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.

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Equity Bottom-Up

<ul><li>Share price is less volatile, and good price momentum relative to its sector</li><li>DCC’s entry into the construction segment is likely to be the beginning of a long-term revenue stream, sales to construction segment up 82% YoY</li><li>New kilns running from 1Q17 should increase productivity and reduce manufacturing costs</li><li>Trades below Thai Industrials at 17CE* 18x PE but offers better growth prospects</li><li>Risks: Rapid rise in natural gas prices (main cost) as OPEC leads supply reduction plan could compromise margins</li></ul><p><em>* Consensus Estimates</em></p>

Share price is less volatile, and good price momentum relative to its sectorDCC’s entry into the construction segment is likely to be the beginning of a long-term revenue stream, sales to construction segment up 82% YoYNew kilns running from 1Q17 should increase productivity and reduce manufacturing costsTrades below Thai Industrials at 17CE* 18x PE but offers better growth prospectsRisks: Rapid rise in natural gas prices (main cost) as OPEC leads supply reduction plan could compromise margins* Consensus Estimates

Dynasty Ceramic Pub

DCC: Tile Maker Expanding Margins