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The author of the Market Commentary section of this material is the Head of Global Equities for Northern Trust Securities LLP ("NTS") and is not an Analyst. Opinions expressed may differ from those expressed by other departments of NTS; including our Equity Research Department, and are subject to change without notice. The ideas in this communication were composed by the Northern Trust Securities LLP research team; Paul Moran, Head of Research; Ameet Patel, Senior Analyst; Oliver Sherman, Analyst; Douglas Morton, Head of Asia Research.
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This report is not, and should not be construed as, a recommendation, solicitation or offer to buy or sell any securities or related financial products. This report does not constitute investment advice, does not constitute a personal recommendation and has been prepared without regard to the individual financial circumstances, needs or objectives of persons who receive it.
All prices are sourced from Bloomberg, S&P Capital IQ and Northern Trust Securities own analysis at the time of writing.
Disclaimer: One or more members of the research team responsible for preparing this report may own a position (or positions) in stocks mentioned above in their personal investment holdings.
We distinguish between three different investment rating categories, as follows:
BUY/SELL: For core research ideas with a medium to long-term timeframe (typically one to three years), we use a rating of 'Buy' or 'Sell'. For such ideas we expect at least a 20% annualised return (relative to the local index, e.g. STOXX Europe 600, S&P 500, MSCI AC Asia Pacific) over the relevant timeframe. Buys/Sells remain active until officially closed.
SPECULATIVE BUY/SELL: For ideas where a more in-depth analysis is pending but where we see potential for attractive returns based on exposure/leverage to one or more of our core themes, we use a rating of 'Speculative Buy' or 'Speculative Sell'. A Speculative Buy/Sell should be considered active until either progressed to Buy/Sell or closed out.
THEMATIC BUY/SELL: For ideas where a more in-depth analysis is pending but where we see potential for attractive returns based on exposure/leverage to one or more of our core themes, we use a rating of ‘Thematic Buy' or ‘Thematic Sell'. A Thematic Buy/Sell should be considered active until either progressed to Buy/Sell or closed out.
TRADING BUY/SELL: For ideas with a short-term timeframe (typically days to weeks) or more tactical calls, we use a rating of 'Trading Buy' or 'Trading Sell'. For such ideas we target a 5-15% absolute return potential over the relevant timeframe. Unless otherwise stated, a Trading Buy/Sell should be assumed to be closed out if it reaches a 5% loss from initiation; profitable trade ideas will be closed out actively.
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