMarine ASA and Havfisk ASA. The financial investments comprise cash, real estate, investments in funds and other financial assets of Co. and holding companies, with the exception of industrial equity investments. Co.'s ownership interests are concentrated in the oil and gas, fisheries/marine biotechnology, maritime assets and finance sectors.

Alibaba Group Holding Ltd. Sponsored ADR

Alumina Limited

Alumina is engaged the business of the global bauxite, alumina and aluminium industry, which it conducts primarily through bauxite mining and alumina refining. All of those business activities are conducted through its 40% investments in Alcoa World Alumina and Chemicals ("AWAC"). Co.'s equity interests in AWAC forms a reportable segment.

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.

Bakkafrost P/F

BHP Group Ltd

BHP Billiton is a global resources company. Co. operates under a Dual Listed Company (DLC) structure, which consists of the BHP Billiton Limited Group and the BHP Billiton Plc Group, operating as a single economic entity. As of June 30 2017, Co. operated four reportable segments: Petroleum, which is involved in the exploration, development and production of oil and gas; Copper, which is involved in the mining of copper, silver, lead, zinc, molybdenum, uranium and gold; Iron ore, which is involved in the mining of iron ore; and Coal, which is involved in the mining of metallurgical coal and thermal (energy) coal.

Boohoo group Plc

boohoo.com is a holding company. Co. is an online fashion group. Co.'s brands include BOOHOO, BOOHOOMAN, PRETTYLITTLETHING AND NASTY GAL. Co. designs, sources, markets and sells clothing, shoes, accessories and beauty products targeted at 16 to 30 year old consumers in the U.K. and internationally.

Canadian National Railway Company

Canadian National Railway, together with its wholly-owned subsidiaries, is engaged in the rail and related transportation business. Co.'s network of approximately 20,000 route miles of track spans Canada and mid-America, from the Atlantic and Pacific oceans to the Gulf of Mexico. Co.'s network and connections to all Class I railroads provide access to all three North American Free Trade Agreement nations. Co. handles and carries cargo, serving exporters, importers, retailers, farmers and manufacturers. Co. is engaged in the movement of a portfolio of goods, including petroleum and chemicals, grain and fertilizers, coal, metals and minerals, forest products, intermodal and automotive.

Canadian Pacific Railway Limited

Canadian Pacific Railway operates a transcontinental railway in Canada and the U.S. Co.'s business mix includes bulk commodities, merchandise freight and intermodal traffic, serving the principal business centers of Canada from Montreal, Quebec, to Vancouver, British Columbia, and the U.S. Northeast and Midwest regions. As of Dec 31 2016, Co. operated on a network of approximately 12,400 miles of track, of which CP owns 10,800 miles and has access to 1,600 miles under trackage rights and lease agreements. Of the total mileage operated, about 5,600 miles were located in western Canada, 2,000 miles in eastern Canada, 4,400 miles in the U.S. Midwest and 400 miles in the U.S. Northeast.

Create S.D Holding

Create SD Holdings is a holding company mainly engaged in the operation of drug stores. Co. operates its drug stores and pharmacies under the name of "Create" in Kanagawa, Tokyo, Shizuoka, Saitama, Chiba, Gunma and Ibaraki prefectures in Japan. Co.'s stores sell pharmaceuticals, cosmetics, foods, daily goods, and private-label cosmetics and health food products. As of May 31 2017, Co. operates 510 direct-operated drug stores, 2 franchised drug stores, and 29 pharmacies. Co. is also engaged in the operation of nursing homes under the name of "Wellheim" and adult day-care centers under the name of "Salon Day" in Tokyo and Kanagawa prefecture in Japan.

CyberAgent Inc.

CyberAgent is an information technology company. Media segment is engaged in the operation of internet TV station "AbemaTV," free live streaming programs without subscription "FRESH!," blog service "Ameba," matching services "Tapple" and music streaming service "AWA." Game segment offers a variety of games for smartphones such as "GRANBLUE FANTASY." Internet Advertisement segment is engaged in the provision of internet advertising agency services. Investment Development is engaged in the corporate venture capital business, as well as the establishment and operation of investment fund. Others segment is engaged in the operation of smartphone media.

DSV Panalpina A/S

DSV is engaged in the provision of transport and logistics solutions. As of Dec 31 2014, Co.'s operations comprised of three business areas. The DSV Air and Sea business provides air and sea freight services and designs project solutions. The DSV Road business provides road and rail transport services including full loads, part loads and groupage. The DSV Solutions business area specializes in contract logistics, which include logistic and warehousing solutions, as well as freight management, custom clearance, order management and e-commerce solutions.

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.

Enbridge Income Fund Holdings Inc.

Enbridge Income Fund Holdings is a holdings company. Co.'s business is limited to ownership of its interest in Enbridge Income Fund (the Fund). The Fund has three segments: Green Power, Liquids Transportation and Storage and Alliance Canada. Green Power includes assets that produce electricity from renewable and alternative energy sources. Liquids Transportation and Storage serves customers in Western Canada and North Dakota and includes the Saskatchewan System which transports crude oil and natural gas liquids. Alliance Canada consists of the Alliance System's natural gas mainline pipeline beginning near Gordondale, Alberta and connecting to Alliance U.S. at the Canada/U.S. border.

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.

Evolution Mining Limited

Evolution Mining is engaged in operating, identifying and developing gold related mining projects in both Australia and New Zealand. As of June 30 2016, Co. had seven wholly-owned operating gold mines: Cowal in New South Wales, Cracow, Pajingo, Mt Carlton and Mt Rawdon in Queensland and Mungari and Edna May in Western Australia.

First Majestic Silver Corp.

First Majestic Silver is engaged in the business of silver production, development, exploration, and acquisition of mineral properties with a focus on silver production in Mexico.

Fortuna Silver Mines Inc.

Fortuna Silver Mines is engaged in the mining, exploration, extraction and processing of silver, gold and zinc mine properties in southern Peru and Mexico.

FREIGHTWAYS GROUP LTD

Freightways is engaged in the express package, business mail and information management industries. Co. and its subsidiaries are organized into three business segments. The Express package and business mail segment comprises network courier, point-to-point courier and postal services. The Information management segment comprises secure paper-based and electronic business information management services. The Corporate and other segment comprises corporate, financing and property management services. Co. also manages its road and air linehaul requirements through the Parceline Express and Fieldair businesses.

Getlink SE

Getlink SE, formerly known as Groupe Eurotunnel SE, is a France-based company, which brings together a group of companies active in the fields of infrastructure management and transport operations. Its various entities share the attention to quality and customer service, with priority given to safety. The Company manages and operates the Channel Tunnel between the United Kingdom and France and its railway infrastructure. The Company is also engaged in the passenger and freight transport between continental Europe and the United Kingdom. In addition, it provides ferry transport through the Channel. Getlink SE has direct and indirect stakes in a number of companies, including The Channel Tunnel Group Limited, France Manche SA and Europorte SAS, among others.

Iluka Resources Limited

Iluka Resources is engaged in mineral sands exploration, project development, operations and marketing. Co. is a producer of zircon and titanium dioxide products, as well as rutile and synthetic rutile products. These products are used in a range of applications. Co.'s segments include Australia, which comprises the integrated mineral sands mining and processing operations in Victoria, Western Australia and South Australia; United States, which includes its mineral sands mining and processing operations in Virginia; and Mining Area C, which comprises a deferred consideration iron ore royalty interest over certain mining tenements in Australia operated by BHP Billiton Iron Ore.

International Consolidated Airlines Group SA

International Airlines Group is an international scheduled airline and global premium airlines. Co.'s principal place of business is London with significant presence at Heathrow, Gatwick and London City airports.

Japan Airport Terminal Co. Ltd.

Japan Airport Terminal is mainly engaged in the management and operation of passenger terminals, including operating domestic passenger terminals and providing services to domestic and international airport users of Haneda Airport. Co.'s principal business segments are facilities management, merchandise sales, and food and beverage. Co. is engaged in the construction and management of passenger terminal facilities; the rental of offices and stores to airline companies; and the provision of stores, information counters, parking lots, rental halls and conference rooms, travel insurance agencies, international and domestic travel sales, and ticket sales for transportation and events.

JD Sports Fashion Plc

JD Sports Fashion is engaged in the retail of branded sports fashionwear and outdoor clothing and equipment. Co. is multiple retailer of fashionable branded and own brand sports and casual wear in the U.K. and Republic of Ireland combining brands such as Nike, adidas and The North Face with its own brand labels such as Pink Soda, Supply & Demand and The Duffer of St George. Co.'s operations are located in the U.K., Republic of Ireland, France, Spain, Germany, the Netherlands, Italy, Portugal, Sweden, Denmark, Belgium, Malaysia, Australia, New Zealand, Canada, Dubai, Singapore and Hong Kong. As of Jan 28 2017, Co. operated a total of 1,288 retail stores across 14 countries.

Keio Corporation

Keio is mainly engaged in the transportation business. Route of Co.'s train is constructed by "Keio Line" originating from Shinjuku Station and "Inokashira Line" originating from Shibuya, extending to western part of Tokyo and northern Kanagawa Prefecture, with total length of 84.7 km and 69 railway stations as of Mar 31 2017. Co. is engaged in the operation of railroads, buses and taxis, department stores, shops, station kiosks and shopping centers; the sale and lease of real estates; and the operation of restaurant, sports facilities and hotels, as well as general building management and automobile maintenance.

Kintetsu Group Holdings Co. Ltd.

Kintetsu Group Holdings is engaged in the operation of railway lines linking in Aichi, Osaka, Kyoto, Mie and Nara prefectures. Co.'s principal business segments are transportation, real estate, distribution, hotels & leisure, and others. As of Mar 31 2017, Co. and its subsidiaries have 1,864 railcars, running on a total railroad length of 575.2 km with 327 stations. Co. is engaged in the sale, lease and management of real estate; the operation of department stores, super markets, restaurants, hotels, Japanese style inns, movie theaters, recreational facilities and cable television services. Co. is also involved in the provision of information processing services and insurance services.

KIRKLAND LAKE GOLD LTD COM

Marui Group Co. Ltd.

Marui Group is a holding company engaged in the operation of retail stores. The Retailing segment operates retail stores under the name of " Marui," "Marui City," "Marui Family" and "Modi." Co.'s stores offer brand name and private brand women's and men's apparel, cosmetics, shoes, accessories, home furnishings, home appliances, foodstuffs and other goods and services. As of Mar 31 2017, it operates 31 stores primarily in the Kanto region. The segment is also engaged in the design, construction and operation of commercial facilities. The Fintech segment is engaged in the credit card and other financial services, as well as IT-related services and real estate leasing.

Matsuya Co. Ltd. (8237)

Matsuya is mainly engaged in the department store business. Co. operates in five business segments. Department Stores segment operates department stores. Restaurants segment operates restaurants and wedding halls. Building Service and Advertising segment provides security, cleaning, maintenance, construction and interior works for buildings. Imported Products Wholesale segment is mainly engaged in the wholesale of imported furniture. Others segment is engaged in the provision of marketing information, the supply of office stationery, the leasing of office automation equipment, the provision of insurance agency and product inspection services and the real estate business.

Nagoya Railroad Co. Ltd.

Nagoya Railroad is the parent company of a group mainly engaged in the passenger railroad and bus transportation, and taxicab services in the Chubu Region. Co.'s business segments are transportation (rail, bus and taxi), transportation (truck and vessel), real estate, leisure & service, distribution and other. Co. is also involved in the provision of trucking, ferry, bus charter, and domestic air passenger services. Co. is also engaged in the properties leasing; the operation of department stores, convenience stores, hotels, amusement facilities, travel agencies and advertisings agencies, as well as the data processing and construction services.

Nankai Electric Railway Co. Ltd.

Nankai Electric Railway provides public transportation services. Co.'s business segments are transportation, real estate, distribution, leisure & services, construction and others. Co. is engaged in the provision of railway, bus, ferry and cargo transportation services; the maintenance of rolling stocks; the lease and sale of real estate; the management of shopping centers, retail stores, amusement parks, hotels and boat racing facilities; and the provision of travel agency, construction, accounting and clerical, and information processing services.

National Express Group PLC

National Express Group is a transport company. Co. operates in the following segments: Spain and Morocco (Bus and Coach), which operates long-distance, regional and urban bus and coach services across Spain and in Morocco; North America (Bus), which has two areas of activity consisting of student transportation and transit services; U.K. (Bus), which operates in the UK.'s urban bus market outside of London; U.K. (Coach), which is an operator of scheduled coach services in the U.K.; and German (Rail), which operates the Rhine-Munster Express and the Rhine-Wupper-Bahn contracted rail services in Germany.

Nordic Semiconductor ASA

Nordic Semiconductor is a fabless semiconductor company which designs, sells and delivers integrated circuits and related intellectual property for use in short-range wireless applications. Co. is engaged in ultra-low power wireless solutions, based on its proprietary 2.4 Gigahertz Radio Frequency and Bluetooth Smart technology. Co.'s components are manufactured by subcontractors and sold through electronics distributors to manufacturers of branded electronics across a range of product categories. These categories include personal computer and tablet accessories, sports/health monitors, mobile phone accessories, media remote controls, home and industrial automation, and other applications.

Northern Star Resources Ltd

Northern Star Resources is a production and exploration company with a mineral resource base and ore reserves located in regions of Western Australia and the Northern Territory. Co. has six operating segments: Paulsens, Western Australia, Australia, which is engaged in mining and processing of gold; Kundana, Western Australia, Australia, which is engaged in gold mining; Kanowna Belle, Western Australia, Australia, which is engaged in mining and processing of gold; Jundee, Western Australia, Australia, which is engaged in mining and processing of gold; Tanami, Northern Territory, Australia; and Exploration, which is engaged in exploration and evaluation of gold mineralization.

OZ Minerals Limited

OZ Minerals is a mining company engaged in exploring for, developing and operating copper, gold and base metal projects. It owns the Prominent Hill copper-gold mine and Carrapateena copper-gold project, both located in South Australia. Co.'s operating segments are: Prominent Hill, which comprised of mining copper, gold and silver from the Prominent Hill Mine; Carrapateena, which comprised of exploration and evaluation associated with the Carrapateena project; Exploration and Development, which comprised of exploration and evaluation activities associated with the other projects and include interests and joint ventures with Minotaur and Toro Energy Ltd, and Corporate Development activities.

Pan American Silver Corp.

Pan American Silver is engaged in the production and sale of silver, gold and other base metals including copper, lead and zinc as well as other related activities, including exploration, extraction, processing, refining and reclamation. Co.'s primary product (silver) is produced in Peru, Mexico, Argentina and Bolivia. Additionally, Co. has project development activities in Peru, Mexico and Argentina, and exploration activities throughout South America and Mexico.

Quebecor Inc. Class B

Quebecor is a holding company. Through its subsidiaries, Co. is engaged in cable services; residential and business telecommunications; newspaper publishing; production and distribution of print media products; broadcasting; retailing, publishing and distribution of books, magazines and videos; recording, production and distribution of music; and new media services. As of Dec 31 2010, Co. had 1,811,570 cable television customers, 1,252,100 subscribers to cable Internet access services, 1,114,300 subscribers to cable telephony service, and 136,100 subscribers to mobile telephony services.

REA Group Ltd

REA Group is a multinational digital advertising company, based in Australia, that specializes in property. Co. provides a range of premium property listings as well as products for markets adjacent to property such as utility connections, and advertising solutions for property developers and display media advertisers. Co. operates residential, commercial and share property websites, realestate.com.au, realcommercial.com.au and flatmates.com.au, Chinese property site myfun.com, and iProperty Group which owns a number of property portals in Asia. Co. also maintains significant shareholdings in Move, Inc. in the United States and PropTiger in India.

Rio Tinto Limited

Rio Tinto is a mining group based in the United Kingdom and Australia. Co. is engaged in the business of finding, mining and processing mineral resources. Co.'s major products are iron ore, aluminium, copper, diamonds, coal, uranium, gold and industrial minerals (borax, titanium dioxide and salt). Co.'s activities span the world but are strongly represented in Australia and North America with significant businesses in South America, Asia, Europe and Africa. Co.'s operations comprise four principal product groups - Iron Ore, Aluminium, Copper and Diamonds, and Energy & Minerals.

Ryohin Keikaku Co. Ltd.

Ryohin Keikaku is engaged in the retail of self brand products. Co. is engaged in the development, procurement, manufacturing, distribution of self brand products including clothing, home furnishings, household goods, non perishable foods, household electric appliances, sporting goods, as well as cosmetics and toiletries under the name of "Mujirushi Ryohin" and "MUJI," as well as the operation of direct retail stores and the wholesale to its licensed stores. Co. operates it stores in Japan, East Asia, Europe and the U.S., and South West Asia and Oceania. As of Feb 28 2017, Co. operates 452 stores in Japan and 418 stores in overseas.

Samsung Electronics Co. Ltd.

Samsung Electronics is engaged in the manufacture and sale of electronic goods, communication products, semiconductors, telecommunication equipment, home appliances and other similar products. Co.'s products are mobile phones, MP3 Players, DVD players, video equipment, including Blu-Ray, TVs and VCRs; household appliances, including microwave ovens, refrigerators, home air conditioners, washing machines, ultrasonic humidifiers, dehumidifiers, vacuum cleaners and other small electrical goods; audio equipment, including semiconductors, information systems, and computers; miscellaneous parts; other products, including automatic vending machines, refrigerated display cases and electric tools.

Sankyu Inc.

Sankyu is mainly engaged in the provision of Logistics and Plant Engineering services. Logistics segment includes harbor transportation, trucking, domestic containership, heavy haulage, plant transportation, warehousing, inventory management, as well as cargo and freight arrangement. Plant Engineering segment is engaged in the design, manufacture, installation and maintenance of plants; the transportation of oversized and heavy equipment; and the design and construction of plant facilities. In addition, Co. is involved in the provision of outsourcing services including information system, staffing, insurance and welfare programs; civil engineering works of bridges and others.

Saracen Mineral Holdings Limited

Saracen Mineral Holdings is engaged in mineral development and exploration. Co.'s subsidiary, Saracen Gold Mines Pty Limited, is engaged in the exploration, production and administration relating to the Carosue Dam operations. Co.'s other subsidiary, Saracen Metals Pty Limited, is engaged in Co.'s exploration, development, production and administration relating to the Thunderbox operations. As of June 30 2016, Co. had total ore reserves of 26.4 million tonnes.

SMS Co. Ltd.

SMS and its affiliates are mainly engaged in the daily and non-daily businesses in nursing care, healthcare and active senior fields mainly through Internet in domestic and overseas. Co.'s services include recruiting agent for care managers, recruiting advertisements for care workers, certification course information service, online community for care workers and care managers, nursing care insurance claim systems for small-sized nursing care operators, recruiting agent for nurses, recruiting ads for nurses, recruiting ads for newly-graduated nurses, and online community for nurses and nursing students. Co. also provides health-related online community for active-senior market.

St. Barbara Ltd.

St. Barbara is engaged in the mining and the sale of gold, mineral exploration and development. Co. is focused on mining gold deposits in Australia and Simberi in Papua New Guinea.

T-Gaia

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.

Tencent Holdings Ltd.

Tencent Holdings Limited is an investment holding company principally involved in the provision of value-added services (VAS) and online advertising services. The Company operates through three main segments. The VAS segment is mainly involved in provision of online/mobile games, community value-added services and applications across various Internet and mobile platforms. The Online Advertising segment is mainly engaged in display based and performance based advertisements. The Others segment is mainly involved in provision of payment related services, cloud services and other services.

ZOZO Inc.

Start Today is mainly engaged in the electronic commerce ("EC") business. Along with its subsidiaries, Co. operates in three principal businesses: ZOZOTOWN, B to B, and FURIMA. The ZOZOTOWN business operates brand's online shop on ZOZOTOWN by handling their inventory on a consignment based contract. Co. also purchases fashion items from brands and resell them on each brand's online shop on ZOZOTOWN. Additionally, Co. purchases/resales used fashion products from/to its users. The B to B business supports the brands to operate their individual online stores. The FURIMA business offers users a smartphone application called "ZOZO FURIMA" to sell and purchase personal fashion items.

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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