global gender...25 appendix 1. constituents of the global board gender diversity analysis 2019 26...

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Global Gender Diversity Report

BoardEx | Global Gender Diversity Report 2019

TABLE OF CONTENTS

1 Executive summary

2 Introduction

3 The overall position at the end of 2019

8 Executive and non-executive directors

12 Leadership teams

15 Company-level analysis

17 Sectoral analysis

19 Nationally mandated female board representation

22 About BoardEx

23 Attribution policy

25 Appendix 1. Constituents of the global board gender diversity analysis 2019

26 Appendix 2. Global gender diversity tables 2014–2019

32 Appendix 3. Board gender diversity rankings by full board, executive and non-executive directors

33 Appendix 4. Gender diversity in leadership teams

34 Appendix 5. Sectoral breakdown by decile 2019

35 Appendix 6. Global gender diversity tables by company 2019

94 Appendix 7: Methodology & Disclosures

1BoardEx | Global Gender Diversity Report 2019

EXECUTIVE SUMMARY

Global board gender diversity can be assessed by examining the gender diversity ratios of the leading equity market indices from major countries. Overall, these show continued progress, although this progress is uneven across countries. Measurement of board gender diversity, however, is only part of the story as there remains a significant difference between the ratios achieved at executive and non-executive levels. This suggests that women are more likely to be found in oversight roles rather than positions that exert more direct power or command significant resources.

It appears that there is still substantial ground to be made up at the level of leadership teams. This is important and not only because of the seniority of the roles. These positions are also vital for preparing incumbents to reach the most senior executive board levels, including chief executive officer. Insufficient women in leadership teams suggests that there may be a shortage of suitably qualified women to fill board (and, especially, executive) level vacancies in the future.

At a company level, the top 25 firms from the rankings are from virtually all parts of the globe, including South Africa, Malaysia, the United States and France. Individual high performance in these rankings means that firms can outperform their national peers, for example, the US has eight corporations in the top 25 even though its national ranking is 18th.

Progress is not uniform across sectors, with some sector groups, such as retail, outperforming the average, whereas others, such as diversified industrials, lag their peers. These differences may be owing to geographical, sectoral or educational variances but further research is needed for clarification.

The report closes with a brief discussion of the impact of quotas. The evidence suggests that they are an effective tool to increase board gender diversity and may also encourage firms to improve their practice in areas that currently do not have quotas.


INTRODUCTION

Much progress has been made over recent years to increase gender diversity on the boards of major corporations and this progress is evident worldwide. Nonetheless, this improvement has not been uniform and some countries continue to lag best practice. In addition, the focus is now beginning to shift from looking at an overall board ratio to examining the specific roles in which female directors are found. Here, progress is less pronounced, with the majority of the positions being those best characterized as “oversight” rather than positions of executive power. This imbalance is particularly pronounced in the different ratios found when looking at executive versus non-executive positions. It seems that there is still much to be done and that the progress to date could be characterized as the “first wave” of board equality, with a “second wave” focused on equality of position yet to fully commence.

This report is a comparative study of global gender diversity across the major global indices. It looks at the performance of the corporations that make up the principal global equity indices at an aggregate level and evaluates progress on increasing female participation at the board, executive director and non-executive director levels. It also briefly considers the position for leadership teams at these firms. This report is based on BoardEx data as of the end of 2019.

Dominick is the Chief Data Officer of BoardEx, a global relationship mapping and intelligence service. Founded in 1999, BoardEx helps private and public organizations discover, with ways to reach, valuable and influential executive connections critical to their success. He has almost 40 years’ experience in data analytics and statistics, having worked in environmental science, investment banking (as chief economist) and, latterly, as the head of the data division at BoardEx.

Dominick SuttonChief Data Officer, [email protected]

Alex is the Assistant Director - Data of BoardEx. His role encompasses the operations of the BoardEx data team, focusing in particular on data technology initiatives. In addition, he is in charge of data analytics and visualization and collaborates with marketing and external clients. He has been with the company almost since its inception, having initially joined the research team. Alex has a degree in business and a masters in finance from the University of Westminster. He is based in the company’s London office.

Alex ArchitektonidisAssistant Director - Data, [email protected]

mailto:dominick.sutton%40boardex.com?subject=

mailto:alex.architektonidis%40boardex.com?subject=


THE OVERALL POSITION AT THE END OF 2019

The global gender diversity position is represented by 26 major countries in this analysis. They, in turn, are represented by 27 indices, the major indices for each country along with the Europe-wide Eurotop index. It should be noted that corporations in four of these countries (Norway, Denmark, Finland and Switzerland) do not normally elect executive directors to their boards, although some Danish firms within this analysis do, indeed, have executive directors. The full list of countries and indices is given in Appendix 1.

Figure 1 shows the overall position of these countries and indices at the end of 2019.

In Figure 1, female percentage is indicated by the gold bars, the male by the silver. As can be seen, France tops the poll, with 43% of board positions held by women; at the other end of the scale is Japan, where just under 9% of directors are female. The mean percentage of women on boards across these countries and indices is 27%, with six countries (Denmark, Malaysia, Switzerland, South Africa, the US and Ireland) performing on this average. Interestingly, these countries are spread across the globe, with three in the European Union, one each in Asia and Africa, and the last in North America. Indeed, the overall results suggest that the issue of gender balance on boards is a global concern and one that is being addressed worldwide.

0%

20%

40%

60%

80%

100%

France

Sweden

Norway*

Italy

Europe-w

ide

Finland*

Belgium UK

Australia

Canada

Netherla

nds

Germany

Spain

Denmark

*

Malaysia

Switzerla

nd*

South A

frica

USA

Ireland

Austria

Portugal

India

Singapore

Hong Kong S

ARBra

zil

Russia

Japan

43

57

3763

3565

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3466

3466

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3268

3070

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2872

2773

2773

2773

2773

2773

2773

2575

2278

1882

1783

1387

1090

1090

991

* Countries that do not normally appoint executive directors

Figure 1: Average percentage of women on boards


In contrast, in 2014 the mean percentage of women on boards across all of these countries and indices was 19%. That year, the poll was topped by Norway (with 38%); France came second with 32%. The US was also on the average that year, at 19%.

The full tables for these countries from 2014 to 2019 are given in Appendix 2.

The change between 2014 and 2019 in the female board percentage across selected countries is shown in Figure 3.


These box plots show the progress made across the board since 2014. All countries have clearly improved their performance, with the bulk of countries (represented by the blue box) having made significant progress. Whereas in 2014 the mean percentage of women on boards was less than 25%, in 2019 nearly 75% of countries exceed this level.

25.0%

30.0%

35.0%

40.0%

45.0%

50.0%

20.0%

15.0%

10.0%

5.0%

0.0%

female directors on boards

2019female directors on boards

2014

Figure 2: A snapshot of how female director percentages have changed since 2014


Figure 3 shows the progress being made. Japan, for instance, has more than doubled its female board representation from 4% to 9% over the five-year period. France has maintained its lead on this measure by gaining an impressive 11 percentage points on an already strong 32%. Norway, in contrast, has seen a stagnation in its progress, although it was the first country to introduce a 40% quota. Norway was the leading country in 2014 (at 38%) but has been eclipsed by France and closed 2019 with an average female board level of 35%.

25%

30%

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40%

45%

20%

15%

10%

5%

0%

38%

32%

43%

35%

9%

4%

2014 2015 2016 2017 2018 2019

France (CAC 40)

Norway (OBX)

Japan (Topix Core 30)

Figure 3: Female director percentage across selected countries between 2014 and 2019



Figure 4 looks specifically at the US and United Kingdom over a longer timescale.

Although much progress has been made by the US in this period – a gain of 12 percentage points from 15% to 27% – it ends 2019 as an average performer on an international scale. At the same time, the UK has gained 22 percentage points to close 2019 at 34% and take eighth place in the global rankings, up from ninth place in 2014. The fact that such a large percentage gain brought a rise of only one position on the table shows the generalized improvement in female board participation over this period. For the UK, it is likely that the government-backed Davies Review into gender imbalance on boards (launched in 2011) and the successive Hampton-Alexander Review (which took over in 2016 to accelerate progress) have made an impact, suggesting strong government support for such initiatives can bring real progress. The later section on nationally mandated female board representation will examine this further.

25%

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35%

20%

15%

10%

5%

0%2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

15%

12%

US (S&P 500)

UK (FTSE 100)

34%

27%

Figure 4: Female director percentage in the US and UK between 2008 and 2019



Figure 5 looks at the progress made in each country between 2014 and 2019. This shows that, excluding Norway, all countries have made significant advances, with several improving their position by triple-digit percentages.

The most impressive gains were made by Portugal, Ireland, Japan and Singapore, all of which more than doubled their female board representation. As may have been expected, the lowest increases were recorded by countries that already had higher than average female board ratios because they had already made significant improvements. Hong Kong SAR, however, had an initial low percentage participation rate (10%) and only increased to 12.9% in the review period.

Figure 5: Change in female board percentage 2014–2019

Portugal PSI-20 21.9 8 13.9 174

Ireland ISEQ 20 26.6 12 14.6 121

Japan TOPIX Core 30 8.8 4 4.8 121

Singapore Straits Times 17.0 8 9.0 113

Malaysia FTSE Bursa Malaysia KLCI 27.2 14 13.2 95

Austria ATX 25.4 14 11.4 81

India BSE Sensex 18.0 10 8.0 80

Russia RTS 10.0 6 4.0 67

Germany DAX 29.1 18 11.1 62

Switzerland* SMI 27.2 17 10.2 60

Spain IBEX 35 27.8 18 9.8 55

Belgium BEL-20 33.8 22 11.8 54

South Africa FTSE/JSE Top 40 27.2 18 9.2 51

UK FTSE 100 33.7 23 10.7 47

Italy FTSE/MIB 35.0 24 11.0 46

Canada S&P/TSX 60 30.1 21 9.1 44

US S&P 500 27.2 19 8.2 43

Australia S&P/ASX 100 32.4 23 9.4 41

Netherlands AEX 29.4 21 8.4 40

France CAC 40 42.8 32 10.8 34

Hong Kong SAR Hang Seng 12.9 10 2.9 29

Sweden OMX Stockholm 30 37.0 30 7.0 23

Finland* OMX Helsinki 25 34.0 29 5.0 17

Denmark OMX Copenhagen 25 27.3 24 3.3 14

Norway* OBX 35.2 38 -2.8 -7

Brazil Bovespa 10.1 n/a n/a n/a

*Countries that do not normally appoint executive directors

Country Index 2019 % 2014 % % Difference

% Change on 2014 level



EXECUTIVE AND NON-EXECUTIVE DIRECTORS

Having examined overall board performance, it is now valuable to analyze how these ratios segregate into executive and non-executive positions. This is important, in that while non- executive positions are consequential, they are mostly oversight in nature (hence, the term “supervisory director” often being used in place of “non-executive director”). In contrast, executive directorships have real power and often command significant resources. They are also the positions from which future chief executives are chosen and, as such, are important “gateholder” posts. Although Norway, Denmark, Finland and Switzerland do not normally appoint executive directors to their boards, most countries do.

Figure 6 divides female board representation into executive and non-executive directors.

FranceItaly

UKSweden

Europe-wideBelgium

AustraliaNorway

NetherlandsGermany

FinlandCanadaIreland

PortugalSpain

MalaysiaAustria

DenmarkSouth Africa

USSwitzerland

IndiaSingapore

JapanHong Kong SAR

BrazilRussia

50 40 30 20 10 0 10 20 30 40 50

% Female non-executives

% Female executives

* In these countries executives are not normally elected to the board

Figure 6: Executive vs. non-executive directors


Two things are immediately apparent here.

First, there is a significant difference in female representation between the two groups. Second, several countries have minimal to no female executive directors, even ignoring the four countries that do not normally appoint executive directors. These two different measures are examined more closely in Figure 7, which illustrates the gap between the two different types of board membership as far as female representation is concerned.

It is possible to construct separate rankings on the basis of each of the three measures of female board representation – for the full board, for the non-executive directors and for the executive directors. The full set of percentages is given in Appendix 3.

These two box plots strikingly show the di�erence in female board representation between executive and non-executive directors. There is virtually no overlap between the two measures, and no firm exceeds 15% for female representation among its executive directors.

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45.0%

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5.0%

0.0%

female executive directors

female non-executive directors

Figure 7: Executive vs. non-executive female board representation



It is also interesting to calculate the correlations between the actual levels of representation achieved in each firm. Figure 9 shows the results found when this analysis is carried out across all 1,399 unique organizations that appear in the global indices (the total index count has 1,428 constituents but some organizations appear in more than one index).

Figure 8: Top 26 countries for female representation

1 France Germany France

2 Sweden Netherlands Italy

3 Norway* South Africa UK

4 Italy Ireland Sweden

5 Finland* UK Belgium

6 Belgium Singapore Australia

7 UK Belgium Norway*

8 Australia Portugal Netherlands

9 Canada Denmark* Germany

10 Netherlands Hong Kong SAR Finland*

11 Germany France Canada

12 Spain Australia Ireland

13 Denmark* Austria Portugal

14 Malaysia Russia Spain

15 Switzerland* US Malaysia

16 South Africa Spain Austria

17 US India Denmark*

18 Ireland Sweden South Africa

19 Austria Malaysia US

20 Portugal Italy Switzerland*

21 India Canada India

22 Singapore Japan Singapore

23 Hong Kong SAR Norway* Japan

24 Brazil Finland* Hong Kong SAR

25 Russia Switzerland* Brazil

26 Japan Brazil Russia

*Countries that do not normally appoint executive directors

Figure 9: Correlation between the three female board representation measures

FULL BOARD VS. NON-

EXECUTIVE DIRECTORS

0.95

FULL BOARD VS. EXECUTIVE DIRECTORS

0.72

EXECUTIVE VS. NON-EXECUTIVE

DIRECTORS

0.59

Ranking By boardBy executive directors

By non- executive directors


It is also possible to look at how each country ranks on these measures, which are given in Figure 8. Although at first glance there appears to be no discernible pattern to these rankings, there is a relationship between the overall board rankings and the rankings for non-executive directors.


There appears to be a very strong relationship between female representation at board and non-executive director level. The relationship between the board and executive directors is also quite strong. Interestingly, there is a much weaker relationship between female representation at executive and non-executive director level.

It is always hazardous to ascribe causality on the basis of correlation. Even so, it appears reasonable to conclude that the progress in increasing female board representation has been driven more by an increase in non-executive positions than an increase in executive roles.

This, in turn, raises further questions about whether this increased female board participation has been accompanied by an increase in economic power. More specifically, has the increased female board representation gained greater influence over day-to-day organizational practice or is it more constrained to oversight and corporate governance? A clue to this might be found in the rate of female participation in leadership teams for organizations.



LEADERSHIP TEAMS

Leadership teams can also be referred to as executive committees and management boards, among other terms. These teams usually include executive directors as well as the top layer of management in a company. Some firms also include non-executive chairmen/women in their leadership teams. This analysis excludes non-executive chairmen/women but does include executive directors.

Figure 10 illustrates the breakdown of female participation in leadership teams across the major global indices and shows how this relates to board membership.

The table giving this leadership team breakdown can be found in Appendix 4.

Figure 10: Top leadership team vs. board: percentage female participation

Australia

Sweden

Norway*

South A

frica

Singapore

Finland* US

Malaysia

Europe-w

ide UK

Netherla

nds

Ireland

France

Belgium

Denmark

*

Canada

RussiaSpain

Germany

Hong Kong S

AR

Switzerla

nd*

Portugal

Brazil

India

Austria

Italy

Japan0%

10%

20%

30%

40%* In these countries executives are not normally elected to the board

% female - board

% female - leadership team


Figure 11 below shows the correlation between the percentage of women in leadership teams and on boards for the 1,399 index components.

In general, there appears to be only weak evidence that the drive to increase female participation at board level is translating into greater female career advancement for non-board positions. Indeed, the low correlation between non-executive directors and the leadership team raises the question of whether the presence of more women on corporate boards is facilitating greater promotion prospects for women to reach the highest levels of organizations.

Staying with the board focus of this study – and leaving aside important questions such as whether the increase in board participation has resulted in an increase in women holding positions of real corporate power – this also raises questions about the future source of female directors to maintain this drive for greater gender equity on boards. If there are not sufficient women gaining the necessary corporate experience to qualify for the most powerful board roles, such as CEO, it may slow in progress towards equity at the highest levels of corporate power. Leaving aside the growing evidence that more diverse boards result in superior corporate performance1, there is also some evidence that having more women in these board-level positions of influence increases beneficial outcomes for non-board gender balance.

Figure 11: Correlation between board and leadership team representation

LEADERSHIP TEAM VS.

FULL BOARD

0.32

LEADERSHIP TEAM VS.

NON-EXECUTIVE DIRECTORS

0.17

1 For instance, see When and Why Diversity Improves Your Board’s Performance, Harvard Business Review, March 27, 2019, which not only looks at diversity but also reviews the conditions that allow diversity to enhance performance.

LEADERSHIP TEAMS


To illustrate this point, Figure 12 shows the possible impact that women holding positions of power could have on corporate boards in the US and UK. It is tempting to draw a straight line through these points to describe an upwards trend to match the increasing levels of power. That, however, would not be supported by the data, although it does suggest a possible fruitful avenue for future research.

Figure 12: Impact of women in key roles (UK/US)

female board female board where NomCo chair is female

female board where board chair is female

female board where CEO is female

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US

UK

34

27

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43

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LEADERSHIP TEAMS


The decisions that determine gender diversity are, of course, made at the corporation level, even if influenced by legislated ratios or quotas. To this end, Figure 13 shows the top 25 ranked organizations from the 1,399 covered by the 26 global indices. Unexpectedly, the country with the leading gender diversity ratio – France – has the most constituents of this list (8), closely followed by the US (6), and Australia (5). A full breakdown is given in Figure 14, along with each country’s overall ranking.

Figure 13 shows that the decisions made by individual boards are not just driven by national norms. The US, for instance, ranks 18th in the index list but has six firms in the top 25. Similarly, South Africa ranks 17th in the index list but one company makes the top 25 list. Conversely, there are no corporations from the top three to seven ranked indices in this top 25 list.

Appendix 6 holds the breakdown of the global diversity figures by company. These show the position for each of the 1,399 corporations that make up the 26 indices for each of the main ratios discussed in this report.

Figure 13: Top 25 ranked organizations and their countries of origin

USFRANCE

SOUTH AFRICAMALAYSIA

UK

SWEDEN

AUSTRALIA8 6

UK3

1 11

1 189

215 17 8

5

Index ratingTop 25 organizations

COMPANY-LEVEL ANALYSIS


Figure 14: Top 25 ranked organizations from the 26 indices covered in this report

Kering SA France CAC 40 64 0 78 36

Hennes & Mauritz (H&M)

Sweden OMX Stockholm 30

60 - 60 67

Sodexo SA France CAC 40 58 100 55 29

Total SA France CAC 40 58 0 64 14

NIB Holdings Limited

Australia S&P/ASX 100 57 0 67 33

Hong Leong Financial Group BHD

Malaysia FTSE Bursa Malaysia KLCI

57 0 67 0

Hexagon AB Sweden OMX Stockholm 30

57 0 67 8

M&G Plc UK FTSE 100 57 50 60 20

Thales SA France CAC 40 56 0 60 8

Commonwealth Bank of Australia


Medibank Private Limited


Woolworths Group Ltd


Redefine Properties Ltd

South Africa FTSE/JSE TOP 40

56 0 71 0

Accor SA France CAC 40 55 0 60 25

American Water Works Co Inc

US S&P 500 55 100 50 38

General Motors Co

US S&P 500 55 100 50 19

Omnicom Group Inc

US S&P 500 55 0 60 20

Ulta Beauty Inc US S&P 500 55 100 50 50

Bouygues SA France CAC 40 54 0 64 0

Essity AB Sweden OMX Stockholm 30

54 0 58 25

Best Buy Co Inc US S&P 500 54 50 55 38

ViacomCBS Inc US S&P 500 54 0 58 46

Axa SA France CAC 40 53 0 57 15

L’Oréal SA France CAC 40 53 0 57 31

Ansell Ltd Australia S&P/ASX 100 50 0 57 18

Corporation Country Index% Board female

% Executive directors female

% Non- executive directors female

% Leadership team female

COMAPANY-LEVEL ANALYSIS


If there were no sectoral skewing in board representation, all sectors would be equally represented in a decile analysis (i.e. the number of organizations falling into the best 10%, the next best 10% and so on, all the way to the worst 10%). Accordingly, a chart of this data would show them all closely grouped around the 10% line.

The following chart, Figure 15, shows the range across the sector groups. There is significant variation across the deciles, with one sector group peaking above 40% for some deciles and others falling to zero.

The underlying data for this chart – the decile breakdown by sector – is given in Appendix 5.

While Figure 15 indicates different positions for different sectors, it fails to indicate whether these outcomes are superior or inferior to the average. To look at this, we can examine the sectors that have a larger than expected proportion in the top 20% of the rankings, as well as those that have a larger than expected proportion in the lower 20% of the rankings.

Figure 15: Decline analysis by sector group

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Autom

obiles

Business Serv

ices

Chemicals

Constructio

n

Divers

i�ed

Engineering &

Tech

Financial

Food &

Beve

rage

Health &

Pharm

a

Leisure

Media

Mining &

Meta

ls

Oil & G

as

Paper & Packaging

Real Esta

teReta

il

Software

Telecom

s

Tobacco

Transport

Utiliti

es

SECTORAL ANALYSIS


Figure 16: Sector groups in top and bottom 20% rankings

Media

Retail

Constructio

n

Food &

Beve

rage

Financial

34% 34%

27% 27% 26%

Top 20% ranking

Divers

i�ed

Real Esta

te

Leisure

Telecom

s

Mining &

Meta

ls

44%

30% 29%27%

25%

Bottom 20% ranking

Different indices use different sectors which, while generally comparable, are not uniform internationally. This analysis uses a set of composite sectors (e.g. Health & Pharma to represent the sectors mapping to Health and Pharmaceuticals and Biotechnology) which are referred to as sector groups. This does not dilute the impact of the analysis but does allow for greater international comparison.

In addition, not all sectors (however defined) are included in all the top global indices. For instance, the 20 firms comprising the Belgian BEL-20 or the Japanese TOPIX Core 30 cannot possibly have a component in each of the 40-plus generally recognized sectoral categories.

Figure 17: Sector groups in this analysis

Figure 16 was constructed as follows: first, firms were ranked by their percentage female board membership. Next, the proportion of each sector that fell into the top 20% and bottom 20% was calculated.

Clearly, this analysis has to be approached with caution. Not every sector is equally represented in each index and, as we have already seen, there are often major differences between the gender representation between the countries. In addition, some sectors have few firms represented in the indices. For instance, the tobacco sector only has seven from a total of 1,399 companies in this analysis.

Media and retail boards are the top performers, whereas diversified industrials and real estate are at the bottom. The key question is whether this is owing to the nature of their businesses, the indices2 (and so countries) in which they are based or some other factor not present in the data.

2 Note that this analysis is carried out on a sector and firm, not an index, basis. Consequently, firms that appear in more than one index (and, therefore, country list) are represented by only one entry to avoid double counting.

SECTORAL ANALYSIS


NATIONALLY MANDATED FEMALE BOARD REPRESENTATION

Earlier in this report it was mentioned that quotas and government pressure could result in progress. This section examines that issue in greater detail. Several countries have introduced mandated levels for female board representation for their major indices.

Figure 18 lists those applying to the countries in this year’s analysis. It also shows whether those countries without mandated levels operate voluntary targets instead.

Figure 18: Mandated female board representation

France CAC 40 40% ---

Norway OBX 40% ---

Sweden OMX Stockholm 30 No No

Finland OMX Helsinki 25 No No

Italy FTSE MIB 33% ---

Australia S&P/ASX 100 No No

Belgium BEL-20 33% ---

UK FTSE 100 No 33%

Canada S&P/TSX 60 No No

Denmark OMX Copenhagen 25 No No

Netherlands AEX No No

Germany DAX 30% ---

South Africa FTSE/JSE TOP 40 No No

Switzerland SMI 30% ---

US* S&P 500 No No

Malaysia FTSE Bursa Malaysia KLCI No 30%

Spain IBEX 35 40% ---

Austria ATX 30% ---

Portugal PSI-20 33% ---

Ireland ISEQ 20 No No

India BSE Sensex 1 seat ---

Singapore Straits Times No No

Hong Kong SAR Hang Seng No No

Brazil Bovespa No No

Russia RTS No No

Japan TOPIX Core 30 No No

Country Index Quota Voluntary target

* US – although there are no nationally mandated female board representation levels, several either exist or are being planned at a state level. The most prominent of these is California, which covers not only California-incorporated firms but also corporations that “that have principal executive offices located in California” no matter where they are incorporated.


As can be seen from the table on the previous page, the mandated levels range from 40% in France, Norway and Spain to one board seat in India.

Figure 19 gives a breakdown of the prevalence of mandated and voluntary quotas, showing they exist for a minority of the countries in this review.

There is a common perception that mandated female board representation has been instrumental in making progress on improving gender balance. If we look at the different outcomes between the groups with mandated and non-mandated representation, we find the following results for 2019:

Figure 19: Mandated or voluntary female board representation

countries have mandated representation

38%

10

countries have voluntary quotas only

8%

2

countries have mandated or voluntary quotas

46%

12

countries have no mandated or voluntary quotas

54%

14

Figure 20: Does a mandate have an impact?

AVERAGE FOR

MANDATED

29.6%

AVERAGE FOR

NON-MANDATED

24.4%



The fact that the group of countries with mandated female representation has a higher ratio is often cited as evidence of the value of these programs. Indeed, it can easily be argued that such regulation is a highly motivating factor in changing corporate board performance. In addition, the presence of these rules in one jurisdiction can also influence other countries, particularly if they are seen as evidence of the regulatory direction of travel.

Figure 21 illustrates the different distributions of outcomes for the two groups of countries.

It must also be noted that mandating a female board representation ratio and achieving it are two different things. Spain, for instance, mandates a ratio of 40% but only achieves a ratio of 28%.

The di�erent outcomes for these countries can be clearly seen in these box plots. For the mandated countries the representation ratios are closely grouped, whereas the non-mandated countries have a much wider spread of board ratios.

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mandated board representation

non-mandated board representation

Figure 21: mandated vs. non-mandated female board representation



Founded in 1999, and with offices in New York, London and Chennai, BoardEx is a global data company specializing in relationship mapping and intelligence. BoardEx is a wholly owned subsidiary of Euromoney PLC. BoardEx helps private and public organizations discover valuable and influential executive connections critical to their success. It is a comprehensive, continuously growing global leadership database covering board and non-board members, C-Suite executives, senior leaders and professional advisers. BoardEx contains more than 1.9 million profiles of public, private and not-for-profit organizations and the more than 1.3 million people who work for them. On average, 2,500 new profiles and 34,000 updates are made every week. All BoardEx data undergo a rigorous quality assurance process – more than 350 analysts validate data sources from all over the world to ensure the data is accurate, relevant and fully up to date.

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APPENDIX 1 CONSTITUENTS OF THE GLOBAL BOARD GENDER DIVERSITY ANALYSIS 2019

Australia S&P/ASX 100

Austria ATX

Belgium BEL-20

Brazil Bovespa

Canada S&P/TSX 60

Denmark* OMX Copenhagen 25

Europe-wide Eurotop 100

Finland* OMX Helsinki 25

France CAC 40

Germany DAX

Hong Kong SAR Hang Seng

India BSE Sensex

Ireland ISEQ 20

Italy FTSE/MIB

Japan TOPIX Core 30

Malaysia FTSE Bursa Malaysia KLCI

Netherlands AEX

Norway* OBX

Portugal PSI-20

Russia RTS

Singapore Straits Times

South Africa FTSE/JSE Top 40

Spain IBEX 35

Sweden OMX Stockholm 30

Switzerland* SMI

UK FTSE 100

US S&P 500

* Countries where executives are normally not elected to the board

Country Index


France CAC 40 42.8%

Sweden OMX Stockholm 30 37.0%

Norway* OBX 35.2%

Italy FTSE/MIB 35.0%

Europe-wide Eurotop 100 34.7%

Finland* OMX Helsinki 25 34.0%

Belgium BEL-20 33.8%

UK FTSE 100 33.7%

Australia S&P/ASX 100 32.4%

Canada S&P/TSX 60 30.1%

Netherlands AEX 29.4%

Germany DAX 29.1%

Spain IBEX 35 27.8%

Denmark* OMX Copenhagen 25 27.3%

Malaysia FTSE Bursa Malaysia KLCI 27.2%

Switzerland* SMI 27.2%

South Africa FTSE/JSE Top 40 27.2%

US S&P 500 27.2%

Ireland ISEQ 20 26.6%

Austria ATX 25.4%

Portugal PSI-20 21.9%

India BSE Sensex 18.0%

Singapore Straits Times 17.0%

Hong Kong SAR Hang Seng 12.9%

Brazil Bovespa 10.1%

Russia RTS 10.0%

Japan TOPIX Core 30 8.8%


Country Index % Female board

APPENDIX 2 GLOBAL GENDER DIVERSITY TABLES 2014–2019

Global gender diversity scorecard 2019


France CAC 40 42.0%

Norway* OBX 37.0%


Finland* OMX Helsinki 35.0%



Belgium BEL 20 32.0%


UK FTSE 100 31.0%




Germany DAX 27.0%


US S&P 500 25.0%


Spain IBEX 35 24.0%


Austria ATX 21.0%

Portugal PSI 20 19.0%





Russia RTS Index 10.0%

Brazil Bovespa 10.0%







France CAC 40 39.8%


Norway* OBX 35.0%





UK FTSE 100 28.9%




Germany DAX 25.8%


Spain IBEX 35 23.2%


US S&P 500 22.8%




Austria ATX 16.3%






Brazil Bovespa 7.3%







Norway* OBX 39.0%

France CAC 40 38.0%







UK FTSE 100 27.0%




Germany DAX 24.0%

US S&P 500 22.0%



Spain IBEX 35 20.0%



Austria ATX 14.0%












Norway* OBX 36.0%

France CAC 40 32.0%







UK FTSE 100 26.0%




Germany DAX 21.0%

US S&P 500 20.0%

Spain IBEX 35 20.0%



Austria ATX 16.0%














Norway* OBX 38.0%

France CAC 40 32.0%







UK FTSE 100 23.0%




US S&P 500 19.0%

Spain IBEX 35 18.0%

Germany DAX 18.0%



Austria ATX 14.0%













32

France CAC 40 42.8% 8.4% 47.4% 1 11 1

Sweden OMX Stock-holm 30 37.0% 2.9% 38.9% 2 18 4

Norway* OBX 35.2% n/a 36.2% 3 23 7

Italy FTSE/MIB 35.0% 2.5% 41.6% 4 20 2

Finland* OMX Helsinki 25 34.0% n/a 34.4% 6 24 10

Belgium BEL-20 33.8% 11.1% 37.3% 7 7 5

UK FTSE 100 33.7% 12.1% 40.3% 8 5 3

Australia S&P/ASX 100 32.4% 7.7% 36.5% 9 12 6

Canada S&P/TSX 60 30.1% 0.6% 33.6% 10 21 11

Netherlands AEX 29.4% 12.8% 35.1% 11 2 8

Germany DAX 29.1% 13.5% 35.1% 12 1 9

Spain IBEX 35 27.8% 3.9% 31.9% 13 16 14

Denmark* OMX Copenha-gen 25 27.3% 9.6% 31.6% 14 9 17

Malaysia FTSE Bursa Ma-laysia KLCI 27.2% 2.6% 31.9% 15 19 15

Switzerland* SMI 27.2% n/a 28.2% 16 25 20

South Africa FTSE/JSE Top 40 27.2% 12.5% 30.9% 17 3 18

US S&P 500 27.2% 5.5% 30.0% 18 15 19

Ireland ISEQ 20 26.6% 12.3% 32.7% 19 4 12

Austria ATX 25.4% 7.4% 31.6% 20 13 16

Portugal PSI-20 21.9% 10.0% 32.6% 21 8 13

India BSE Sensex 18.0% 3.5% 22.1% 22 17 21

Singapore Straits Times 17.0% 11.7% 18.1% 23 6 22

Hong Kong SAR Hang Seng 12.9% 9.3% 13.3% 24 10 24

Brazil Bovespa 10.1% 0.0% 10.8% 25 26 25

Russia RTS 10.0% 5.7% 9.5% 26 14 26

Japan TOPIX Core 30 8.8% 0.3% 17.0% 27 22 23



% Female exec directors (EDs)

% Female non- exec directors (NEDs)

Board ranking ED ranking NED

ranking

APPENDIX 3 BOARD GENDER DIVERSITY RANKINGS BY FULL BOARD, EXECUTIVE AND NON-EXECUTIVE DIRECTORS




Norway* OBX 24.2%



Finland* OMX Helsinki 25 22.4%

US S&P 500 21.2%


UK FTSE 100 19.7%

France CAC 40 19.5%



Belgium BEL-20 17.6%



Russia RTS 14.3%

Spain IBEX 35 14.1%

Germany DAX 14.0%



Portugal PSI-20 10.0%

Brazil Bovespa 9.5%

Austria ATX 8.8%


Italy FTSE/MIB 7.8%



Country Index % Female leadership

APPENDIX 4 GENDER DIVERSITY IN LEADERSHIP TEAMS

BoardEx | Global Gender Diversity Report 2019 34

Automobiles 31 3% 6% 6% 10% 10% 13% 13% 16% 16% 6%

Business services 43 9% 9% 12% 12% 19% 9% 16% 7% 5% 2%

Chemicals 40 15% 3% 10% 13% 25% 5% 8% 5% 13% 5%

Construction 48 13% 15% 10% 6% 0% 15% 6% 17% 8% 10%

Diversified 43 9% 7% 7% 9% 7% 7% 2% 7% 28% 16%

Engineering and technology 129 3% 9% 12% 12% 10% 13% 8% 16% 11% 8%

Financial 239 12% 14% 13% 10% 7% 10% 7% 9% 10% 8%

Food and beverage 67 9% 18% 10% 6% 7% 9% 9% 9% 12% 10%

Health and pharmaceuticals 82 7% 5% 13% 15% 10% 11% 12% 15% 6% 6%

Leisure 52 12% 4% 19% 8% 6% 13% 6% 4% 17% 12%

Media 32 19% 16% 9% 19% 0% 3% 16% 3% 9% 6%

Mining and metals 59 12% 2% 8% 14% 10% 10% 10% 8% 8% 17%

Oil and gas 79 5% 10% 8% 13% 14% 9% 9% 8% 13% 13%

Paper and packaging 24 4% 4% 4% 4% 13% 21% 25% 8% 17% 0%

Real estate 77 8% 12% 5% 5% 10% 9% 13% 8% 14% 16%

Retail 108 19% 16% 6% 13% 8% 10% 10% 6% 4% 8%

Software 55 15% 5% 5% 11% 20% 7% 15% 11% 4% 7%

Telecoms 52 10% 8% 10% 6% 15% 6% 6% 13% 10% 17%

Tobacco 7 14% 0% 0% 0% 43% 0% 29% 0% 14% 0%

Transport 48 6% 13% 10% 8% 8% 6% 10% 13% 8% 17%

Utilities 84 8% 8% 10% 6% 7% 11% 18% 14% 4% 14%

Sector group Total 0-10% 10-20% 20-30% 30-40% 40-50% 50-60% 60-70% 70-80% 80-90% 90-100%

APPENDIX 5 SECTORAL BREAKDOWN BY DECILE 2019Percentage of firms in each sector group by decile


Corporation Country Index % Board female


% Non-executive directors female


APPENDIX 6 GLOBAL GENDER DIVERSITY TABLES BY COMPANY 2019

Important

As some of these corporations appear in more than one index, they may appear more than once in this table. Consequently, there are 1,428 entries in this table but these represent the 1,399 firms that were analysed in this report.

This has been done in the interests of greater clarity and to facilitate easier use of the tables.

KERING SA France CAC 40 64% 0% 78% 36%

HENNES & MAURITZ (H&M) Sweden OMX Stockholm 30 60% - 60% 67%

SODEXO SA France CAC 40 58% 100% 55% 29%

TOTAL SA France CAC 40 58% 0% 64% 14%

NIB HOLDINGS LIMITED Australia S&P/ASX 100 57% 0% 67% 33%

HONG LEONG FINANCIAL GROUP BHD Malaysia FTSE BURSA MALAYSIA KLCI 57% 0% 67% 0%

HEXAGON AB Sweden OMX Stockholm 30 57% 0% 67% 8%

M&G PLC UK FTSE 100 57% 50% 60% 20%

THALES SA France CAC 40 56% 0% 60% 8%

COMMONWEALTH BANK OF AUSTRALIA Australia S&P/ASX 100 56% 0% 63% 23%

MEDIBANK PRIVATE LIMITED Australia S&P/ASX 100 56% 0% 63% 29%

WOOLWORTHS GROUP LTD Australia S&P/ASX 100 56% 0% 63% 29%

REDEFINE PROPERTIES LTD South Africa FTSE/JSE TOP 40 56% 0% 71% 0%

ACCOR SA France CAC 40 55% 0% 60% 25%

AMERICAN WATER WORKS CO INC US S&P 500 55% 100% 50% 38%

GENERAL MOTORS CO US S&P 500 55% 100% 50% 19%

OMNICOM GROUP INC US S&P 500 55% 0% 60% 20%

ULTA BEAUTY INC US S&P 500 55% 100% 50% 50%

BOUYGUES SA France CAC 40 54% 0% 64% 0%








ESSITY AB Sweden OMX Stockholm 30 54% 0% 58% 25%

BEST BUY CO INC US S&P 500 54% 50% 55% 38%

VIACOMCBS INC US S&P 500 54% 0% 58% 46%

AXA SA France CAC 40 53% 0% 57% 15%

L’OREAL SA France CAC 40 53% 0% 57% 31%

ANSELL LTD Australia S&P/ASX 100 50% 0% 57% 18%

FORTESCUE METALS GROUP LTD Australia S&P/ASX 100 50% 100% 44% 40%

MIRVAC GROUP LTD Australia S&P/ASX 100 50% 100% 43% 25%

COLRUYT SA Belgium BEL-20 50% 0% 57% 0%

SAPUTO INC Canada S&P/TSX 60 50% 0% 56% 10%

KEMIRA OYJ Finland* OMX Helsinki 25 50% - 50% 11%

OUTOTEC OYJ Finland* OMX Helsinki 25 50% - 50% 30%

VALMET OYJ Finland* OMX Helsinki 25 50% - 50% 15%

VINCI SA France CAC 40 50% 0% 53% 8%

POSTE ITALIANE SPA Italy FTSE MIB 50% 0% 56% 25%

MALAYSIA AIRPORTS HLDGS BERHAD (MAHB)

Malaysia FTSE BURSA MALAYSIA KLCI 50% - 50% 31%

PETRONAS GAS BERHAD Malaysia FTSE BURSA MALAYSIA KLCI 50% 0% 57% 38%

TENAGA NASIONAL BERHAD Malaysia FTSE BURSA MALAYSIA KLCI 50% 0% 56% 8%

GJENSIDIGE FORSIKRING ASA Norway* OBX 50% - 50% 30%

NEL ASA Norway* OBX 50% - 50% 13%

BOLIDEN AB Sweden OMX Stockholm 30 50% - 50% 20%

KINNEVIK AB Sweden OMX Stockholm 30 50% - 50% 20%

AUTO TRADER GROUP PLC UK FTSE 100 50% 33% 60% 36%

RIGHTMOVE PLC UK FTSE 100 50% 50% 50% 50%

TAYLOR WIMPEY PLC UK FTSE 100 50% 33% 57% 38%








ALASKA AIR GROUP INC US S&P 500 50% 0% 55% 27%

AMAZON.COM INC US S&P 500 50% 0% 56% 14%

AUTODESK INC US S&P 500 50% 0% 56% 27%

CAPRI HOLDINGS LTD US S&P 500 50% 0% 57% 50%

HEALTHPEAK PROPERTIES INC US S&P 500 50% 0% 57% 13%

PROGRESSIVE CORP (OHIO) US S&P 500 50% 100% 45% 15%

TIFFANY & CO US S&P 500 50% 0% 56% 50%

CREDIT AGRICOLE SA France CAC 40 48% - 48% 19%

SOLVAY SA Belgium BEL-20 47% 100% 43% 100%

CANADIAN IMPERIAL BANK OF COMMERCE (CIBC)

Canada S&P/TSX 60 47% 0% 50% 27%

SANOFI SA France CAC 40 47% - 47% 21%

BPER BANCA SPA Italy FTSE MIB 47% 0% 54% 0%

IMPALA PLATINUM HOLDINGS LIMITED South Africa FTSE/JSE TOP 40 46% 67% 40% 25%

CANADIAN PACIFIC RAILWAY LIMITED Canada S&P/TSX 60 45% 0% 50% 5%

ENBRIDGE INC Canada S&P/TSX 60 45% 0% 50% 25%

ATOS SE France CAC 40 45% - 45% 0%

DASSAULT SYSTEMES SE France CAC 40 45% 0% 63% 20%

LEGRAND SA France CAC 40 45% - 45% 25%

KONINKLIJKE DSM NV (ROYAL DSM NV) Netherlands AEX 45% 33% 50% 33%

SVENSKA HANDELSBANKEN AB Sweden OMX Stockholm 30 45% 50% 44% 38%

SWEDBANK AB Sweden OMX Stockholm 30 45% - 45% 47%

ZURICH INSURANCE GROUP AG Switzerland* SMI 45% - 45% 27%

BURBERRY GROUP PLC UK FTSE 100 45% 50% 44% 30%

GLAXOSMITHKLINE PLC UK FTSE 100 45% 33% 50% 29%

STANDARD LIFE ABERDEEN PLC UK FTSE 100 45% 33% 50% 33%








GLOBE LIFE INC US S&P 500 45% 0% 56% 18%

NORDSTROM INC US S&P 500 45% 0% 56% 36%

TJX COS INC US S&P 500 45% 50% 44% 17%

BENDIGO & ADELAIDE BANK LTD Australia S&P/ASX 100 44% 100% 38% 43%

CSL LTD Australia S&P/ASX 100 44% 0% 57% 20%

NATIONAL AUSTRALIA BANK LTD Australia S&P/ASX 100 44% 0% 50% 36%

WESFARMERS LTD Australia S&P/ASX 100 44% 0% 50% 45%

TERNA SPA Italy FTSE MIB 44% 0% 50% 0%

NORWEGIAN AIR SHUTTLE ASA Norway* OBX 44% - 44% 13%

TELENOR ASA Norway* OBX 44% - 44% 30%

SINGAPORE TELECOMMUNICATIONS LTD

Singapore STRAITS TIMES 44% 100% 38% 36%

CLICKS GROUP LTD South Africa FTSE/JSE TOP 40 44% 33% 50% 33%

ASSA ABLOY AB Sweden OMX Stockholm 30 44% - 44% 10%

DIAGEO PLC UK FTSE 100 44% 50% 43% 36%

IMPERIAL BRANDS PLC UK FTSE 100 44% 33% 50% 13%

KINGFISHER PLC UK FTSE 100 44% 0% 57% 0%

MEGGITT PLC UK FTSE 100 44% 50% 43% 18%

NEXT PLC UK FTSE 100 44% 50% 40% 50%

SEVERN TRENT PLC UK FTSE 100 44% 50% 43% 36%

HILTON WORLDWIDE HOLDINGS INC US S&P 500 44% 0% 50% 18%

QUEST DIAGNOSTICS INC US S&P 500 44% 0% 50% 31%

WALT DISNEY (HLDG) CO US S&P 500 44% 0% 50% 23%

WELLTOWER INC US S&P 500 44% 0% 50% 23%

WYNN RESORTS LTD US S&P 500 44% 0% 50% 27%

VIENNA INSURANCE GROUP AG Austria ATX 44% 50% 40% 50%








TRYG A/S Denmark OMX COPENHAGEN 25 44% 25% 50% 25%

DANONE SA France CAC 40 44% 50% 43% 43%

ESSILORLUXOTTICA France CAC 40 44% 0% 50% 0%

ESTEE LAUDER COS INC US S&P 500 44% 20% 55% 40%

BLUESCOPE STEEL LTD Australia S&P/ASX 100 43% 0% 50% 40%

BORAL LIMITED Australia S&P/ASX 100 43% 0% 50% 27%

CALTEX AUSTRALIA LTD Australia S&P/ASX 100 43% 0% 50% 43%

GPT GROUP Australia S&P/ASX 100 43% 0% 50% 14%

INCITEC PIVOT LIMITED Australia S&P/ASX 100 43% 100% 33% 30%

NINE ENTERTAINMENT CO HOLDINGS LTD

Australia S&P/ASX 100 43% 0% 50% 42%

ORICA LIMITED Australia S&P/ASX 100 43% 0% 50% 9%

SEEK LTD Australia S&P/ASX 100 43% 0% 50% 14%

XERO LTD Australia S&P/ASX 100 43% - 43% 63%

MAGAZINE LUIZA SA Brazil BOVESPA 43% - 43% 18%

NATIONAL BANK OF CANADA Canada S&P/TSX 60 43% 0% 46% 20%

ELISA CORPORATION OYJ Finland* OMX Helsinki 25 43% - 43% 18%

HUHTAMAKI OYJ Finland* OMX Helsinki 25 43% - 43% 22%

NORDEA BANK ABP Finland* OMX Helsinki 25 43% - 43% 22%

ORION OYJ Finland* OMX Helsinki 25 43% - 43% 38%

OUTOKUMPU OYJ Finland* OMX Helsinki 25 43% - 43% 30%

BNP PARIBAS SA France CAC 40 43% 0% 46% 15%

CAPGEMINI SE France CAC 40 43% 0% 46% 10%

COMPAGNIE DE ST-GOBAIN SA France CAC 40 43% 0% 46% 17%

PERNOD-RICARD SA France CAC 40 43% 0% 50% 33%

SOCIETE GENERALE SA France CAC 40 43% 0% 46% 33%








NESTLE INDIA LTD India BSE SENSEX 43% 0% 60% 13%

DIGI.COM BERHAD Malaysia FTSE BURSA MALAYSIA KLCI 43% - 43% 25%

DNB ASA Norway* OBX 43% - 43% 53%

LEROY SEAFOOD GROUP ASA Norway* OBX 43% - 43% 17%

TOMRA SYSTEMS ASA Norway* OBX 43% - 43% 25%

IBERDROLA SA Spain IBEX 35 43% 0% 50% 10%

NORDEA BANK ABP Sweden OMX Stockholm 30 43% - 43% 22%

TELE2 AB Sweden OMX Stockholm 30 43% - 43% 18%

RENTOKIL INITIAL PLC UK FTSE 100 43% 0% 60% 13%

ANSYS INC US S&P 500 43% 0% 50% 33%

SAP SE Germany DAX 42% 25% 50% 25%

CARREFOUR SA France CAC 40 42% 0% 44% 21%

INTESA SANPAOLO SPA Italy FTSE MIB 42% 0% 44% 6%

UNIBAIL-RODAMCO-WESTFIELD SE Australia S&P/ASX 100 42% 0% 50% 13%

COFINIMMO SA Belgium BEL-20 42% 33% 44% 40%

LOBLAW COMPANIES LTD Canada S&P/TSX 60 42% 0% 45% 15%

TELUS CORP Canada S&P/TSX 60 42% 0% 45% 30%

DANSKE BANK A/S Denmark OMX COPENHAGEN 25 42% - 42% 14%

AIR LIQUIDE SA France CAC 40 42% 0% 45% 18%

UNIBAIL-RODAMCO-WESTFIELD SE France CAC 40 42% 0% 50% 13%

AIB GROUP PLC Ireland ISEQ 20 42% 0% 50% 42%

BANK OF IRELAND GROUP PLC Ireland ISEQ 20 42% 50% 40% 18%

CRH PLC Ireland ISEQ 20 42% 0% 50% 0%

PRYSMIAN SPA Italy FTSE MIB 42% 0% 63% 0%

TOP GLOVE CORP BHD Malaysia FTSE BURSA MALAYSIA KLCI 42% 0% 63% 0%

HEINEKEN NV Netherlands AEX 42% 50% 40% 20%








ROYAL DUTCH SHELL PLC Netherlands AEX 42% 50% 40% 14%

UNIBAIL-RODAMCO-WESTFIELD SE Netherlands AEX 42% 0% 50% 13%

ANGLOGOLD ASHANTI LTD South Africa FTSE/JSE TOP 40 42% 50% 40% 33%

BIDVEST GROUP LIMITED South Africa FTSE/JSE TOP 40 42% 50% 38% 50%

RED ELECTRICA CORP SA Spain IBEX 35 42% 0% 45% 0%

BP PLC UK FTSE 100 42% 0% 50% 8%

CRH PLC UK FTSE 100 42% 0% 50% 0%

ROYAL BANK OF SCOTLAND GROUP PLC UK FTSE 100 42% 100% 30% 40%

ROYAL DUTCH SHELL PLC UK FTSE 100 42% 50% 40% 14%

VODAFONE GROUP PLC UK FTSE 100 42% 50% 40% 31%

ACCENTURE PLC US S&P 500 42% 50% 40% 27%

CMS ENERGY CORP US S&P 500 42% 100% 36% 29%

HERSHEY CO (THE) US S&P 500 42% 100% 36% 18%

HP INC US S&P 500 42% 0% 45% 23%

KELLOGG CO US S&P 500 42% 0% 45% 33%

L BRANDS INC US S&P 500 42% 0% 45% 20%

MACY’S INC US S&P 500 42% 0% 45% 50%

PRINCIPAL FINANCIAL GROUP INC US S&P 500 42% 0% 45% 37%

PROCTER & GAMBLE CO US S&P 500 42% 0% 45% 54%

PUBLICIS GROUPE SA France CAC 40 41% 25% 46% 33%

CITIGROUP INC US S&P 500 41% 0% 44% 21%

ALTIUM LIMITED Australia S&P/ASX 100 40% 0% 67% 11%

ATLAS ARTERIA LTD Australia S&P/ASX 100 40% 0% 50% 25%

INSURANCE AUSTRALIA GROUP LTD Australia S&P/ASX 100 40% 0% 44% 18%

QANTAS AIRWAYS LTD Australia S&P/ASX 100 40% 0% 44% 31%

SUNCORP GROUP LTD Australia S&P/ASX 100 40% 0% 44% 50%








THE A2 MILK COMPANY LTD Australia S&P/ASX 100 40% - 40% 33%

WESTPAC BANKING CORP Australia S&P/ASX 100 40% 0% 44% 33%

MANULIFE FINANCIAL CORP Canada S&P/TSX 60 40% 0% 43% 21%

ROYAL BANK OF CANADA (RBC) Canada S&P/TSX 60 40% 0% 43% 20%

SUNCOR ENERGY INC Canada S&P/TSX 60 40% 0% 44% 13%

PANDORA A/S Denmark OMX COPENHAGEN 25 40% 0% 50% 0%

NOKIA OYJ Finland* OMX Helsinki 25 40% - 40% 29%

LVMH MOET HENNESSY VUITTON SE France CAC 40 40% 20% 50% 17%

STMICROELECTRONICS NV France CAC 40 40% 0% 44% 0%

WIRECARD AG Germany DAX 40% 25% 50% 25%

DIASORIN SPA Italy FTSE MIB 40% 0% 46% 0%

FERRARI NV Italy FTSE MIB 40% 0% 50% 0%

STMICROELECTRONICS NV Italy FTSE MIB 40% 0% 44% 0%

TELECOM ITALIA SPA Italy FTSE MIB 40% 0% 43% 10%

DNO ASA Norway* OBX 40% 0% 50% 18%

MOWI ASA Norway* OBX 40% - 40% 22%

SCHIBSTED ASA Norway* OBX 40% - 40% 43%

BANCO SANTANDER SA Spain IBEX 35 40% 33% 42% 24%

INVESTOR AB Sweden OMX Stockholm 30 40% 0% 44% 50%

SKANSKA AB Sweden OMX Stockholm 30 40% - 40% 29%

GEBERIT AG Switzerland* SMI 40% - 40% 0%

3I GROUP PLC UK FTSE 100 40% 50% 38% 14%

ADMIRAL GROUP PLC UK FTSE 100 40% 0% 50% 31%

FERGUSON PLC UK FTSE 100 40% 0% 50% 13%

HALMA PLC UK FTSE 100 40% 25% 50% 44%

ITV PLC UK FTSE 100 40% 50% 38% 20%








LAND SECURITIES GROUP PLC UK FTSE 100 40% 33% 43% 20%

SCHRODERS PLC UK FTSE 100 40% 0% 50% 31%

SCOTTISH MORTGAGE INVESTMENT TRUST PLC

UK FTSE 100 40% - 40% 0%

ALLIANT ENERGY CORP US S&P 500 40% 0% 44% 27%

ANTHEM INC US S&P 500 40% 100% 33% 50%

CELANESE CORP US S&P 500 40% 50% 38% 60%

ENTERGY CORP US S&P 500 40% 0% 44% 23%

GENERAL ELECTRIC CO US S&P 500 40% 0% 44% 18%

HARTFORD FINANCIAL SERVICES GROUP INC

US S&P 500 40% 0% 44% 50%

HUNTINGTON BANCSHARES INC US S&P 500 40% 0% 43% 33%

NEWMONT GOLDCORP CORP US S&P 500 40% 0% 43% 33%

SEMPRA ENERGY CORP US S&P 500 40% 0% 43% 22%

STRYKER CORP US S&P 500 40% 0% 44% 33%

TEXAS INSTRUMENTS INC US S&P 500 40% 0% 44% 29%

RENAULT SA (REGIE NATIONALE DES USINES)

France CAC 40 39% - 39% 27%

WIENERBERGER AG Austria ATX 38% 50% 36% 50%

UCB SA Belgium BEL-20 38% 0% 42% 18%

BANK OF NOVA SCOTIA (SCOTIABANK) Canada S&P/TSX 60 38% 0% 42% 23%

CANADIAN NATIONAL RAILWAY CO Canada S&P/TSX 60 38% 0% 42% 17%

VEOLIA ENVIRONNEMENT SA France CAC 40 38% 0% 42% 10%

HANG SENG BANK LIMITED Hong Kong SAR HANG SENG 38% 100% 27% 57%

HSBC HOLDINGS PLC Hong Kong SAR HANG SENG 38% 0% 45% 15%

GENERALI ASSICURAZIONI SPA Italy FTSE MIB 38% 0% 42% 15%

SALVATORE FERRAGAMO SPA Italy FTSE MIB 38% 33% 40% 33%








UNICREDIT SPA Italy FTSE MIB 38% 0% 42% 8%

UNILEVER NV Netherlands AEX 38% 0% 45% 31%

MAPLETREE COMMERCIAL TRUST Singapore STRAITS TIMES 38% 100% 33% 60%

TIGER BRANDS LTD South Africa FTSE/JSE TOP 40 38% 0% 45% 36%

WOOLWORTHS HOLDINGS LTD South Africa FTSE/JSE TOP 40 38% 25% 44% 33%

SKANDINAVISKA ENSKILDA BANKEN (SEB) AB

Sweden OMX Stockholm 30 38% 0% 42% 28%

SVENSKA CELLULOSA AKTIEBOLAGET (SCA) AB

Sweden OMX Stockholm 30 38% 0% 42% 25%

HSBC HOLDINGS PLC UK FTSE 100 38% 0% 45% 15%

UNILEVER PLC UK FTSE 100 38% 0% 45% 31%

WPP PLC UK FTSE 100 38% 0% 45% 0%

BOOKING HOLDINGS INC US S&P 500 38% 0% 42% 14%

COCA-COLA CO US S&P 500 38% 0% 42% 30%

ECOLAB INC US S&P 500 38% 0% 42% 21%

HASBRO INC US S&P 500 38% 0% 45% 13%

HEWLETT PACKARD ENTERPRISE CO US S&P 500 38% 0% 42% 15%

KIMBERLY-CLARK CORP US S&P 500 38% 0% 42% 30%

MICROSOFT CORP US S&P 500 38% 0% 42% 21%

RAYTHEON CO US S&P 500 38% 0% 42% 25%

STARBUCKS CORP US S&P 500 38% 50% 36% 45%

AGL ENERGY LTD Australia S&P/ASX 100 38% 0% 43% 27%

ARISTOCRAT LEISURE LTD Australia S&P/ASX 100 38% 0% 43% 22%

COCA-COLA AMATIL LTD Australia S&P/ASX 100 38% 100% 29% 44%

COLES GROUP LTD Australia S&P/ASX 100 38% 0% 43% 38%

COMPUTERSHARE LTD Australia S&P/ASX 100 38% 0% 43% 18%

DEXUS Australia S&P/ASX 100 38% 0% 43% 25%








ILUKA RESOURCES LTD Australia S&P/ASX 100 38% 0% 43% 33%

LENDLEASE GROUP Australia S&P/ASX 100 38% 0% 43% 27%

LINK ADMINISTRATION HOLDINGS LTD Australia S&P/ASX 100 38% 0% 43% 36%

RESMED INC Australia S&P/ASX 100 38% 0% 43% 14%

SCENTRE GROUP Australia S&P/ASX 100 38% 0% 43% 29%

STOCKLAND TRUST Australia S&P/ASX 100 38% 0% 43% 50%

TRANSURBAN GROUP Australia S&P/ASX 100 38% 0% 43% 46%

TREASURY WINE ESTATES LTD Australia S&P/ASX 100 38% 0% 43% 25%

GALAPAGOS NV Belgium BEL-20 38% 0% 43% 0%

ONTEX GROUP NV Belgium BEL-20 38% - 38% 10%

SOFINA SA Belgium BEL-20 38% 0% 40% 0%

DSV PANALPINA A/S Denmark OMX COPENHAGEN 25 38% 0% 50% 0%

FORTUM OYJ Finland* OMX Helsinki 25 38% - 38% 22%

KONE OYJ Finland* OMX Helsinki 25 38% 0% 43% 7%

NESTE OYJ Finland* OMX Helsinki 25 38% - 38% 15%

SAMPO OYJ Finland* OMX Helsinki 25 38% - 38% 13%

HERMES INTERNATIONAL SA France CAC 40 38% 0% 43% 27%

ATLANTIA SPA Italy FTSE MIB 38% 0% 40% 8%

FINECOBANK SPA Italy FTSE MIB 38% 0% 43% 13%

SAIPEM SPA Italy FTSE MIB 38% 0% 43% 0%

DIALOG GROUP BHD Malaysia FTSE BURSA MALAYSIA KLCI 38% 33% 40% 21%

PUBLIC BANK BERHAD Malaysia FTSE BURSA MALAYSIA KLCI 38% 0% 43% 34%

GALAPAGOS NV Netherlands AEX 38% 0% 43% 0%

WOLTERS KLUWER NV Netherlands AEX 38% 50% 33% 50%

SALMAR ASA Norway* OBX 38% - 38% 20%

STOREBRAND ASA Norway* OBX 38% - 38% 30%








TGS NOPEC GEOPHYSICAL CO ASA Norway* OBX 38% - 38% 33%

CAIXABANK SA Spain IBEX 35 38% 0% 40% 17%

ADECCO GROUP AG Switzerland* SMI 38% - 38% 8%

ASHTEAD GROUP PLC UK FTSE 100 38% 0% 50% 0%

BARRATT DEVELOPMENTS PLC UK FTSE 100 38% 33% 40% 33%

PERSIMMON PLC UK FTSE 100 38% 0% 50% 0%

APARTMENT INVESTMENT & MANAGEMENT CO (AIMCO)

US S&P 500 38% 0% 43% 33%

HOLOGIC INC US S&P 500 38% 0% 43% 15%

KIMCO REALTY CORP US S&P 500 38% 0% 50% 0%

RESMED INC US S&P 500 38% 0% 43% 14%

TAPESTRY INC US S&P 500 38% 0% 43% 33%

WESTERN DIGITAL CORP US S&P 500 38% 0% 43% 17%

UNIPOL GRUPPO SPA Italy FTSE MIB 37% 0% 39% 7%

STANDARD BANK GROUP LTD South Africa FTSE/JSE TOP 40 37% 0% 41% 37%

MACQUARIE GROUP LTD Australia S&P/ASX 100 36% 100% 30% 27%

PROXIMUS SA Belgium BEL-20 36% - 36% 14%

FORTIS INC Canada S&P/TSX 60 36% 0% 40% 38%

GEORGE WESTON LTD Canada S&P/TSX 60 36% 0% 40% 18%

MAGNA INTERNATIONAL INC Canada S&P/TSX 60 36% 0% 40% 0%

SUN LIFE FINANCIAL INC Canada S&P/TSX 60 36% 0% 40% 33%

ISS A/S Denmark OMX COPENHAGEN 25 36% 0% 44% 10%

ORSTED A/S Denmark OMX COPENHAGEN 25 36% 50% 33% 33%

MICHELIN (CIE GENERALE DES ETABLISSEMENTS)

France CAC 40 36% 0% 44% 27%

LINK REAL ESTATE INVESTMENT TRUST Hong Kong SAR HANG SENG 36% 0% 40% 36%








MONCLER SPA Italy FTSE MIB 36% 0% 50% 0%

RECORDATI SPA Italy FTSE MIB 36% 17% 60% 14%

KONINKLIJKE PHILIPS NV Netherlands AEX 36% 0% 50% 23%

RELX PLC Netherlands AEX 36% 0% 44% 20%

AKER BP ASA Norway* OBX 36% - 36% 27%

EQUINOR ASA Norway* OBX 36% - 36% 27%

ORKLA ASA Norway* OBX 36% - 36% 18%

INDITEX - INDUSTRIA DE DISENO TEXTIL SA

Spain IBEX 35 36% 0% 44% 0%

ALFA LAVAL AB Sweden OMX Stockholm 30 36% - 36% 25%

BAE SYSTEMS PLC UK FTSE 100 36% 0% 50% 8%

COMPASS GROUP PLC UK FTSE 100 36% 33% 38% 42%

EASYJET PLC UK FTSE 100 36% 0% 44% 30%

LEGAL & GENERAL GROUP PLC UK FTSE 100 36% 25% 43% 31%

RECKITT BENCKISER GROUP PLC UK FTSE 100 36% 0% 44% 13%

RELX PLC UK FTSE 100 36% 0% 44% 20%

WHITBREAD PLC UK FTSE 100 36% 67% 25% 22%

AFLAC INC US S&P 500 36% 0% 40% 14%

BALL CORP US S&P 500 36% 0% 40% 20%

BOSTON PROPERTIES INC US S&P 500 36% 0% 44% 0%

CDW CORP US S&P 500 36% 100% 30% 40%

CHEVRON CORP US S&P 500 36% 0% 40% 13%

CONOCOPHILLIPS COMPANY US S&P 500 36% 0% 40% 22%

CSX CORP US S&P 500 36% 0% 40% 13%

EDISON INTERNATIONAL US S&P 500 36% 0% 40% 40%

FIRST REPUBLIC BANK US S&P 500 36% 50% 33% 28%








GAP INC US S&P 500 36% 0% 40% 47%

GENERAL MILLS INC US S&P 500 36% 0% 40% 36%

GOLDMAN SACHS GROUP INC US S&P 500 36% 0% 40% 40%

H & R BLOCK INC US S&P 500 36% 0% 40% 30%

HOST HOTELS & RESORTS INC US S&P 500 36% 0% 44% 29%

LOCKHEED MARTIN CORP US S&P 500 36% 100% 30% 31%

MCKESSON CORP US S&P 500 36% 0% 40% 43%

NETFLIX INC US S&P 500 36% 0% 40% 38%

SERVICENOW INC US S&P 500 36% 0% 40% 20%

SYNCHRONY FINANCIAL US S&P 500 36% 100% 30% 18%

T ROWE PRICE GROUP INC US S&P 500 36% 0% 40% 17%

UNUM GROUP US S&P 500 36% 0% 40% 25%

VARIAN MEDICAL SYSTEMS INC US S&P 500 36% 0% 40% 20%

VERIZON COMMUNICATIONS INC US S&P 500 36% 0% 40% 20%

BOMBARDIER INC Canada S&P/TSX 60 36% 0% 38% 0%

TORONTO-DOMINION BANK Canada S&P/TSX 60 36% 0% 38% 25%

ENGIE SA France CAC 40 36% 100% 31% 36%

SASOL LTD South Africa FTSE/JSE TOP 40 36% 0% 45% 13%

MARRIOTT INTERNATIONAL INC US S&P 500 36% 0% 42% 30%

SAFRAN France CAC 40 35% 0% 38% 5%

BANCO BPM SPA Italy FTSE MIB 35% 0% 38% 10%

BANK OF AMERICA CORP US S&P 500 35% 0% 38% 36%

US BANCORP US S&P 500 35% 0% 38% 36%

DEUTSCHE TELEKOM AG Germany DAX 34% 22% 40% 22%

MUNCHENER RUCKVERSICHERUNGS AG (Munich Re)

Germany DAX 34% 11% 45% 11%








ALUMINA LTD Australia S&P/ASX 100 33% 0% 40% 20%

AURIZON HOLDINGS LTD Australia S&P/ASX 100 33% 0% 38% 29%

AUSTRALIA & NEW ZEALAND BANKING GROUP LTD

Australia S&P/ASX 100 33% 0% 38% 45%

BANK OF QUEENSLAND LTD Australia S&P/ASX 100 33% 0% 38% 33%

DOMINOS PIZZA ENTERPRISES LTD (Domino’s Pizza Australia New Zealand)

Australia S&P/ASX 100 33% 0% 40% 0%

NORTHERN STAR RESOURCES LTD Australia S&P/ASX 100 33% 0% 40% 25%

OIL SEARCH LTD Australia S&P/ASX 100 33% 0% 38% 13%

OZ MINERALS LTD Australia S&P/ASX 100 33% 0% 40% 40%

RELIANCE WORLDWIDE CORPORATION LTD

Australia S&P/ASX 100 33% 0% 40% 11%

SANTOS LTD Australia S&P/ASX 100 33% 0% 38% 10%

SOUTH32 LTD Australia S&P/ASX 100 33% 0% 38% 44%

VICINITY CENTRES Australia S&P/ASX 100 33% 0% 38% 33%

WISETECH GLOBAL LTD Australia S&P/ASX 100 33% 50% 25% 25%

FACC AG Austria ATX 33% 0% 45% 0%

OESTERREICHISCHE POST AG (AUSTRIAN POST)

Austria ATX 33% 0% 42% 0%

AGEAS SA/NV Belgium BEL-20 33% 0% 50% 0%

ANHEUSER-BUSCH INBEV SA Belgium BEL-20 33% - 33% 6%

GROUPE BRUXELLES LAMBERT SA Belgium BEL-20 33% 0% 35% 25%

TELENET GROUP HOLDING NV Belgium BEL-20 33% 0% 38% 36%

BANK OF MONTREAL Canada S&P/TSX 60 33% 0% 36% 29%

BLACKBERRY LTD Canada S&P/TSX 60 33% 0% 38% 13%

CAMECO CORP Canada S&P/TSX 60 33% 0% 38% 20%

CGI INC Canada S&P/TSX 60 33% 33% 33% 16%








EMERA INC Canada S&P/TSX 60 33% 0% 36% 22%

KINROSS GOLD CORP Canada S&P/TSX 60 33% 0% 38% 25%

METRO INC Canada S&P/TSX 60 33% 0% 36% 20%

NUTRIEN LTD Canada S&P/TSX 60 33% 0% 36% 0%

ROGERS COMMUNICATIONS INC Canada S&P/TSX 60 33% 0% 36% 10%

SHOPIFY INC Canada S&P/TSX 60 33% 0% 40% 22%

TECK RESOURCES LTD Canada S&P/TSX 60 33% 0% 36% 15%

FLSMIDTH & CO A/S Denmark OMX COPENHAGEN 25 33% - 33% 33%

GENMAB A/S Denmark OMX COPENHAGEN 25 33% 0% 38% 40%

CARGOTEC CORP Finland* OMX Helsinki 25 33% - 33% 27%

ARCELORMITTAL SA France CAC 40 33% 0% 38% 0%

ORANGE France CAC 40 33% 0% 36% 33%

SCHNEIDER ELECTRIC SE France CAC 40 33% 0% 36% 27%

VIVENDI SA France CAC 40 33% 0% 55% 22%

MERCK KGAA Germany DAX 33% 20% 38% 20%

CHINA SHENHUA ENERGY CO LTD Hong Kong SAR HANG SENG 33% 0% 60% 0%

SINO BIOPHARMACEUTICAL LIMITED Hong Kong SAR HANG SENG 33% 38% 25% 26%

INFOSYS LTD India BSE SENSEX 33% 0% 43% 14%

ULTRATECH CEMENT LTD India BSE SENSEX 33% 0% 43% 0%

RYANAIR HOLDINGS PLC Ireland ISEQ 20 33% 0% 36% 29%

AMPLIFON SPA Italy FTSE MIB 33% 0% 38% 8%

AZIMUT HOLDING SPA Italy FTSE MIB 33% 0% 67% 0%

BANCA GENERALI SPA Italy FTSE MIB 33% 0% 38% 0%

BUZZI UNICEM SPA Italy FTSE MIB 33% 0% 44% 0%

CNH INDUSTRIAL NV Italy FTSE MIB 33% 50% 29% 23%

DAVIDE CAMPARI-MILANO SPA Italy FTSE MIB 33% 0% 60% 0%








ENEL SPA Italy FTSE MIB 33% 0% 38% 11%

ENI SPA (ENTE NAZIONALE IDROCARBURI)

Italy FTSE MIB 33% 0% 38% 0%

EXOR NV Italy FTSE MIB 33% 0% 38% 0%

HERA SPA Italy FTSE MIB 33% 0% 38% 0%

ITALGAS SPA Italy FTSE MIB 33% 0% 38% 20%

JUVENTUS FOOTBALL CLUB SPA Italy FTSE MIB 33% 0% 43% 5%

LEONARDO SPA Italy FTSE MIB 33% 0% 36% 0%

MEDIOBANCA SPA Italy FTSE MIB 33% 0% 38% 0%

SNAM SPA Italy FTSE MIB 33% 0% 38% 25%

UNIONE DI BANCHE ITALIANE SPA Italy FTSE MIB 33% 0% 36% 25%

AXIATA GROUP BERHAD Malaysia FTSE BURSA MALAYSIA KLCI 33% 0% 38% 15%

HARTALEGA HOLDINGS BHD Malaysia FTSE BURSA MALAYSIA KLCI 33% 0% 60% 0%

MALAYAN BANKING BERHAD (MAYBANK)

Malaysia FTSE BURSA MALAYSIA KLCI 33% 0% 36% 8%

RHB BANK BHD Malaysia FTSE BURSA MALAYSIA KLCI 33% 0% 38% 11%

ARCELORMITTAL SA Netherlands AEX 33% 0% 38% 0%

ASR NEDERLAND NV Netherlands AEX 33% 33% 33% 33%

BW LPG LTD Norway* OBX 33% 0% 40% 29%

CORTICEIRA AMORIM SPGS SA Portugal PSI-20 33% 0% 67% 0%

SONAE CAPITAL SGPS SA Portugal PSI-20 33% 50% 29% 50%

POLYMETAL INTERNATIONAL PLC Russia RTS 33% 0% 38% 23%

ANGLO AMERICAN PLC South Africa FTSE/JSE TOP 40 33% 0% 44% 16%

FOSCHINI GROUP LTD (THE) South Africa FTSE/JSE TOP 40 33% 50% 30% 50%

MR PRICE GROUP LTD South Africa FTSE/JSE TOP 40 33% 0% 44% 20%

ACCIONA SA Spain IBEX 35 33% 0% 40% 9%








ARCELORMITTAL SA Spain IBEX 35 33% 0% 38% 0%

BANKINTER SA Spain IBEX 35 33% 50% 30% 42%

CELLNEX TELECOM SA Spain IBEX 35 33% 0% 36% 0%

INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA (IAG)

Spain IBEX 35 33% 0% 40% 17%

MAPFRE SA Spain IBEX 35 33% 0% 50% 8%

MERLIN PROPERTIES SOCIMI SA Spain IBEX 35 33% 0% 40% 8%

REPSOL SA Spain IBEX 35 33% 0% 36% 30%

ASTRAZENECA PLC Sweden OMX Stockholm 30 33% 0% 40% 33%

ELECTROLUX AB Sweden OMX Stockholm 30 33% 0% 36% 18%

GETINGE AB Sweden OMX Stockholm 30 33% 0% 36% 22%

SECURITAS AB Sweden OMX Stockholm 30 33% - 33% 13%

LONZA GROUP AG Switzerland* SMI 33% - 33% 0%

SWATCH GROUP LTD Switzerland* SMI 33% 0% 40% 14%

SWISSCOM AG Switzerland* SMI 33% - 33% 0%

UBS GROUP AG Switzerland* SMI 33% 0% 36% 14%

ANGLO AMERICAN PLC UK FTSE 100 33% 0% 44% 16%

ASTRAZENECA PLC UK FTSE 100 33% 0% 40% 33%

AVIVA PLC UK FTSE 100 33% 0% 43% 18%

BARCLAYS PLC UK FTSE 100 33% 0% 40% 9%

CARNIVAL PLC UK FTSE 100 33% 0% 40% 9%

CRODA INTERNATIONAL PLC UK FTSE 100 33% 0% 43% 13%

EXPERIAN PLC UK FTSE 100 33% 0% 50% 7%

HARGREAVES LANSDOWN PLC UK FTSE 100 33% 0% 43% 0%

INTERCONTINENTAL HOTELS GROUP PLC

UK FTSE 100 33% 0% 44% 30%








INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA (IAG)

UK FTSE 100 33% 0% 40% 17%

NATIONAL GRID PLC UK FTSE 100 33% 33% 33% 38%

PEARSON PLC UK FTSE 100 33% 0% 40% 14%

POLYMETAL INTERNATIONAL PLC UK FTSE 100 33% 0% 38% 23%

RSA INSURANCE GROUP PLC UK FTSE 100 33% 33% 33% 30%

SAINSBURY(J) PLC UK FTSE 100 33% 0% 43% 22%

SMITH & NEPHEW PLC UK FTSE 100 33% 0% 43% 38%

SPIRAX-SARCO ENGINEERING PLC UK FTSE 100 33% 0% 50% 0%

ST JAMES’S PLACE PLC UK FTSE 100 33% 0% 50% 11%

UNITED UTILITIES GROUP PLC UK FTSE 100 33% 0% 43% 25%

3M CO US S&P 500 33% 0% 36% 33%

ABBOTT LABORATORIES US S&P 500 33% 0% 38% 20%

AMERISOURCEBERGEN CORPORATION US S&P 500 33% 0% 38% 20%

AMETEK INC US S&P 500 33% 0% 38% 0%

BANK OF NEW YORK MELLON CORP (THE)

US S&P 500 33% 0% 38% 22%

BECTON DICKINSON & CO US S&P 500 33% 0% 36% 9%

BROADCOM INC US S&P 500 33% 0% 38% 20%

CAMPBELL SOUP CO US S&P 500 33% 0% 36% 50%

CARDINAL HEALTH INC US S&P 500 33% 0% 36% 36%

CARNIVAL CORP US S&P 500 33% 0% 40% 9%

CONSTELLATION BRANDS INC US S&P 500 33% 0% 44% 18%

DISCOVER FINANCIAL SERVICES INC US S&P 500 33% 0% 36% 30%

DR HORTON INC US S&P 500 33% 0% 40% 0%

ESSEX PROPERTY TRUST INC US S&P 500 33% 0% 38% 25%








FEDEX CORP US S&P 500 33% 0% 36% 20%

FREEPORT-MCMORAN INC US S&P 500 33% 0% 40% 0%

GILEAD SCIENCES INC US S&P 500 33% 0% 38% 50%

IHS MARKIT LTD US S&P 500 33% 0% 36% 17%

ILLUMINA INC US S&P 500 33% 0% 43% 21%

INGERSOLL-RAND PLC US S&P 500 33% 0% 36% 20%

INTERNATIONAL FLAVORS & FRAGRANCES INC

US S&P 500 33% 0% 36% 18%

INTERPUBLIC GROUP OF COMPANIES INC

US S&P 500 33% 0% 36% 29%

JACK HENRY & ASSOCIATES INC US S&P 500 33% 0% 38% 0%

KEYCORP US S&P 500 33% 50% 31% 28%

KROGER CO US S&P 500 33% 0% 36% 25%

LOWE’S COS INC US S&P 500 33% 0% 36% 25%

MAXIM INTEGRATED PRODUCTS INC US S&P 500 33% 0% 38% 0%

MERCK & CO INC US S&P 500 33% 0% 36% 20%

MGM RESORTS INTERNATIONAL US S&P 500 33% 0% 36% 20%

NORTHROP GRUMMAN CORP US S&P 500 33% 100% 27% 50%

O’REILLY AUTOMOTIVE INC US S&P 500 33% 0% 43% 5%

PAYPAL HOLDINGS INC US S&P 500 33% 0% 36% 33%

PENTAIR PLC US S&P 500 33% 0% 38% 25%

PVH CORP US S&P 500 33% 0% 36% 27%

REPUBLIC SERVICES INC US S&P 500 33% 0% 36% 22%

S&P GLOBAL INC US S&P 500 33% 0% 36% 38%

SMUCKER(J.M.)CO US S&P 500 33% 0% 40% 43%

STATE STREET CORP US S&P 500 33% 0% 36% 36%








SVB FINANCIAL GROUP US S&P 500 33% 0% 36% 20%

TRACTOR SUPPLY CO US S&P 500 33% 0% 38% 0%

VERISK ANALYTICS INC US S&P 500 33% 0% 36% 15%

VF CORP US S&P 500 33% 0% 36% 27%

WILLIS TOWERS WATSON PLC US S&P 500 33% 0% 38% 11%

ERSTE GROUP BANK AG Austria ATX 32% 14% 38% 14%

SIEMENS AG Germany DAX 32% 25% 35% 25%

NOVO-NORDISK A/S Denmark OMX COPENHAGEN 25 32% 22% 38% 22%

DEUTSCHE BOERSE AG Germany DAX 32% 17% 38% 17%

HENKEL AG & CO KGAA Germany DAX 32% 17% 38% 17%

TRUIST FINANCIAL CORP US S&P 500 32% 0% 35% 8%

OMV AG Austria ATX 32% 0% 40% 0%

KBC GROUP NV Belgium BEL-20 31% 33% 31% 14%

PEUGEOT SA (Groupe PSA) France CAC 40 31% 0% 42% 16%

COVESTRO AG Germany DAX 31% 25% 33% 25%

VONOVIA SE Germany DAX 31% 25% 33% 25%

ALIMENTATION COUCHE TARD INC Canada S&P/TSX 60 31% 0% 36% 19%

TOPDANMARK A/S Denmark OMX COPENHAGEN 25 31% 0% 44% 23%

NEXI SPA Italy FTSE MIB 31% 0% 33% 27%

SONY CORP Japan TOPIX Core 30 31% 0% 36% 0%

RANDSTAD NV Netherlands AEX 31% 33% 29% 33%

ENAGAS SA Spain IBEX 35 31% 0% 36% 25%

GRIFOLS SA Spain IBEX 35 31% 0% 36% 10%

MEDIASET ESPANA COMUNICACION SA Spain IBEX 35 31% 0% 40% 19%

VOLVO AB Sweden OMX Stockholm 30 31% 0% 33% 27%

LLOYDS BANKING GROUP PLC UK FTSE 100 31% 0% 40% 25%








PHOENIX GROUP HOLDINGS PLC UK FTSE 100 31% 0% 40% 8%

STANDARD CHARTERED PLC UK FTSE 100 31% 0% 36% 31%

TESCO PLC UK FTSE 100 31% 0% 36% 31%

TUI AG UK FTSE 100 31% 33% 30% 25%

ALBEMARLE CORPORATION US S&P 500 31% 0% 33% 20%

AMEREN CORP US S&P 500 31% 0% 33% 18%

AMERICAN INTERNATIONAL GROUP (AIG) INC

US S&P 500 31% 0% 33% 29%

BOEING CO US S&P 500 31% - 31% 31%

DANAHER CORP US S&P 500 31% 0% 40% 8%

ELI LILLY & CO US S&P 500 31% 0% 33% 36%

HONEYWELL INTERNATIONAL INC US S&P 500 31% 0% 33% 14%

INTERNATIONAL BUSINESS MACHINES (IBM) CORP

US S&P 500 31% 100% 25% 28%

METLIFE INC US S&P 500 31% 0% 33% 20%

MYLAN NV US S&P 500 31% 50% 27% 25%

NIKE INC US S&P 500 31% 0% 33% 17%

PNC FINANCIAL SERVICES GROUP INC US S&P 500 31% 0% 33% 30%

PPG INDUSTRIES INC US S&P 500 31% 0% 33% 0%

RAYMOND JAMES FINANCIAL INC US S&P 500 31% 0% 36% 17%

TARGET CORP US S&P 500 31% 0% 33% 44%

UNITED TECHNOLOGIES CORP (UTC) US S&P 500 31% 0% 33% 27%

CROWN RESORTS LTD Australia S&P/ASX 100 30% 0% 33% 20%

JAMES HARDIE INDUSTRIES PLC Australia S&P/ASX 100 30% 50% 25% 13%

WOODSIDE PETROLEUM LTD Australia S&P/ASX 100 30% 0% 33% 43%

WORLEY LTD Australia S&P/ASX 100 30% 0% 33% 25%








SPARKASSEN IMMOBILIEN AG Austria ATX 30% 0% 38% 0%

ACKERMANS & VAN HAAREN NV Belgium BEL-20 30% - 30% 0%

UMICORE SA Belgium BEL-20 30% 0% 33% 17%

AGNICO EAGLE MINES LTD Canada S&P/TSX 60 30% 0% 33% 0%

CCL INDUSTRIES INC Canada S&P/TSX 60 30% 0% 38% 8%

GILDAN ACTIVEWEAR INC Canada S&P/TSX 60 30% 0% 33% 0%

INTER PIPELINE LTD Canada S&P/TSX 60 30% 0% 33% 15%

UPM-KYMMENE CORP Finland* OMX Helsinki 25 30% 0% 33% 17%

INFINEON TECHNOLOGIES AG Germany DAX 30% 0% 38% 0%

TECH MAHINDRA LTD India BSE SENSEX 30% 0% 33% 19%

C&C GROUP PLC Ireland ISEQ 20 30% 0% 43% 0%

PETRONAS DAGANGAN BERHAD Malaysia FTSE BURSA MALAYSIA KLCI 30% 0% 33% 29%

YARA INTERNATIONAL ASA Norway* OBX 30% - 30% 38%

JERONIMO MARTINS SGPS SA Portugal PSI-20 30% 0% 33% 0%

SONAE SGPS SA (SONAE) Portugal PSI-20 30% 50% 25% 50%

COMFORTDELGRO CORPORATION LTD Singapore STRAITS TIMES 30% 0% 33% 19%

SATS LTD Singapore STRAITS TIMES 30% 0% 33% 10%

SINGAPORE EXCHANGE LTD Singapore STRAITS TIMES 30% 0% 33% 27%

BID CORPORATION LTD (BIDCORP) South Africa FTSE/JSE TOP 40 30% 0% 38% 4%

SANDVIK AB Sweden OMX Stockholm 30 30% 0% 33% 29%

SWEDISH MATCH AB Sweden OMX Stockholm 30 30% - 30% 13%

ALCON INC Switzerland* SMI 30% 0% 33% 0%

BRITISH LAND CO PLC UK FTSE 100 30% 0% 38% 36%

INFORMA PLC UK FTSE 100 30% 0% 38% 23%

INTERTEK GROUP PLC UK FTSE 100 30% 0% 38% 29%

JOHNSON MATTHEY PLC UK FTSE 100 30% 50% 25% 44%








JUST EAT PLC UK FTSE 100 30% 0% 38% 17%

MELROSE INDUSTRIES PLC UK FTSE 100 30% 0% 50% 0%

SAGE GROUP PLC UK FTSE 100 30% 0% 43% 17%

SEGRO PLC UK FTSE 100 30% 0% 50% 28%

SSE PLC UK FTSE 100 30% 0% 43% 0%

ALLSTATE CORP US S&P 500 30% 0% 33% 22%

APACHE CORP US S&P 500 30% 0% 33% 15%

AUTOZONE INC US S&P 500 30% 0% 33% 8%

BOSTON SCIENTIFIC CORP US S&P 500 30% 0% 33% 19%

CERNER CORP US S&P 500 30% 0% 33% 40%

CH ROBINSON WORLDWIDE INC US S&P 500 30% 0% 38% 17%

CIMAREX ENERGY CO US S&P 500 30% 0% 38% 0%

CISCO SYSTEMS INC US S&P 500 30% 0% 33% 30%

CONSOLIDATED EDISON INC US S&P 500 30% 0% 33% 50%

EQUIFAX INC US S&P 500 30% 0% 33% 33%

GARTNER INC US S&P 500 30% 0% 33% 8%

HALLIBURTON CO US S&P 500 30% 0% 33% 15%

IDEXX LABORATORIES INC US S&P 500 30% 0% 33% 19%

INTUITIVE SURGICAL INC US S&P 500 30% 0% 33% 20%

JUNIPER NETWORKS INC US S&P 500 30% 0% 33% 8%

KANSAS CITY SOUTHERN US S&P 500 30% 0% 33% 17%

LAM RESEARCH CORP US S&P 500 30% 0% 33% 20%

LINCOLN NATIONAL CORP US S&P 500 30% 0% 33% 38%

MARTIN MARIETTA MATERIALS INC US S&P 500 30% 0% 33% 17%

MCCORMICK & CO INC US S&P 500 30% 0% 33% 29%

MOODYS CORP US S&P 500 30% 0% 33% 25%








MSCI INC US S&P 500 30% 0% 33% 17%

NIELSEN HOLDINGS PLC US S&P 500 30% 0% 38% 11%

NOBLE ENERGY INC US S&P 500 30% 0% 33% 33%

NORWEGIAN CRUISE LINE HOLDINGS LTD

US S&P 500 30% 0% 33% 13%

OCCIDENTAL PETROLEUM CORP US S&P 500 30% 100% 22% 31%

PHILLIPS 66 US S&P 500 30% 0% 33% 30%

REALTY INCOME CORP US S&P 500 30% 0% 33% 30%

ROCKWELL AUTOMATION INC US S&P 500 30% 0% 33% 21%

ROPER TECHNOLOGIES INC US S&P 500 30% 0% 33% 0%

THE TRAVELERS COMPANIES INC US S&P 500 30% 0% 33% 24%

VALERO ENERGY CORP US S&P 500 30% 0% 33% 22%

VENTAS INC US S&P 500 30% 100% 22% 13%

WALGREENS BOOTS ALLIANCE INC US S&P 500 30% 0% 38% 29%

WATERS CORP US S&P 500 30% 0% 33% 33%

WEYERHAEUSER CO US S&P 500 30% 0% 33% 29%

DEUTSCHE LUFTHANSA AG Germany DAX 30% 14% 35% 14%

SANLAM LIMITED South Africa FTSE/JSE TOP 40 29% 25% 31% 22%

TELEFONICA SA Spain IBEX 35 29% 0% 33% 17%

BAYER AG Germany DAX 29% 0% 37% 0%

APA GROUP Australia S&P/ASX 100 29% 0% 33% 25%

CARSALES.COM LTD Australia S&P/ASX 100 29% 0% 33% 38%

CHARTER HALL GROUP Australia S&P/ASX 100 29% 0% 33% 22%

DOWNER EDI LTD Australia S&P/ASX 100 29% 0% 33% 9%

JB HI-FI LTD Australia S&P/ASX 100 29% 0% 33% 13%

RAMSAY HEALTH CARE LTD Australia S&P/ASX 100 29% 0% 33% 25%








SYDNEY AIRPORT Australia S&P/ASX 100 29% - 29% 20%

WHITEHAVEN COAL LTD Australia S&P/ASX 100 29% 0% 33% 0%

APERAM SA Belgium BEL-20 29% - 29% 13%

BARCO NV Belgium BEL-20 29% 0% 33% 14%

WAREHOUSES DE PAUW (WDP) Belgium BEL-20 29% 0% 40% 0%

BCE INC Canada S&P/TSX 60 29% 0% 31% 0%

IMPERIAL OIL LTD Canada S&P/TSX 60 29% 0% 33% 17%

CHR. HANSEN HOLDING A/S Denmark OMX COPENHAGEN 25 29% 0% 36% 22%

NOVOZYMES A/S Denmark OMX COPENHAGEN 25 29% 17% 38% 17%

KESKO OYJ Finland* OMX Helsinki 25 29% - 29% 13%

BAYERISCHE MOTOREN WERKE (BMW) AG

Germany DAX 29% 13% 35% 13%

DAIMLER AG Germany DAX 29% 25% 30% 25%

DEUTSCHE POST AG Germany DAX 29% 13% 35% 13%

FRESENIUS MEDICAL CARE AG & Co KGAA

Germany DAX 29% 25% 33% 25%

IRISH RESIDENTIAL PROPERTIES REIT PLC

Ireland ISEQ 20 29% 100% 17% 100%

NESTLE MALAYSIA BHD Malaysia FTSE BURSA MALAYSIA KLCI 29% 0% 40% 22%

KPN (KONINKLIJKE) NV Netherlands AEX 29% 33% 25% 20%

AKER ASA Norway* OBX 29% - 29% 0%

CTT CORREIOS DE PORTUGAL SA Portugal PSI-20 29% 25% 30% 25%

INVESTEC LTD South Africa FTSE/JSE TOP 40 29% 25% 30% 25%

ENCE ENERGIA Y CELULOSA SA Spain IBEX 35 29% 0% 31% 17%

INDRA SISTEMAS SA Spain IBEX 35 29% 33% 27% 13%

GIVAUDAN SA Switzerland* SMI 29% - 29% 14%

NESTLE SA Switzerland* SMI 29% 0% 31% 18%








JD SPORTS FASHION PLC UK FTSE 100 29% 0% 40% 0%

LONDON STOCK EXCHANGE GROUP PLC UK FTSE 100 29% 0% 36% 20%

ABIOMED INC US S&P 500 29% 0% 33% 0%

ALLEGION PLC US S&P 500 29% 0% 33% 18%

ALLIANCE DATA SYSTEMS CORP US S&P 500 29% - 29% 17%

AMERICAN ELECTRIC POWER CO INC US S&P 500 29% 0% 31% 23%

APPLE INC US S&P 500 29% 0% 33% 25%

ARISTA NETWORKS INC US S&P 500 29% 50% 20% 25%

AT&T INC US S&P 500 29% 0% 31% 17%

BRISTOL-MYERS SQUIBB CO US S&P 500 29% 0% 31% 20%

BROWN FORMAN CORP US S&P 500 29% 0% 36% 31%

CBOE GLOBAL MARKETS INC US S&P 500 29% 0% 31% 10%

CENTURYLINK INC US S&P 500 29% 0% 31% 25%

EBAY INC US S&P 500 29% - 29% 56%

FACEBOOK INC US S&P 500 29% 50% 20% 33%

FEDERAL REALTY INVESTMENT TRUST US S&P 500 29% 0% 33% 33%

FIFTH THIRD BANCORP US S&P 500 29% 0% 31% 8%

IRON MOUNTAIN INC US S&P 500 29% 0% 31% 25%

JOHNSON & JOHNSON US S&P 500 29% 0% 31% 27%

MORGAN STANLEY US S&P 500 29% 0% 31% 14%

NETAPP INC US S&P 500 29% 0% 33% 8%

NUCOR CORP US S&P 500 29% 0% 33% 13%

ORACLE CORP US S&P 500 29% 33% 27% 40%

RALPH LAUREN CORP US S&P 500 29% 0% 36% 50%

WEC ENERGY GROUP INC US S&P 500 29% 0% 33% 15%

WELLS FARGO & CO US S&P 500 29% 0% 31% 29%








BASF SE Germany DAX 28% 17% 33% 17%

BLACKROCK INC US S&P 500 28% 0% 31% 16%

AUSTRALIAN STOCK EXCHANGE LTD Australia S&P/ASX 100 27% 0% 30% 27%

BHP GROUP LTD Australia S&P/ASX 100 27% 0% 30% 44%

BRAMBLES LTD Australia S&P/ASX 100 27% 50% 22% 23%

ING GROEP NV Belgium BEL-20 27% 0% 38% 29%

OPEN TEXT CORP Canada S&P/TSX 60 27% 0% 30% 17%

PEMBINA PIPELINE CORP Canada S&P/TSX 60 27% 0% 30% 0%

SNC-LAVALIN GROUP INC Canada S&P/TSX 60 27% 0% 30% 17%

GN STORE NORD A/S Denmark OMX COPENHAGEN 25 27% 33% 25% 33%

VESTAS WIND SYSTEMS A/S Denmark OMX COPENHAGEN 25 27% 0% 30% 22%

TELIA COMPANY AB Finland* OMX Helsinki 25 27% - 27% 27%

ADIDAS AG Germany DAX 27% 17% 31% 17%

ALLIANZ SE Germany DAX 27% 20% 33% 20%

RWE AG Germany DAX 27% 0% 30% 0%

BHARTI AIRTEL LIMITED India BSE SENSEX 27% 0% 33% 15%

HCL TECHNOLOGIES LTD India BSE SENSEX 27% 0% 30% 0%

FLUTTER ENTERTAINMENT PLC Ireland ISEQ 20 27% 0% 33% 0%

SMURFIT KAPPA GROUP PLC Ireland ISEQ 20 27% 0% 33% 8%

TOTAL PRODUCE PLC Ireland ISEQ 20 27% 0% 43% 0%

SIME DARBY BERHAD Malaysia FTSE BURSA MALAYSIA KLCI 27% 0% 30% 20%

ABN AMRO BANK NV Netherlands AEX 27% 25% 29% 22%

AKZO NOBEL NV Netherlands AEX 27% 0% 33% 29%

ING GROEP NV Netherlands AEX 27% 0% 38% 29%

NORSK HYDRO ASA Norway* OBX 27% - 27% 44%

MAPLETREE LOGISTICS TRUST Singapore STRAITS TIMES 27% 100% 20% 50%








BHP GROUP LTD South Africa FTSE/JSE TOP 40 27% 0% 30% 44%

BRITISH AMERICAN TOBACCO PLC South Africa FTSE/JSE TOP 40 27% 0% 33% 15%

GOLD FIELDS LTD South Africa FTSE/JSE TOP 40 27% 0% 33% 17%

MELIÁ HOTELS INTERNATIONAL SA Spain IBEX 35 27% 0% 30% 17%

ATLAS COPCO AB Sweden OMX Stockholm 30 27% 0% 30% 22%

SSAB AB Sweden OMX Stockholm 30 27% 0% 30% 27%

TELIA COMPANY AB Sweden OMX Stockholm 30 27% - 27% 27%

LAFARGEHOLCIM LTD Switzerland* SMI 27% - 27% 20%

BHP GROUP PLC UK FTSE 100 27% 0% 30% 44%

BRITISH AMERICAN TOBACCO PLC UK FTSE 100 27% 0% 33% 15%

BT GROUP PLC UK FTSE 100 27% 0% 33% 36%

DCC PLC UK FTSE 100 27% 0% 33% 20%

FLUTTER ENTERTAINMENT PLC UK FTSE 100 27% 0% 33% 0%

HIKMA PHARMACEUTICALS PLC UK FTSE 100 27% 0% 38% 27%

SMURFIT KAPPA GROUP PLC UK FTSE 100 27% 0% 33% 8%

ABBVIE INC US S&P 500 27% 0% 30% 13%

ADOBE INC US S&P 500 27% 0% 30% 36%

AGILENT TECHNOLOGIES INC US S&P 500 27% 0% 30% 20%

ALIGN TECHNOLOGY INC US S&P 500 27% 0% 30% 33%

ALPHABET INC US S&P 500 27% 0% 30% 33%

ALTRIA GROUP INC US S&P 500 27% 0% 30% 33%

AMERICAN TOWER CORP US S&P 500 27% 0% 30% 0%

AON PLC US S&P 500 27% 0% 30% 20%

APPLIED MATERIALS INC US S&P 500 27% 0% 30% 10%

ARCHER-DANIELS-MIDLAND CO US S&P 500 27% 0% 30% 19%

CAPITAL ONE FINANCIAL CORP US S&P 500 27% 0% 30% 13%








CBRE GROUP INC US S&P 500 27% 0% 30% 25%

CLOROX COMPANY (THE) US S&P 500 27% 0% 30% 31%

COLGATE-PALMOLIVE CO US S&P 500 27% 0% 33% 22%

COMERICA INC US S&P 500 27% 0% 30% 22%

CONAGRA BRANDS INC US S&P 500 27% 0% 30% 30%

CUMMINS INC US S&P 500 27% 0% 30% 43%

DAVITA INC US S&P 500 27% 0% 33% 18%

DENTSPLY SIRONA INC US S&P 500 27% 0% 30% 0%

DEVON ENERGY CORP US S&P 500 27% 0% 30% 0%

DOW INC US S&P 500 27% 0% 30% 29%

EASTMAN CHEMICAL CO US S&P 500 27% 0% 30% 0%

EMERSON ELECTRIC CO US S&P 500 27% 0% 30% 30%

EVERSOURCE ENERGY US S&P 500 27% 0% 30% 14%

EXXON MOBIL CORP US S&P 500 27% 0% 30% 0%

F5 NETWORKS INC US S&P 500 27% 0% 30% 20%

FIRSTENERGY CORP US S&P 500 27% 0% 30% 10%

GENUINE PARTS CO US S&P 500 27% 0% 30% 7%

HUNTINGTON INGALLS INDUSTRIES INC US S&P 500 27% 0% 30% 33%

INTERCONTINENTAL EXCHANGE INC US S&P 500 27% 0% 30% 26%

INTERNATIONAL PAPER CO US S&P 500 27% 0% 30% 15%

INTUIT INC US S&P 500 27% 0% 38% 40%

JACOBS ENGINEERING GROUP INC US S&P 500 27% 0% 30% 29%

KOHLS CORP US S&P 500 27% 100% 20% 33%

NASDAQ INC US S&P 500 27% 100% 20% 17%

NEWS CORP US S&P 500 27% 0% 33% 50%

NISOURCE INC US S&P 500 27% 0% 30% 25%








NRG ENERGY INC US S&P 500 27% 0% 30% 22%

PARKER-HANNIFIN CORP US S&P 500 27% 0% 33% 15%

PUBLIC SERVICE ENTERPRISE GROUP INC

US S&P 500 27% 0% 30% 25%

SHERWIN-WILLIAMS CO US S&P 500 27% 0% 30% 18%

SOUTHWEST AIRLINES CO US S&P 500 27% 0% 30% 9%

UNITEDHEALTH GROUP INC US S&P 500 27% 0% 30% 20%

VISA INC US S&P 500 27% 0% 30% 31%

VULCAN MATERIALS CO US S&P 500 27% 0% 30% 38%

W.R. BERKLEY CORP US S&P 500 27% 0% 33% 25%

WALMART INC US S&P 500 27% 0% 30% 29%

WESTERN UNION CO US S&P 500 27% 0% 30% 25%

YUM! BRANDS INC US S&P 500 27% 0% 30% 23%

ZIMMER BIOMET HOLDINGS INC US S&P 500 27% 0% 30% 19%

ZOETIS INC US S&P 500 27% 100% 20% 57%

AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AG

Austria ATX 27% 33% 25% 33%

A.P. MOLLER-MAERSK A/S Denmark OMX COPENHAGEN 25 27% 40% 20% 40%

PIRELLI & C SPA Italy FTSE MIB 27% 0% 29% 0%

FIRSTRAND LTD South Africa FTSE/JSE TOP 40 27% 33% 25% 33%

AENA SME SA Spain IBEX 35 27% 0% 29% 33%

BBVA - BANCO BILBAO VIZCAYA ARGENTARIA SA

Spain IBEX 35 27% 0% 33% 27%

DUKE ENERGY CORP US S&P 500 27% 100% 21% 36%

EVERGY INC US S&P 500 27% 0% 29% 25%

HENRY SCHEIN INC US S&P 500 27% 0% 40% 7%

HORMEL FOODS CORP US S&P 500 27% 0% 29% 17%








MASTERCARD INC US S&P 500 27% 0% 29% 21%

FRESENIUS SE & CO KGAA Germany DAX 26% 14% 33% 14%

GALP ENERGIA SGPS SA Portugal PSI-20 26% 0% 36% 0%

ALS LTD Australia S&P/ASX 100 25% 0% 29% 17%

CHALLENGER LTD Australia S&P/ASX 100 25% 0% 29% 25%

CLEANAWAY WASTE MANAGEMENT LTD Australia S&P/ASX 100 25% 0% 29% 14%

NEWCREST MINING LTD Australia S&P/ASX 100 25% 0% 33% 13%

ORORA LTD Australia S&P/ASX 100 25% 0% 29% 13%

REA GROUP LTD Australia S&P/ASX 100 25% 0% 29% 56%

SONIC HEALTHCARE LTD Australia S&P/ASX 100 25% 0% 40% 0%

STAR ENTERTAINMENT GROUP LTD Australia S&P/ASX 100 25% 0% 29% 38%

TABCORP HLDGS LTD Australia S&P/ASX 100 25% 0% 29% 30%

CA IMMOBILIEN ANLAGEN AG Austria ATX 25% 0% 31% 10%

IMMOFINANZ AG Austria ATX 25% 0% 33% 0%

SCHOELLER BLECKMANN OILFIELD EQUIPMENT AG

Austria ATX 25% 0% 33% 0%

LOJAS RENNER SA Brazil BOVESPA 25% - 25% 40%

BROOKFIELD ASSET MANAGEMENT INC Canada S&P/TSX 60 25% 0% 31% 10%

CANADIAN NATURAL RESOURCES LTD Canada S&P/TSX 60 25% 0% 33% 11%

CANADIAN TIRE CORP LTD Canada S&P/TSX 60 25% 0% 27% 23%

CENOVUS ENERGY INC Canada S&P/TSX 60 25% 0% 27% 13%

KIRKLAND LAKE GOLD LTD Canada S&P/TSX 60 25% 0% 29% 0%

TC ENERGY CORP Canada S&P/TSX 60 25% 0% 27% 25%

THOMSON REUTERS CORP Canada S&P/TSX 60 25% 0% 27% 22%

WASTE CONNECTIONS INC Canada S&P/TSX 60 25% 0% 33% 16%

KONECRANES OYJ Finland* OMX Helsinki 25 25% - 25% 25%








NOKIAN RENKAAT OYJ (NOKIA TYRES) Finland* OMX Helsinki 25 25% - 25% 31%

WARTSILA OYJ ABP Finland* OMX Helsinki 25 25% - 25% 14%

AIRBUS SE France CAC 40 25% 0% 27% 15%

CONTINENTAL AG Germany DAX 25% 13% 30% 13%

DEUTSCHE BANK AG Germany DAX 25% 0% 35% 0%

LINDE PLC Germany DAX 25% 0% 27% 14%

MTU AERO ENGINES AG Germany DAX 25% 0% 33% 0%

VOLKSWAGEN AG Germany DAX 25% 13% 30% 13%

BANK OF CHINA LTD Hong Kong SAR HANG SENG 25% 0% 33% 0%

MTR CORPORATION LTD Hong Kong SAR HANG SENG 25% 0% 26% 36%

SWIRE PACIFIC LIMITED Hong Kong SAR HANG SENG 25% 25% 25% 25%

ICICI BANK LTD India BSE SENSEX 25% 33% 22% 20%

TITAN COMPANY LTD India BSE SENSEX 25% 0% 27% 11%

DALATA HOTEL GROUP PLC Ireland ISEQ 20 25% 0% 40% 38%

GLENVEAGH PROPERTIES PLC Ireland ISEQ 20 25% 0% 40% 14%

KERRY GROUP PLC Ireland ISEQ 20 25% 33% 22% 33%

ORIGIN ENTERPRISES PLC Ireland ISEQ 20 25% 0% 40% 20%

A2A SPA Italy FTSE MIB 25% 0% 30% 0%

AMMB HOLDINGS BHD (Arab Malaysian Merchant Bank)

Malaysia FTSE BURSA MALAYSIA KLCI 25% - 25% 27%

PETRONAS CHEMICALS GROUP BHD Malaysia FTSE BURSA MALAYSIA KLCI 25% 0% 29% 36%

AEGON NV Netherlands AEX 25% 0% 33% 18%

CAPITALAND COMMERCIAL TRUST MANAGEMENT LTD


CITY DEVELOPMENTS LTD Singapore STRAITS TIMES 25% 0% 33% 17%

VENTURE CORPORATION LTD Singapore STRAITS TIMES 25% 0% 29% 0%








ABSA GROUP LTD South Africa FTSE/JSE TOP 40 25% 0% 31% 18%

EXXARO RESOURCES LTD South Africa FTSE/JSE TOP 40 25% 0% 30% 25%

MONDI PLC South Africa FTSE/JSE TOP 40 25% 0% 33% 33%

NEDBANK GROUP LIMITED South Africa FTSE/JSE TOP 40 25% 33% 23% 46%

SHOPRITE HOLDINGS LTD South Africa FTSE/JSE TOP 40 25% 0% 40% 0%

MASMOVIL IBERCOM SA Spain IBEX 35 25% 0% 27% 0%

NOVARTIS AG Switzerland* SMI 25% - 25% 17%

ROCHE HOLDING AG Switzerland* SMI 25% 0% 27% 20%

ASSOCIATED BRITISH FOODS PLC UK FTSE 100 25% 0% 33% 0%

BERKELEY GROUP HOLDINGS PLC UK FTSE 100 25% 0% 44% 0%

BUNZL PLC UK FTSE 100 25% 0% 33% 10%

DS SMITH PLC UK FTSE 100 25% 0% 33% 0%

GLENCORE PLC UK FTSE 100 25% 0% 29% 0%

MONDI PLC UK FTSE 100 25% 0% 33% 33%

OCADO GROUP PLC UK FTSE 100 25% 0% 43% 0%

ROLLS-ROYCE HOLDINGS PLC UK FTSE 100 25% 0% 30% 0%

ADVANCED MICRO DEVICES INC (AMD) US S&P 500 25% 100% 14% 17%

AIR PRODUCTS & CHEMICALS INC US S&P 500 25% 0% 29% 20%

AMERICAN EXPRESS CO US S&P 500 25% 0% 27% 50%

AMGEN INC US S&P 500 25% 0% 27% 29%

ANALOG DEVICES INC US S&P 500 25% 0% 27% 10%

ASSURANT INC US S&P 500 25% 0% 27% 38%

BAXTER INTERNATIONAL INC US S&P 500 25% 0% 27% 36%

CARMAX INC US S&P 500 25% 0% 27% 9%

CATERPILLAR INC US S&P 500 25% 0% 27% 29%

CITIZENS FINANCIAL GROUP INC US S&P 500 25% 0% 27% 25%








CVS HEALTH CORP US S&P 500 25% 0% 27% 25%

DARDEN RESTAURANTS INC US S&P 500 25% 0% 29% 11%

DOLLAR GENERAL CORP US S&P 500 25% 0% 29% 30%

DUKE REALTY CORP US S&P 500 25% 0% 27% 13%

E*TRADE FINANCIAL CORP US S&P 500 25% 0% 27% 43%

EATON CORP PLC US S&P 500 25% 0% 30% 17%

EDWARDS LIFESCIENCES CORP US S&P 500 25% 0% 29% 14%

EOG RESOURCES INC US S&P 500 25% 0% 29% 17%

EVEREST RE GROUP LTD US S&P 500 25% - 25% 13%

EXPEDIA GROUP INC US S&P 500 25% 0% 30% 18%

EXTRA SPACE STORAGE INC US S&P 500 25% 0% 33% 17%

FIDELITY NATIONAL INFORMATION SERVICES INC

US S&P 500 25% 0% 30% 21%

FORTINET INC US S&P 500 25% 0% 33% 27%

FORTIVE CORP US S&P 500 25% 0% 29% 20%

FORTUNE BRANDS HOME & SECURITY INC

US S&P 500 25% 0% 29% 20%

GENERAL DYNAMICS CORP US S&P 500 25% 100% 18% 17%

GLOBAL PAYMENTS INC US S&P 500 25% 0% 27% 11%

HOME DEPOT INC US S&P 500 25% 0% 27% 29%

JOHNSON CONTROLS INTERNATIONAL PLC

US S&P 500 25% 0% 27% 9%

LAMB WESTON HOLDINGS INC US S&P 500 25% 0% 29% 29%

LEGGETT & PLATT INC US S&P 500 25% 0% 30% 18%

LINDE PLC US S&P 500 25% 0% 27% 14%

LYONDELLBASELL INDUSTRIES NV US S&P 500 25% 0% 27% 7%

MARATHON OIL CORP US S&P 500 25% 0% 29% 0%








MARKETAXESS HOLDINGS INC US S&P 500 25% 0% 30% 27%

MCDONALD’S CORP US S&P 500 25% 0% 27% 18%

MEDTRONIC PLC US S&P 500 25% 0% 30% 19%

MICRON TECHNOLOGY INC US S&P 500 25% 0% 29% 10%

MOTOROLA SOLUTIONS INC US S&P 500 25% 0% 29% 13%

NEWELL BRANDS INC US S&P 500 25% 0% 27% 14%

NORFOLK SOUTHERN CORP US S&P 500 25% 0% 27% 29%

NORTONLIFELOCK INC US S&P 500 25% 0% 29% 14%

PEOPLE’S UNITED FINANCIAL INC US S&P 500 25% 0% 30% 17%

PERKINELMER INC US S&P 500 25% 0% 29% 14%

PHILIP MORRIS INTERNATIONAL INC US S&P 500 25% 0% 27% 8%

PIONEER NATURAL RESOURCES CO US S&P 500 25% 0% 27% 26%

PRUDENTIAL FINANCIAL INC US S&P 500 25% 0% 30% 20%

QUALCOMM INC US S&P 500 25% 0% 27% 13%

REGENCY CENTERS CORP US S&P 500 25% 50% 20% 50%

REGENERON PHARMACEUTICALS INC US S&P 500 25% 0% 30% 24%

ROBERT HALF INTERNATIONAL INC US S&P 500 25% 0% 33% 36%

SALESFORCE.COM INC US S&P 500 25% 0% 33% 30%

SCHLUMBERGER LIMITED US S&P 500 25% 0% 27% 8%

STERIS PLC US S&P 500 25% 0% 29% 18%

TAKE TWO INTERACTIVE SOFTWARE INC US S&P 500 25% 0% 29% 25%

TEXTRON INC US S&P 500 25% 0% 27% 25%

TWITTER INC US S&P 500 25% 0% 33% 20%

TYSON FOODS INC US S&P 500 25% 0% 33% 20%

UDR INC US S&P 500 25% 0% 29% 0%

UNITED PARCEL SERVICE (UPS) INC US S&P 500 25% 0% 27% 18%








UNITED RENTALS INC US S&P 500 25% 0% 27% 20%

VERISIGN INC US S&P 500 25% 0% 29% 0%

WILLIAMS COMPANIES INC US S&P 500 25% 0% 27% 20%

HEIDELBERGCEMENT AG Germany DAX 24% 0% 38% 0%

MOTA ENGIL SGPS SA Portugal PSI-20 24% 0% 38% 0%

CARLSBERG A/S Denmark OMX COPENHAGEN 25 24% 0% 27% 0%

LUNDBECK(H) A/S Denmark OMX COPENHAGEN 25 24% 25% 22% 25%

CK INFRASTRUCTURE HOLDINGS LTD Hong Kong SAR HANG SENG 24% 13% 33% 13%

BANCO COMERCIAL PORTUGUES SA Portugal PSI-20 24% 17% 27% 17%

NOS SGPS SA Portugal PSI-20 24% 17% 27% 17%

MAGNIT PJSC Russia RTS 24% 44% 0% 44%

NASPERS LTD South Africa FTSE/JSE TOP 40 24% 0% 27% 20%

TELEFONICA BRASIL SA Brazil BOVESPA 23% 0% 27% 0%

VALE SA Brazil BOVESPA 23% - 23% 13%

SIMCORP A/S Denmark OMX COPENHAGEN 25 23% 0% 33% 10%

CK ASSET HOLDINGS LTD Hong Kong SAR HANG SENG 23% 25% 20% 36%

KONINKLIJKE AHOLD DELHAIZE NV Netherlands AEX 23% 0% 33% 13%

NAVIGATOR COMPANY SA Portugal PSI-20 23% 0% 38% 0%

REN-REDES ENERGETICAS NACIONAIS SGPS SA

Portugal PSI-20 23% 0% 30% 0%

MULTICHOICE GROUP LTD South Africa FTSE/JSE TOP 40 23% 0% 30% 16%

ACERINOX SA Spain IBEX 35 23% 0% 25% 0%

CIE AUTOMOTIVE SA Spain IBEX 35 23% 0% 27% 33%

INMOBILIARIA COLONIAL SOCIMI SA Spain IBEX 35 23% 0% 27% 44%

SIEMENS GAMESA RENEWABLE ENERGY SA

Spain IBEX 35 23% 0% 27% 0%








ERICSSON Sweden OMX Stockholm 30 23% 0% 25% 20%

CREDIT SUISSE GROUP AG Switzerland* SMI 23% - 23% 20%

SWISS RE AG (Swiss Re Ltd) Switzerland* SMI 23% - 23% 0%

CENTRICA PLC UK FTSE 100 23% 0% 33% 25%

COCA-COLA HBC AG UK FTSE 100 23% 0% 25% 22%

ATMOS ENERGY CORP US S&P 500 23% 0% 27% 21%

DOMINION ENERGY INC US S&P 500 23% 0% 25% 20%

DTE ENERGY CO US S&P 500 23% 0% 27% 23%

EQUITY RESIDENTIAL US S&P 500 23% 0% 25% 13%

LEIDOS HOLDINGS INC US S&P 500 23% 0% 25% 17%

LKQ CORPORATION INC US S&P 500 23% 0% 27% 0%

MONDELEZ INTERNATIONAL INC US S&P 500 23% 0% 25% 18%

MOSAIC CO US S&P 500 23% 0% 25% 22%

NEXTERA ENERGY INC US S&P 500 23% 0% 25% 15%

NORTHERN TRUST CORP US S&P 500 23% 0% 25% 27%

PEPSICO INC US S&P 500 23% 0% 25% 29%

REGIONS FINANCIAL CORP US S&P 500 23% 0% 25% 21%

SIMON PROPERTY GROUP INC US S&P 500 23% 0% 27% 0%

SYSCO CORP US S&P 500 23% 0% 25% 27%

THERMO FISHER SCIENTIFIC INC US S&P 500 23% 0% 25% 7%

UNITED AIRLINES HOLDINGS INC US S&P 500 23% 0% 25% 27%

WESTROCK CO US S&P 500 23% 0% 25% 27%

XCEL ENERGY INC US S&P 500 23% 0% 25% 27%

CME GROUP INC US S&P 500 23% 0% 24% 36%

AUSNET SERVICES Australia S&P/ASX 100 22% 0% 25% 25%

BEACH ENERGY LTD Australia S&P/ASX 100 22% 0% 25% 33%








ORIGIN ENERGY LTD Australia S&P/ASX 100 22% 0% 25% 25%

QBE INSURANCE GROUP LTD Australia S&P/ASX 100 22% 0% 25% 30%

TELSTRA CORPORATION LTD Australia S&P/ASX 100 22% 0% 25% 22%

UNIQA INSURANCE GROUP AG Austria ATX 22% 0% 27% 0%

VOESTALPINE AG Austria ATX 22% 0% 33% 0%

HYPERA SA Brazil BOVESPA 22% 0% 25% 33%

PETROLEO BRASILEIRO SA (PETROBRAS)

Brazil BOVESPA 22% 0% 25% 25%

SUZANO SA Brazil BOVESPA 22% - 22% 0%

TIM PARTICIPACOES SA Brazil BOVESPA 22% 0% 25% 0%

DOLLARAMA INC Canada S&P/TSX 60 22% 0% 25% 33%

FIRST QUANTUM MINERALS LTD Canada S&P/TSX 60 22% 0% 29% 25%

WHEATON PRECIOUS METALS CORP Canada S&P/TSX 60 22% 0% 25% 0%

METSA BOARD CORP Finland* OMX Helsinki 25 22% - 22% 20%

STORA ENSO OYJ Finland* OMX Helsinki 25 22% - 22% 45%

HERO MOTOCORP LTD India BSE SENSEX 22% 0% 29% 13%

TATA CONSULTANCY SERVICES LTD India BSE SENSEX 22% 0% 29% 0%

HIBERNIA REIT PLC Ireland ISEQ 20 22% 0% 29% 13%

JAPAN TOBACCO INC Japan TOPIX Core 30 22% 0% 40% 0%

IHH HEALTHCARE BHD Malaysia FTSE BURSA MALAYSIA KLCI 22% 0% 25% 38%

MISC BERHAD Malaysia FTSE BURSA MALAYSIA KLCI 22% 0% 25% 10%

VOPAK (KONINKLIJKE) NV Netherlands AEX 22% 0% 33% 0%

ASCENDAS REAL ESTATE INVESTMENT TRUST


SINGAPORE PRESS HOLDINGS LTD Singapore STRAITS TIMES 22% 0% 25% 27%

SPAR GROUP LIMITED South Africa FTSE/JSE TOP 40 22% 0% 29% 11%








AVEVA GROUP PLC UK FTSE 100 22% 0% 29% 13%

EVRAZ PLC UK FTSE 100 22% 0% 25% 12%

WM MORRISON SUPERMARKETS PLC UK FTSE 100 22% 0% 29% 20%

AMERIPRISE FINANCIAL INC US S&P 500 22% 0% 25% 20%

ARTHUR J GALLAGHER & CO US S&P 500 22% 0% 25% 8%

BORGWARNER INC US S&P 500 22% 0% 25% 29%

CABOT OIL & GAS CORP US S&P 500 22% 0% 25% 8%

CADENCE DESIGN SYSTEMS INC US S&P 500 22% 0% 25% 9%

CINTAS CORP US S&P 500 22% 0% 25% 0%

COOPER COMPANIES INC US S&P 500 22% 0% 25% 17%

DOVER CORP US S&P 500 22% 0% 25% 13%

ELECTRONIC ARTS INC US S&P 500 22% 0% 25% 20%

HANESBRANDS INC US S&P 500 22% 0% 25% 17%

INCYTE CORP US S&P 500 22% 0% 25% 18%

INVESCO LTD US S&P 500 22% 0% 25% 0%

KEYSIGHT TECHNOLOGIES INC US S&P 500 22% 0% 25% 20%

NATIONAL OILWELL VARCO INC US S&P 500 22% 0% 25% 20%

PAYCHEX INC US S&P 500 22% 0% 25% 25%

PERRIGO COMPANY PLC US S&P 500 22% 0% 25% 10%

PPL CORP US S&P 500 22% 0% 25% 28%

ROSS STORES INC US S&P 500 22% 50% 14% 20%

SBA COMMUNICATIONS CORP US S&P 500 22% 0% 25% 13%

SEALED AIR CORP US S&P 500 22% 0% 25% 29%

SL GREEN REALTY CORP US S&P 500 22% 0% 29% 8%

SYNOPSYS INC US S&P 500 22% 0% 29% 18%

VERTEX PHARMACEUTICALS INC US S&P 500 22% 0% 25% 37%








VORNADO REALTY TRUST US S&P 500 22% 0% 25% 0%

WASTE MANAGEMENT INC US S&P 500 22% 0% 25% 33%

WELLCARE HEALTH PLANS INC US S&P 500 22% 0% 25% 30%

BEIERSDORF AG Germany DAX 22% 13% 27% 13%

SBERBANK Russia RTS 22% 11% 29% 11%

TECHNIPFMC PLC France CAC 40 21% 0% 23% 30%

CLP HOLDINGS LTD Hong Kong SAR HANG SENG 21% 0% 25% 36%

ASIAN PAINTS LTD India BSE SENSEX 21% 0% 23% 0%

ASML HOLDING NV Netherlands AEX 21% 0% 38% 0%

EDP RENOVAVEIS SA Portugal PSI-20 21% 0% 30% 0%

RMB HOLDINGS LIMITED South Africa FTSE/JSE TOP 40 21% 0% 23% 50%

PRUDENTIAL PLC UK FTSE 100 21% 0% 27% 0%

BERKSHIRE HATHAWAY INC US S&P 500 21% 0% 30% 20%

BIOGEN INC US S&P 500 21% 0% 23% 25%

CHUBB LTD US S&P 500 21% 0% 23% 0%

EXELON CORP US S&P 500 21% 0% 23% 18%

FORD MOTOR CO US S&P 500 21% 0% 25% 13%

TECHNIPFMC PLC US S&P 500 21% 0% 23% 30%

WHIRLPOOL CORP US S&P 500 21% 0% 23% 25%

TELEKOM AUSTRIA AG Austria ATX 21% 0% 27% 18%

VERBUND AG Austria ATX 21% 0% 27% 0%

E.ON SE Germany DAX 21% 0% 29% 0%

CK HUTCHISON HOLDINGS LTD Hong Kong SAR HANG SENG 21% 14% 25% 9%

AMCOR PLC Australia S&P/ASX 100 20% 0% 22% 13%

COCHLEAR LTD Australia S&P/ASX 100 20% 0% 22% 8%

FLIGHT CENTRE TRAVEL GROUP LTD Australia S&P/ASX 100 20% 0% 25% 30%








GOODMAN GROUP Australia S&P/ASX 100 20% 0% 29% 6%

RAIFFEISEN BANK INTERNATIONAL AG Austria ATX 20% 0% 28% 0%

FLEURY SA Brazil BOVESPA 20% - 20% 29%

ULTRAPAR PARTICIPACOES SA Brazil BOVESPA 20% - 20% 0%

FRANCO NEVADA CORP Canada S&P/TSX 60 20% 0% 22% 0%

SHAW COMMUNICATIONS INC Canada S&P/TSX 60 20% 0% 23% 11%

JYSKE BANK A/S Denmark OMX COPENHAGEN 25 20% 0% 27% 0%

WHARF REAL ESTATE INVESTMENT CO LTD

Hong Kong SAR HANG SENG 20% 40% 0% 40%

HOUSING DEVELOPMENT FINANCE CORP LTD

India BSE SENSEX 20% 33% 14% 33%

MAHINDRA & MAHINDRA LTD India BSE SENSEX 20% 0% 25% 5%

CAIRN HOMES PLC Ireland ISEQ 20 20% 0% 25% 21%

GOLDEN OCEAN GROUP LTD Norway* OBX 20% 0% 25% 0%

ENERGIAS DE PORTUGAL SA (EDP) Portugal PSI-20 20% 22% 19% 22%

RAMADA INVESTIMENTOS E INDÚSTRIA SA

Portugal PSI-20 20% 0% 100% 0%

ALROSA PJSC Russia RTS 20% 0% 21% 0%

MAGNITOGORSK IRON AND STEEL WORKS (MMK)

Russia RTS 20% 0% 29% 7%

PHOSAGRO PJSC Russia RTS 20% 0% 25% 0%

TCS GROUP HOLDING PLC Russia RTS 20% 33% 0% 22%

COMPAGNIE FINANCIERE RICHEMONT SA

South Africa FTSE/JSE TOP 40 20% 17% 21% 13%

GROWTHPOINT PROPERTIES LIMITED South Africa FTSE/JSE TOP 40 20% 25% 18% 30%

MTN GROUP LTD South Africa FTSE/JSE TOP 40 20% 0% 23% 18%

OLD MUTUAL LTD South Africa FTSE/JSE TOP 40 20% 0% 23% 38%








BANCO SABADELL SA Spain IBEX 35 20% 20% 20% 10%

VISCOFAN SA Spain IBEX 35 20% 0% 25% 0%

AUTOLIV INC Sweden OMX Stockholm 30 20% 0% 22% 17%

SKF AB Sweden OMX Stockholm 30 20% 0% 22% 18%

COMPAGNIE FINANCIERE RICHEMONT SA

Switzerland* SMI 20% 17% 21% 13%

ANTOFAGASTA PLC UK FTSE 100 20% - 20% 15%

SMITHS GROUP PLC UK FTSE 100 20% 0% 25% 33%

ACTIVISION BLIZZARD INC US S&P 500 20% 0% 22% 17%

AES CORP US S&P 500 20% 0% 22% 20%

AKAMAI TECHNOLOGIES INC US S&P 500 20% 0% 22% 0%

ALEXION PHARMACEUTICALS INC US S&P 500 20% 0% 22% 67%

AMCOR PLC US S&P 500 20% 0% 22% 13%

AMERICAN AIRLINES GROUP INC US S&P 500 20% 0% 22% 40%

AUTOMATIC DATA PROCESSING (ADP) INC

US S&P 500 20% 0% 22% 21%

AVALONBAY COMMUNITIES INC US S&P 500 20% 0% 22% 0%

BROADRIDGE FINANCIAL SOLUTIONS INC

US S&P 500 20% 0% 25% 20%

CENTENE CORP US S&P 500 20% 0% 22% 14%

CENTERPOINT ENERGY INC US S&P 500 20% 0% 25% 33%

CHIPOTLE MEXICAN GRILL INC US S&P 500 20% 0% 25% 30%

CHURCH & DWIGHT CO INC US S&P 500 20% 0% 22% 22%

CITRIX SYSTEMS INC US S&P 500 20% 0% 22% 20%

COMCAST CORP US S&P 500 20% 0% 22% 50%

CORNING INC US S&P 500 20% 0% 23% 0%

COSTCO WHOLESALE CORP US S&P 500 20% 0% 25% 0%








COTY INC US S&P 500 20% 0% 22% 33%

DISH NETWORK CORP US S&P 500 20% 0% 25% 0%

DXC TECHNOLOGY CO US S&P 500 20% 0% 22% 13%

EQUINIX INC US S&P 500 20% 0% 25% 23%

EXPEDITORS INTERNATIONAL OF WASHINGTON INC

US S&P 500 20% 0% 22% 0%

FISERV INC US S&P 500 20% 0% 25% 13%

FRANKLIN RESOURCES INC US S&P 500 20% 0% 25% 25%

HARLEY DAVIDSON INC US S&P 500 20% 0% 22% 33%

HOLLYFRONTIER CORP US S&P 500 20% 0% 22% 0%

HUMANA INC US S&P 500 20% 0% 22% 29%

HUNT(J.B.)TRANSPORT SERVICES INC US S&P 500 20% 0% 25% 18%

IDEX CORP US S&P 500 20% 0% 22% 14%

INTEL CORP US S&P 500 20% 0% 25% 21%

KLA CORP US S&P 500 20% 0% 22% 10%

LABORATORY CORP OF AMERICA HLDGS (LABCORP)

US S&P 500 20% 0% 25% 13%

MICROCHIP TECHNOLOGY INC US S&P 500 20% 0% 25% 0%

MONSTER BEVERAGE CORP US S&P 500 20% 0% 29% 17%

QUANTA SERVICES INC US S&P 500 20% 0% 22% 0%

SEAGATE TECHNOLOGY PLC US S&P 500 20% 0% 22% 20%

SKYWORKS SOLUTIONS INC US S&P 500 20% 0% 22% 9%

SMITH (AO) CORP US S&P 500 20% 0% 25% 7%

SNAP-ON INC US S&P 500 20% 0% 22% 14%

STANLEY BLACK & DECKER INC US S&P 500 20% 0% 22% 21%

TELEFLEX INC US S&P 500 20% 0% 22% 0%








UNDER ARMOUR INC US S&P 500 20% 0% 25% 22%

XILINX INC US S&P 500 20% 0% 22% 9%

MITSUBISHI UFJ FINANCIAL GROUP INC Japan TOPIX Core 30 19% 0% 27% 0%

PJSE MOSCOW EXCHANGE MICEX-RTS Russia RTS 19% 20% 18% 20%

CINCINNATI FINANCIAL CORP US S&P 500 19% 0% 20% 25%

AMP LTD Australia S&P/ASX 100 18% 0% 20% 50%

B3 SA Brazil BOVESPA 18% - 18% 0%

BAUSCH HEALTH COMPANIES INC Canada S&P/TSX 60 18% 0% 20% 23%

POWER GRID CORP OF INDIA LTD India BSE SENSEX 18% 25% 14% 25%

ARYZTA AG Ireland ISEQ 20 18% 0% 20% 11%

HITACHI LTD Japan TOPIX Core 30 18% 0% 25% 0%

SIME DARBY PLANTATION BERHAD Malaysia FTSE BURSA MALAYSIA KLCI 18% 0% 20% 36%

NN GROUP NV Netherlands AEX 18% 0% 25% 29%

LUKOIL PJSC Russia RTS 18% 0% 25% 0%

DBS GROUP HLDGS Singapore STRAITS TIMES 18% 0% 20% 22%

JARDINE CYCLE & CARRIAGE LTD Singapore STRAITS TIMES 18% 0% 22% 0%

KEPPEL CORP LTD Singapore STRAITS TIMES 18% 0% 20% 26%

OVERSEA-CHINESE BANKING CORP LTD (OCBC)


SEMBCORP INDUSTRIES LTD Singapore STRAITS TIMES 18% 0% 20% 13%

ANGLO AMERICAN PLATINUM LTD South Africa FTSE/JSE TOP 40 18% 0% 22% 25%

VODACOM GROUP LTD South Africa FTSE/JSE TOP 40 18% 0% 20% 20%

ENDESA SA Spain IBEX 35 18% 0% 20% 11%

ABB LTD Sweden OMX Stockholm 30 18% 0% 20% 29%

ABB LTD Switzerland* SMI 18% 0% 20% 29%

NMC HEALTH PLC UK FTSE 100 18% 0% 25% 13%








ADVANCE AUTO PARTS INC US S&P 500 18% 0% 20% 21%

ALLERGAN PLC US S&P 500 18% 0% 20% 13%

APTIV PLC US S&P 500 18% 0% 20% 23%

AVERY DENNISON CORP US S&P 500 18% 0% 20% 18%

COGNIZANT TECHNOLOGY SOLUTIONS CORP

US S&P 500 18% 0% 20% 8%

FASTENAL CO US S&P 500 18% 33% 13% 17%

FLIR SYSTEMS INC US S&P 500 18% 0% 20% 25%

FLOWSERVE CORP US S&P 500 18% 0% 20% 22%

FMC CORP US S&P 500 18% 0% 20% 0%

HCA HEALTHCARE INC US S&P 500 18% 0% 20% 30%

HELMERICH & PAYNE INC US S&P 500 18% 0% 20% 14%

ILLINOIS TOOL WORKS INC (ITW) US S&P 500 18% 0% 20% 22%

IQVIA HOLDINGS INC US S&P 500 18% 0% 20% 29%

JPMORGAN CHASE & CO US S&P 500 18% 0% 20% 58%

KRAFT HEINZ CO US S&P 500 18% - 18% 38%

MASCO CORP US S&P 500 18% 0% 20% 18%

ONEOK INC US S&P 500 18% 0% 20% 11%

PACCAR INC US S&P 500 18% 0% 22% 6%

PFIZER INC US S&P 500 18% 0% 20% 45%

PINNACLE WEST CAPITAL CORP US S&P 500 18% 0% 20% 40%

PULTEGROUP INC US S&P 500 18% 0% 20% 17%

WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP

US S&P 500 18% 0% 22% 0%

WW GRAINGER INC US S&P 500 18% 0% 20% 50%

XYLEM INC US S&P 500 18% 0% 20% 9%








ZIONS BANCORPORATION NA US S&P 500 18% 0% 22% 17%

THAI BEVERAGE PCL Singapore STRAITS TIMES 18% 17% 18% 17%

DISCOVERY LTD South Africa FTSE/JSE TOP 40 18% 0% 30% 0%

ACS - ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA

Spain IBEX 35 18% 0% 25% 0%

AFTERPAY LTD Australia S&P/ASX 100 17% 0% 25% 0%

SPARK INFRASTRUCTURE GROUP Australia S&P/ASX 100 17% 0% 20% 40%

BAWAG GROUP AG Austria ATX 17% 0% 33% 0%

BB SEGURIDADE PARTICIPAÇÕES SA Brazil BOVESPA 17% 0% 20% 0%

BRADESPAR SA Brazil BOVESPA 17% 0% 20% 0%

EMBRAER SA Brazil BOVESPA 17% - 17% 0%

CANOPY GROWTH CORP Canada S&P/TSX 60 17% - 17% 17%

CONSTELLATION SOFTWARE INC Canada S&P/TSX 60 17% 0% 25% 0%

ENCANA CORP Canada S&P/TSX 60 17% 0% 18% 22%

POWER CORPORATION OF CANADA Canada S&P/TSX 60 17% 0% 20% 0%

HONG KONG EXCHANGES & CLEARING LTD


MARUTI SUZUKI INDIA LTD India BSE SENSEX 17% 0% 22% 4%

IRISH CONTINENTAL GROUP PLC Ireland ISEQ 20 17% 0% 25% 0%

KINGSPAN GROUP PLC Ireland ISEQ 20 17% 0% 29% 0%

FIAT CHRYSLER AUTOMOBILES NV Italy FTSE MIB 17% 0% 22% 5%

ASTELLAS PHARMA INC Japan TOPIX Core 30 17% 0% 29% 0%

IOI CORPORATION BERHAD Malaysia FTSE BURSA MALAYSIA KLCI 17% 0% 20% 29%

ADYEN NV Netherlands AEX 17% 13% 25% 18%

BW OFFSHORE LTD Norway* OBX 17% 0% 20% 25%

P/F BAKKAFROST Norway* OBX 17% - 17% 0%








GENTING SINGAPORE LTD Singapore STRAITS TIMES 17% 0% 25% 60%

BANKIA SA Spain IBEX 35 17% 0% 22% 8%

FERROVIAL SA Spain IBEX 35 17% 0% 18% 18%

SWISS LIFE HOLDING AG Switzerland* SMI 17% - 17% 0%

CF INDUSTRIES HLDGS INC US S&P 500 17% 0% 18% 25%

CIGNA CORP US S&P 500 17% 0% 18% 9%

CORTEVA INC US S&P 500 17% 0% 18% 30%

CROWN CASTLE INTERNATIONAL CORP US S&P 500 17% 0% 18% 13%

DEERE & CO US S&P 500 17% 0% 20% 11%

DIAMONDBACK ENERGY INC US S&P 500 17% 0% 20% 20%

GARMIN LTD US S&P 500 17% 0% 25% 0%

HESS CORP US S&P 500 17% 0% 18% 11%

L3HARRIS TECHNOLOGIES INC US S&P 500 17% 0% 20% 6%

LOEWS CORP US S&P 500 17% 0% 22% 0%

MARSH & MCLENNAN COMPANIES INC US S&P 500 17% 0% 18% 20%

MID-AMERICA APARTMENT COMMUNITIES INC

US S&P 500 17% 0% 18% 29%

NVIDIA CORP US S&P 500 17% 0% 18% 33%

NVR INC US S&P 500 17% - 17% 0%

PACKAGING CORP OF AMERICA US S&P 500 17% 0% 18% 0%

PROLOGIS INC US S&P 500 17% 0% 18% 14%

PUBLIC STORAGE US S&P 500 17% 0% 18% 25%

ROYAL CARIBBEAN CRUISES LTD US S&P 500 17% 0% 18% 13%

TE CONNECTIVITY LTD US S&P 500 17% 0% 18% 19%

UNION PACIFIC CORP US S&P 500 17% 0% 18% 30%

COLOPLAST A/S Denmark OMX COPENHAGEN 25 15% 0% 22% 0%








ROYAL UNIBREW AS Denmark OMX COPENHAGEN 25 15% 0% 18% 0%

CHINA CONSTRUCTION BANK CORP Hong Kong SAR HANG SENG 15% 0% 20% 0%

COUNTRY GARDEN HLDGS CO LTD Hong Kong SAR HANG SENG 15% 29% 0% 31%

ITC LTD India BSE SENSEX 15% 0% 22% 0%

HONDA MOTOR CO LTD Japan TOPIX Core 30 15% 0% 25% 0%

SIBANYE GOLD LTD (SIBANYE-STILLWATER)

South Africa FTSE/JSE TOP 40 15% 0% 18% 0%

AMADEUS IT GROUP SA Spain IBEX 35 15% 0% 17% 27%

DELTA AIR LINES INC US S&P 500 15% 0% 17% 11%

DOLLAR TREE INC US S&P 500 15% 0% 18% 8%

DUPONT DE NEMOURS INC US S&P 500 15% 0% 18% 33%

LIVE NATION ENTERTAINMENT INC US S&P 500 15% 0% 17% 43%

MARATHON PETROLEUM CORP US S&P 500 15% 0% 17% 26%

EVOLUTION MINING LTD Australia S&P/ASX 100 14% 0% 20% 0%

MAGELLAN FINANCIAL GROUP LTD Australia S&P/ASX 100 14% 0% 20% 40%

WASHINGTON H SOUL PATTINSON & CO LTD

Australia S&P/ASX 100 14% 0% 17% 0%

ANDRITZ AG Austria ATX 14% 0% 22% 0%

DO & CO AG Austria ATX 14% 0% 20% 0%

B2W COMPANHIA DIGITAL SA Brazil BOVESPA 14% - 14% 11%

LOCALIZA RENT A CAR SA Brazil BOVESPA 14% 0% 17% 0%

MULTIPLAN EMPREENDIMENTOS IMOBILIÁRIOS SA


SMILES FIDELIDADE SA Brazil BOVESPA 14% - 14% 0%

CHINA OVERSEAS LAND & INVESTMENTS LTD


CITIC LTD Hong Kong SAR HANG SENG 14% 33% 9% 13%








INDUSTRIAL AND COMMERCIAL BANK OF CHINA (ICBC) LTD


RELIANCE INDUSTRIES LTD India BSE SENSEX 14% 0% 22% 0%

MITSUI & CO LTD Japan TOPIX Core 30 14% 0% 40% 0%

MIZUHO FINANCIAL GROUP INC Japan TOPIX Core 30 14% 0% 22% 0%

PPB GROUP BERHAD Malaysia FTSE BURSA MALAYSIA KLCI 14% 0% 17% 33%

AALBERTS NV Netherlands AEX 14% 0% 25% 0%

IMCD NV Netherlands AEX 14% 0% 20% 0%

TAKEAWAY.COM NV Netherlands AEX 14% 0% 25% 0%

ALTRI SGPS SA Portugal PSI-20 14% 0% 33% 0%

PIK GROUP PJSC Russia RTS 14% - 14% -

PROSUS NV South Africa FTSE/JSE TOP 40 14% 0% 17% 20%

REMGRO LTD South Africa FTSE/JSE TOP 40 14% 33% 9% 17%

BAKER HUGHES CO US S&P 500 14% 0% 17% 23%

CHARLES SCHWAB CORP US S&P 500 14% 0% 17% 21%

FOX CORP US S&P 500 14% 0% 20% 15%

METTLER TOLEDO INTERNATIONAL INC US S&P 500 14% 0% 17% 0%

MOLSON COORS BREWING CO US S&P 500 14% 0% 18% 13%

UNIVERSAL HEALTH SERVICES INC US S&P 500 14% 0% 20% 18%

XEROX HOLDINGS CORP US S&P 500 14% 0% 17% 33%

NEW WORLD DEVELOPMENT CO LTD Hong Kong SAR HANG SENG 13% 17% 11% 17%

OIL & NATURAL GAS CORPORATION LIMITED (ONGC LTD)


NIPPON TELEGRAPH AND TELEPHONE CORP (NTT)

Japan TOPIX Core 30 13% 9% 25% 9%

SOUTHERN CO US S&P 500 13% 0% 14% 0%

CIMIC GROUP LTD Australia S&P/ASX 100 13% 0% 17% 30%








QUBE HOLDINGS LTD Australia S&P/ASX 100 13% 0% 14% 8%

ARGENX SE Belgium BEL-20 13% 0% 14% 17%

BANCO BRADESCO SA Brazil BOVESPA 13% - 13% 11%

BANCO DO BRASIL SA Brazil BOVESPA 13% 0% 14% 9%

COGNA EDUCAÇÃO SA Brazil BOVESPA 13% - 13% 18%

EDP - ENERGIAS DO BRASIL SA Brazil BOVESPA 13% 0% 14% 0%

EQUATORIAL ENERGIA SA Brazil BOVESPA 13% 0% 14% 14%

GOL LINHAS AEREAS INTELIGENTES SA Brazil BOVESPA 13% - 13% 0%

MARFRIG GLOBAL FOODS SA Brazil BOVESPA 13% 0% 14% 0%

BROOKFIELD INFRASTRUCTURE PARTNERS LP

Canada S&P/TSX 60 13% - 13% -

METSO OYJ Finland* OMX Helsinki 25 13% - 13% 18%

BOC HONG KONG HOLDINGS LTD Hong Kong SAR HANG SENG 13% 0% 14% 43%

SANDS CHINA LTD Hong Kong SAR HANG SENG 13% 0% 17% 0%

BAJAJ AUTO LTD India BSE SENSEX 13% 0% 17% 0%

INDUSIND BANK LTD India BSE SENSEX 13% 0% 14% 7%

SUN PHARMACEUTICAL INDUSTRIES LTD


GLANBIA PLC Ireland ISEQ 20 13% 50% 7% 14%

KAO CORP Japan TOPIX Core 30 13% 0% 25% 0%

GENTING BERHAD Malaysia FTSE BURSA MALAYSIA KLCI 13% 0% 20% 33%

HAP SENG CONSOLIDATED BHD Malaysia FTSE BURSA MALAYSIA KLCI 13% 33% 0% 8%

KUALA LUMPUR KEPONG BERHAD Malaysia FTSE BURSA MALAYSIA KLCI 13% 0% 17% 14%

SUBSEA 7 SA Norway* OBX 13% - 13% 25%

PHAROL SGPS SA Portugal PSI-20 13% 0% 14% 0%

SIKA AG Switzerland* SMI 13% - 13% 11%








ALEXANDRIA REAL ESTATE EQUITIES INC

US S&P 500 13% 0% 14% 10%

AMPHENOL CORP US S&P 500 13% 0% 14% 0%

KINDER MORGAN INC US S&P 500 13% 33% 8% 13%

MOHAWK INDUSTRIES INC US S&P 500 13% 0% 17% 0%

ROLLINS INC US S&P 500 13% 0% 20% 20%

ZEBRA TECHNOLOGIES CORP US S&P 500 13% 0% 14% 9%

LENZING AG Austria ATX 12% 0% 14% 0%

HENDERSON LAND DEVELOPMENT CO LTD


RIO TINTO LIMITED Australia S&P/ASX 100 11% 0% 14% 27%

RIO TINTO PLC Australia S&P/ASX 100 11% 0% 14% 27%

GERDAU SA Brazil BOVESPA 11% 0% 13% 0%

PETROBRAS DISTRIBUIDORA SA (BR Distribuidora)

Brazil BOVESPA 11% - 11% 0%

RAIA DROGASIL SA Brazil BOVESPA 11% 0% 13% 14%

YDUQS PARTICIPACOES SA Brazil BOVESPA 11% - 11% 11%

BARRICK GOLD CORP Canada S&P/TSX 60 11% 0% 14% 20%

ROCKWOOL INTERNATIONAL A/S Denmark OMX COPENHAGEN 25 11% 0% 13% 22%

TIETOEVRY OYJ Finland* OMX Helsinki 25 11% - 11% 29%

AAC TECHNOLOGIES HOLDINGS INC Hong Kong SAR HANG SENG 11% 0% 14% 0%

GALAXY ENTERTAINMENT GROUP LTD Hong Kong SAR HANG SENG 11% 25% 0% 13%

PETROCHINA CO LTD Hong Kong SAR HANG SENG 11% - 11% 0%

SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED


TENCENT HOLDINGS LTD Hong Kong SAR HANG SENG 11% 0% 14% 0%

HINDUSTAN UNILEVER LTD India BSE SENSEX 11% 0% 20% 20%








DAIICHI SANKYO CO LTD Japan TOPIX Core 30 11% 0% 25% 0%

TOYOTA MOTOR CORPORATION Japan TOPIX Core 30 11% 0% 33% 0%

CIMB GROUP HOLDINGS BERHAD Malaysia FTSE BURSA MALAYSIA KLCI 11% 0% 13% 12%

MAXIS BHD Malaysia FTSE BURSA MALAYSIA KLCI 11% - 11% 40%

LENTA LTD Russia RTS 11% 0% 14% 23%

PJSC POLYUS Russia RTS 11% 0% 17% 14%

UNIPRO PJSC Russia RTS 11% 0% 13% 33%

CAPITALAND MALL TRUST Singapore STRAITS TIMES 11% 0% 13% 75%

SINGAPORE AIRLINES LTD Singapore STRAITS TIMES 11% 0% 13% 6%

RIO TINTO PLC UK FTSE 100 11% 0% 14% 27%

COPART INC US S&P 500 11% 0% 14% 0%

DIGITAL REALTY TRUST INC US S&P 500 11% 0% 13% 17%

FLEETCOR TECHNOLOGIES INC US S&P 500 11% 0% 13% 0%

M&T BANK CORP US S&P 500 11% 0% 13% 21%

QORVO INC US S&P 500 11% 0% 13% 10%

BRF SA Brazil BOVESPA 10% - 10% -

DEMANT A/S Denmark OMX COPENHAGEN 25 10% 0% 13% 0%

CHINA UNICOM (HONG KONG) LTD Hong Kong SAR HANG SENG 10% 0% 20% 0%

KOTAK MAHINDRA BANK LTD India BSE SENSEX 10% 0% 17% 8%

TATA STEEL LTD India BSE SENSEX 10% 0% 13% 0%

GENTING MALAYSIA BERHAD Malaysia FTSE BURSA MALAYSIA KLCI 10% 0% 14% 12%

PRESS METAL ALUMINIUM HOLDINGS BHD

Malaysia FTSE BURSA MALAYSIA KLCI 10% 0% 20% 0%

CREDIT BANK OF MOSCOW PJSC Russia RTS 10% 18% 0% 18%

MOBILE TELESYSTEMS PJSC Russia RTS 10% 0% 11% 17%

NOVOLIPETSK STEEL PJSC Russia RTS 10% 0% 11% 11%








PJSC DETSKY MIR Russia RTS 10% 0% 11% 42%

SEVERSTAL PJSC Russia RTS 10% 25% 0% 13%

UNITED OVERSEAS BANK LTD Singapore STRAITS TIMES 10% 0% 11% 18%

NEPI ROCKCASTLE PLC South Africa FTSE/JSE TOP 40 10% 33% 0% 33%

SGS SA Switzerland* SMI 10% - 10% 0%

ARCONIC INC US S&P 500 10% 0% 11% 10%

CONCHO RESOURCES INC US S&P 500 10% 0% 11% 18%

IPG PHOTONICS CORP US S&P 500 10% 0% 14% 0%

OLD DOMINION FREIGHT LINE INC US S&P 500 10% 0% 14% 9%

LARSEN & TOUBRO (L&T) LTD India BSE SENSEX 10% 0% 13% 0%

AMBEV SA Brazil BOVESPA 9% - 9% 10%

AZUL SA Brazil BOVESPA 9% 0% 10% 0%

BRASKEM SA Brazil BOVESPA 9% 0% 10% 13%

ITAU UNIBANCO HOLDING SA Brazil BOVESPA 9% - 9% 19%

RESTAURANT BRANDS INTERNATIONAL INC

Canada S&P/TSX 60 9% - 9% 20%

AMBU A/S Denmark OMX COPENHAGEN 25 9% 0% 11% 0%

AIA GROUP LTD Hong Kong SAR HANG SENG 9% 0% 10% 8%

GEELY AUTOMOBILE HOLDINGS LIMITED Hong Kong SAR HANG SENG 9% 14% 0% 9%

HANG LUNG PROPERTIES LTD Hong Kong SAR HANG SENG 9% 0% 14% 17%

SINO LAND CO LTD Hong Kong SAR HANG SENG 9% 17% 0% 17%

AXIS BANK LTD India BSE SENSEX 9% 0% 14% 0%

TENARIS SA Italy FTSE MIB 9% 0% 10% 13%

INTER RAO UES PJSC Russia RTS 9% 0% 10% 11%

SISTEMA PJSFC Russia RTS 9% 0% 10% 8%

CAPITALAND LTD Singapore STRAITS TIMES 9% 0% 10% 22%








SINGAPORE TECHNOLOGIES ENGINEERING LTD


CAPITEC BANK HOLDINGS LIMITED South Africa FTSE/JSE TOP 40 9% 0% 13% 0%

LAS VEGAS SANDS CORP US S&P 500 9% 0% 13% 0%

VTB BANK PJSC Russia RTS 9% 8% 10% 8%

CCR SA Brazil BOVESPA 8% - 8% 10%

CHINA LIFE INSURANCE COMPANY LIMITED


BAJAJ FINANCE LTD India BSE SENSEX 8% 0% 9% 0%

HDFC BANK LTD India BSE SENSEX 8% 0% 13% 0%

SEVEN & I HOLDINGS CO LTD Japan TOPIX Core 30 8% 0% 20% 0%

TOKIO MARINE HOLDINGS INC Japan TOPIX Core 30 8% 0% 20% 0%

HONG LEONG FINANCE LTD Malaysia FTSE BURSA MALAYSIA KLCI 8% 0% 9% 25%

YANDEX NV Russia RTS 8% 0% 10% 8%

NATURGY ENERGY GROUP SA Spain IBEX 35 8% 0% 9% 0%

DISCOVERY INC US S&P 500 8% 0% 9% 20%

LENNAR CORP US S&P 500 8% 0% 11% 14%

T-MOBILE US INC US S&P 500 8% 0% 10% 21%

TRANSDIGM GROUP INC US S&P 500 8% 0% 10% 8%

EAST JAPAN RAILWAY CO Japan TOPIX Core 30 8% 0% 33% 0%

MITSUBISHI CORP Japan TOPIX Core 30 8% 0% 17% 0%

SEMAPA-SOCIEDADE DE INVESTIMENTO E GESTÃO SGPS SA

Portugal PSI-20 8% 0% 10% 0%

FEDERAL GRID COMPANY OF UNIFIED ENERGY SYSTEM PJSC

Russia RTS 8% 0% 8% 17%

MMC NORILSK NICKEL PJSC Russia RTS 8% 33% 0% 31%

HONGKONG LAND HOLDINGS LTD Singapore STRAITS TIMES 8% 0% 10% 0%








WILMAR INTERNATIONAL LTD Singapore STRAITS TIMES 8% 33% 0% 11%

CHARTER COMMUNICATIONS INC (Spectrum)

US S&P 500 8% 0% 8% 5%

HENGAN INTERNATIONAL GROUP CO LTD


PING AN INSURANCE (GROUP) CO OF CHINA LTD


STATE BANK OF INDIA India BSE SENSEX 7% 0% 10% 7%

KDDI CORP Japan TOPIX Core 30 7% 0% 20% 0%

MURATA MANUFACTURING CO LTD Japan TOPIX Core 30 7% 0% 14% 0%

TAKEDA PHARMACEUTICAL CO LTD Japan TOPIX Core 30 7% 0% 10% 32%

UNITED CO RUSAL PLC Russia RTS 7% 0% 9% 6%

BANK OF COMMUNICATIONS CO LTD Hong Kong SAR HANG SENG 7% 0% 8% 13%

WANT WANT CHINA HOLDINGS LTD Hong Kong SAR HANG SENG 7% 14% 0% 20%

MITSUBISHI ESTATE CO LTD Japan TOPIX Core 30 7% 0% 10% 0%

SUMITOMO MITSUI FINANCIAL GROUP INC


SUN HUNG KAI PROPERTIES LTD Hong Kong SAR HANG SENG 5% 0% 8% 0%

TPG TELECOM LTD Australia S&P/ASX 100 0% 0% 0% 20%

BANCO BTG PACTUAL SA Brazil BOVESPA 0% 0% 0% 7%

BR MALLS PARTICIPACOES SA Brazil BOVESPA 0% - 0% 50%

CENTRAIS ELETRICAS BRASILEIRAS SA - ELETROBRAS


CIELO SA Brazil BOVESPA 0% - 0% 9%

COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO (GRUPO PÃO DE AÇUCAR)









COMPANHIA DE SANEAMENTO BASICO DO ESTADO DE SAO PAULO (SABESP)


COMPANHIA SIDERURGICA NACIONAL SA


COSAN SA Brazil BOVESPA 0% 0% 0% 0%

CYRELA BRAZIL REALTY SA Brazil BOVESPA 0% - 0% 0%

ECORODOVIAS INFRAESTRUTURA E LOGISTICA SA

Brazil BOVESPA 0% - 0% -

ENGIE BRASIL ENERGIA SA Brazil BOVESPA 0% - 0% 0%

IGUATEMI EMPRESA DE SHOPPING CENTERS SA


JBS SA Brazil BOVESPA 0% 0% 0% 0%

MRV ENGENHARIA E PARTICIPACOES SA Brazil BOVESPA 0% 0% 0% 20%

NOTRE DAME INTERMEDICA PARTICIPACOES SA


QUALICORP CONSULTORIA E CORRETORA DE SEGUROS SA


RUMO SA Brazil BOVESPA 0% - 0% 0%

TRANSMISSORA ALIANÇA DE ENERGIA ELÉTRICA SA


VIA VAREJO SA Brazil BOVESPA 0% 0% 0% 0%

WEG SA Brazil BOVESPA 0% - 0% 0%

CHINA MENGNIU DAIRY CO LTD Hong Kong SAR HANG SENG 0% 0% 0% 0%

CHINA MOBILE LTD Hong Kong SAR HANG SENG 0% 0% 0% 0%

CHINA PETROLEUM & CHEMICAL CORP (SINOPEC)


CHINA RESOURCES LAND LTD Hong Kong SAR HANG SENG 0% 0% 0% 0%

CNOOC LTD Hong Kong SAR HANG SENG 0% 0% 0% 13%








CSPC PHARMACEUTICAL GROUP LTD Hong Kong SAR HANG SENG 0% 0% 0% 0%

HONG KONG AND CHINA GAS COMPANY LIMITED


POWER ASSETS HLDGS LTD Hong Kong SAR HANG SENG 0% 0% 0% 8%

SUNNY OPTICAL TECHNOLOGY (GROUP) CO LTD


TECHTRONIC INDUSTRIES CO LTD Hong Kong SAR HANG SENG 0% 0% 0% 0%

WH GROUP LTD Hong Kong SAR HANG SENG 0% 0% 0% 18%

NTPC LTD India BSE SENSEX 0% 0% 0% 0%

CANON INC Japan TOPIX Core 30 0% 0% 0% 0%

CENTRAL JAPAN RAILWAY COMPANY (JR CENTRAL)


FANUC CORP Japan TOPIX Core 30 0% 0% 0% 0%

KEYENCE CORPORATION Japan TOPIX Core 30 0% 0% 0% 0%

NINTENDO CO LTD Japan TOPIX Core 30 0% 0% 0% 0%

NTT DOCOMO INC Japan TOPIX Core 30 0% 0% 0% 0%

RECRUIT HOLDINGS CO LTD Japan TOPIX Core 30 0% 0% 0% 0%

SHIN-ETSU CHEMICAL CO LTD Japan TOPIX Core 30 0% 0% 0% 0%

SOFTBANK GROUP CORP Japan TOPIX Core 30 0% 0% 0% 20%

IBERSOL SGPS SA Portugal PSI-20 0% 0% 0% 0%

FEDERAL HYDROGENERATION CO (RUSHYDRO PJSC)

Russia RTS 0% 0% 0% 0%

GAZPROM PJSC Russia RTS 0% 0% 0% 20%

LSR GROUP PJSC Russia RTS 0% 0% 0% 17%

NOVATEK JSC Russia RTS 0% 0% 0% 8%

PJSC AEROFLOT Russia RTS 0% 0% 0% 0%

PJSC ROSNEFT OIL CO Russia RTS 0% 0% 0% 20%








PJSC ROSTELECOM Russia RTS 0% 0% 0% 25%

PJSC TRANSNEFT Russia RTS 0% 0% 0% 9%

SURGUTNEFTEGAS PJSC Russia RTS 0% 0% 0% 0%

TATNEFT PJSC Russia RTS 0% 0% 0% 0%

DAIRY FARM INTERNATIONAL HOLDINGS LIMITED


JARDINE MATHESON HLDGS LTD Singapore STRAITS TIMES 0% 0% 0% 25%

JARDINE STRATEGIC HOLDINGS LTD Singapore STRAITS TIMES 0% 0% 0% 0%

UOL GROUP LIMITED Singapore STRAITS TIMES 0% 0% 0% 25%

YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD




The data used in this analysis was sourced from BoardEx and adheres to BoardEx’s quality standards. BoardEx does not make any representation or warranty, express or implied, of any nature nor accepts any responsibility or liability of any kind with respect to the accuracy or completeness of the information contained herein.

This report is not intended as a recommendation to trade. It does not recommend any individual security or an investment in any individual company, and should not be relied on for making investment decisions with respect to individual companies or securities.

We hope that our reports prove useful in your practice, and we welcome any and all feedback that may arise as you make your way through our various reports. Should there be any additional data points you would like to see included in the future, please contact us directly at [email protected].

APPENDIX 7: METHODOLOGY & DISCLOSURES

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