CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

Equity Bottom-Up

<ul><li>Relatively strong analyst recommendation and earnings on an upcycle trend relative to its sector</li><li>Pan Ocean is well positioned for BDI hikes in 2018, with cost-competitive vessels and 50% of bulk sales coming from spot rate</li><li>The company could benefit from <a href="https://www.smartkarma.com/entities/24493" target="_blank" data-smartkarma-citation="entities:24493:1">Suzano Papel e Celulose SA (SUZB5 BZ)</a> acquisition of <a href="https://www.smartkarma.com/entities/24497" target="_blank" data-smartkarma-citation="entities:24497:1">Fibria Celulose SA (FIBR3 BZ)</a>, already a long-term client for 10 vessels, forming the largest cellulose company in the world</li><li>Trades at 18CE* 7.1% ROE/PB versus Asian Transportation at 6.1% and offers a solid balance sheet</li><li>Risks: Lower-than-expected demand caused by tax hikes</li></ul>* Consensus Estimates

Relatively strong analyst recommendation and earnings on an upcycle trend relative to its sectorPan Ocean is well positioned for BDI hikes in 2018, with cost-competitive vessels and 50% of bulk sales coming from spot rateThe company could benefit from Suzano Papel e Celulose SA (SUZB5 BZ) acquisition of Fibria Celulose SA (FIBR3 BZ), already a long-term client for 10 vessels, forming the largest cellulose company in the worldTrades at 18CE* 7.1% ROE/PB versus Asian Transportation at 6.1% and offers a solid balance sheetRisks: Lower-than-expected demand caused by tax hikes* Consensus Estimates

Pan Ocean (028670 KP): Well Positioned for BDI Hikes

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

MSCI Emerging Markets Index / Technical Analysis

EM equities remain long-term leadership despite giving up some ground over the last month to developed markets. Given the intact relative strength uptrend, we reiterate our overweight EM recommendation. Energy and Health Care stocks are outperforming and remain attractive. Technology is consolidating and we would use recent weakness as a buying opportunity. Today’s report includes a wide variety of bottom-up recommendations, spanning most sectors and all market capitalizations.

EM equities remain long-term leadership despite giving up some ground over the last month to developed markets. Given the intact relative strength uptrend, we reiterate our overweight EM recommendation. Energy and Health Care stocks are outperforming and remain attractive. Technology is consolidating and we would use recent weakness as a buying opportunity. Today’s report includes a wide variety of bottom-up recommendations, spanning most sectors and all market capitalizations.

EM Strategy: Overweight Technology, Energy, and Health Care.

Commodities and related stocks are on the rise. Crude oil, industrial metals, and lumber prices are all breaking out to new highs and related energy and materials stocks are reaping the benefits. We expect their outperformance to continue. In this week's report we highlight commodities and actionable associated stocks.

Commodities and related stocks are on the rise. Crude oil, industrial metals, and lumber prices are all breaking out to new highs and related energy and materials stocks are reaping the benefits. We expect their outperformance to continue. In this week's report we highlight commodities and actionable associated stocks.

Opportunities in Global Energy & Materials Stocks

Emerging markets remain leadership. While many of the world's developed markets in correction or consolidation mode, EM markets continue to remain immune to the disruption occurring elsewhere.  Price and relative strength uptrends intact remain, and we reiterate our overweight recommendation.  In today’s report we provide a collection of the better looking company charts across the emerging markets universe.

Emerging markets remain leadership. While many of the world's developed markets in correction or consolidation mode, EM markets continue to remain immune to the disruption occurring elsewhere.  Price and relative strength uptrends intact remain, and we reiterate our overweight recommendation.  In today’s report we provide a collection of the better looking company charts across the emerging markets universe.

Asia and the BRIC segment continue to outperform the broad EM universe. Based on technical breakouts in each of their relative strength trends (vs. MSCI EM), we see these trends continuing well into 2018.  Elsewhere, Russia is on the cusp of a breakout. The Philippines is breaking out. And Korea, a market that broke out earlier this year from a 6-year base, is a buy on weakness.  Today’s report includes a complete summary of our EM views as well as a wide variety of bottom-up recommendations, spanning most sectors and all market capitalizations.

Asia and the BRIC segment continue to outperform the broad EM universe. Based on technical breakouts in each of their relative strength trends (vs. MSCI EM), we see these trends continuing well into 2018.  Elsewhere, Russia is on the cusp of a breakout. The Philippines is breaking out. And Korea, a market that broke out earlier this year from a 6-year base, is a buy on weakness.  Today’s report includes a complete summary of our EM views as well as a wide variety of bottom-up recommendations, spanning most sectors and all market capitalizations.

EM Outlook: Bullish, Led by BRIC and Asia

Brazil

Fibria Celulose S.A., together with its subsidiaries, engages in the production, sale, and export of short fiber pulp. It primarily provides bleached eucalyptus kraft pulp for use in manufacturing toilet paper, uncoated, and coated paper.

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Fibria Celulose SA (FIBR3 BZ)

Pan Ocean (028670 KP): Well Positioned for BDI Hikes

Relatively strong analyst recommendation and earnings on an upcycle trend relative to its sector Pan Ocean is well positioned for BDI hikes in...

A. Stotz Investment Research

EM Strategy: Overweight Technology, Energy, and Health Care.

EM equities remain long-term leadership despite giving up some ground over the last month to developed markets. Given the intact relative strength...

Vermilion Research

Opportunities in Global Energy & Materials Stocks

Commodities and related stocks are on the rise. Crude oil, industrial metals, and lumber prices are all breaking out to new highs and related...

Vermilion Research

Attractive EM Charts

Emerging markets remain leadership. While many of the world's developed markets in correction or consolidation mode, EM markets continue to remain...

Vermilion Research

EM Outlook: Bullish, Led by BRIC and Asia

Asia and the BRIC segment continue to outperform the broad EM universe. Based on technical breakouts in each of their relative strength trends (vs....

Vermilion Research

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