Global Focus Point: Seize the alpha

Research evidence excerpt

Global Focus Point: Seize the alpha

Notice to Readers:

The various screens identified in this report are intended to be indicative metrics only

and may not be used for reference purposes or as a measure of performance for any

financial instrument or contract, or otherwise relied upon by third parties for any other

purpose, without the prior written consent of BofA Global Research. These screens were

not created to act as a benchmark.

The screens in this report are not a recommended list either individually or as a group of

stocks. Investors should consider the fundamentals of the companies and their own

individual circumstances/objectives before making any investment decisions.

The analysis in this report is back-tested and does not represent the actual performance

resulting from the implementation of any strategy. Back-tested performance depicts

the hypothetical back-tested performance of a particular strategy over the time period

indicated. In future periods, market and economic conditions will differ and the same

strategy will not necessarily produce the same results. No representation is being made

that any actual implementation of a strategy would likely have achieved results similar to

those shown herein. In fact, there are frequently sharp differences between back-tested

results and the actual results realized in the actual management of a particular strategy.

Back-tested performance results are created by applying an investment strategy or

methodology to historical data and attempts to give an indication as to how a strategy

might have performed during a certain period in the past if the strategy had been in

place during such time. Back-tested results have inherent limitations including the fact