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52-Week High
Trailing PE
Annual Div
ROE
LTG Forecast
1-Mo Return
41.62 (USD)
31.8M
50.05
16.8
1.24
23.4%
7.5%
-0.2%
Market Cap
52-Week Low
Forward PE
Dividend Yield
Annual Rev
Inst Own
3-Mo Return
341.4B
38.51
16.1
3.0%
93.5B
72.9%
-10.0%
AVERAGE SCORE
Score Averages
APR-2013
APR-2014
APR-2015
HIGHLIGHTS
Peers
-6M
-3M
-1M
-1W
INTU
ORCL
ADBE
MSFT
NR
NR
NR
NR
MOMO
Current
1Y Trend
NR
Hold
36 Analysts
Sell
Reduce
Hold
Buy
Strong
Buy
BUSINESS SUMMARY
Microsoft Corporation is engaged in developing, licensing and supporting a range of software products and services. The Company also designs and
sells hardware, and delivers online advertising to the customers. The Company operates in five segments: Devices and Consumer (D&C) Licensing,
D&C Hardware, D&C Other, Commercial Licensing, and Commercial Other. The Company's products include operating systems for computing devices,
servers, phones, and other intelligent devices; server applications for distributed computing environments; productivity applications; business solution
applications; desktop and server management tools; software development tools; video games; and online advertising. It also offers cloud-based
solutions that provide customers with software, services, and content over the Internet by way of shared computing resources located in centralized
data centers. It provides consulting and product and solution support services.
Page 1 of 12
2015 Thomson Reuters. All rights reserved.
INDICATOR COMPONENTS
The AVERAGE SCORE combines the quantitative analysis of six widely-used investment decision making tools: Earnings,
Fundamental, Relative Valuation, Risk, Price Momentum and Insider Trading. A simple average of the underlying component ratings is
normally distributed to rank stocks on a 1-10 scale (10 being awarded to the most favorable). These factors may be evaluated
differently using alternative methodologies and the importance of individual factors varies across industries, market capitalization and
investment styles. Additional criteria should always be used to evaluate a stock.
Earnings
Fundamental
Relative Valuation
Risk
Price Momentum
Insider Trading
OPTIMIZED SCORE
Historically, companies with an optimized score
of 3 have tended to moderately underperform
the market over the following 12-month period.
PEER ANALYSIS
Currency in USD
PRICE MOMENTUM
Average
Score Ticker
VALUATION
FUNDAMENTAL
ANALYSTS
Price
(04/17/15)
1-Mo
Return
3-Mo
Return
1-Yr
Return
Market
Cap
Trailing
PE
Forward
PE
Dividend
Yield
Net
Margin
LTG I/B/E/S
Forecast Mean
# of
Analysts
MSFT
41.62
-0.2%
-10.0%
4.0%
341.4B
16.8
16.1
3.0%
22.1%
7.5% Hold
36
ORCL
43.00
0.3%
-1.2%
7.3%
187.8B
17.9
14.7
1.4%
26.8%
8.1% Buy
39
ADBE
73.15
-8.2%
2.0%
14.2%
36.6B
128.3
31.3
--
7.7%
11.7% Buy
23
INTU
95.58
-3.4%
10.6%
29.1%
26.4B
35.0
34.5
1.1%
-8.2%
12.6% Buy
18
SYMC
24.24
2.0%
-5.4%
17.0%
16.5B
18.4
12.9
2.5%
13.6%
WDAY
84.37
1.2%
7.6%
5.7%
15.9B
--
--
--
-26.3%
50.0% Buy
37
CHKP
81.75
-2.0%
1.2%
22.1%
15.0B
23.8
20.5
--
44.2%
10.0% Buy
29
ADSK
60.35
-1.8%
6.2%
24.5%
13.7B
172.4
51.1
--
1.7%
8.1% Buy
18
CA
31.20
-1.1%
-0.5%
2.6%
13.6B
17.2
12.9
3.2%
20.2%
-5.7% Hold
13
RHT
73.93
10.2%
13.4%
46.3%
13.6B
76.2
40.8
--
10.3%
15.5% Buy
31
NR
MOMO
10.92
9.2%
-0.3%
--
--
--
--
--
-118.7%
-- Buy
4.8
Average
56.37
0.6%
2.1%
17.3%
68.1B
56.2
26.1
2.2%
-0.6%
12.5% Buy
24.9
7.3% Hold
PEER COMPANIES
MOMO
ORCL
ADBE
INTU
SYMC
MOMO INC
ORACLE CORPORATION
ADOBE SYSTEMS
INTUIT INC
SYMANTEC CORPORATION
Page 2 of 12
2015 Thomson Reuters. All rights reserved.
WDAY
CHKP
ADSK
CA
RHT
WORKDAY INC
CHECK POINT SOFTWARE
AUTODESK INC
CA INC
RED HAT INCORPORATED
29
EARNINGS
Currency in USD
Earnings Score Averages
APR-2013
APR-2014
APR-2015
Peers
-6M
-3M
-1M
-1W
ADBE
10
INTU
ORCL
MSFT
NR
NR
NR
NR
MOMO
Current
1Y Trend
NR
EARNINGS INDICATORS
Earnings Surprises
Estimate Revisions
Recommendation Changes
(33.3% weight)
(33.3% weight)
(33.3% weight)
ADBE
INTU
INTU
MSFT
ADBE
MOMO
ORCL
ORCL
MSFT
INTU
ORCL
MSFT
MOMO
Last 4 Quarters
# Positive Surprises (> 2%)
# Negative Surprises (< -2%)
# In-Line (within 2%)
Avg Surprise
ADBE
MOMO
Last 4 Weeks
2
1
1
2.5%
# Up Revisions
# Down Revisions
Avg Up Revisions
Avg Down Revisions
HIGHLIGHTS
- MSFT currently has an Earnings Rating of 3, which is significantly
more bearish than the Software Industry average of 6.3. MSFT scores
a bearish 4 or less for two of three component ratings: Estimate
Revision (2) and Broker Recommendation (4).
# Broker Upgrades
# Broker Downgrades
1
5
PRICE TARGET
56.00
52.00
40.00
0
13
0.0%
-36.1%
The chart indicates where analysts predict the stock price will be within
the next 12 months, as compared to the current price.
Page 3 of 12
HIGH
48.00
44.00
36.00
MEAN
41.62
Mean
48.00
High
55.00
Low
Target vs. Current
# of Analysts
LOW
Current Price
Price Target
36.00
15.3%
30
Estimates
0.900
0.800
0.700
HIGH
0.550
0.600
MEAN
0.540
0.500
0.400
06-14
09-14
Actuals
12-14
06-15
0.507
0.604
High
0.580
0.690
Low
0.460
0.480
27
27
03-15
06-15
Estimates
3.600
HIGH
3.300
3.000
2.650
MEAN
2.630
2.700
LOW
2.400
2.100
2013
2014
2015
Current
30 Days Ago
90 Days Ago
% Change (90 Days)
03-15
Mean
# of Analysts
LOW
03-14
Quarterly
0.710
0.680
Annual
2015
2016
Mean
2.373
2.863
High
2.590
3.330
Low
2.200
2.510
28
33
# of Analysts
2016
ANALYST RECOMMENDATIONS
Q
03-15
Q
06-15
Y
2015
Y
2016
0.507
0.517
0.543
-6.6%
0.604
2.373
2.863
46.70
0.619
2.389
2.902
47.10
0.648
2.481
2.943
49.90
-6.8%
-4.4%
-2.7%
-6.4%
Next Expected Report Date: 04/23/15
Price
Target
Strong Buy
Buy
Hold
15
Reduce
Sell
EARNINGS SURPRISES
Comparing a company's actual earnings to the mean expectation of
analysts results in a difference referred to as a 'positive' or 'negative'
surprise. Research has shown that when a company reports a
surprise, it is often followed by more of the same surprise type.
Surprise Summary (Last 12 Quarters)
Surprise Type
Positive Quarters (> 2%)
Negative Quarters (< -2%)
In-Line Quarters (within 2%)
Amount
Percent
7
3
2
58.3%
25.0%
16.7%
Announce
Date
Period End
Date
Actual
EPS
Mean
EPS
Surprise
(%)
IN-LINE
POSITIVE
NEGATIVE
POSITIVE
POSITIVE
POSITIVE
01/26/15
10/23/14
07/22/14
04/24/14
01/23/14
10/24/13
12/31/14
09/30/14
06/30/14
03/31/14
12/31/13
09/30/13
0.710
0.540
0.550
0.680
0.780
0.620
0.713
0.486
0.602
0.630
0.679
0.539
-0.4%
11.1%
-8.6%
7.9%
14.9%
15.0%
ANNUAL REVENUE
A pattern of increasing sales in
conjunction with a rising EPS may
influence a buy recommendation, while
flat or falling sales and faltering
earnings may explain a sell
recommendation. A rising EPS with flat
or falling sales may result from
increased cost efficiency and margins,
rather than market expansion. This
chart shows the sales forecast trend of
all analysts and the highest and lowest
projections for the current and next
fiscal year.
Page 4 of 12
2015 Thomson Reuters. All rights reserved.
Actuals
Estimates
112B
2015
2016
HIGH
Mean
93.5B
97.7B
98B
MEAN
High
96.2B
105.1B
91B
LOW
Low
92.1B
92.4B
7.7%
12.5%
32
32
105B
86.8B
Forecasted Growth
84B
77B
# of Analysts
77.9B
2013
2014
2015
2016
FUNDAMENTAL
Fundamental Score Averages
Peers
Q2
2014
Q3
2014
Q4
2014
Q1
2015
ORCL
10
10
10
10
ADBE
MSFT
INTU
MOMO
NR
Current
3Y Trend
FUNDAMENTAL INDICATORS
Profitability
Debt
Earnings Quality
Dividend
(25% weight)
(25% weight)
(25% weight)
(25% weight)
MSFT
ORCL
INTU
ORCL
ADBE
ADBE
ORCL
MSFT
INTU
ADBE
MSFT
ORCL
MOMO
INTU
MOMO
MOMO
MSFT
INTU
ADBE
MOMO
Revenue Growth
For year over year
ending 12/14
Gross Margin
For trailing 4 qtrs
ending 12/14
Return on Equity
For trailing 4 qtrs
ending 12/14
Net Margin
For trailing 4 qtrs
ending 12/14
49.5
38.6
77.8
15.7%
76.8%
3.6
3.0%
HIGHLIGHTS
- MSFT's Fundamental Rating declined significantly over the last
quarter from a bullish 8 to a relatively neutral 5. The average
Fundamental Rating for its Software Industry is 3.7 and the S&P 500
COMPOSITE average is 6.6.
- The company's days sales in inventory has been higher than its
Industry average for each of the past five years.
- The company's current ratio has been higher than its Industry average
for each of the past five years.
Page 5 of 12
2015 Thomson Reuters. All rights reserved.
RELATIVE VALUATION
Relative Valuation Score Averages
APR-2013
APR-2014
APR-2015
Peers
-6M
-3M
-1M
-1W
MSFT
ORCL
ADBE
INTU
NR
NR
NR
NR
MOMO
Current
1Y Trend
NR
Trailing PE
Forward PE
(50% weight)
(25% weight)
(25% weight)
ORCL
MSFT
ORCL
ORCL
MSFT
ADBE
MSFT
INTU
INTU
ADBE
ADBE
INTU
MOMO
MOMO
MOMO
Forward PEG
2.0 Trailing PE
16.8
Forward PE
16.1
5-Yr Average
13.4
5-Yr Average
11.8
37% Premium
22.8
29% Discount
HIGHLIGHTS
- MSFT's Trailing P/E, Forward P/E, and Forward PEG multiples are all
significantly above (more expensive than) their 5-year averages.
- MSFT's current Trailing P/E of 16.8 represents a 69% Discount to its
Software Industry average.
- MSFT currently has a Valuation Rating of 5 while the S&P 500
COMPOSITE index has an average rating of 5.1.
Page 6 of 12
2015 Thomson Reuters. All rights reserved.
PRICE TO SALES
TRAILING PE
The most recent week's close price divided by the revenue per share.
Price to Sales:
5-Year Average:
S&P 500 Index Average:
Software Industry Average:
4.8
4.6
4.4
4.2
4.0
3.8
3.6
3.4
3.2
3.0
2.8
3.7
3.6
3.0
5.6
2011
2012
2013
2014
FORWARD PE
2011
2012
2013
2014
FORWARD PEG
Forward PE:
5-Year Average:
S&P 500 Index Average:
Software Industry Average:
2011
Forward PEG:
5-Year Average:
S&P 500 Index Average:
Software Industry Average:
2.8
2.6
2.4
2.2
2.0
1.8
1.6
1.4
1.2
1.0
0.8
5-Yr Average
2010
16.8
13.4
25.7
53.4
5-Yr Average
2010
The most recent week's close price divided by the sum of the four
upcoming quarterly consensus estimates.
18
17
16
15
14
13
12
11
10
9
8
Trailing PE:
5-Year Average:
S&P 500 Index Average:
Software Industry Average:
28
26
24
22
20
18
16
14
12
10
8
5-Yr Average
2010
The most recent week's close price divided by the sum of the four most
recently reported quarterly earnings.
2012
Page 7 of 12
2015 Thomson Reuters. All rights reserved.
2013
2014
5-Yr Average
2010
2011
2012
2013
2014
2.0
1.5
2.1
2.4
RISK
Risk Score Averages
APR-2013
APR-2014
APR-2015
Peers
-6M
-3M
-1M
-1W
ADBE
INTU
10
10
MSFT
ORCL
NR
NR
NR
NR
MOMO
Current
1Y Trend
NR
RISK INDICATORS
Magnitude Of Returns
Volatility
Beta (1-year)
Correlation
(25% weight)
(25% weight)
(25% weight)
(25% weight)
INTU
ADBE
MSFT
ORCL
ADBE
ORCL
INTU
ADBE
MSFT
ORCL
INTU
MSFT
MSFT
INTU
ADBE
ORCL
MOMO
MOMO
Standard Deviation
Last 90 Days
1.76
Last 60 Months
6.26
Intra-Day Swing (Last 90 Days)
Last 90 Days Avg
1.7%
Last 90 Days Largest
4.0%
HIGHLIGHTS
- MSFT currently has a Risk Rating of 9 while the S&P 500
COMPOSITE index has an average rating of 8.4.
- On days when the market is up, MSFT shares tends to
outperform the S&P 500 COMPOSITE index. However, on
days when the market is down, the shares generally decrease
by more than the S&P 500 COMPOSITE index.
- In both short-term and long-term periods, MSFT has shown
high correlation (>=0.4) with the S&P 500 COMPOSITE index.
Thus, this stock would provide only low levels of diversification
to a portfolio similar to the broader market.
- Over the past 90 days, MSFT shares have been more volatile
than the overall market, as the stock's daily price fluctuations
have exceeded that of 79% of S&P 500 COMPOSITE index
firms.
Page 8 of 12
2015 Thomson Reuters. All rights reserved.
MOMO
MOMO
1.11
1.23
1.35
0.52
0.50
0.58
65%
61%
57%
64%
RISK ANALYSIS
Last 90 Days
Worst
#
# Largest
Daily Days Days Intra-Day
Return
Up Down
Swing
Last 60 Months
Best
Worst
Monthly Monthly
Return
Return
Peers
Best
Daily
Return
MSFT
3.1%
-9.3%
30
33
4.0%
15.7%
-16.5%
ADBE
2.7%
-3.5%
37
24
4.6%
21.7%
-17.6%
INTU
6.2%
-4.2%
34
29
4.3%
14.3%
-9.8%
--
--
--
--
--
--
--
ORCL
2.9%
-3.2%
33
29
4.9%
22.9%
-18.2%
S&P 500
1.5%
-1.7%
30
33
2.2%
10.8%
-8.2%
MOMO
PRICE MOMENTUM
Currency in USD
Price Momentum Score Averages
APR-2013
APR-2014
APR-2015
Peers
-6M
-3M
-1M
-1W
INTU
ORCL
ADBE
MSFT
NR
NR
NR
NR
MOMO
Current
1Y Trend
NR
Seasonality
(70% weight)
(30% weight)
INTU
ORCL
ADBE
MOMO
INTU
MSFT
ORCL
MSFT
ADBE
MOMO
PRICE PERFORMANCE
Daily close prices are used to calculate the
performance of the stock as compared to a
relevant index over five time periods.
1-Week
-0.3%
-1.3%
1-Month
-0.2%
-0.1%
DJIA
1.8%
-10.4%
1-Year
Page 9 of 12
2015 Thomson Reuters. All rights reserved.
MSFT
DJIA
41.62
17826
52-Week High
50.05
18289
52-Week Low
38.51
16117
-10%
3-Month
YTD
MSFT
0%
4%
8.6%
INSIDER TRADING
Currency in USD
Insider Trading Score Averages
APR-2013
APR-2014
APR-2015
Peers
-6M
-3M
-1M
-1W
MSFT
INTU
ADBE
ORCL
NR
NR
NR
NR
MOMO
Current
1Y Trend
NR
Long-Term Insider
(30% weight)
ADBE
INTU
Name
Gates, William H III
Brod, Frank H
Gates, William H III
MSFT
ORCL
INTU
ADBE
ORCL
MSFT
MOMO
MOMO
HIGHLIGHTS
20
Excludes
derivative
and option
exercises
0
10
SELLS
M J
J
Shares
Held
428M
349M
344M
326M
213M
Reported
Date
12/31/14
12/31/14
12/31/14
12/31/14
12/31/14
Page 10 of 12
BUYS
10
20
Institution
The Vanguard Group Inc
State Street Global
Capital World Investors
BlackRock Institutional
Fidelity Management
Shares
2,000,000
6,000
6,000,000
Insider Name
Ballmer, Steven A
Gates, William H III
Nadella, Satya
Turner, Brian Kevin
Smith, Bradford Lee
Role
D
D
CEO
CO
O
Direct
Shares
333M
239M
1.30M
1.22M
0.94M
Value
13.9B
9.95B
54.1M
50.7M
39.2M
Reported
Date
08/19/14
02/09/15
09/18/14
09/18/14
11/26/14
Top 5.55%
Next 13.87%
Next 34.68%
Remaining 45.9%
Indicator Components
The six indicators that comprise the stock rating are displayed. Like the stock rating,
the component rating scale is 1 to 10, with 10 being best. A company will receive
an NR for No Rating if the required data elements or criteria are not met. A
detailed section for each component is included in the report.
Indicator Trends
Within each component section, historical score trends are displayed, typically using
a 4-week moving average over a timeframe of the past three years. The dotted
orange line indicates the average of the scores over those three years. The most
recent occurrence of the best and worst scores are also displayed on the chart in
grey boxes to put the current score into historical context.
Next to the trend chart for the company, current score averages are included, along
with peer company comparisons of values from 6 months ago, 3 months ago, 1
month ago, the most recent value from 1 week ago, and the current score. The four
closest industry peers are presented based on similar market capitalization.
Peer Analysis
The Thomson Reuters Business Classification (TRBC) system is used for
industry comparisons. It is designed to track and display the primary business of
a corporation by grouping together correlated companies that offer products and
services into similar end markets. The system includes 10 Economic Sectors, 28
Business Sectors, 54 Industry Groups, and 136 Industries.
The Peer Analysis section of the report compares the company to its ten closest
peers. The peers are selected from the industry based on similar market
capitalization. The peer listing may have fewer than ten companies if there are
fewer than ten companies classified within that industry.
Highlights
The Thomson Reuters proprietary automated text-generation system creates
highlights summarizing the most noteworthy data. The bullets will vary by company
and will change from week to week as different criteria are met.
Earnings
The Earnings Rating is based on a combination of three factors: earnings surprises,
estimate revisions, and recommendation changes. Each factor is equally weighted.
Then, equal deciles are used to rank each stock across the market on a scale of 1
to 10, with 10 being most favorable. A stock needs to have at least two of the three
earnings factors in order to receive a score.
Page 11 of 12
2015 Thomson Reuters. All rights reserved.
Earnings Surprises - The number of positive and negative surprises within the
last 4 quarters.
Estimate Revisions - The number of up and down revisions and the average
dividend yield.
- Dividend Growth Rate: (Dividends per Share Previous Dividends per Share)
/ Previous Dividends per Share
- Dividend Funding: Dividends / Operating Cash Flow
- Dividend Coverage: (Pre-Tax Income + Interest Expense) / (Interest Expense
+ Dividends)
- Dividend Yield: Annual Dividends per Share / Current Market Price per Share
Indicator Trend
The fundamental indicator trend displays quarterly scores over the past three years.
The best and worst scores over that timeframe can be easily determined from the
values shown on the chart for each quarter.
Valuation Averages
Negative values are excluded when calculating the averages. A maximum value of
100 is placed on Trailing P/E and Forward P/E, a maximum value of 5 is placed on
Forward PEG, and a maximum value of 20 is placed on Price to Sales when
calculating the averages. Higher values are rounded down to the maximum for the
averages.
Valuation Multiples
The valuation multiples provide the Trailing P/E, Forward P/E, Forward PEG, and
Price to Sales for the company and the S&P 500 index average. In addition, a
comparison of the current companys values to its 5-year average and an industry
average are presented. A discount occurs when the companys ratio is valued more
favorably (lower) than that to which it is compared.
Risk
The Risk Rating displays stocks on a scale of 1 to 10 with 10 being awarded to the
least risky stocks. It is derived by looking at a series of long-term (5-year) and
short-term (90-day) stock performance measures including volatility, magnitude of
returns, beta, and correlation. Each factor is equally weighted. Then, equal deciles
are used to rank each stock across the market. A stock needs to have at least two
of the four risk factors in order to receive a score.
Magnitude of Returns The best / worst daily returns in the past 90 days and the
Long-Term Insider Looks at buying, selling and option exercise decisions over
the past six months relative to other stocks within the same business sector. The
net shares are presented alongside the business sector average as a means of
comparison.
Monthly Buys and Sells
The total market value of open-market buying and selling is displayed by month in
the chart for easy comparison. Transactions by trusts and corporations are
excluded, along with buys greater than $10 million and sales greater than $50
million. Transactions for the exercise of derivatives and option exercises are
excluded from the totals.
Institutional Holders
The top five institutional holders of the company are listed in descending order,
based on their total share holdings. Possible values for the institution type include
Brokerage, Funds, Inv Mgmt, or Strategic.
Executive Holders
The top five executive insiders of the company are listed in descending order, based
on their total direct common share holdings (options are not considered). Indirect
holdings are excluded, as the owner may not actually have investment discretion
over these shares. This table is updated monthly. Insiders who have not filed any
transactions or holdings over the past two years are excluded as this may indicate
that the individual is no longer associated with the company. Additionally, direct
shares held must be greater than 1,000 to be considered.
Insider Roles
AF - Affiliate
B - Beneficial Owner
CB - Chairman
CEO - Chief Executive Officer
CFO - Chief Financial Officer
CM - Committee Member
CO - Chief Operating Officer
CT - Chief Technology Officer
D - Director
EVP - Exec Vice President
GC - General Counsel
O - Officer
OH - Other
P - President
R - Retired
SH - Shareholder
SVP - Senior Vice President
T - Trustee
TR - Treasurer
VC - Vice Chairman
VP - Vice President
last 60 months, along with the average and largest intra-day stock swing.
Beta Measures the tendency of a securitys returns to respond to swings in the
market, based on the beta of the company versus the relevant index.
Correlation Determines how closely the returns of the stock and the relevant
index move together, measured over the last 90 days and last 60 months.
Risk Analysis
Price analysis for the company and the S&P 500 is provided over two time periods.
Daily analysis is provided for the last 90 days, whereas monthly statistics are used
for the last 60 months.
Price Momentum
The Price Momentum Rating is based on a combination of two technical
performance factors: relative strength (70% weight) and seasonality (30% weight).
After the weightings are considered to combine individual factors, equal deciles are
used to rank each stock across the market on a scale of 1 to 10, with 10 being most
favorable. A stock needs to have data for the relative strength factor in order to
receive a score.
Relative Strength The relative strength of the company for the last 1 month, 3
month and next 2 months for the company and industry, over the past 10 years.
A lower industry rank indicates a higher return.
Price Performance
Daily close prices are used to calculate the price performance of the stock. The
performance of the S&P 500 is also displayed as a means of comparison.
Insider Trading
The Insider Trading Rating is based on short-term (60% weight) and long-term (40%
weight) legal insider trading behavior. After the weightings are considered to
combine individual factors, a function similar to a normal distribution is used to rank
each stock across the market on a scale of 1 to 10, with 10 being most favorable. A
stock needs to have at least one of the two insider trading factors in order to receive
a score.
Short-Term Insider Uses insider buy and sell transactions within the past 90
days. This factor is based on the Thomson Reuters quantitative insider trading
model that considers the insider's role, consensus, number of shares, market
capitalization of the company, and the historic stock performance following trades
by the given insider.
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2015 Thomson Reuters. All rights reserved.
DISCLAIMER
All information in this report is assumed to be accurate to the best of our ability.
Past performance is not a guarantee of future results. The information contained in
this report is not to be construed as advice and should not be confused as any sort
of advice. Investors should consider this report as only a single factor in making
their investment decision.