The Stock Superstars Report illustrates how to build and ...

The Stock Superstars Report illustrates how to build and manage a well-diversified portfolio with controlled risk. Our goal is to create a portfolio that provides investment information and reflects an approach consistent with current research findings.

July 2019

Volume 17 Issue 7

After completing the monthly

A month after trade tensions

according to The Wall Street Jour-

review of the SSR portfolio hold- between the U.S. and China and

nal. This coincided with a report

ings, no stocks were identified

uncertainty about Federal Reserve that the U.S. Justice Department

that materially satisfy the unique monetary policy sent U.S. stocks had been given chief oversight over

quantitative deletion rules for each to their worst May since 2010, the a Google probe.

of the four SSR groups. As such, no S&P 500 index is on pace for its

Investor sentiment shifted

changes are being made to the SSR best June in decades. However, as rapidly to start the month and the

portfolio this month.

we go to press, this momentum is S&P 500 closed on Friday, June 7,

losing steam. That being said, the having recorded its best week of

June Recap Through the close on Wednes-

day, June 26, the SSR portfolio is up 5.1% for the month, while the portfolio's benchmark index--the iShares DJ U.S. ETF (IYY) is up 5.2%. As it now stands, the monthto-date performance of the SSR portfolio would make June 2019 the best June the portfolio has had since its inception in 2002. The previous best performance in June was in 2003 when the portfolio gained 4.5%.

S&P 500 closed on Tuesday, June 25, only 1.25% away from its record close on June 20 at 2,954.18. The Dow Jones industrial average closed June 25 only 0.77% away from its June 20 record close, while the Nasdaq composite had rebounded 7.5% from its close on June 3 and was 3.42% away from its record close of May 3.

May's doldrums carried over to the start of June, as the Nasdaq entered correction territory--down more than 10% from its May re-

cord--on the first

the year, while the Dow notched its best week in more than six months. Lackluster employment figures for May boosted investors' expectations that the Fed will pursue a looser monetary policy. At its June meeting, the Federal Open Market Committee held rates steady, but indicated that rate cuts are on the horizon. As of the morning of June 26, there is now a 100% probability that the Fed will cut short-term interest rates at its July 31 meeting, according to the CME Group's FedWatch

In This Issue

Portfolio Alerts This Month.. . . . . . . . . . . . . . . . . . . . 2 Performance of SSR.. . . . . . . . . . . . . . . . . . . . . . . . . . . 3 SSR Stocks in the News. . . . . . . . . . . . . . . . . . . . . . . . 4

trading day of the month on fears that regulators would target firms such as Alphabet (Google) and

tool. There is a 71.9% probability that there will be a 25-basis-point (0.25%) cut and a 28.1% likelihood of a 50-basis-point cut. Looking at the end of the year, there is currently a 67% probability that inter-

Recent Earnings Announcements.. . . . . . . . . . . . . . 5 The Current SSR Portfolio.. . . . . . . . . . . . . . . . . . . . . 6 In-Depth Stock Reports

Domino's Pizza, Inc. .. . . . . . . . . . . . . . . 8 JPMorgan Chase & Co... . . . . . . . . . . . . 9 J2 Global Inc... . . . . . . . . . . . . . . . . . . . . 10

Facebook. A report surfaced that the Federal Trade Commission (FTC) secured rights to begin a partial antitrust investiga-

est rates will be at least 75 basis points lower than they are now.

These scenarios carry with them multiple risks for stock investors. First, a cut in interest rates would signal the belief that the economy is slowing (or inflation is

D.R. Horton Inc.. . . . . . . . . . . . . . . . . . . . 11 tion into Facebook, rising). Both of these would create

Portfolio Corner . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12



Next Publication Date: July 26, 2019

SSR Phone Hotline: 866-801-2576

"The American Association of Individual Investors is an independent nonprofit corporation formed in 1978 for the purpose of assisting individuals in becoming effective managers of their own assets through programs of education, information and research."

Stock Superstars Report

The breadth

Portfolio Alerts This Month

of the SSR portfolio, which

July Portfolio Additions

measures the overall direction

Group Company (Exchange: Ticker) no portfolio additions for July

Portfolio Deletions Since Last Monthly Issue

3 Yr Risk Latest Price Index Description

Portfolio Deletion Alert

Group Company (Exchange: Ticker)

Date

Price

no portfolio deletions since last monthly issue

G/L Since Purchase

iShares DJ U.S. Portfolio

(IYY) Change Addition Alert

Since Purchase

Date

of the portfolio by examining the number of companies advancing and declining, was positive this

month, although

headwinds for stocks. Secondly,

U.S. and China. The two countries not as positive as last month.

the market appears to be pricing announced that the Chinese leader Through the close on June 25, 31

in at least one interest rate cut

Xi Jinping and President Trump

of 36 SSR stocks (86%) were up for

this year, if not more. If these cuts would discuss trade at the G-20

the month, compared to seven of

don't materialize--meaning ex-

summit being held in Osaka, Ja-

36 (19%) for May.

pectations don't turn into reality-- pan, the last weekend of June. In

Value clearly outperformed

there is a risk of a market pullback. an interview with CNBC, Treasury growth in June at the large- and

On the geopolitical front, trade Secretary Steven Mnuchin said:

mid-cap levels, while growth and

disputes between the U.S. and Chi- "We were about 90% of the way

value were basically even for the

na and between the U.S. and Mex- there [with a deal]." However,

month among small-cap com-

ico added to the market's ups and he did not provide any details on panies. Overall, large-cap stocks

downs this month. June started

what the final 10% of an agreement outperformed mid- and small-cap

with President Trump threatening might be.

stocks in June. The iShares S&P

to impose tariffs on goods flowing

Relations between the U.S. and 500 Value ETF (IVE) is up 6.2%

from Mexico into the U.S. in retali- Iran deteriorated even further this for the month as of June 25, while

ation against illegal immigrants

month, following Iran's attack

the iShares S&P SmallCap 600

crossing the southern border.

on two oil tankers in the Strait of Growth ETF (IJT) gained 3.6% on

However, the President called off Hormuz and its shooting down of a price basis through the close on

the tariffs at the last minute, and a $130 million U.S. drone that was June 25.

Mexico has deployed nearly 15,000 flying in international airspace.

Looking at the individual SSR

soldiers and National Guardsmen President Trump threatened a

groups--each following a unique

to its border with the U.S. and is military response, which he called selection methodology--the stocks

actively detaining migrants at-

off after "planes were in the air and in Group 3, on average, were the

tempting to cross the border.

ships were in position." Instead,

strongest performers in June. The

This month, there were some

the U.S. instituted a new round of group held the two biggest gain-

encouraging developments in the economic sanctions against Iranian ers in the portfolio for the month

ongoing trade dispute between the leaders.

through June 25: Zumiez Inc.

Published monthly by the American Association of Individual Investors 625 N. Michigan Ave., Chicago, IL 60611 312-280-0170, . Annual SSR subscription, $199.

AAII's Stock Superstars Report? (SSR) is not a registered investment adviser or a broker/dealer. This report is issued solely for informational purposes and should not be construed as an offer to sell or the solicitation of an offer to buy securities. The opinions and analyses included herein are based on sources believed to be reliable and written in good faith, but no representation or warranty, expressed or implied, is made as to their accuracy, completeness, timeliness, or correctness. Neither we nor our information providers shall be liable for any errors or inaccuracies, regardless of cause, or the lack of

timeliness of, or any delay or interruptions in, the transmission thereof to the users. All information contained in this report should be independently verified with the companies mentioned.

? American Association of Individual Investors, 2019. The Stock Superstars Report is a registered trademark and service mark of the American Association of Individual Investors. This publication may not be reproduced in whole or in part by any means without prior written consent.

"The American Association of Individual Investors is an independent nonprofit corporation formed in 1978 for the purpose of assisting individuals in becoming effective managers of their own assets through programs of education, information and research."

Printed in the U.S.A.

2 3

July 2019

Stock Superstars Report

Performance of SSR

Growth of $100,000

2002 2004 2006 2008 2010 2012 2014 2016 2018

$425,000 $400,000 $375,000 $350,000 $325,000 $300,000 $275,000 $250,000 $225,000 $200,000 $175,000 $150,000 $125,000 $100,000 $75,000 $50,000

Performance

Stock

Superstars iShares DJ

Portfolio U.S. (IYY)

June

5.1%

5.2%

2019 YTD 2018 2017 2016

14.8% -10.8% 18.1% 13.8%

16.7% -5.1% 21.2% 12.0%

2015

-3.1%

0.5%

2014 2013 2012 2011

4.4% 44.0% 16.2%

4.3%

12.7% 32.6% 16.1%

1.1%

Return

2010

19.5%

16.4%

2009

34.3%

28.5%

2008 2007 2006 2005

-43.5% 5.5% 3.0% -0.3%

-37.2% 5.8%

15.3% 6.1%

2004

14.3%

11.8%

2003

40.2%

30.4%

2002 From Inception

0.5% 284.4%

-22.1% 266.5%

Risk

Risk Index (3 Yr) Std. Dev. (3 Yr)

1.16 14.1%

1.00 12.1%

Performance as of 6/26/2019.

The Stock Superstars portfolio started at the beginning of 2002. The SSR portfolio is run as if managed by a subscriber and includes delays in reaction time to SSR alerts, actual commissions and bid-ask spreads. Since inception performance data is available at .

(ZUMZ), up 25.5%, and Gentex Corp. (GNTX), up 14.0%. The Group 3 strategy seeks reasonably priced growth stocks with upward earnings estimate revisions, a positive earnings surprise for the most recent fiscal quarter and relatively strong price action.

Group 1, the weakest SSR group in June on a relative basis, held four of the 10 weakest SSR holdings in June (although only two of those stocks were down for the month). Only one Group 1 holding was in the top five in terms of monthly performance: Burlington Stores Inc. (BURL), up 11.3%. The Group 1 approach looks for companies with a history of strong and consistent annual earnings growth, quarterly earnings momentum and strong relative price strength.

Q1 Earnings Season Finale All 36 companies currently in

the SSR portfolio have reported their results for the calendar firstquarter. Of these 36, 30 of the 36 stocks (83.3%) beat their consensus estimates by at least 2%. This exceeded the percentage from the fourth quarter of 2018 of 58.3% (which was the same percentage as the third quarter of 2018). For the SSR portfolio, a positive earnings announcement is when the reported earnings exceed the consensus estimate by 2% or more, while a negative earnings surprise is when the reported earnings fall short of the consensus estimate by at least 2%.

Only one company fell short of its consensus estimate in the fourth quarter--Magna International Inc. (Group 4: MGA), 3.5% negative surprise--compared to six the previous quarter. The remaining five companies reported quarterly earnings that were within 2% of the consensus estimate on either

the upside or downside. For the latest earnings season,

the 36 SSR tracking portfolio stocks posted a median earnings surprise of 7.9% (compared to 2.2% for the fourth quarter and 3.2% for the third quarter) and median year-over-year earnings growth of 12.5% (14.6% for the fourth quarter and 25.8% for the third quarter). The average yearover-year earnings growth was 16.2% compared to 18.0% the last quarter and 43.2% the quarter before that.

SSR Portfolio Performance Year to date, the SSR tracking

portfolio is up 14.8% through the close on June 26. By comparison, the iShares DJ U.S. ETF (IYY) has gained 16.7% year to date. Since inception, the iShares DJ U.S. fund is up 266.5%, while the SSR portfolio has gained 284.4%. ?

July 2019 3

Stock Superstars Report

SSR Stocks in the News

Carnival Corp. (CCL) (6/3/2019) Carnival will pay a $20 million penalty

for violating the probation of a 2016 criminal conviction for environmental pollution. In 2016, Carnival was charged $40 million and placed on a five-year probation, which the Bahamian government claimed Carnival's Princess Cruise Lines was violating in 2017. The Carnival subsidiary was accused of dumping 500,000 tons of treated sewage into local Bahamian waters. In the April 2019 filing against Carnival, the company was additionally charged with violating its probation by falsifying records, dumping plastic garbage in the ocean and illegally discharging gray water in Glacier Bay National Park in Alaska.

(6/5/2019) Carnival expects to face a financial impact from the Trump administration's announced ban on cruises from the U.S. to Cuba. Although the decision was not unexpected, the timing has been cited as one of inconvenience and surprise, as cruise companies will take a financial hit from reroutes and reimbursements for the summer season. Carnival said it is offering a complete reimbursement for booked trips that include Cuba. Customers who book another trip with Carnival in lieu of canceling will receive $100 per person in onboard credits, and anybody who switches to a different itinerary will get $50 per person in credits. Comcast Corp. (CMCSA)

(6/12/2019) Comcast's European media company, Sky, announced plans to double its investment in original content with a new studio and $1.27 billion from Comcast over the next five years. The new studio will produce content focusing on drama and comedy for Comcast subsidiary NBCUniversal in addition to its own European markets. Discover Financial Services (DFS)

(6/6/2019) Discover announced that executive vice president and CFO Mark Graf will retire in 2020. Graf will remain in his current role until a successor is appointed.

(6/13/2019) Discover signed an agreement with Spain's largest payments processor, Redsys, to extend merchant acceptance of its services throughout Spain. The agreement enables Discover to work with additional acquirers in the region, extending the influence of Discover, Diners Club International, PULSE and affiliate network cards in the country.

(6/17/2019) Discover announced the elimination of

deposit account fees. Customers with a checking, savings, money market or certificate of deposit (CD) account from Discover Bank will no longer face fees for monthly maintenance, checkbook orders or replacement debit cards. Fees for insufficient funds, excessive withdrawals, falling below minimum balances and stop-payment requests are also being eliminated. First American Financial Corp. (FAF)

(5/27/2019) First American Financial said that it shut down external access to more than 885 million digitized records after a cybersecurity expert reported a design defect in one of the company's production applications. The records--related to mortgage deals going back to 2003--include account numbers and statements, mortgage and tax records, Social Security numbers, wire transaction receipts and driver's license images. First American Financial hired an outside forensic firm to evaluate what effect its design defect had on customer information. G-III Apparel Group (GIII)

(6/3/2019) G-III Apparel and PVH Corp.'s (PVH) Calvin Klein brand signed a five-year licensing agreement to produce and distribute the Calvin Klein Jeans brand in the U.S. and Canada. The launch of the first women's Calvin Klein Jeans collection will be in the spring of 2020.

(6/5/2019) G-III Apparel reaffirmed guidance for the fiscal year ending January 31, 2020. The company factored in the current 25% tariffs imposed on $200 billion of goods from China. However, the company has not incorporated any future increases in tariffs on additional goods. G-III Apparel expects net sales of $3.28 billion and net income between $163 million and $168 million, or between $3.19 and $3.29 per share. For the second fiscal quarter, the company expects net sales of $660 million and a net income between $8.0 million and $13.0 million, or $0.15 to $0.25 per diluted share. JetBlue Airways Corp. (JBLU)

(6/12/2019) JetBlue reported that preliminary traffic increased 6% in May, on a capacity increase of 5%. Load factor for the month was 86%, about flat year over year, and JetBlue's preliminary completion factor was 99.7% with an on-time performance of 78%. JetBlue expects second-quarter revenue per available seat mile to be in the range of 2% to 4%. JPMorgan Chase & Co. (JPM)

(6/6/2019) JPMorgan Chase announced the end

4 5

July 2019

Stock Superstars Report

of its new digital-banking app

targeted at younger customers, called Finn, one year after

Recent Earnings Announcements

its nationwide launch. The app was meant to offer more of the

Stock (Ticker)

Date Reported Expected Surprise

Reported Earnings Earnings

%

bank's brick-and-mortar services

Group 1

with online and mobile options instead. Pfizer Inc. (PFE)

Adobe Systems Inc. (ADBE) Group 2

Carnival Corp. (CCL) Group 3

Jun 18 Jun 20

$1.83 $0.66

$1.782 $0.612

2.7% 7.8%

(5/27/2019) Pfizer announced

Apogee Enterprises Inc. (APOG)

Jun 27

$0.60 $0.542 10.7%

that a phase-three study to assess the use of Lyrica--a treatment for nerve and muscle pain,

G-III Apparel Group (GIII)

Jun 5

$0.25 $0.224

Zumiez Inc. (ZUMZ)

Jun 6

$0.03 ($0.086)

Group 4

No Group 4 Companies Reported Earnings This Month

11.6% 134.9%

as well as seizures--as adjunctive

Announcements through the open on 6/27/2019.

therapy for epilepsy patients

aged five to 65 did not meet

its primary endpoint. Treatment with Lyrica did not Technologies Co. and American companies. Skyworks

result in a statistically significant reduction in seizure is now expecting revenue between $755 million and

frequency compared to the placebo.

$775 million, compared to the previous outlook of

(6/13/2019) Pfizer announced positive results from between $815 million and $835 million, and adjusted

a study of Xeljanz extended release as a monotherapy diluted earnings per share of $1.34, at the midpoint of

for rheumatoid arthritis in patients who have stopped the revenue range, compared to the previous outlook

taking methotrexate. Acceptance of the results would of $1.50. During the first six months of fiscal 2019,

add them to Xeljanz's label, allowing doctors to pre- sales to Huawei were approximately 12% of Skyworks'

scribe Xeljanz to rheumatoid arthritis patients who

total revenue.

are unable or unwilling to use methotrexate. Xeljanz UnitedHealth Group Inc. (UNH)

is approved in more than 130 countries for the treat-

(6/5/2019) UnitedHealth declared a regular quar-

ment of moderately to severely active rheumatoid

terly dividend of $1.08, a 20% increase. The dividend

arthritis, and additionally approved in the U.S. for the is payable June 25 to shareholders of record June 17.

treatment of active psoriatic arthritis and moderately The stock will trade ex-dividend on Friday, June 14.

to severely active ulcerative colitis.

(6/20/2019) UnitedHealth announced an agreement

(6/17/2019) Pfizer announced that it will acquire

to buy health care payments firm Equian LLC for

Array BioPharma Inc. (ARRY) for $48 per share

about $3 billion. Equian offers payment-processing

in cash for a total value of about $11 billion. Array

services for health care companies and insurers. Ac-

is a commercial-stage biopharmaceutical company

cording to the private equity firm that owns Equian,

focused on the discovery, development and commer- the company's platform handles more than $500 bil-

cialization of targeted small molecule medicines to

lion in health care claims a year and serves nine of the

treat cancer and other diseases of high unmet need.

10 largest health care payers.

Array brings a broad pipeline of targeted cancer medi- Visa Inc. (V)

cines in development, as well as a portfolio of out-

(6/5/2019) Visa announced a new partnership

licensed potentially best-in-class and/or first-in-class with Western Union Co. (WU) that will see Western

medicines, which are expected to generate significant Union implement Visa Direct, a real-time payments

royalties over time.

platform. Once Western Union's implementation of

Skyworks Solutions Inc. (SWKS)

Visa Direct is live, Western Union will be able to offer

(6/4/2019) Skyworks Solutions updated its guid-

customers an expedited remittance service onto cards

ance for the third quarter of 2019, reflecting the

with more transparency and enhanced user experi-

expected impact of the U.S. Department of Com-

ence for both senders and receivers. ?

merce's new restrictions of business between Huawei

July 2019 5

Stock Superstars Report

Rel

SSR

Gain/Loss Strength

Pur- Latest

Since Since Rel Strength

Portfolio Alert chase Price One Pur- Purchase % Rank

Company (Exchange: Ticker)

Date Price Price (6/25/19) Month chase (Index) 4 Wk 52 Wk

Group 1: Profitability & Relative Strength

Monster Beverage Corp. (MNST)

5/31/19 $61.86 $63.62 $63.33 2.4% -0.5% 0.98 60% 78%

Nexstar Media Group (NXST)

4/26/19 $116.85 $116.87 $98.52 -1.6% -15.7% 0.85 24% 88%

O'Reilly Automotive Inc. (ORLY)

1/4/19 $339.46 $339.66 $374.46 0.8% 10.2% 0.97 58% 89%

Adobe Inc. (ADBE)

8/31/18 $263.51 $259.84 $287.97 6.3% 10.8% 1.11 72% 82%

Arista Networks Inc. (ANET)

1/26/18 $283.50 $274.98 $246.38 0.7% -10.4% 0.87 42% 56%

Burlington Stores Inc. (BURL)

6/24/16 $63.53 $63.16 $174.29 11.3% 176.0% 1.93 94% 81%

Visa Inc. (V)

1/29/16 $74.49 $73.53 $171.28 6.2% 132.9% 1.52 72% 87%

Domino's Pizza, Inc. (DPZ)

12/6/13 $69.78 $69.21 $277.14 -0.8% 300.5% 2.33 43% 61%

Group 2: Value & Financial Strength

Comcast Corporation (CMCSA)

3/29/18 $33.98 $33.82 $42.75 4.3% 26.4% 1.15 58% 87%

Carnival Corp. (CCL)

7/28/17 $66.40 $67.31 $45.45 -11.2% -32.5% 0.58 15% 35%

Skyworks Solutions Inc. (SWKS)

7/29/16 $66.02 $66.04 $74.32 11.5% 12.5% 0.84 82% 39%

Cisco Systems, Inc. (CSCO)

1/29/16 $23.79 $23.24 $56.08 7.8% 141.3% 1.57 73% 88%

First American Financial Corp. (FAF) 8/28/15 $38.82 $38.14 $55.12 6.7% 44.5% 0.98 72% 76%

PACCAR Inc. (PCAR)

5/29/15 $63.56 $63.43 $71.30 8.3% 12.4% 0.80 73% 80%

JPMorgan Chase & Co. (JPM)

2/27/15 $61.28 $61.84 $107.76 1.7% 74.2% 1.22 42% 69%

Washington Federal Inc. (WAFD)

8/1/14 $20.69 $20.74 $33.07 4.8% 59.4% 1.01 62% 65%

UnitedHealth Group (UNH)

8/31/12 $54.30 $54.29 $247.66 2.4% 356.2% 2.03 59% 64%

U.S. Bancorp (USB)

4/27/12 $32.29 $32.18 $52.04 3.7% 61.7% 0.72 62% 70%

Pfizer Inc. (PFE)

5/1/09 $13.58 $13.93 $43.76 5.4% 214.1% 0.85 70% 84%

Group 3: GARP Revisions

G-III Apparel Group (GIII)

4/26/19 $43.02 $43.35 $26.94 4.7% -37.8% 0.63 35% 25%

Zumiez Inc. (ZUMZ)

2/1/19 $25.14 $24.91 $24.83 25.5% -0.3% 0.94 95% 59%

America's Car-Mart, Inc. (CRMT)

9/28/18 $78.20 $78.81 $86.53 0.5% 9.8% 1.10 48% 89%

Apogee Enterprises Inc. (APOG)

8/3/18 $49.11 $50.03 $38.08 5.0% -23.9% 0.75 55% 52%

Lam Research Corp. (LRCX)

10/27/17 $208.00 $207.61 $175.82 0.7% -15.3% 0.75 40% 68%

Bank of America Corp. (BAC)

8/25/17 $23.77 $23.78 $27.76 4.4% 16.7% 0.99 48% 62%

j2 Global Inc. (JCOM)

1/6/17 $84.03 $83.81 $85.63 1.6% 2.2% 0.80 60% 64%

Gentex Corporation (GNTX)

10/30/15 $16.39 $16.57 $24.34 14.0% 46.9% 1.07 88% 68%

Tetra Tech, Inc. (TTEK)

1/3/14 $27.63 $28.32 $74.77 10.7% 164.1% 1.58 89% 88%

Group 4: Reasonably Priced Growth

Encore Capital Group, Inc. (ECPG)

5/31/19 $34.34 $36.08 $33.17 -3.4% -8.1% 0.90 23% 51%

Discover Financial Services (DFS)

3/29/19 $71.16 $74.26 $77.42 3.8% 4.3% 1.04 54% 72%

JetBlue Airways Corp. (JBLU)

6/1/18 $18.77 $18.76 $18.31 6.3% -2.4% 0.94 78% 63%

Copart, Inc. (CPRT)

1/27/17 $28.51 $27.92 $73.38 2.7% 162.9% 2.08 67% 85%

D.R. Horton, Inc. (DHI)

12/4/15 $32.99 $32.22 $42.57 -0.4% 32.1% 0.94 35% 72%

Magna International Inc. (MGA)

7/31/15 $54.36 $55.30 $48.65 13.3% -12.0% 0.64 87% 42%

MetLife Inc. (MET)

9/28/12 $30.89 $30.88 $48.73 5.5% 57.8% 0.72 62% 74%

Reinsurance Grp of America (RGA)

6/24/11 $59.90 $60.75 $151.62 2.4% 149.6% 1.02 56% 77%

Data as of 6/25/2019.

Source: AAII Stock Investor Pro, Thomson Reuters and I/B/E/S.

Risk Index (3 Yr)

P/E Ratio E (TTM) (T

2.29 34.0 $ 2.55 11.8 $ 1.71 22.6 $1 1.72 53.1 $ 3.09 53.0 $ 1.93 29.1 $ 1.16 37.0 $ 2.21 32.4 $

1.85 16.0 $ 1.90 10.4 $ 2.69 12.6 $ 1.53 20.5 $ 1.84 12.3 $ 1.86 10.8 $ 1.72 11.6 $ 1.77 13.3 $ 1.54 19.2 $1 1.58 12.4 $ 1.13 24.2 $

4.16 9.7 $ 4.56 15.7 $ 2.92 12.9 $ 2.51 23.9 $ 2.67 11.4 $1 2.28 10.3 $ 1.59 29.8 $ 1.80 15.0 $ 1.85 27.5 $

3.62 7.0 $ 2.18 9.5 $ 2.46 49.0 $ 1.83 32.4 $ 1.91 10.4 $ 2.14 6.0 $ 1.72 9.5 $ 1.34 13.6 $1

Rel Strength Since Purchase ? Price performance of a stock compared to the iShares Dow Jones U.S. ETF (IYY) since the stock was purchased for the SSR portfolio. Rel Strength % Rank ? An indication of how a stock has performed relative to all U.S.-listed stocks over the stated time period. A rank of 75% reflects performance that surpassed 75% of all stocks over the period--or that places the stock within the top 25% of the universe. Risk Index ? The 36-month annualized standard deviation of return for the stock divided by the 36-month annualized standard deviation of return for the

iShares Dow Jones U.S. ETF (IYY). The baseline value for the index is 1.00. Values above 1.00 indicate greater risk than the index. Values below 1.00 indicate less risk than the index. P/E Ratio (TTM) ? The current stock price divided by diluted earnings per share from continuing operations for the trailing 12 months. EPS (TTM) ? The amount of fully diluted earnings from continuing operations reported by a company for the most recent 12-month period (TTM) on a per share basis. EPS (Est Current Year) ? The average consensus earnings estimate for the current fiscal year.

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July 2019

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