US 1: Adding ECL to the US 1 List, renewing NVDA & WELL, and retaining FDXF

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US 1: Adding ECL to the US 1 List, renewing NVDA & WELL, and retaining FDXF

The US 1 list

The US 1 list is intended to represent a collection of our best investment ideas that are

drawn from the universe of Buy-rated, US-listed stocks (including ADRs), covered by

BofA Global Research fundamental equity research analysts. The list will be managed

with a goal of providing superior investment performance over the long term.

US 1 Committee and Investment Process

The US 1 committee consists of seven sector leads who will consolidate the best

investment ideas from BofA Global Research Fundamental Equity analysts on an ongoing

basis. Changes to the list will be determined by the sector leads, together with the US 1

committee chairperson Ken Hoexter. The committee will also meet formally once per

quarter.

To be included in the list, stocks must be listed in the US and must have an average daily

trading volume of at least $5 million in the six months preceding their selection for the

list. Once selected, a stock will remain on the list for approximately 12 months, unless

the committee removes the stock in connection with a downgrade or otherwise. At the

end of the 12-month period, the committee may extend a company’s inclusion on the list

for another 12 months if it continues to meet the US 1 criteria. A decision to remove a

stock from the list after approximately 12 months or to renew the stock’s tenure for an

additional 12 months will be made within four weeks of the expiration of the original 12

month term. The list will generally consist of between 30 to 40 stocks, but not less than

25 stocks. The list is rebalanced each time a stock is added or removed. The list is

weighted based on market cap, and will allocate 2% for stocks with <$100bn market