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Investment Strategy
mberg European equities: switch to outright long Healthcare We switch our European sector pair trade preferr
n; Merrill Lynch DIFC}: Merrill Lynch International (DIFC Branch), regulated by the Dubai Financial Services Authority (DFSA); Merrill Lynch (Spain): Merrill Lynch Capital Markets Espana, S.AS.V., regulated by Comision Nacional del Mercado De Valores; Merrill Lynch (Brazil): Bank of America Merrill Lynch Banco Multiplo S.A., regulated
Page: HOUSE_OVERSIGHT_014457 →is one of the nation's largest managed care organizations, covering roughly 23 million members. The company focuses on three main business segments: Health Care (health insurance, dental, behavioral health and pharmacy benefit Bankof America <> Merrill Lynch Top 10 US Ideas Quarterly | 03 January 2017 3 HOU
Page: HOUSE_OVERSIGHT_014624 →n; Merrill Lynch DIFC}: Merrill Lynch International (DIFC Branch), regulated by the Dubai Financial Services Authority (DFSA); Merrill Lynch (Spain): Merrill Lynch Capital Markets Espana, S.A.S.V., regulated by Comisién Nacional del Mercado De Valores; Merrill Lynch (Brazil}: Bank of America Merrill Lynch Banco Multiplo S.A., regulate
Page: HOUSE_OVERSIGHT_014650 →Quantitative Analysis
tax of overseas earnings of US firms’ subsidiaries at reduced rates. Non-Financials in the S&P hold at least $1.2tn in overseas cash (mostly Tech and Health Care). If half was used for buybacks, this could add 3% ($4) to S&P 500 EPS. A redux of 2004 where companies used 80% of cash for buybacks may be less lik
Page: HOUSE_OVERSIGHT_023069 →n; Merrill Lynch DIFC}: Merrill Lynch International (DIFC Branch}, regulated by the Dubai Financial Services Authority (DFSA); Merrill Lynch (Spain): Merrill Lynch Capital Markets Espana, S.AS.V., regulated by Comisién Nacional del Mercado De Valores; Merrill Lynch (Brazil): Bank of America Merrill Lynch Banco Multiplo S.A., regulated
Page: HOUSE_OVERSIGHT_023094 →Entities connected to both Merrill Lynch Capital Markets Espana and Health Care
Utilities
ORGANIZATION
Bank of America
ORGANIZATION
Donald Trump
PERSON
Merrill Lynch
ORGANIZATION
Michael Bloomberg
PERSON
Frankfurt
LOCATIONPierce, Fenner & Smith Incorporated
ORGANIZATIONthe Dubai Financial Services Authority
ORGANIZATIONthe Central Bank of Ireland
ORGANIZATION
United Kingdom
LOCATIONMerrill Lynch KSA Company
ORGANIZATIONMerrill Lynch Canada Inc
ORGANIZATIONthe Securities and Futures Bureau
ORGANIZATIONDSP Merrill Lynch Limited
ORGANIZATIONMerrill Lynch Argentina SA
ORGANIZATIONOtoritas Jasa Keuangan
ORGANIZATION
Merrill Lynch Global Wealth Management
ORGANIZATIONMerrill Lynch International Incorporated
ORGANIZATION
Seoul
LOCATIONThe Financial Service Board
ORGANIZATION