9td looula ]priok vlaue iovestiok mfokress •
Lpria =, 08<: • Als Sekls, OS L ]dlredfajer Lmtivist’s Xerspemtive fo @log ]tfmgs Pimdlrj Alsdaey, XA Mlpitla
L ]dlredfajer Lmtivist’s Lmtivist’s Xerspemtive Xerspemtive fo fo @log ]tfmgs
Zde 9td Looula Slaue Iovestiok Mfokress Mfokr ess Als Sekls, OS
Pimdlrj Alsdaey, Xriomipla XA Mlpitla Krfup
Jismalibers 0
Iocfrbltifo io tdis jfmubeot is prfvijej `y Pimdlrj Alsdaey, Alsdaey, XA Mlpitla, AAM loj tdeir lcciailtes. It bly oft `e `lsej fo sfurmes mfosijerej tf `e reail`ae. Io of mlse is loy iocfrbltifo mfotlioej dereio wlrrlotej fr ibpaiej tf `e lo lmmurlte represeotltifo fc clmts fr ftderwise kulrloteej tf `e mfrremt fr mfbpaete. Zdis blterila is oft lo fccer tf seaa fr l sfaimitltifo tf `uy loy semurities semurities jismussej dereio fr loy ioterest io tde Ciolomila Ejke Cuoj, A.X. fr loy ftder AX fr Cuoj blolkej fr ljvisej `y XA Mlpitla ( tde Cuojs ). ‑
‒
XA Mlpitla’s Iovestbeot Oimde =
U.]. @log/Zdrict ]tfmgs
<4+ Yelrs Blolkiok @log ]tfmg Cuojs ($0<5 bia LUB)
]blaa/Bij-mlp @logs ($=88 bia tf $=.8 `ia Io Lssets)
$=8 bia tf $=88 bia Blrget Mlps
XA Mlpitla
]dlredfajer Lmtivists (rlre io `logiok)
[iaaiok tf [frg [frg witd Pelaistim Blolkebeot Zelbs Z elbs Loj @flrjs Zlrket Uojervlauej Zlrket loj Uojerpercf Uojerpercfrbiok rbiok @logs/tdricts ‑Cix It fr ]eaa It‒
F ver tde Xlst Xlst <4+ yelrs XA Mlpitla’s @rloj fc ]dlredfajer Lmtivisb Lmtivisb loj Iovestiok Iovestiok dls Keoerltej Dikder Peturos witd Afwer Sfaltiaity Sfaltiaity
XA Mlpitla’s Pimdlrj Alsdaey loj Nfdo Xlaber Dlve Uoique Experieome & ]giaa ]ets :
Fcteo quftej io oltifola `logiok pu`aimltifos Experts lt sdlredfajer lmtivisb, prfxy mfotests, loj mfrpfrlte kfverolome Peputltifos ls su`stlotive loj serifus prfcessifolas
<4+ yelrs blolkiok `log stfmg iovestbeot plrtoersdips plrtoer sdips lt XA Mlpitla
Alsdaey loj Xlaber
]ikoicimlot Experieome ls @log Jiremtfrs <948’s loj elray <998’s> MXLs cfmusej exmausiveay exmausiv eay fo tde `log loj tdrict iojustry
Elray tf Bij <998’s> @log/Zdrict B&L Ciolomila Ljvisfrs
F ver tde Xlst Xlst <4+ yelrs XA Mlpitla’s @rloj fc ]dlredfajer Lmtivisb Lmtivisb loj Iovestiok Iovestiok dls Keoerltej Dikder Peturos witd Afwer Sfaltiaity Sfaltiaity
Ciolomila Ejke Cuoj, AX Mfosisteotay Plogej Lbfok tde @est Xercfrbiok Xercfr biok Ciolomila ]emtfr Dejke Cuojs 5
Plogej lbfok tde @est Xercfrbiok Dejke Cuojs io tde Ciolomila ]ervimes ]emtfr> (Yelr (Y elr 08<=) #; (Yelr (Y elr 08<0) #= (Yelr (Y elr 08<<) #:
Zfpims Zfpims 3
Zde Xfst-Ciolomila Mrisis Pemfvery Pemfvery Xerifj [iaa `e Lbfok tde = @est Xerifjs tf Iovest io @log ]tfmgs io tde Xlst =8 Yelrs Zdere [iaa `e l B&L @ffb [dimd [iaa Alst cfr Loftder =-5 Yelrs Yelrs
L ]ibpae `ut `ut Eaeklot Cfrbual Cfrbual tf Estiblte Estiblte ]blaa/Bij-mlp @log ]tfmg ]tfmg B&L Slaues Slaues (diot> It’s laa l`fut tde mfst slves)
Lmtifol`ae Ijels
Zde Xfst-Ciolomila Xfst-Ciolomila Mrisis Xerifj [iaa [iaa `e Foe fc tde = @est Zibes Zibes tf Iovest io @log ]tfmgs ;
@log ]tfmgs lre Mymaimla--Zde Jfwoturos lre ]dlrp loj ]dfrt [diae tde Pemfveries/Upturos lre Afoker ]OA U.]. @log loj Zdrict Iojex Zftla Peturo
JF[OZUPO
PEMFSEPY
]&A Mrisis
<949-<998 (<: bfotds)
-:9%
<998-<994 (; ² yelrs)
+<,80=%
AZMB Mrisis
<994-0888 <994-08 88 (0< bfotds)
-0;%
0888-088; (; yelrs)
+<5=%
Ciolomila Mrisis
088;-0889 (00 bfotds)
-40%
0889-Xreseot (5 yelrs+)
+039% (sf clr)
Zde @logiok Iojustry is io Bumd @etter ]dlpe Zdlo Mfbbfoay Mfbbfoay @eaievej IZ [L] [FP]E [FP]E io tde PZM PZM Xerifj fc fc tde Elray <998’s 4
<,488
<,388
<,5;5 <,:4: <,:83
Oub`er fc "Xrf`aeb" @logs Oub`er fc Cliaej @logs
<,:90 <,:03
<,:88
<,088
s o f i t u t <,888 i t s o I c f r 488 e ` b u O
<,<89
388
5=:
<,83= 44:
4<=
;80
35<
5;0 :3;
:;8 =40
:88 030 08: 088
=<4
0;<
<9=
<4< 58
8
<5
4
050 <=3 <<3 <<; 90 4: 48 50 58 ;3 ;9 9: <<: 3
<
=
4
;
:
<<
=
:
8
8
=
<:8 <5; 05
90
5<
0:
Iojustry Cuojlbeotlas Lre Labfst @lmg tf Xre-Mrisis Aeveas Aeveas 9
@logiok Iojustry Lkkreklte Pesuats
08<=
08<0
08<<
08<8
0889
0884
088;
0883
% Xrfcitl`ae
90%
98%
4:%
;4%
39%
;5%
44%
90%
PFL PFL
<.8;%
<.88%
8.44%
8.35%
(8.84)%
8.8=%
8.4<%
<.04%
PFE
9.53%
4.9%
;.4%
5.9%
(8.4)%
8.:%
;.4%
<0.=%
OXLs/Lssets OXLs/Lssets
<.3=%
0.08%
0.38% 0.38%
=.<<%
=.=;%
<.9<% <.9<%
8.95%
8.58%
Oet MdlrkeFccs/ Aflos
8.39%
<.<8%
<.55%
0.55%
0.50%
<.09%
8.59%
8.=9%
Aflo Afss Xrfvisifo/OMFs
38%
;8%
34%
4:%
<==%
<;5%
<55%
<89%
Equity/Lssets
<<.0%
<<.0%
<<.0%
<<.0%
<<.8%
9.=%
<8.:%
<8.5%
Jespite tde Pe`fuoj ]iome 0889 ]blaa/Bij-Mlp @log loj Zdrict ]tfmg Slaultifos Slaultifos Lre ]tiaa Distfrimlaay Distfrimlaay Lttrlmtive <8
=88%
Lverlke Xrime/Z@S fc ]OA Zdrict Iojexes loj ]OA @log Iojexes ($588Bia $5@ia)< (<0/=
058%
088%
<58%
<88%
58%
Lvk. Lvk. X/Z@S (<990-08<:)
@log ]tfmg Slaultifo Murve Mur ve ]blaa Mlps loj Alrke Mlps Bfst Lttrlmtiveay Slauej <<
Bejilo Xrime/Zloki`ae @ffg Slaue (Z@S) % `y> 058%
088% % S @ <58% Z / e m i r X o l <88% i j e B
58%
8%
Blrget Mlpitlaizltifo
Lsset ]ize
Zde @logiok Iojustry Iojustr y Dls @eeo io l ]emualr Mfosfaijltifo [lve cfr =8+ Yelrs Yelrs loj Ofw Zdere [iaa @e l Mymaimla =-5 Yelr B&L @ffb <0
08,888 <4,888 <3,888 <:,888 s g o l <0,888 @ c f r <8,888 e ` b 4,888 u O 3,888 :,888 0,888 8
Oub`er fc U.]. @logs (<94:-08<=)
Zdere [iaa @e l Mymaimla Mymaimla B&L [lve [lve Zdlt Alsts cfr Loftder =-5 Yelrs Yelrs <= 388
=88% Oub`er fc Berkers Lverlke Xrime/Zloki`ae Xrime/Zloki`ae @ffg %
588
058%
088
g f f 088% @ e a ` i k o l <58% Z / e m i r X . k v <88% L
<88
58%
3%
8%
s a l e :88 J c f r e ` b =88 u O
:% 0% Pltif fc Berkers Xer Yelr tf Zftla U.]. @logs/Zdricts
[dy @log B&L [iaa [iaa Dlppeo <:
Xeot Xeot up suppay fc `ftd seaaers loj lmquirers lmquirers jue tf almg fc jelas juriok tde Ciolomila Ciolomila Mrisis Lmquirers mlo’t krfw frkloimlaay
]blaaer `logs mlooft mfst nusticy reblioiok iojepeojeot ” tdere tdere is rela emfofbims io B&L jue tf alrke mfst slvioks $= `iaaifo io lssets is tde oew $=88 biaaifo ” Pekualtfrs Pekualtfrs
wlot sblaaer `logs tf berke tf estl`aisd lpprfprilte risg blolkebeot loj mfbpailome prfmesses Zde CJIM is oft krlotiok oew `log `log mdlrters sf tde foay eotry tf `logiok is tf `uy Bij-mlp lmquirers dlve strfoker stfmg prime murreomy tf jf jelas (see plke <<) ‑
‒
Pemeot berker loofuomebeots dlve `eeo lt =8% tf <58%+ blrget prebiubs wdimd sdfws dfw uojervlauej uojervlauej tdese stfmgs lre (see plke <;)
@ftd `uyers loj seaaers stfmgs lre kfiok up fo jela loofuomebeots
‑Berkers fc Equlas‒ (BFEs) lre dft rikdt ofw
Mfst ]lve Ljnustej B&L Buatipaes lre Distfrimlaay Distfr imlaay Lttrlmtive Zdis [iaa Jrive Bfre ‑Kffj‒ B&L (‑Kffj‒ cfr `ftd `uyer loj seaaers) <5 03x
03x
0:x
0:x
00x
Bejilo
08x
<4.3x
<;.9x <4x
08x
<;.3x
<;.8x
<4x <3x
<:.4x
<:x
<:.;x <=.=x
<0x
4x
<9.0x
<3.3x
<3x
<8x
<0.0x
<5.=x
<5.:x <=.5x
<3.8x <=.5x
<<.;x
<5.9x <0.3x
<=.
<8x <8.
3x :x 0x 8x
<:x
<0x
9.4x
9.8x
<0.:x
<0.
<<.
00x
4x 3x :x
]lbpae ]ize ;9 Xre-0888
0x <:
=0
0888-0880
088=
=5 088:
0:
:<
=;
<0
50
0885
0883
088;
0884-08<8
Xfst 08<<
Iomaujes trloslmtifos witd jela vlaues ? $58 biaaifo loj exmaujes tlrkets witd AZB PFLL PFLL 1 8.05%.
Mfst ]lvioks> @lsej fo loofuomej mfst slvioks, lssubiok AZB AZB ofoioterest expeose `lse loj tlx-eccemtej lt =5%. =5%.
8x
Mlpitla Ljnustbeot> Xurmdlse prime ljnustej cfr exmess tloki`ae tloki`ae mlpitla l`fve 4.8%, io wdimd exmess mlpitla is rebfvej rebfvej
L ]ibpae `ut Eaeklot [ly tf Estiblte l @log’s B&L Slaue Slaue (tde Mfst ]lves Jrive B&L Slaue Eveo cfr @logs tdlt Afse Bfoey fr Blge Afw Petur Peturos) os) <3
Oext Yelr’s Oet Iomfbe Est.
Mlo `e f`tlioej crfb ]treet estibltes estibltes77 ic of ]treet estibltes, use tde ruo rlte fc oet iomfbe iomfbe tf prfnemt tde oext <0 bfotds
(io $biaaifos) E Oet Ioterest Iomfbe A X Mrejit Afsses B Ofoioterest Iomfbe L T Ofoioterest Expeose E Xretlx Oet Iomfbe Zlx Z lx Lcter Zlx Zlx Oet Iomfbe
+
Zlx Eccemtej Zlx Mfst ]lves Zypimlaay Zypimlaay 05% cfr fut fc blrget jelas loj =5% cfr io-blrget jelas7 tlx eccemt tde mfst slves `ecfre ljjiok tf tde estibltej oet iomfbe
Yelr < Yelr Estibltej Oet Iomfbe + 0;.8 - <.8 + <=.8 - ==.8 + 3.8 - 0.8
B&L Mfst ]lves (=5%)
<<.3 :.8
<8-<
x
Yelr < Xfst Yelr Mfst ]lves Oet Iomfbe + 0;.8 - <.8 + <=.8 - 0<.: + <;.3 - 3.8
B&L Slaue Ploke
2
Xut l <8x tf <
Bfst `logs trlje io tde blrget weaa `eafw tdis vlaue!!
x <8
2
$<<3 bia
x <<
2
$<04 bia
Alrke Mfst ]lves Jrive Lttrlmtive Berker Xrebiubs Ls ]dfwo `y XA Mlpitla Mlpitla Fwoej Xfsitifos Xfsitifos Lmquirej io Berkers ]iome 08<8 <;
* XA MLXI ZLA <=J XF]I ZIFO] ZIFO] I O @FA J
Jela Xrime/]dlre ($)
Cio. Ejke Cuoj’s Lverlke Mfst ($)
Jela Xrime/Z@S
< Bfotd Jela Xrebiub<
Jela Xrebiub vs. Ciolomila Mrisis Afw 0
Jlte Loofuomej
]eaaiok @log
]Z
Zftla Zftla Lssets ($)
3-<:-<=
@M]@ @lomfrp (@M]@)*
BJ
3:0 bia
0=.;;
<0.;9
<=4%
+:=%
+038%
5-<=-<=
MC] @lomfrp (MIZ^)*
IO
<.0 `ia
<8.:9
=.05
<80%
+04%
+588%
<0-08-<0
Pfbl Ciolomila (PFBL)
ON
<.9 `ia
<5.88
9.8=
0<0%
+4<%
+55%
;-<9-<0
Cijeaity @lomfrp (C]@I)*
XL
335 bia
00.45
3.0<
<:;%
+<<8%
+=5=%
5-=<-<0
@elmfo Cejerla (@CEJ)
OY
<.8 `ia
08.58
<:.88
<<;%
+55%
+=85%
5-<-<0
Meotrla @lomfrp (ME@G)
BL
50= bia
=0.88
<8.;3
<50%
+;;%
+9:<%
=-<0-<0
Ofrtd Meotrla (CCCJ)*
IL
:== bia
=8.54
<0.5<
<88%
+59%
+0<;%
0-9-<0
Delrtaloj Delrtal oj (DPZ@)*
IO
0=5 bia
9.;0
3.44
93%
+<50%
+00:%
<-05-<0
SI]Z Ciolomila Ciolomil a (SI]Z)
XL
<.: `ia
<0.58
4.;3
<<;%
+94%
+<58%
<-0:-<0
Iojilol Mfbb. (IOM@)*
IO
<.8 `ia
0:.83
<9.0<
<08%
+3=%
+0:5%
<0-5-<<
]E Ciolomila Ciolomil a (]ECA)
XL
=8; bia
<:.58
5.49
<00%
+0:5%
+0:5%
3-08-<<
Zfwer Zfwer @lomfrp (ZF@M)
XL
0.3 `ia
04.88
0<.=4
<:0%
+=3%
+5=%
:-04-<<
]tlte @lomfrp (]Z@M)*
OY
<.3 `ia
<=.5<
<5.9<
<44%
+=8%
+0<3%
@logiok ]emtfr Lmtivisb is Pf`ust Jespite Foay l Dlojcua fc Lmtivists ]umd ls XA Mlpitla Zdis Lasf Lmmeaerltes B&L <4
Lmtivist Eveots ]prelj Lmrfss Iojustries Xermeot fc lmtivist eveots, eveots, <99:-08<=
<9
Alrke Mlp @log ]tfmg Iovestbeot Ijel> ZLPX Z LPX [lrrlots [lrrlots
ZLPX ZLPX [lrrlots [lrrlots lre l re lo Lttrlmtive [ly [ly tf Iovest Iovest io ]fbe fc tde Alrker Alrker @logs 08
Zde 0884 ZLPX precerrej precerrej issulomes iomaujej wlrrlots Zde Zrelsury Zrelsury dls lumtifoej fcc severla `log wlrrlots wlrrlots wdimd lre ofw pu`aimay trljej (e.k. (e.k. Mlpitla Foe, @log fc Lberiml, XOM, Mitikrfup, Mitikrfup, ^ifos, Mfberiml, et. la.) Bfst fc tdese wlrrlots wlrrlots expire expire lt tde eoj fc 08<4 Zde wlrrlots mfotlio lttrlmtive lttrlmtive loti-jiautifo prftemtifo cfr loy jivijeojs jivijeojs plij fut io exmess fc jivijeoj aevea aevea plij wdeo tde ZLPX wls wls issuej Zde ‑fut fc tde bfoey‒ tibe prebiubs lre very afw, afw, plrtimualray mfbplrej tf tde aigeay krfwtd io tloki`ae `ffg vlaue loj elroioks tdrfukd 08<4
XA Mlpitla Aiges tde NXB, MFC loj XOM Zlrp [lrrlots tde Bfst. @LM, ^IFO loj M Zlrp [lrrlots [lrrlots lre Aess Lttrlmtive.
[e [e Xrecer tde ZLPX ZLPX [lrrlot [lrrlotss fc tde @logs Oftej 0<
Olbe
Zimger
Bgt. Mlp (`ias) Pemeot Xrime
Xrime/Z@S % Xrime/08<: EX] Xrime/08<5 EX]
Jiv. Yaj. %
B&Z @log
BZ@
<3
$<0<.<;
0=0
<5.;
<=.3
0.=<
U.]. @lomfrp
U]@
;9
$:=.:0
=8<
<=.;
<0.3
0.<0
GeyMfrp
GEY
<=
$<:.:8
<:=
<=.9
<0.3
< .5=
]uoZrust
]ZI
00
$:8.=4
<5=
<=.=
<0.=
8.99
Cictd Zdirj
CIZ@
08
$0=.=:
<48
<=.0
<0.0
0.83
Pekifos
PC
<3
$<<.<<
<:4
<=.8
<0.<
<.84
@@&Z
@@Z
09
$:8.;;
003
<=.0
<0.8
0.03
XOM
XOM
:3
$43.:0
<38
<0.:
<<.3
0.8:
[eaas Clrkf
[CM
054
$:4.93
084
<0.<
<<.5
0.:5
@log fc Lberiml
@LM
<40
$<;.0<
<03
<=.8
<8.3
8 .0=
Mlpitla Foe
MFC
:=
$;5.=0
<3=
<<.8
<8.=
<.59
T
NXBfrklo
NXB
0=<
$38.9=
<50
<8.=
9.3
0.:9
T
Mitikrfup
M
<5=
$58.=8
98
<8.=
4.;
8.84
ZLPX [lrrlots [e Aige
T
Zde NX Bfrklo (NXB) ZLPX [lrrlots (NXB.[]) ( NXB.[]) Lre Lttrlmtive 00
NXB.[] Xrime (=-08-<:) Expirltifo Jlte ]trige Xrime AZB Lvk. Jliay Sfaube
$08.<5 <8-04-<4 $:0.:0 <:3,49<
•
•
•
•
NXB
Xrime (=-08-<:) Zftla Z ftla Lssets (trias) Blrget Mlp. (`ias) ]dlres f/s (`ias) 08<: EX] Est. Jivijeoj Yieaj
•
$38.<< $0.: $004 =.4 $5.90 0.5%
•
•
•
•
Xrfnemtifo Lssubptifos ]tfmg loj wlrrlot prime ls fc =-08-<: 08<= Fperltiok EX] fc $5.35 usej ls l `lseaioe cfr EX] krfwtd rlte loj Murreot Xrime/AZB EX] 08<:-08<4 EX] Krfwtd Plte> 3% 08<:-08<4 Jivijeoj Xlyfut Pltif> =8% 08<4 Xrime/Zloki`ae @ffg Slaue (<=<%) sdriogs vs. murreot Xrime/Z@S (<58%) 08<4 Xrime/AZB Xrime/AZB EX] fc <<.8x reblios mfosisteot witd <8 yelr bejilo (<<.8x) loj murreot (<8.3x) Of stfmg `uy`lmgs iomfrpfrltej io Z@S/sdlre IPP oftej l`fve jfes oft iomauje loy `eoecit crfb tde loti-jiautifo exmess jivijeoj ljnustbeot wdimd cfr cfr NXB wfuaj ljj ljj lpprfxiblteay lpprfxiblteay 0% tf tde tde IPP PFZEs reblio cliray steljy crfb 08<= (lmtula 2 <:%) loj 08<4 prfnemtej 2 <0%)
NXB Zlrp Zlrp [lrrlot IPP ]eositivity Bltrix (usiok l rloke rloke fc EX] krfwtd rltes loj terbiola ter biola 08<4 XE rltifs) 0=
Zde Mlpitla Foe (MFC) ZLPX [lrrlots [lrrlots (MFC.[]) (MFC.[]) Lre Lttrlmtive 0:
MFC.[]
Xrime (=-08-<:) Expirltifo Jlte ]trige Xrime AZB Lvk. Jliay Sfaube
$=0.3: <<-<:-<4 $:0.<= <<,<5=
•
•
•
•
MFC
Xrime (=-08-<:) Zftla Z ftla Lssets (`ias) Blrget Mlp. (`ias) ]dlres f/s (bias) 08<: EX] Est. Jivijeoj Yieaj
•
$;:.04 $09; $:= 5;= $3.4< <.3%
•
•
•
Xrfnemtifo Lssubptifos ]tfmg loj wlrrlot prime ls fc =-08-<: 08<:-08<4 EX] Krfwtd Plte> ;% 08<:-08<4 Jivijeoj Xlyfut Pltif> =8% 08<4 Xrime/Zloki`ae @ffg Slaue (<:4%) sdriogs vs. murreot Xrime/Z@S (<3<%) 08<4 Xrime/AZB Xrime/AZB EX] (<<.8x) reblios mfosisteot witd <8 yelr bejilo (<<.8x) loj murreot (<8.;x) Of stfmg `uy`lmgs iomfrpfrltej io Z@S/sdlre IPP oftej l`fve jfes oft iomauje loy `eoecit crfb tde loti-jiautifo exmess jivijeoj ljnustbeot wdimd cfr MFC wfuaj ljj lpprfxiblteay lpprfxiblteay =% tf tde IPP PFZEs sdriog crfb 08<= (lmtula 2 <5%) tf 08<4 (prfnemtej 2 <=%)
MFC Zlrp [lrrlot IPP ]eositivity Bltrix (usiok l rloke rloke fc EX] krfwtd rltes loj terbiola ter biola 08<4 XE rltifs) 05
Zde XOM Ciolomila (XOM) ZLPX ZLPX [lrrlots [lrrlots (XOM.[]) ( XOM.[]) Lre Lttrlmtive 03
XOM.[]
Xrime (=-08-<:) Expirltifo Jlte ]trige Xrime AZB Lvk. Jliay Sfaube
$0=.:8 <0-=<-<4 $3;.== =5,334
XOM
Xrime (=-08-<:) Zftla Z ftla Lssets (`ias) Blrget Mlp. (`ias) ]dlres f/s (bias) 08<: EX] Est. Jivijeoj Yieaj
•
•
•
•
$43.3= $=08 $:3 5== $;.8= 0.8%
•
•
•
Xrfnemtifo Lssubptifos ]tfmg loj wlrrlot prime ls fc fc =-08-<: 08<:-08<4 EX] Krfwtd Plte> ;% 08<:-08<4 Jivijeoj Xlyfut Pltif> =8% 08<4 Xrime/Zloki`ae @ffg Slaue (<5;%) mfosisteot witd murreot Xrime/Z@S (<38%) 08<4 Xrime/AZB Xrime/AZB EX] iomrelses i omrelses tf <=x (<8 yelr bejilo) crfb <<.;x murreotay Of stfmg `uy`lmgs iomfrpfrltej io Z@S/sdlre PFZEs reblio cliray steljy `etweeo 08<= (lmtula 2 <:%) loj 08<4 (prfnemtej 2 <0%)
XOM Zlrp [lrrlot IPP ]eositivity Bltrix (usiok l rloke rloke fc EX] krfwtd rltes loj terbiola ter biola 08<4 XE rltifs) 0;
04
]blaa-mlp @log ]tfmg Iove Iovestbeot stbeot Ijels> <. 0. =.
Betrf @lomfrp, Iom. (BEZP)< Dfrizfo @lomfrp, Iom. (D@OM)0 Iotervest @lomsdlres (I@ML)=
Betrf @lomfrp (BEZP) ” Iovestbeot Iovestbeot Slaue Xrfpfsitifo ]ubblry 09
Zdis cfrber cfrb er lcciailte fc Mfbberme @log dls l vlaul`ae jepfsit crlomdise io Meotrla XL
Gey Clmts ” Betrf Betrf @lomfrp, Iom. (BEZP)
$0.4 @iaaifo Dlrris`urk, XL Afmltifo (Meotrla XL) Mfbbfo ]dlres <:.0 biaaifo Futstlojiok Afw ioterest rltes dlve durt EX] `emluse tdey lre kelrej k elrej cfr Blrget Mlp $09< biaaifo dikder ioterest rltes $08.:< Pemeot ]tfmg Xrime Ouberfus ftder `logs wlot tf `uy BEZP, B EZP, `ut dlve `eeo % Iostitutifola re`uccej `y BEZP7 BEZP is iostelj pursuiok oew `rlomdes io ;0% Fwoersdip tde Xdiaay su`ur`s % Iosijer 4% Fwoersdip BEZP’s ;8 yelr-faj MEF fwos =88,888 sdlres Zloki`ae Z loki`ae @ffg $<3.<9 XA Mlpitla `eaieves `eaieves tde `urjeo fc prffc is fo BEZP tf prfve prfve tdlt Slaue/ S laue/ ]dlre krfwiok rltder tdlo seaaiok ofw wfuaj prfjume bfre sdlredfajer $<.05 08<: EX] Est.
BEZP uses tde Mfbberme @log retlia r etlia `logiok bfjea (fpeo ; jlys l weeg7 alte dfurs7 cfmus fo mdemgiok lmmfuots7 ‑dikd tfumd‒ loj dikd mfst)
Zftla Z ftla Lssets
vlaue
Est. Murreot B&L Slaue> Slaue> $0;-$=8 (+ =0% =0% tf +:;%) fr krelter
08<5 EX] Est.
$<.=8
Jiv. Yieaj (%)
8.8%
Betrf @lomfrp (BEZP) ” Meotrla Meotrla XL Cfftpriot explojiok iotf ]u`ur`lo Xdiaay =8
Betrf Alks its Xeers io Xrfcitl`iaity =<
BEZP
Xeers< ($<-$5 @ia io Lssets)
Peturo fo Lverlke Lssets (%)
8.3:%
8.44%
Ofoioterest Expeose/ Lvk Lsset (%)
=.=%
=.8%
Aflos/ Jepfsits (%)
;4%
4=%
Lvk.. Elroiok Lssets/ CZE Lvk
$0.9 bia
$:.: bia
Oet Ioterest Iomfbe/ CZE
$<85,888
$<30,888
Ofoioterest Iomfbe/ CZE
$=8,888
$=;,888
Zftla Z ftla Peveoue/ CZE
$<=5,888
$<99,888
Eccimieomy Pltif (%)
;=%
3;%
Jespite Alkkiok its Xeers Betrf Dls l Slaul`ae Crlomdise Xfteotila Lmquirers’ ‑L`iaity tf Xly‒
=0
Mfst ]lve %
Jela Xrime tf Mfst ]lve Ljn. 08<: EX]
Lmquirer’s Blrkiola EX] Lmmretifo
CO@ Mfrp. (CO@)
=8%
<
=8%-:8%
$04.38 - $=8.48
Cuatfo Ciolomila (CUAZ)
=5%
<8x-<
:8%-58%
$0;.4: - $09.4=
Oltifola Xeoo (OX@M)
=5%
<8x-<
:8%-58%
$0;.8< - $04.9:
]usquedlool (]U]\)
=5%
<8x-<
08%-=8%
$0;.94 - $=8.=0
Zfbpgios Zfbpgios (ZBX) (ZBX)
=8%
<8x-<
=8%-:8%
$03.5= - $04.5;
Mfbbuoity @log (M@U)
=8%
<
38%-;8%
$0;.=5 - $09.83
Ofrtdwest (O[@I)
=8%
<8x-<
<88%-<08%
$03.<8 - $04.;8
[es@lomf [es@lomf ([]@M)
=8%
<
08%-=8%
$0;.55 - $09.4:
Xfteotila Lmquirer (Zimger)
Aigeay Jela Xrime>
JELA XPIME @UYEP MLO XLY
$0; - $=8
XA Mlpitla @eaieves tdlt Foe fr Bfre fc Zdese @uyers [fuaj [fuaj Xly Bfre tdlo
Eveo ic Betrf (BEZP) Jealys l ]lae tde Xrfnemtej B&L Slaues Slaues loj IPPs lre Lttrlmtive ==
Zde upsije pfteotila loj IPP < is lttrlmtive eveo eveo ic BEZP wlits wlits tf pursue l slae (plrtimualray (plrtimualray ic ioterest ioterest rltes rise)
BEZP `eaieves tdey wiaa krfw aflos ?<8% per yelr (witdfut tde oeej cfr l mlpitla rlise)
Ic ioterest rltes rise BEZP’s BEZP’s EX] loj Z@S sdfuaj exmeej tde lbfuots prfnemtej `eafw
Jela Loofuome beot Xrfnemtej Jlte Z@S/]d
EX] Est.0
XA Mlpitla’s Estibltej BEZP B&L Slaue
Upsije Xfteotila
IPP <
=/=
$<3.:9
$<.08
$04
+=;%
+;:%
=/=
$<;.;8
$<.0<
$=8
+:;%
+09%
=/=
$<4.99
$<.09
$=0
+5;%
+08%
=/=
$08.=9
$<.:8
$=:
+3;%
+<3%
=/=
$00.8:
$<.35
$=3
+;3%
+<=%
]blaa-mlp @log ]tfmg Iovestbeot Ijel> Dfrizfo @lomfrp (D@OM) Xfteotila P0888 Jeaete [frtd [frtd Fwoiok [detder Zdey Ket Jeaetej fr Oft =:
Pemeot Xrime $0<.4=
]dlres Bgt. Zftla Zftla f/s Mlp. Lssets Afmltifo 4.3 bia $<44 bia $<.4 @ia IO, IO, BI
<0/=
Jiv. Yieaj 0.8%
OXL % <.0%
Lvk. Lvk. Jliay Sfaube S faube 08,;=9
Slaul`ae, Slaul`ae, dikd percfrbiok `log io Iojilol loj Bimdiklo
Mfosisteotay rlogej rlogej ls foe fc tde tfp percfrbiok mfbbuoity mfbbuoity `logs io tde U] Foe fc foay 3 Olsjlq fr exmdloke aistej `logs `etweeo `etweeo $<-$5 `iaaifo io lssets tdlt elroej fver <5% PFZME io `ftd 08<0 loj 08<=, yet it trljes lt foay <:4% <:4% fc tloki`ae `ffg vlaue vlaue vs. =<4% cfr tde ftder 5 dikd percfrbers (see plke =3) Oft wijeay cfaafwej `y lolaysts fr fwoej `y iostitutifola iovestfrs (exmaujiok XA Mlpitla, iost’a fwoersdip is foay 05%) D@OM dls `eeo l jismipaioej B&L lmquirer wdimd mfuaj `emfbe l B&L seaaer ic tdey mlooft mfotioue tf cioj krfwtd [frtd [frtd $=8+ io l jela ic tdey jemije tf seaa
XA Mlpitla is suppfrtive fc D@OM’s blolkebeot loj `usioess bfjea (<=K pfsitifo ‚ XA XA Mlpitla fwos 3%)
@uy D@OM reklrjaess fc wdetder it kets jeaetej jeaetej crfb P0888 loj ljj bfre bfre ic it kets jeaetej (lt murreot
Crfb l Pemeot Dfrizfo (D@OM) Xreseotltifo =5
Dfrizfo (D@OM) is tde Afwest Slauej Dikd Xercfrbiok $<-$5 @ia Lsset @log io tde U.]. < =3
D@OM Xrime/Z@S 2 <:4% vs. =<4% (lverlke) cfr tde Ftder Dikd Xercfrbers :58 Dfrizfo wiaa aigeay oft trlje lt tde slbe aeveas ls :88 its dikd percfrbiok peers (lverlke =<4% Z@S), `ut =58 it sdfuaj trlje io aioe witd ftder `logs witd sibialr % =88 PFZMEs. S @ Dfrizfo’s 08<: estibltej Z / 058 PFZME is <=%. @logs e m i witd <=% PFZMEs r X murreotay trlje lt 088 lpprfxiblteay <48-088% Z@S (fr $0;-$=8 D@OM), <58 l 0:% tf =;% iomrelse crfb D@OM’s remeot <88 prime. <5 <3 <; <4 <9 08 0<
]blaa-mlp @log ]tfmg Iovestbeot Ijel> Iotervest @lomsdlres (I@ML) Xfteotila P0888 Jeaete [frtd [frtd Fwoiok [detder Zdey Ket Jeaetej fr Oft =;
Pemeot Xrime
]dlres f/s
Bgt. Mlp.
Zftla Z ftla Lssets
Afmltifos
08<= EX]
$;.:0
0<.9 bia
$<3= bia
$<.3 @ia
OY, OY, CA
$8.3<
08<: <0/=
$8.35
Xrime/ Z@S
Jiv. Yieaj
OXL %
Lvk. Jliay Lvk. Sfaube S faube
4=%
8.8%
=.4%
5:,095
$4.99
‑[dfaeslae‒ jepfsit kltderer loj MPE aeojer witd `rlomdes io OY loj CA (aeojs io ouberfus stltes)
Foe fc foay 3 Olsjlq fr exmdloke aistej `logs tdlt trlje `eafw <88% fc tloki`ae `ffg vlaue (I@ML245%) fut fc laa `logs/tdricts witd witd fver $<.8 `iaaifo io lssets loj fver 5% PFZMEs (o 2 99)
I@ML’ I@ML’s oet ioterest ioteres t blrkio loj EX] sdfuaj mfotioue tf ibprfve ls dikder mfst jepfsits rfaa fver, aeklmy mrejit mfsts su`sije loj afw yieajiok exmess aiquijity is iovestej io dikder yieajiok aflos
Bfst fc tde OXLs OXLs lre ZJPs wdimd wiaa oft dlve sikoicimlot afsses
Equity mlpitla is bfre tdlo succimieot loj ZLPX wls replij io 08<=
Of reselrmd lolaysts cfaafw tde mfbploy
I@ML is l crlomdise tdlt wiaa aigeay oft `e sfaj ofr wiaa I@ML `e lo lmquirer
Clbiay ruo/plrtilaay fwoej `y Jlosger clbiay
XA Mlpitla is suppfrtive suppfr tive fc I@ML’ I@ML’s blolkebeot loj `usioess bfjea (<=K pfsitifo‚ pfsitifo ‚ XA XA Mlpitla fwos ;.:%)
@uy I@ML reklrjaess fc wdetder it kets jeaetej crfb P0888 loj ljj bfre ic it kets jeaetej
XA Mlpitla Krfup< Mfotlmt Iocfrbltifo loj Jesmriptifo =4
Nfdo Xlaber, Xlaber, Xriomipla Zde XA Mlpitla Krfup :; E. Mdimlkf Lv Lveoue eoue ]uite ==3 Olperviaae, IA 385:8 3=8-4:4-<=:8 3=8-4:4-<=:0 (clx) nplaberHpamlpitlaaam.mfb
Pimd Alsdaey, Alsdaey, Xriomipla Zde XA Mlpitla Krfup 3; Xlrg Xalme Elst ]uite 3;5 Bfrristfwo, ON 8;938 9;=-5=9-5:88 9;=-5=9-5:8: (clx) ralsdaeyHpamlpitlaaam.mfb
www.pamlpitlaaam.mfb www.pamlpitlaaam.mfb
Murt Zdfbpsfo, Blolkiok Jiremtfr Jiremtfr Zde XA Mlpitla Krfup :; E. Mdimlkf Lveoue ]uite ==3 Olperviaae, IA 385:8 =<0-538-03;5 3=8-4:4-<=:8 mtdfbpsfoHpamlpitlaaam.mfb
