Monthly Flow Tracker: Active EQ Outflows Persist; EMD Slows Further

Research evidence excerpt

Monthly Flow Tracker: Active EQ Outflows Persist; EMD Slows Further

return, if it is no longer rated Buy and/or if it triggers a stop loss. Stocks having 120 day volatility in the bottom quartile of

S&P stocks will continue to have a 15% stop loss, and the remainder will have a 20% stop. Franchise Picks are not intended to represent a recommended

portfolio of stocks and is not sector based, but we may note where we believe a Pick falls within an investment style such as growth or value.

Risks which may impede the achievement of our Price Target

This report was prepared for general circulation and does not provide investment recommendations specific to individual investors. As such, the financial

instruments discussed in this report may not be suitable for all investors and investors must make their own investment decisions based upon their specific

investment objectives and financial situation utilizing their own financial advisors as they deem necessary. Past performance of the financial instruments

recommended in this report should not be taken as an indication or guarantee of future results. The price, value of, and income from, any of the financial

instruments mentioned in this report can rise as well as fall and may be affected by changes in economic, financial and political factors. If a financial

instrument is denominated in a currency other than the investor's home currency, a change in exchange rates may adversely affect the price of, value of, or

income derived from the financial instrument described in this report. To the extent prices are shown in non-US currency, please note that our local currency

price targets are based on a currency conversion using an exchange rate as of the prior trading day (unless otherwise noted). Should there be fluctuations