US Conviction List - Directors‘ Cut

Research evidence excerpt

US Conviction List - Directors‘ Cut

Goldman Sachs US Conviction List - Directors’ Cut

Our 21 most differentiated Buy recommendations

The company specific discussion in the sections below reflect the views of the covering

analyst.

Exhibit 7: Conviction List - Directors’ Cut

Ticker Company Summary

Consumer

DKS Dick's Sporting Goods Inc At the corner of retail/eCommerce's blurring lines, restructuring, and the health and fitness craze

EL Estee Lauder Cos Inc/The Topline growth inflector in a strong growth category

TSN Tyson Foods Inc Diversified portfolio with leverage to the hottest area of food

Financials

CFG Citizens Financial Group Inc Best-in-class operator that is only getting better

IBKR Interactive Brokers Group Inc Steady, structural growth opportunity in traditional retail brokerage

TPG TPG Inc Sustainable growth platform at a discounted valuation

WFC Wells Fargo & Co Top-line grower with operating leverage

Healthcare

JNJ Johnson & Johnson Navigating a patent cliff to a higher stock price

UNH UnitedHealth Group Inc Shrink to grow insurer on the cusp of a pro-cyclical EPS reacceleration

Industrial

APD Air Products and Chemicals Inc A return-to-core company in a strong core end market

CSL Carlisle Cos Inc Value stock on the cusp of an earnings growth inflection

CWST Casella Waste Systems Inc Sustainable growth, with margin expansion ahead

LOAR Loar Holdings Inc Early stage aerospace M&A compounder

Natural Resources

COP ConocoPhillips Big oil shifting to harvest mode

GLNG Golar LNG Ltd Underappreciated, catalyst-rich growth story with dependable economics

NXT Nextpower Inc Emerging technology platform provider in the electrification industry

TMT

AVGO Broadcom Inc Custom silicon leader in a world increasingly leaning into custom silicon