mberg European equities: switch to outright long Healthcare We switch our European sector pair trade preferr

higher oil would make Oil’s high DY sustainable. Healthcare is too cheap vs an improving sector growth outloo

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

nce in the health system in order to enhance % of Healthcare facilities reporting comprehensive % 10 100 NA 10

estimates for Medicare program resulted from the Healthcare reform legisiation. For mare definitions, see nex

ublica.org / Wendi C. Thomas Methodist Le Bonheur Healthcare has sued many of its own employees over unpaid me

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

r Diagnostics and Versartis. Prior to joining New Leaf, Mike was a Principal at the Boston Consulting Group (BCG) where he was a core member of their Health Care practice. Mike graduated magna cum laude from Harvard University with an AB in biochemical sciences and received his Ph.D. in molecular biology and g

scretionary 68.5 132.4 93% Information Technology 54.2 96.9 79% Materials 146.1 237.2 62% Industrial 101.4 155.8 54% Consumer Staples 104.7 160.5 53% Health Care 89.1 128.4 44% Energy 181.9 238.9 31% Financials 63.0 82.0 30% Telecom 51.0 56.9 12% Utilities 113.4 100.9 -11% Source: Bloomberg e Reasons for Und

, but WBA noted it is monitoring the CBD market. Healthcare: Payor Perspective: Generally speaking, managed c

deserves a larger premium. ¢ We continue to like Healthcare as it offers solid long-term earnings prospects w

s 11.4% 13.1% 13.8% 19.5% MSCI Europe* 1104 13.2% Healthcare 18.4% 15.5% 15.0% 30.9% MSCI EM $* oo5 12.2% Fina

/Month Wage/Taxes/Benefits/Month Mobir $ 6,000.00 Healthcare $ 1,430,000.00 Annual Total x 3 years Staff Unifo