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Investment Strategy
mberg European equities: switch to outright long Healthcare We switch our European sector pair trade preferr
co Multiplo S.A., regulated by Comissao de Valores Mobiliarios; Merrill Lynch KSA Company, ertill Lynch Kingdom of Saudi Arabia Company, regulated by the Capital Market Authority. This research report: has been approved for publication and is distributed in the United Kingdom (UK) to professional clients and eligible counterpa
Page: HOUSE_OVERSIGHT_014457 →higher oil would make Oil’s high DY sustainable. Healthcare is too cheap vs an improving sector growth outloo
co Multiplo S.A., regulated by Comissdo de Valores Mobiliarios; Merrill Lynch KSA Company, errill Lynch Kingdom of Saudi Arabia Company, regulated by the Capital Market Authority. This research report: has been approved for publication and is distributed in the United Kingdom (UK) to professional clients and eligible counterpa
Page: HOUSE_OVERSIGHT_014496 →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 →co Multiplo S.A., regulated by Comissao de Valores Mobiliarios; Merrill Lynch KSA Company, errill Lynch Kingdom of Saudi Arabia Company, regulated by the Capital Market Authority. This research report: has been approved for publication and is distributed in the United Kingdom (UK) to professional clients and eligible counterpa
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 →co Multiplo S.A., regulated by Comissao de Valores Mobiliarios; Merrill Lynch KSA Company, errill Lynch Kingdom of Saudi Arabia Company, regulated by the Capital Market Authority. This research report: has been approved for publication and is distributed in the United Kingdom (UK) to professional clients and eligible counterpa
Page: HOUSE_OVERSIGHT_023094 →Entities connected to both the Capital Market Authority and Health Care

Malaysia
LOCATION
United Kingdom
LOCATION
Frankfurt
LOCATION
New Zealand
LOCATION
the Financial Services Agency
ORGANIZATIONthe Dubai Financial Services Authority
ORGANIZATIONthe Prudential Regulation Authority
ORGANIZATIONUtilities
ORGANIZATION
Bloomberg L.P.
ORGANIZATION
Bank of America
ORGANIZATION
Michael Bloomberg
PERSON
Donald Trump
PERSON
Seoul
LOCATIONthe Australian Securities and Investments Commission
ORGANIZATIONDeutsche Bank Securities Inc.
ORGANIZATIONPierce, Fenner & Smith Incorporated
ORGANIZATION
Merrill Lynch
ORGANIZATION
Philippines
LOCATIONBaFin
ORGANIZATIONMerrill Lynch Canada Inc
ORGANIZATION