Good Investing Knows No Borders - The Boston Company

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					                                                                           May 2009




Good Investing Knows No Borders:
The Case for Investing in Non-US Markets


By

D. Kirk Henry, CFA
Executive Vice President
Portfolio Manager

Andrea Clark, CFA
Vice President
Portfolio Strategist


Introduction
Financial and economic events have caused many investors to pause
and question whether the reward delivered by equities is worth the risk,
particularly non-US stocks with the additional currency exposure. However,
it would be unwise to dismiss an important source of global capital that
provides a wide range of opportunities not readily available in other asset
classes. A myopic perspective, based on last year’s performance, overlooks
incredibly profitable cycles that have benefited from the dynamics of a
global economy. Often the best performance came out of protracted bear
markets of varying severity. Clearly, the situation is more acute compared
to previous downturns and will require massive de-leveraging in some
countries. This process will take time. In the interim, markets will likely
remain under pressure, more volatile, and better suited to stock picking.
It could also be a time to exploit anomalies that typically arise from the
indiscriminate selling of high quality companies across the world.

Any statements of opinion constitute only current opinions of The Boston Company Asset
Management, LLC (TBCAM), which are subject to change and which TBCAM does not
undertake to update. Due to, among other things, the volatile nature of the markets and
the investment areas discussed herein, they may only be suitable for certain investors.
                                                                                                           Good Investing Knows No Borders:
                                                                                                      The Case for Investing in Non-US Markets




                                                               A Broad Playing Field Outside the US
                                                               International markets provide comprehensive exposure to many of the
                                                               world’s growth drivers. Though some are as, if not more, challenged than
                                                               the US right now, many boast healthier banking systems, lower consumer
                                                               debt, favorable demographics, and interesting valuations.

                                                               Emerging Markets
                                                               Emerging markets are more of a victim than an architect of the current
                                                               financial malaise. Although not entirely untarnished, as in Eastern
                                                               Europe’s case, most emerging markets have evolved from previous crises
                                                               with a sharper focus on fiscal austerity, productivity, and industrial reforms.
                                                               Several years of robust export activity has created an abundance of capital
                                                               that can be invested via the public sector, which will likely serve to balance
                                                               the present weakness in external demand. At the same time, a change in
                                                               leadership is taking hold, with emerging markets contributing more to
                                                               GDP expansion than developed nations.
                                                               The strength of the banking systems in many emerging markets is derived
                                                               from low loan-to-deposit ratios, conservative provisions, and minimal
                                                               exposure to the toxic assets plaguing developed market financials. In
                                                               addition, lower inflation is prompting interest rate cuts, even among
                                                               countries that are running current account deficits, such as South Africa
                                                               and Turkey.

Exhibit 1                                                Credit/Gross Domestic Product: Advantage Emerging Markets
                                                160%
                                                                                      Household            Corporate
                                                140%
                                                120%

                                                100%
                                                 80%

                                                 60%
                                                 40%

                                                 20%

                                                  0%
                                                                                                                                             UK
                                                                                                                                            USA
                                                                                                      UAE
                                                                          Czech




                                                                                                    Qatar




                                                                                                                                          Japan
                                                                                                                                India
                                                                                                    Egypt
                                                                                                    Saudi




                                                                                                                               China
                                                                                                                         Philippines
                                                           Chile




                                                                         Poland
                                                          Mexico




                                                                                                  Morocco
                                                                           Israel




                                                                                                                             S Korea
                                                                                                   Jordan




                                                                                                                                        Germany
                                                                                                                           Malaysia
                                                                       Hungary
                                                                       Romania
                                                       Colombia




                                                                         Russia




                                                                                                                              Taiwan
                                                           Brazil



                                                                         Turkey




                                                                      Kazakhsta




                                                                                                                            Thailand
                                                                                                   Kuwait




                                                                                                                          Indonesia
                                                                       S. Africa
                                                                        Bulgaria
                                                       Argentina




                                               Source: IMF, Morgan Stanley Research, Data from 2006


No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment.

www.thebostoncompany.com                                                                                                                      2
                                                                                                                                                                                                                                   Good Investing Knows No Borders:
                                                                                                                                                                                                                              The Case for Investing in Non-US Markets




Exhibit 2                                                                                                                 Private Sector Lending/Deposit Ratio 2008 (%)

                                                                   200%



                                                                   150%



                                                                   100%



                                                                      50%



                                                                          0%




                                                                                         Slovak




                                                                                       Vietnam
                                                                                          Qatar
                                                                                         Turkey
                                                                                    Hong Kong




                                                                                         Poland




                                                                                       Hungary
                                                                                       Thailand
                                                                                    Philippines
                                                                                         Mexico




                                                                                      Lebanon




                                                                                          Czech




                                                                                            Peru




                                                                                           Israel
                                                                                       Pakistan




                                                                                          Brazil




                                                                                   Kazakhstan
                                                                                         Taiwan



                                                                                          Saudi




                                                                                             UAE



                                                                                     Singapore




                                                                                        Ukraine



                                                                                           Chile
                                                                                            India
                                                                                     Indonesia




                                                                                          Korea
                                                                                     Argentina




                                                                                          Kenya




                                                                                         Nigeria




                                                                                       Bulgaria



                                                                                      Romania
                                                                                          China




                                                                                          Latvia
                                                                                    Venezuela


                                                                                      Sri Lanka



                                                                                      Malaysia

                                                                                        Croatia




                                                                                         Russia



                                                                                        S Africa




                                                                                       Slovenia
                                                                                        Estonia
                                                                                          Egypt




                                                                                      Lithuania
                                                                                         Kuwait
                                                                  Source: Haver, CEIC, UBS estimates



Exhibit 3                                                                                                                                                           A Change in Leadership
                                                                                                                                US                                     Developed Europe                                               Developed Asia                                           Emerging Markets
                                                                               2007                                             10%                                                 34%                                                                 4%                                                       50%
                                                                             2008E                                              13%                                                 19%                                                                 7%                                                       61%
                                                                             2009E                                              -60%                                               -29%                                                            35%                                                          252%
                                                                             2010E                                              26%                                                -19%                                                            -5%                                                           91%
                                                                   Source: IMF, Morgan Stanley Research. Estimates from Morgan Stanley Global Economics Team




Exhibit 4                                                                                            Emerging Markets are Attractively Valued
Trailing Price to Earnings                                                                                                                                              Trailing Price to Book
40x                                                                                                                                                                      4.5x

35x                                                                                                                                                                      4.0x

                                                                                                                                                                         3.5x
30x
                                                                                                                                                                         3.0x
25x
                                                                                                                                                                         2.5x

20x                                                                                                                                                                      2.0x

                                                                                                                                                                         1.5x
15x                                                                                                                                                                                                                                                                                                                                           1.3x
                                                                                                                                                                         1.0x                                                                                                                                                                 1.2x
10x
                                                                                                                                                                9.1x     0.5x
                                                          MSCI EM                      MSCI World                                                               7.7x                                                              MSCI EM                          MSCI World
 5x                                                                                                                                                                      0.0x
                                                                                                                                                                                Jan-92
                                                                                                                                                                                         Jan-93
                                                                                                                                                                                                  Jan-94
                                                                                                                                                                                                           Jan-95
                                                                                                                                                                                                                    Jan-96
                                                                                                                                                                                                                             Jan-97
                                                                                                                                                                                                                                      Jan-98
                                                                                                                                                                                                                                               Jan-99
                                                                                                                                                                                                                                                        Jan-00
                                                                                                                                                                                                                                                                 Jan-01
                                                                                                                                                                                                                                                                          Jan-02
                                                                                                                                                                                                                                                                                   Jan-03
                                                                                                                                                                                                                                                                                            Jan-04
                                                                                                                                                                                                                                                                                                     Jan-05
                                                                                                                                                                                                                                                                                                              Jan-06
                                                                                                                                                                                                                                                                                                                       Jan-07
                                                                                                                                                                                                                                                                                                                                Jan-08
                                                                                                                                                                                                                                                                                                                                         Jan-09
  Jan-92
           Jan-93
                    Jan-94
                             Jan-95
                                      Jan-96
                                               Jan-97
                                                        Jan-98
                                                                 Jan-99
                                                                          Jan-00
                                                                                   Jan-01
                                                                                            Jan-02
                                                                                                     Jan-03
                                                                                                              Jan-04
                                                                                                                       Jan-05
                                                                                                                                Jan-06
                                                                                                                                         Jan-07
                                                                                                                                                  Jan-08
                                                                                                                                                           Jan-09




Source: MSCI, FactSet. Data as of February 20, 2009



No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment.

The Boston Company Asset Management, LLC                                                                                                                                                                                                                                                                                                          3
                                                                                                                                                                       Good Investing Knows No Borders:
                                                                                                                                                                  The Case for Investing in Non-US Markets




                                                                                      A popular misconception about many emerging markets is that they are
                                                                                      heavily reliant on exports to developed markets. Exports are more broadly
                                                                                      diversified across markets, with a large portion intra-emerging, as illustrated
                                                                                      in Exhibit 6, providing a measure of safety as developed markets ratchet
                                                                                      down spending. Emerging markets are also home to a wide range of
                                                                                      market-share leaders in consumer electronics, commodities, and generic
                                                                                      pharmaceuticals, for example.

Exhibit 5                                                                         Exports as a Percent of GDP
                                                                          (Last Twelve Months Ending November 2008)
                                                                                                                                                                                                                                            98%


                                                                                                                                                                                                                          71% 71%
                                                                                                                                                                                                     64% 65%

                                                                                                                                                                                   43% 43%
                                                                               36% 37%
                                                       28% 28% 28% 30% 30% 32%
                                       18% 19% 22% 26%
                           12% 14% 16%
                                                                                                                                 Philippines




                                                                                                                                                         Mexico
                                                                          Argentina




                                                                                                                                                                                   Chile
                                                               Columbia




                                                                                                                                                                  China




                                                                                                                                                                                                               Thailand
                                                      Turkey
                                     India
                            Brazil




                                                                                                         Indonesia
                                             Egypt




                                                                                                                                                                                             Korea
                                                                                      Peru




                                                                                                                                                                                                                          Czech
                                                                                                                                                                                                      Taiwan




                                                                                                                                                                                                                                            Malaysia
                                                                                               Russia




                                                                                                                                                                                                                                  Hungary
                                                                                                                                                                          Poland
                                                                                                                                               Israel
                                                                                                                     S. Africa




                          Source: Morgan Stanley Research




Exhibit 6                                                                                     Exports as a Percent of GDP
                                                                                                 (Regional: 1993-2007)

                                                                                                                                                                                                     7%           7%                 Other
                                                                                             11%        11%            11%                11%           10%       9%          9%           8%
                              15%        15%         14%       13%             12%




                                                                                             38%        37%            37%                37%           39%       41%       42%            43%       45%       48%                   Intra EM
                              38%        39%         40%       41%             41%




                                                                                                                                                                                                                                     EU
                                                                                             26%        25%            25%                25%           25%
                              25%        24%                   24%             24%                                                                                26%       27%            28%       28%
                                                     24%                                                                                                                                                       28%



                              23%                                                            25%        27%            27%                27%           26%       23%                                                                US
                                         22%         21%       22%             22%                                                                                          22%            21%       20%       18%


                             1993 1994 1995 1996 1997                                        1998       1999          2000               2001           2002      2003      2004       2005          2006      2007
                            Source: Morgan Stanley Research

No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment.

www.thebostoncompany.com                                                                                                                                                                                                                               4
                                                                                                           Good Investing Knows No Borders:
                                                                                                      The Case for Investing in Non-US Markets




                                                               The United Kingdom and Continental Europe
                                                               In developed markets, the case for investing is more complex, but should
                                                               not be entirely dismissed. Several companies have solid capital structures,
                                                               an ability to make business investments despite the downturn, and a
                                                               likelihood of capturing market share from weaker competitors. Of course,
                                                               each region is different. The UK is dealing with a serious recession on
                                                               par with the US, one that will require a shift from borrowing to savings
                                                               and a sizeable real estate correction. Monetary and government officials
                                                               have acted quickly by slashing rates to 0.50%, nationalizing or partly
                                                               nationalizing struggling banks, and arranging a stimulus package. On the
                                                               positive side, the UK homeowner will see a windfall of disposable income
                                                               as most mortgages are variable rate. This will accelerate the savings/debt
                                                               reversal and could lead to early stabilization of the consumer sector.




Exhibit 7                                                                 UK Historic Price to Earnings & Dividend Yield
                                                               30


                                                                                                UK P/E
                                                               25
                                                                                                UK Dividend Yield


                                                               20



                                                               15


                                                               10


                                                                 5


                                                                 0
                                                                 1965 1968 1971 1974 1977 1980 1983 1986 1989 1992 1995 1998 2001 2004 2007
                                                               Source: DataStream




No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment.

The Boston Company Asset Management, LLC                                                                                                      5
                                                                                                               Good Investing Knows No Borders:
                                                                                                          The Case for Investing in Non-US Markets




                                                               Conversely Europe, the largest market outside the US, offers a different
                                                               story. Most countries on the Continent are not overly leveraged, excluding
                                                               the banking sector, nor have they experienced a massive property boom
                                                               that required a swift correction, Spain notwithstanding. Only 20% of
                                                               Europeans have a mortgage, the personal savings rate is a healthy 10%, and
                                                               assets are held in relatively safe time deposits and insurance products.



Exhibit 8                                                                   European Households – Limited Debt Burden
                                                                %                                                                                     %
                                                                                                                            Savings Rate*:
                                                                                                                                Euro Area
                                                               16                                                               U.K.                  16
                                                                                                                                U.S.
                                                               12                                                                              High   12


                                                                8                                                                                     8


                                                                4                                                                                     4

                                                                           Interest & Principal
                                                                           Debt Service Ratio**:
                                                                                Euro Area
                                                                                U.K.
                                                               14               Italy                                                                 14
                                                                                Spain
                                                                                U.S.

                                                               10                                                                                     10
                                                                                                                                             Low


                                                                6                                                                                     6


                                                                    1980         1985              1990      1995        2000         2005
                                                                Source: BCA Research 2009                                              *Source: OECD
                                                                                                                                **Source: OECD (2006)



                                                               However, many countries have reaped the benefits of an enlarged
                                                               Eurozone with the addition of the CEE countries. That trend is notably
                                                               reversing with German industrial production down 20% year-over-year in
                                                               January. European governments have been slower than their UK and US
                                                               counterparts to coordinate an aggressive stimulus package. A debate about
                                                               whether it should be arranged on the national or regional level has created
                                                               the typical inertia associated with many Eurozone initiatives. However,
                                                               Europe also has comparatively more generous safety nets than the US,
                                                               making it less necessary to shore up these benefits as unemployment
                                                               accelerated. With inflation rapidly falling, and a potential reprieve on
                                                               the common currency’s fiscal austerity measures, a wide range of stimulus




No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment.

www.thebostoncompany.com                                                                                                                                   6
                                                                                                            Good Investing Knows No Borders:
                                                                                                       The Case for Investing in Non-US Markets




                                                               measures have now been launched, including Value Added Tax (VAT)
                                                               reductions and rebates on auto purchases. Overall, this has been one of
                                                               the worst bear markets on record in Europe, and while we can not rule
                                                               out further downside, the magnitude should be limited and tempered by
                                                               periodic rallies.


Exhibit 9                                                                                       Europe Bear Markets

                                                                     Oct-73 to Oct-74

                                                                     Oct-87 to Nov-87

                                                                      Jul-90 to Jan-91

                                                                     May-92 to Oct-92

                                                                      Jul-98 to Oct-98

                                                                     Mar-00 to Mar-03

                                                                        Jun-07 to Now

                                                                                          -70    -60    -50     -40      -30   -20   -10   0
                                                                     Source: DataStream




Exhibit 10                                                              Europe Historic Price to Earnings & Dividend Yield
                                                               30

                                                                                          Europe P/E
                                                               25
                                                                                          Europe Dividend Yield

                                                               20

                                                               15


                                                               10


                                                                 5

                                                                 0
                                                                 1965 1969 1973 1977 1981 1985 1989 1993 1997 2001 2005 2009
                                                               Source: DataStream




No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment.

The Boston Company Asset Management, LLC                                                                                                       7
                                                                                                           Good Investing Knows No Borders:
                                                                                                      The Case for Investing in Non-US Markets




                                                               Japan
                                                               At first glance Japan appears locked in a never ending cycle of deflation,
                                                               flat local demand, and paltry shareholder returns. Yet, Japan has been
                                                               dealing with these issues for almost two decades, and now trades below
                                                               1990 levels on a normalized basis. Many investors avoided Japan during
                                                               its “lost decade” and therefore missed periods of strong performance.
                                                               Japan’s banking system is much healthier than in the US or Europe (its one
                                                               challenge being local market exposure) and corporate balance sheets are
                                                               flush with cash. The Central Bank has been quicker to act on troubling
                                                               economic signals this time around, and the government will likely expand
                                                               its ability to buy local shares. This should provide temporary relief to the
                                                               Japanese market, particularly bank shares; however a sustainable recovery
                                                               will require global stability. That said, one should not overlook the global
                                                               leadership of many Japanese companies, especially the auto manufacturers
                                                               that are already gaining market share. Although we loathe waving the
                                                               restructuring flag yet again, the economic climate is such that Japanese
                                                               companies with poor returns on equity will be forced to address shareholder
                                                               return by improving balance sheet management, rationalizing capacity,
                                                               and moving more production offshore.


Exhibit 11                                                                  Bear Market Rallies in Japan

                                                   Start                  End            Duration (MM)                   %      % in USD

                                                  Mar-90                May-90                   2                   20%           13%
                                                  Sep-90                Mar-91                   6                   35%           44%
                                                  Aug-91                Oct-91                   2                   18%           22%
                                                  Aug-92                Jun-93                   10                  50%           78%
                                                  Jun-95                Jun-96                   12                  57%           23%
                                                  Jan-97                Jun-97                   5                   20%           19%
                                                  Oct-98                Apr-00                   18                  62%          110%
                                                  Mar-01                May-01                   2                   23%           18%
                                                  Feb-02                May-02                   3                   29%           35%
                                              Average                                            7                   35%           40%
                                           Source: DataStream, Credit Suisse Research




No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment.

www.thebostoncompany.com                                                                                                                    8
                                                                                                                                                          Good Investing Knows No Borders:
                                                                                                                                                     The Case for Investing in Non-US Markets




Exhibit 12                           Investors Could Have Played Bear Market Rallies in Japan: Topix 1998-2003
                                                        3000

                                                        2750

                                                        2500

                                                        2250

                                                        2000                                33% rally in ‘91                       …another 44% in ’95 -’96

                                                                                                      …55% in ’93 -’94                                              …and 79% in 1999.
                                                        1750

                                                        1500

                                                        1250

                                                        1000

                                                         750
                                                              Dec-88

                                                                         Dec-89

                                                                                   Dec-90

                                                                                             Dec-91

                                                                                                       Dec-92

                                                                                                                Dec-93

                                                                                                                          Dec-94

                                                                                                                                     Dec-95

                                                                                                                                                Dec-96

                                                                                                                                                         Dec-97

                                                                                                                                                                  Dec-98

                                                                                                                                                                             Dec-99

                                                                                                                                                                                      Dec-00

                                                                                                                                                                                               Dec-01

                                                                                                                                                                                                         Dec-02
                                                         Source: Tokyo Stock Exchange, Morgan Stanley Research

Exhibit 13                                            TOPIX Valuation: Based on 10-year Average Earnings
                                                             (P/E multiple)
                                                             120


                                                             100


                                                              80


                                                              60


                                                              40


                                                              20


                                                                0
                                                                       ‘79        ‘82       ‘85         ‘88        ‘91         ‘94            ‘97        ‘00      ‘03          ‘06        ‘09 (CY)
                                                              Source: Nomura

  Exhibit 14                       Companies Reporting Return on Equity of Less Than 8% for 3 Successive Years
                                                       (As % of total)
                                                        65


                                                        60


                                                        55


                                                        50


                                                        45


                                                        40

                                                                                                                                                                                                  (FY)
                                                        35
                                                                       01-03                  02-04                      03-05                  04-06                      05-07               06-08E
                                                        Source: Nomura                                            Note: Universe consists of TSE-1 listed companies.

No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment.

The Boston Company Asset Management, LLC                                                                                                                                                                          9
                                                                                                           Good Investing Knows No Borders:
                                                                                                      The Case for Investing in Non-US Markets




                                                               The Value of Active Management
                                                               We believe there are many reasons for investors to look beyond the US
                                                               today. Although the present environment is more challenging than it
                                                               has been for several years, unsettled markets can also reap tremendous
                                                               rewards. The key to success is to identify solid businesses that can stay
                                                               on track and emerge as market leaders, a strategy best suited for active
                                                               investing. For example, passive management does not evaluate capital
                                                               structure and a company’s ability to service and refinance its debt, an
                                                               important consideration in a restrictive credit cycle. There are also off
                                                               balance sheet commitments such as options held by minority shareholders
                                                               and currency derivatives that can materially increase a company’s
                                                               financial commitments. Nor will an index strategy establish a company’s
                                                               sustainable margin, prospects for business investment, management skill,
                                                               or competitive position. In a robust bull market, these issues may not have
                                                               as much bearing on investment returns as they should, and normally will,
                                                               under more volatile and even normal conditions. Given today’s heightened
                                                               level of economic uncertainty, active management may well be the more
                                                               prudent choice for international investors.




No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment.

www.thebostoncompany.com                                                                                                                   10
                                                                                                                Good Investing Knows No Borders:
                                                                                                           The Case for Investing in Non-US Markets




                                                                  Author Biographies

                                                                  D. Kirk Henry, CFA
                                                                  Executive Vice President
                                                                  Kirk joined The Boston Company to spearhead the firm’s Non-US Value
                                                                  Equity Group. He currently serves as the Director of Non-US Value
                                                                  Equities and Lead Portfolio Manager on the Non-US and Emerging
                                                                  Markets Value strategies. Kirk is also a member of The Boston Company’s
                                                                  Executive Management Team.
                                                                  Prior to joining The Boston Company, he was Executive Vice President at
                                                                  Cseh International & Associates, Inc. Previously, he was an International
                                                                  Portfolio Manager at Provident Capital Management, Inc. Kirk started
                                                                  his career as a Securities Analyst with First Chicago Investment Advisors
                                                                  and Sears Investment Management Company.
                                                                  Kirk graduated with a BA in Human Biology from Stanford University.
                                                                  He received an MBA in Accounting and Finance from the University of
                                                                  Chicago. Kirk holds the Chartered Financial Analyst designation and is
                                                                  a member of CFA Institute and The Boston Security Analysts Society.


                                                                  Andrea M. Clark, CFA
                                                                  Vice President
                                                                  Andrea is a Portfolio Strategist and an Equity Research Analyst on The
                                                                  Boston Company’s Non-US Value Equity investment team.
                                                                  Prior to joining The Boston Company, Andrea was a Vice President
                                                                  with Standish Mellon Asset Management, where she was responsible for
                                                                  equity product management, development and positioning. Previous to
                                                                  that, Andrea was a Vice President of Institutional Product Management
                                                                  at Pioneer Investment Management, Inc. During her career, Andrea
                                                                  also worked for Putnam Investments in several business groups including
                                                                  Portfolio Analysis and Marketing.
                                                                  Andrea received a BS and an MBA from Suffolk University. Andrea holds
                                                                  the Chartered Financial Analyst designation and is a member of the CFA
                                                                  Institute and the Boston Security Analysts Society.


This publication or any portion thereof may not be copied or distributed without prior written approval from The Boston Company Asset Management, LLC
(TBCAM). Statements are correct as of the date of the material only. This document may not be used for the purpose of an offer or solicitation in any jurisdiction
or in any circumstances in which such offer or solicitation is unlawful or not authorised. The information in this publication is for general information only and
is not intended to provide specific investment advice or recommendations for any purchase or sale of any specific security.
Any statements of opinion constitute only current opinions of TBCAM, which are subject to change and which TBCAM does not undertake to update. Due to,
among other things, the volatile nature of the markets and the investment areas discussed herein, they may only be suitable for certain investors.
Some information contained herein has been obtained from third party sources that are believed to be reliable, but the information has not been independently
verified by TBCAM. TBCAM makes no representations as to the accuracy or the completeness of such information.
No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment.



The Boston Company Asset Management, LLC                                                                                                                      11

				
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