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

<p>YTD sideways congestion for the MSCI ACWI ex-US and an intact downtrend for the MSCI EM index continue to point to a risk-off environment for international equity markets, and supports our neutral outlook<em>.</em> We continue to recommend avoiding broad indexed exposure in favor of selectivity. In today’s report we highlight actionable country- and Sector-specific themes within Norway, India, Japan and Australia.</p>

YTD sideways congestion for the MSCI ACWI ex-US and an intact downtrend for the MSCI EM index continue to point to a risk-off environment for international equity markets, and supports our neutral outlook. We continue to recommend avoiding broad indexed exposure in favor of selectivity. In today’s report we highlight actionable country- and Sector-specific themes within Norway, India, Japan and Australia.

Global Ex-U.S. & EM Continue to Point to Risk-Off Environment

Sweden

Bravida Holding AB provides technical installation and service solutions for buildings and plants. The Company offers integrated solutions in electrical installations, heating and plumbing, and HVAC. Bravida Holding serves customers in Sweden, Norway, and Denmark.

Intrum AB provides credit management services and solutions. The Company offers commercial and consumer debt collection, debt surveillance, international debt collection, purchased debt services, sales ledger administration, and optimization services.

SWECO AB operates as an architecture and engineering consultancy company. The Company's services includes urban planning, feasibility studies, environmental projects, structural engineering, water treatment, and flood protection solutions. SWECO offers its services to companies and organizations worldwide.

AddTech AB offers high-tech industrial components and systems.  The Company creates customer specific solutions within the areas Equipment, Transmission, and Components.  AddTech works in close cooperation with both customers and suppliers.  The Company's largest customer segments are the engineering, telecommunications, automotive, and electronic industries in the Nordic area.

Beijer Ref AB, through subsidiaries, manufactures cooling and heating systems, and is a supplier of raw materials, industrial equipment, tools, and parts.  The Company's product range includes rubber and plastic products, packing materials, as well as air conditioning and refrigeration systems.  Beijer operates and sells its products to large industrial companies in northern Europe.

Skanska AB offers construction related and project development services. The Company focuses on construction of housing, commercial buildings, roads, and railways, as well as develops and carries out civil engineering projects. Skanska is also a provider of facilities management services and provides all services internationally.

SKF AB develops, produces, and markets products, solutions, and services in the rolling bearing and seal business.  The Company's product line includes ball and roller bearings, specialty bearings, sealing systems, linear motion products, tools for mounting and dismounting bearings, and measuring and monitoring instruments.  SKF markets to industrial companies worldwide.

Trelleborg AB manufactures and distributes industrial products.  The Company produces noise supression and anti-vibration systems for the automobile industry and complete wheel systems for forest and farm machines and other equipment. Trelleborg also develops and makes industrial fluid systems and polymer and bitumen based building products.  The Company markets worldwide.

Lindab International AB develops, manufactures and markets sheet metal products and system solutions for the ventilation and construction industry.

Peab AB operates within fields of construction, project development, and civil engineering.  The Company builds commercial and residential buildings, roads, and bridges.  The Peab group also includes support companies in asphalt, crane and machinery rental, rock engineering, concrete, and prefabricated elements. The Company has offices throughout Sweden, and in Norway, Finland, and Poland.

The Brink's Company provides security services globally.  The Company provides secure transportation, cash logistics and other security-related services to banks and financial institutions, retailers, government agencies, mints, jewelers and other commercial operations around the world.

Casella Waste Systems, Inc. provides integrated, non-hazardous solid waste services throughout the eastern United States.  The Company provides collection, transfer, disposal, and recycling services, generates steam, and manufactures finished products utilizing recyclable materials primarily throughout the eastern portion of the United States.

Mineral Resources Ltd. offers contract crushing services to the mining industry in Australia.  The Company serves gold, iron ore, tantalum, and coal companies.

Stericycle, Inc. provides regulated medical waste management services.  The Company offers waste collection, transportation, treatment, and disposal to customers in the United States, Canada, Mexico, Argentina, Chile, the United Kingdom and Ireland.

3M India Limited manufactures products for the electronics, telecommunications, industrial, consumer and office, health care, safety, and other markets. The Company's products include cable connectors, discrete modular and heat recoverable closures, electrical termination and splicing products, specialty pressure sensitive coated tapes, and specialty chemicals.

Transpacific Industries Group Ltd. provides integrated industrial cleaning and waste management solutions to customers across Australia and New Zealand. The Company also imports and distributes heavy-duty commercial vehicles.

YTO Express Group Co., Ltd. provides global express services. The Company also provides general cargo warehousing, domestic air transport agency, car rental, supply chain management, and other related services throughout China..

Elis SA provides commercial services. The Company offers rental and cleaning of textile and hygiene articles such as workwear, linen, air purification products, dryers, personal protection equipment, automatic dispensers, mats, mops, beverage machines, consumables, and accessories.

IAA Inc. retails automobiles. The Company offers buying and selling of trucks, passenger cars, and motorcycles, as well as provides insurance and car rental services. IAA serves customers worldwide.

ABM Industries Incorporated is a facility services contractor.  The Company provides air conditioning, engineering, janitorial, lighting, parking, security, and other outsourced facility services to commercial, industrial, and institutional customers in cities across North America.

Securitas AB sells products and services for the protection of homes, work places, and community. The Company's services include specialized guarding and mobile services, monitoring, and consulting and investigations. Securitas operates in Europe, North and South America, the Middle East, and Asia.

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Securitas AB (SECUB SS)

Global Ex-U.S. & EM Continue to Point to Risk-Off Environment

YTD sideways congestion for the MSCI ACWI ex-US and an intact downtrend for the MSCI EM index continue to point to a risk-off environment for...

Vermilion Research

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