FEATURED ARTICLES: ghts Research... · 2020-04-06 · An innovator in parenteral drug delivery,...

Oppenheimer & Co Inc. 85 Broad Street, New York, NY 10004 Tel: 800-221-5588 Fax: 212-667-8229

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EQUITY RESEARCH

April 2020

7

Monthly Highlights

FEATURED ARTICLES:

Ascendis Pharma 2 Sony Corporation 44

Coverage Universe (as of 3/31/20) 6

Outperform Rated Stocks 23-24

Perform Rated Stocks 25

Underperform Rated Stocks 26

Not Rated Stocks 26

Initiation of Coverage 27

Rating Changes 27

For analyst certification and important disclosures, see the Disclosure Appendix.

Monthly Highlights

2

April 1, 2020 HEALTHCARE / BIOPHARMACEUTICALS

Ascendis Pharma Rising to the Challenge; Initiated Outperform, $199 PT

SUMMARY

On 3/19/20, we initiated coverage of Ascendis (ASND) with an Outperform rating and $199

price target. An innovator in parenteral drug delivery, ASND is developing a pipeline of

candidates that need to be injected just once-weekly, and hence offer meaningful

improvement over once-daily versions. The company's initial commercial opportunity is in

the large pediatric growth hormone replacement market (~$2.4B WW), with US/EU

regulatory submissions slated for this year. Next up is management of hypoparathyroidism,

of which chronic forms affect ~200,000 patients in accessible markets, and we are

optimistic for key upcoming clinical data. Third is achondroplasia, for which we see ASND

as a fast-follower to Biomarin which forged this indication's development path. We expect

ASND to outperform as its high-value therapeutic assets advance toward the market.

KEY POINTS

Reducing injection frequency and more with TransCon. Many injectable

biologics require frequent (i.e., daily) dosing due to their short half-lives in the

body. Through chemical linkage to an inert carrier molecule that liberates a

selected drug in its unmodified form over time, ASND's platform enables once-

weekly dosing. Extensive clinical testing has shown TransCon to be safe and

well-tolerated. Candidates have patent exclusivity to 2035+.

To be commercial in pediatric growth hormone deficiency next year. Weekly

TransCon hGH demonstrated superior height velocity vs. daily hGH that was

sustained over one year in its pediatric GHD registration program, and with ~same

safety and immunogenicity. Adherence should be facilitated by convenient, small-

needle auto-injector at launch. Our survey indicated broad interest among US

specialists in using TransCon hGH shortly following its availability.

Phase 2 hypoparathyroidism readout coming very soon. Beyond lower injection

frequency, TransCon PTH exhibits a physiologically favorable clinical exposure

profile relative to existing daily PTH product Natpara ($230M sales in 2018;

currently subject to fill-finish-related recall). We see likely success for TransCon

PTH's international dose-finding Phase 2 trial (N~55) being conducted with pen

injector—an interim look was positive.

Best-in-class CNP for achondroplasia rounds out the clinical pipeline. Clinical

proof of concept for exogenous CNP to correct this genetic short-stature syndrome

was established by BMRN's daily vosoritide, yet its fleeting half-life likely impacted

efficacy. Clean safety was seen with TransCon CNP in Phase 1, and continuous

exposure offers potential for greater benefit. Phase 2 evaluation has begun, with

dose-escalation to occur throughout 2020.

Solid financials. Cash balance of $726M at 9/30 is anticipated to fund the

company into TransCon hGH's launch.

Stock Price Performance

Ascendis Pharma is a late stage clinical pharmaceutical company optimizing dosing capabilities for on-market products through its innovative TransCon technology.

Stock Rating:

Outperform 12-18 mo. Price Target $199.00

ASND-NASDAQ (3/31/20) $112.61

11%

3-5 Yr. EPS Gr. Rate NA

52-week Range $145.59-$90.06

Shares Outstanding 48.0M

Float 44.7M

Avg. Daily Trading Vol. 191,902

Market Capitalization $5,376.0M

Dividend/Yield NA/NM

Fiscal Year Ends Dec

Book Value $13.65

2020E ROE NA

LT Debt NA

Preferred NA

Common Equity $655M

Convertible Available No

Revenue

($/mil)

Q1

Q2

Q3

Q4

FY

Mult

2019E 5.4A 3.2A 2.2A 2.3 13.2 NM 2020E 2.3 2.2 2.5 2.8 9.8 NM 2021E -- -- -- -- 119.0 NM

Leland Gershell, MD, PhD 212-667-7189 [email protected]

Trevor Allred 212-667-7215 [email protected]

Monthly Highlights

3

Price Target Calculation We value ASND at $199 per share using a risk-adjusted discounted cash flow analysis. Our valuation is

obtained by assigning 1) a 95% and an 80% likelihood that TransCon hGH achieves our projected sales

in pediatric and adult GHD, 2) a 70% likelihood that TransCon PTH achieves our projected sales in HP,

and 3) a 60% likelihood that TransCon CNP achieves our projected sales in achondroplasia. We

forecast 2022-24 risk-unadjusted revenue of $198M, $600M, and $1B, respectively. Other assumptions

include: 10.5% WACC and $5.8B terminal value.

Key Risks Risks include: (1) TransCon hGH fails to secure marketing approval; (2) TransCon hGH sales underperform our projections; (3) TransCon PTH fails in its clinical development; (4) TransCon CNP fails in its clinical development; and (5) unexpected industry competition arises.

(For more detail, please see our report “Rising to the Challenge; Initiate Outperform, $199 PT” published on 3/19/20)

https://opco2.bluematrix.com/sellside/EmailDocViewer?encrypt=c5688b1f-6a69-4e5e-8a90-c3590af13dc4&mime=pdf&co=Oppenheimer2&[email protected]&source=libraryView

Monthly Highlights

4

April 1, 2020 TECHNOLOGY/EMERGING TECHNOLOGIES AND SERVICES

Sony Corporation Initiated with an Outperform Rating and $70 PT

SUMMARY

On 3/17/20, we initiated coverage of Sony Corporation (SNE) with an Outperform rating and

a 12-18-month price target of $70. Sony has helped to define the media entertainment

experience for generations of consumers since its founding over 70 years ago. It still has a

leading role in shaping the end-to-end digital experience in video games, music, movies/TV

and image capturing. Despite well-known challenges in consumer electronics, SNE

executed a respectable turnaround that produced a dominating gaming platform and the

world’s largest music catalog. Its semiconductor business continues to lead the high-end

CMOS image sensor market. Its Pictures business stabilized with notable box office

successes and more rational cost controls. We expect steady improvement in revenue

growth, margins, and cash flows as Sony progresses through its digital transformation.

KEY POINTS

Critical Enabler of Digital Entertainment: Sony will maintain a central role in shaping

the consumer entertainment experience. Its ownership of key content IP assets across

gaming, music, and movies/TV will enable the company to execute the shift of value

creation from consumer hardware to software (content and services). Sony will benefit

from a structural change that provides better resistance to product cycles and margin

fluctuation.

Video Game: We expect Sony to lead the console market in its transition to next

generation hardware. Its high-quality first-party games are likely to keep players within

the PlayStation platform. With stronger development resources and business model

shifts to in-game purchase and subscriptions, we believe PlayStation will remain a key

driver of Sony's long-term value.

Music: We expect Sony Music to benefit from continued streaming music penetration

at a global scale. We see low risk of price erosion and sales decline of recorded music

due to a favorable industry structure and lack of viable competition outside the big

three music companies.

Image Sensor: We expect Sony to lead the CMOS image sensor market with above-

market sales growth and stable long-term margins and cash flows. Deep customer

customization, low capital intensity, and technical know-how in analog position Sony

well to take market share in mobile and other emerging applications.

Bottom Line: We believe recent market weakness creates an attractive entry point to

own Sony for the long term. Despite the near-term impact on its sales in FY20, we

believe Sony's business-portfolio shift to leading digital entertainment IP and best-in-

class image sensors will provide more stable sales growth and margin improvement in

the long term.

Stock Price Performance

Founded in 1946, Sony has grown from a leading audio-video equipment manufacturer to a global digital entertainment conglomerate with leading market positions in video game, music, movie, CMOS image sensors, consumer electronics, and financial services.

Stock Rating:

Outperform 12-18 mo. Price Target $70.00

SNE-NYSE (3/31/20) $59.18

11%

3-5 Yr. EPS Gr. Rate NA

52-week Range $73.86-$41.91

Shares Outstanding 1,225.0M

Float 1,224.0M

Avg. Daily Trading Vol. 1,234,588

Market Capitalization $74,626.0M

Dividend/Yield $0.27/0.45%

Fiscal Year Ends Mar

Book Value $33.66

2020E ROE 22.0%

LT Debt $5,806.0M

Preferred NA

Common Equity $44,913MM

Convertible Available No

EPS

Diluted

Q1

Q2

Q3

Q4

FY

Mult

2018A 174.80A 133.43 330.77 68.23 707.74 0.1x 2019E 119.22A 148.59A 182.89A 51.64 502.42 0.1x

2020E -- -- -- -- 459.73 0.1x

2021E -- -- -- -- 512.49 0.1x

EPS in JPY

Andrew Uerkwitz

212-667-5316 [email protected]

Angie Song 336-574-7418 [email protected]

Martin Yang, CFA

212-667-7623 [email protected]

mailto:[email protected]

Monthly Highlights

5

Price Target Calculation Our price target of $70 is based on sum-of-the-parts method. Our base case of sum-of-the-parts

analysis assumes Sony to trade in-line with its segment peer groups in video games, music, movies

and TV, consumer electronics and semiconductors. Our price target also implies 7x EV/EBITDA on

estimated FY21 EBITDA of ¥1,286B. We note that it is significantly higher than Sony’s historical

average. We see three drivers to warrant the multiple expansion: 1) structural shift to higher margin,

anti-cyclical business such as video games and music, 2) greater synergy to be achieved across media

segments that reduces the conglomerate discount, and 3) shrinking impact of EP&S segment declines.

Key Risks These risks include: 1) semiconductor and consumer electronics supply chain disruption, 2) faster than

expected decline of mobile game sales, 3) delays of major films, 4) macroeconomic headwinds that

slows down consumer spending on electronics

(For more detail, please see our report “Initiating with an Outperform Rating and $70 PT,” published on 3/17/20)

https://opco2.bluematrix.com/sellside/EmailDocViewer?encrypt=bad614b2-7346-45f9-9ee7-89c36082fff5&mime=pdf&co=Oppenheimer2&[email protected]&source=libraryView

Monthly Highlights

6

O = Outperform P = Perform U = Underperform NR = Not Rated

See pages 28-30 for Disclosure Key

CLOUD AND COMMUNICATIONS : Cloud and CommunicationsTimothy Horan, CFA

[email protected]

212- 667- 8137

Price Curr. Qtr Shares M kt. Cap

Rtg 3/31/20 High Low FY 2018A 2019A 2020E Est. 2019A 2020E (M il) ($ M il) Discl.

EGHT 8x8 Inc. O 15.34 26.67 10.70 M ar 0.04 (0.22) (0.60) (0.14) NM NM 99.9 1571.7 [ 1 5]

AKAM Akamai Technologies O 94.19 103.34 72.08 Dec 3.65 4.49 4.90 1.14 21.0 19.2 163.9 15247.6 [ 1]

AM T American Tower Corp. P 230.58 258.62 174.32 Dec 3.54 3.99E 4.55 1.06E 57.8 50.7 445.8 102126.6

T AT&T, Inc. O 30.23 39.70 26.08 Dec 3.52 3.57 3.62 0.88 8.5 8.4 7356.0 217145.3

WIFI Boingo Wireless, Inc. O 9.92 25.98 6.66 Dec (0.06) (0.13) 0.07 0.00 NM NM 44.2 439.3 [ 5]

CTL CenturyLink O 9.84 15.30 8.16 Dec 0.98 1.45 1.59 0.37 6.8 6.2 1078.2 10721.1

CHTR Charter Communications, Inc. P 450.78 546.54 343.15 Dec -- -- -- -- -- -- 277.0 119843.2 [ 1 2 4]

CCOI Cogent Communications P 84.38 87.61 53.21 Dec 0.80 0.84 1.15 0.25 NM 73.4 46.1 3983.6 [ 1]

CM CSA Comcast O 35.49 47.74 31.70 Dec 2.56 3.13 3.26 0.74 11.3 10.9 4611.0 161587.2 [ 1 1]

CCI Crown Castle International P 148.06 168.75 114.18 Dec 1.91 2.19 2.50 0.58 67.6 59.2 418.0 61703.9

EQIX Equinix Inc. O 644.87 657.00 440.72 Dec 6.80 7.93 9.76 2.29 81.3 66.1 85.8 55100.2 [ 1]

FSLY Fastly, Inc. O 18.87 35.25 10.63 Dec -- -- -- -- -- -- 94.0 1809.6 [ 2 3 4]

GTT GTT Communications, Inc. O 8.05 43.35 4.67 Dec 0.07 (0.06) (0.38) (0.09) NM NM 56.6 456.7

LLNW Limelight Networks O 5.75 6.18 2.20 Dec 0.12 (0.02) 0.07 -- NM 82.1 117.6 682.0 [ 1]

M SFT M icrosoft Corporation O 160.23 190.70 118.10 Jun 3.90 4.74 5.62 1.30 33.8 28.5 7691.0 1218716.9 [ 1]

TEUM Pareteum P 0.38 5.38 0.29 Dec (0.07) 0.09E 0.15 0.00E 4.2 2.5155000.0 52.1 [ 2 4]

S Sprint NR 8.44 10.16 4.26 M ar 0.14 (0.21)E (0.30) (0.09)E NM NM 4109.0 34700.5

TM US T-M obile P 83.12 101.35 63.50 Dec 3.41 4.02E 4.90 0.89E 20.7 17.0 862.7 71228.3

VZ Verizon O 54.77 62.22 48.84 Dec 4.70 4.82E 5.00 1.13E 11.4 11.0 4140.0 226521.3

VG Vonage Holdings Corp. O 6.94 13.75 4.18 Dec 0.39 0.20 0.17 0.02 34.7 40.8 242.7 1685.9

CONSUMER : Business ServicesScott Schneeberger, CFA

[email protected]

212- 667- 8114



GFN General Finance Corporation P 6.04 11.24 5.00 Jun (0.02) 0.48 0.65 0.15 12.6 9.3 31.5 184.9 [ 5]

HRB H&R Block, Inc. P 14.00 29.62 11.29 Apr 2.98 2.39 2.46 4.68 5.9 5.7 194.1 2694.7

INTU Intuit, Inc. O 238.05 306.89 187.68 Jul 5.78 6.75 7.57 5.92 35.3 31.5 264.0 62009.5 [ 1]

SCI Service Corporation International O 40.87 52.89 34.45 Dec 1.79 1.90 1.44 0.47 21.5 28.4 185.2 7388.4

52-Week Earnings Per Share Price/Earnings


Monthly Highlights

7

CONSUMER : Consumer Growth & eCommerceBrian Nagel, CFA

[email protected]

212- 667- 8381



AAP Advance Auto Parts, Inc. P 96.50 182.56 71.33 Dec 7.13 8.20 8.95 2.47 11.8 10.8 72.9 6681.5

AZO AutoZone, Inc. O 873.99 1274.41 684.91 Aug 51.28 63.43 66.56 16.94 13.8 13.1 24.5 20409.8

BBY Best Buy Co. Inc. O 59.75 91.99 48.10 Jan 5.32 6.10 6.32 1.02 9.8 9.5 273.4 15354.0

CPRI Capri Holdings Limited P 11.25 50.00 5.42 M ar 4.52 4.97 4.46 0.69 2.3 2.5 151.7 1680.4

KM X CarM ax O 55.75 103.18 37.59 Feb 4.79 5.17E 5.41 1.12E 10.8 10.3 186.0 9108.7

CVNA Carvana O 52.38 115.23 22.16 Dec (1.73) (2.29) (1.76) (0.57) NM NM 48.9 8062.9

CDXC ChromaDex O 3.15 4.95 2.50 Dec (0.61) (0.52) (0.27) (0.09) NM NM 55.5 188.3 [ 2 4]

CONN Conn's Inc. O 4.59 27.57 2.83 Jan 2.51 2.13E 1.98 0.30E 2.2 2.3 36.4 131.7 [ 1]

DKS Dick's Sporting Goods P 22.14 49.80 13.46 Jan 3.24 3.69 3.69 0.65 6.0 6.0 99.6 1924.8

FIVE Five Below O 72.94 148.22 47.53 Jan 2.66 3.09E 3.63 1.94E 23.6 20.1 56.2 4055.7

HD Home Depot Inc. O 196.10 247.36 140.63 Jan 9.89 10.25 10.53 2.33 19.1 18.6 1094.0 210756.8

LOW Lowe's Cos. O 88.71 126.73 60.00 Jan 5.12 5.75 6.57 1.40 15.4 13.5 925.2 66971.5

LULU Lululemon Athletica Inc. O 193.94 266.20 128.84 Jan 3.84 4.89E 5.69 2.24E 39.7 34.1 132.5 25244.2 [ 1 5]

LL Lumber Liquidators P 4.76 14.44 3.77 Dec 0.51 0.59 0.68 0.09 8.1 7.0 27.2 136.7

M NRO M onro, Inc. P 43.34 89.72 37.23 M ar 2.43 2.35E 2.72 0.49E 18.4 15.9 32195.0 1442.5

NKE Nike, Inc. O 85.38 105.62 60.00 M ay 2.42 2.49 2.55 0.50 34.3 33.5 1609.6 132968.5

ORLY O'Reilly Automotive, Inc. P 318.19 454.31 251.51 Dec 16.10 17.88 19.09 4.41 17.8 16.7 81.4 23626.1 [ 1]

PETQ PetIQ, Inc. O 23.28 36.33 15.83 Dec 0.83 1.20 1.40 0.18 19.4 16.6 21.5 660.0 [ 5]

PRPL Purple Innovation, Inc. O 6.47 15.96 4.20 Dec (0.51) (0.31) 0.33 0.14 NM 19.6 56.0 348.7 [ 2 3 4]

RH RH P 118.00 256.27 73.14 Jan 7.80 11.52E 12.60 3.56E 10.2 9.4 25.7 2241.7

TPR Tapestry, Inc. P 13.21 36.06 10.51 Jun 2.63 2.57 2.18 0.27 5.1 6.1 290.9 3646.3

LOVE The Lovesac Company O 6.38 46.79 4.04 Jan (0.19) (1.11)E (0.94) 0.30E NM NM 13.7 92.8

TIF Tiffany & Co. NR 128.49 134.42 78.60 Jan 4.75 4.41E 4.63 1.16E 29.1 27.8 121.9 15571.9

TSCO Tractor Supply Company P 85.55 114.25 63.89 Dec 4.31 4.68 4.91 0.60 18.3 17.4 122.0 9925.9 [ 1]

UAA Under Armour, Inc. P 9.57 27.72 7.61 Dec 0.27 0.22 0.07 (0.15) 43.5 NM 444.6 4038.3 []

URBN Urban Outfitters Inc. P 14.56 34.24 12.34 Jan 2.75 1.96 1.82 0.18 7.4 8.0 110.4 1426.5 [ 1]

W Wayfair Inc. O 52.01 166.40 21.70 Dec (4.09) (8.03) (9.41) (2.64) NM NM 85.6 4895.3

WSM Williams-Sonoma O 43.37 77.00 26.01 Jan 4.46 4.69E 4.98 2.00E 9.3 8.7 79.2 3348.1

WW WW International, Inc. P 16.90 47.19 9.75 Dec 2.72 1.80 2.18 (0.19) 9.4 7.8 69.6 1139.5

CONSUMER : Consumer, Household & Personal Care ProductsRupesh Parikh, CFA

[email protected]

212- 667- 5263



CHD Church & Dwight O 64.81 80.99 47.98 Dec 2.27 2.47 2.66 0.73 26.2 24.4 252.9 15928.8

EL Estée Lauder P 165.23 220.42 137.01 Jun 4.51 5.34 3.50 0.54 30.9 47.2 368.6 59406.8

NWL Newell Brands P 13.64 20.99 10.44 Dec 1.46 1.60 1.51 0.07 8.5 9.0 423.0 6110.4

SBH Sally Beauty Holdings P 8.78 21.98 7.25 Sep 2.16 2.25 0.42 0.28 3.9 20.9 121.0 1025.4

ULTA Ulta Beauty, Inc. O 179.71 368.83 124.05 Jan 10.94 12.15 5.67 0.59 14.8 31.7 59.0 10119.4 [ 1]

CONSUMER : Food, Grocery & Consumer ProductsRupesh Parikh, CFA

[email protected]

212- 667- 5263



BYND Beyond M eat, Inc. P 66.09 239.71 45.00 Dec 0.00 (0.29) 0.08 (0.01) NM NM 66.0 4087.3 [ 4]

BJ BJ's Wholesale Club Holdings, Inc. P 25.60 31.19 18.84 Jan 1.32 1.47 1.60 0.28 17.4 16.0 140.5 3514.0

CGC Canopy Growth Corporation P 14.46 52.74 9.00 M ar (2.56) (2.21)E (1.59) (0.47)E NM NM 346.8 5051.8

COST Costco Wholesale Corp. O 291.12 325.26 233.05 Aug 6.84 8.20 8.67 1.99 35.5 33.6 442.6 128552.8 [ 1]

DG Dollar General Corporation O 146.77 167.44 116.15 Jan 5.97 6.73 7.40 1.74 21.8 19.8 257.7 36977.4

DLTR Dollar Tree, Inc. P 79.85 119.71 60.20 Jan 5.45 5.00 4.40 0.85 16.0 18.2 238.3 18909.3 [ 1]

ELF e.l.f. Beauty, Inc. P 9.99 20.00 7.58 M ar 0.66 0.55E 0.18 0.03E 18.2 55.5 49.3 499.1

FRPT Freshpet Inc. P 64.06 81.29 35.95 Dec (0.15) (0.04) 0.24 (0.04) NM NM 37.3 2573.0 [ 1]

HELE Helen of Troy Limited O 144.39 198.59 104.02 Feb 8.07 9.12E 10.15 1.70E 15.8 14.2 25.4 3634.3 [ 1]

HEXO HEXO Corp. P 0.79 8.40 0.35 Jul (0.17) (0.34) (0.56) (0.08) NM NM 194.0 224.4 [ 5]

HRL Hormel Foods Corporation P 46.78 51.53 37.00 Oct 1.78 1.73 1.75 0.43 27.0 26.7 542.8 25157.2

OGI OrganiGram Holdings P 2.03 8.44 1.41 Aug 0.17 (0.06) (0.03) (0.01) NM NM 156.2 331.7

PBH Prestige Consumer Healthcare P 37.16 46.12 27.40 M ar 2.78 2.87E 3.00 0.72E 13.0 12.4 50.8 1867.9

SFM Sprouts Farmers M arket, Inc. P 18.60 24.06 13.00 Dec 1.30 1.25 1.26 0.46 14.9 14.8 130.0 2186.3

KR The Kroger Co. P 29.65 36.84 20.70 Jan 2.11 2.19 2.33 0.74 13.5 12.7 805.0 23737.4

TLRY Tilray, Inc. P 6.61 65.21 2.43 Dec (0.81) (1.69) (1.58) (0.45) NM NM 94.9 727.3

UNFI United Natural Foods Inc. P 8.50 13.92 5.00 Jul 3.11 0.37 0.06 0.58 23.0 NM 53.0 455.8 [ 1]

WM T Walmart Inc. O 115.19 128.08 96.79 Jan 4.92 4.93 5.10 1.16 23.4 22.6 2861.0 326250.0




Monthly Highlights

8

CONSUMER : RestaurantsMichael Tamas

[email protected]

212- 667- 8456



DENN Denny's Corp. O 7.85 23.88 4.50 Dec 0.68 0.77 0.85 0.15 10.2 9.2 60.3 439.8 [ 1]

WING Wingstop, Inc. P 80.52 107.43 44.27 Dec 0.84 0.73 0.87 0.21 NM 92.6 29.7 2371.9

Brian Bittner, CFA

[email protected]

212- 667- 7127



BJRI BJ's Restaurants Inc. O 12.76 53.00 6.01 Dec 2.36 1.98 1.97 0.62 6.4 6.5 19.5 245.2 [ 1 5]

CAKE Cheesecake Factory Inc. P 16.50 51.15 14.52 Dec 2.43 2.61 2.76 0.72 6.3 6.0 44.2 741.9 [ 1]

CM G Chipotle M exican Grill P 639.97 940.28 415.00 Dec 8.88 14.06 18.52 3.69 45.5 34.6 28.4 17770.7

DRI Darden Restaurants Inc. O 56.85 128.41 26.15 M ay 4.81 5.82 2.49 (1.94) 9.8 22.8 122.8 6907.9

DPZ Domino 's P izza, Inc. O 346.75 381.86 220.90 Dec 8.41 9.57 10.14 2.22 36.2 34.2 41.4 13532.2

DNKN Dunkin' Brands Inc. P 53.03 84.73 38.51 Dec 2.90 3.17 3.21 0.71 16.7 16.5 83.7 4379.0

JACK Jack in the Box, Inc. O 31.07 93.12 16.81 Sep 3.82 4.35 4.49 1.10 7.1 6.9 25.7 703.1 [ 1]

M CD M cDonald's Corporation P 168.13 221.93 124.23 Dec 7.90 7.91E 8.48 -- 21.3 19.8 755.6 125331.9

PZZA Papa John's International, Inc. P 49.59 70.19 28.55 Dec 1.34 1.17 1.50 0.44 42.4 33.1 31.8 1601.0 [ 1]

QSR Restaurant Brands International O 40.27 79.46 25.08 Dec 2.63 2.72E 3.00 -- 14.8 13.4 469.0 18704.2

SBUX Starbucks Corporation O 67.86 99.72 50.02 Sep 2.42 2.83 2.82 0.49 24.0 24.1 1191.0 79647.3 [ 1]

TXRH Texas Roadhouse, Inc. P 42.22 72.49 25.15 Dec 2.20 2.46 2.72 0.83 17.2 15.5 69.9 2930.3 [ 1]

WEN The Wendy's Company O 14.97 24.04 6.82 Dec 0.59 0.59 0.51 0.10 25.4 29.4 235.7 3338.8 [ 5]

YUM Yum! Brands Inc. O 70.67 119.72 54.95 Dec 3.14 3.73 2.98 0.55 19.0 23.7 310.0 21259.1

YUM C YUM China Holdings Inc. P 42.31 50.74 38.33 Dec 1.53 1.88 0.63 (0.20) 22.5 67.2 387.0 15912.8

FINANCIAL INSTITUTIONS : Asset ManagementOwen Lau, CFA

[email protected]

212- 667- 8166



RM R The RM R Group P 28.24 65.00 21.79 Sep 5.93 4.59 1.83 0.43 6.2 15.4 16.2 883.9 [ 2 3 4]

VCTR Victory Capital Holdings P 16.37 24.83 10.18 Dec 1.64 2.63 4.03 0.98 6.2 4.1 73.9 1111.4

Chris Kotowski

[email protected]

212- 667- 6699



ECC Eagle Point Credit Company P 6.50 19.41 3.78 Dec -- -- -- -- -- -- 27.7 193.7 []

FINANCIAL INSTITUTIONS : Business Development CompaniesChris Kotowski

[email protected]

212- 667- 6699



ARCC Ares Capital Corporation O 10.64 19.33 7.90 Dec 2.01 1.86 1.80 0.44 5.7 5.9 429.0 4523.0 [ 9]

TCPC BlackRock TCP Capital Corp. O 6.53 14.80 4.02 Dec 0.77 0.52 1.54 0.38 12.6 4.2 58.8 383.7 [ 5]

FDUS Fidus Investment Corp. O 6.89 16.46 4.45 Dec 2.02 1.98 1.48 0.34 3.5 4.7 24.5 168.6 [ 2 3 4 5]

M RCC M onroe Capital Corporation O 6.54 12.50 3.56 Dec 0.29 0.94 1.41 0.35 7.0 4.6 20.4 133.7 []

NM FC New M ountain Finance Corporation O 7.59 14.45 4.62 Dec 0.95 1.32 1.40 0.34 5.8 5.4 94.9 734.9 [ 2 3 4]

SLRC Solar Capital Ltd. O 10.54 21.72 7.42 Dec 1.58 1.33 1.73 0.42 7.9 6.1 42.3 445.4

SUNS Solar Senior Capital Ltd. O 9.65 18.29 6.30 Dec 0.86 1.43 1.41 0.35 6.8 6.8 16.0 154.9 [ 5]

SCM Stellus Capital Invest. Corp. P 7.30 15.04 4.10 Dec 1.64 1.45 1.31 0.32 5.0 5.6 18.9 142.2 [ 5]

WHF WhiteHorse Finance O 7.00 14.66 5.51 Dec -- -- -- -- -- -- 20.5 143.8 [ 2 3 4 5]






Monthly Highlights

9

FINANCIAL INSTITUTIONS : Commercial & Investment BankingChris Kotowski

[email protected]

212- 667- 6699



BAC Bank of America O 22.04 35.72 17.95 Dec 2.61 2.75 2.93 0.72 8.0 7.5 9080.0 192294.0

C Citigroup Inc. O 44.08 83.11 32.00 Dec 6.68 8.03 8.77 2.21 5.5 5.0 2166.8 92489.0 [ 10 5]

GS Goldman Sachs Group O 159.62 250.46 130.85 Dec 25.26 21.03 25.08 6.19 7.6 6.4 367.3 57219.8 [ 9]

JEF Jefferies Financial Group Inc. O 14.00 24.03 11.20 Nov 2.90 3.03 0.47 (0.09) 4.6 29.8 292.4 3879.5 [ 9]

JPM JPM organ Chase & Co. P 93.50 141.10 76.91 Dec 8.99 10.72 10.89 2.92 8.7 8.6 3148.5 287416.8

M S M organ Stanley O 34.84 57.57 27.20 Dec 4.73 5.19 5.30 1.46 6.7 6.6 1602.0 53388.7 [ 9]

WFC Wells Fargo P 29.92 54.75 25.11 Dec 4.44 4.05 3.92 0.88 7.4 7.6 4234.6 122354.8 []

FINANCIAL INSTITUTIONS : Exchanges and Information AnalyticsOwen Lau, CFA

[email protected]

212- 667- 8166



CBOE CBOE Global M arkets O 93.03 127.93 72.01 Dec 5.02 4.74 5.06 1.36 19.6 18.4 111.2 10273.8 [ 1]

CM E CM E Group Inc. O 173.99 225.36 131.80 Dec 6.82 6.80 7.52 1.95 25.6 23.1 358.4 62371.9

ICE Intercontinental Exchange O 83.81 101.93 63.51 Dec 3.59 3.88 4.18 1.06 21.6 20.1 560.0 46023.2

NDAQ Nasdaq Inc. O 99.44 120.23 71.66 Dec 4.84 5.00 5.51 1.36 19.9 18.1 166.8 16408.8 [ 1]

FINANCIAL INSTITUTIONS : Merchant Banking/Private EquityChris Kotowski

[email protected]

212- 667- 6699



APO Apollo Global M anagement P 35.45 52.67 19.46 Dec -- -- -- -- -- -- 412.1 23500.9

ARES Ares M anagement Corporation P 31.37 41.88 20.20 Dec -- -- -- -- -- -- 246.9 7379.9 [ 9]

CG Carlyle Group L.P. O 22.52 34.98 15.21 Dec -- -- -- -- -- -- 349.4 7840.4

HLNE Hamilton Lane P 57.10 74.01 36.27 M ar 1.64 1.91 1.92 0.51 29.9 29.7 53.6 3334.9

KKR KKR & Co. O 24.52 34.14 15.55 Dec -- -- -- -- -- -- 848.3 20803.4 [ 9]

BX The Blackstone Group P 47.28 64.97 33.00 Dec -- -- -- -- -- -- 1196.4 57035.3 [ 9]

FINANCIAL INSTITUTIONS : Regional BanksChris Kotowski

[email protected]

212- 667- 6699



PNC PNC Financial Services Group P 100.97 161.79 79.41 Dec 10.72 11.39 12.10 2.68 8.9 8.3 438.0 43288.5 [ 9]

USB U.S. Bancorp P 35.87 61.11 28.59 Dec 4.14 4.16 4.35 1.02 8.6 8.3 1558.0 54567.6 [ 5]

FINANCIAL INSTITUTIONS : Specialty FinanceDominick Gabriele, CFA

[email protected]

212- 667- 7217



ADS Alliance Data Systems O 34.30 182.95 20.51 Dec 17.48 6.10 10.62 7.28 5.6 3.2 46.1 1633.6

ALLY Ally Financial, Inc. O 15.32 35.42 10.22 Dec 3.36 3.73 4.11 0.90 4.1 3.7 374.3 5735.7

AXP American Express Company O 90.27 138.13 67.00 Dec 7.91 7.99 6.01 2.14 11.3 15.0 808.0 72737.6

CACC Credit Acceptance Corp. P 269.38 509.99 199.00 Dec 29.47 34.65 21.65 3.95 7.8 12.4 18.8 4889.5 [ 6 7]

DFS Discover Financial Services P 37.59 92.98 23.25 Dec 7.79 9.07 7.85 2.25 4.1 4.8 310.0 11511.5

ECPG Encore Capital Group, Inc. O 26.94 40.16 15.27 Dec 4.06 5.33 6.39 1.45 5.1 4.2 31.1 837.8 [ 1]

NAVI Navient Corp. P 8.15 15.67 4.07 Dec 1.49 2.57 2.87 0.64 3.2 2.8 221.0 1575.7 [ 1]

PRAA PRA Group, Inc. P 28.05 39.58 21.22 Dec 1.44 1.89 2.75 0.39 14.8 10.2 45.4 1273.9 [ 1]

SC Santander Consumer USA Holdings, Inc.P 14.62 27.75 9.74 Dec 2.46 2.86 2.91 0.83 5.1 5.0 339.9 4959.3

SLM SLM Corp. P 7.29 12.32 5.60 Dec 1.07 1.27 1.90 0.75 5.7 3.8 422.2 3080.9

SYF Synchrony Financial O 16.77 38.18 12.15 Dec 3.73 5.57 3.54 1.10 3.0 4.7 613.5 10288.0






Monthly Highlights

10

FINANCIAL INSTITUTIONS : Specialty Finance (cont'd)Chris Kotowski

[email protected]

212- 667- 6699



CIT CIT Group O 18.13 54.02 12.02 Dec 3.60 5.27 5.07 1.12 3.4 3.6 95.1 1777.3

FINANCIAL INSTITUTIONS : US BanksDominick Gabriele, CFA

[email protected]

212- 667- 7217



COF Capital One Financial Corp. O 53.87 107.59 38.00 Dec 11.82 11.05 8.81 3.79 4.9 6.1 457.1 24641.3 []

FINANCIAL INSTITUTIONS : Wealth ManagementOwen Lau, CFA

[email protected]

212- 667- 8166



FOCS Focus Financial Partners O 22.54 39.37 12.17 Dec 1.74 2.38 3.08 0.71 9.5 7.3 47.2 1566.5

HEALTHCARE : Alternative Health Care ServicesMichael Wiederhorn

[email protected]

954- 356- 8312



CCRN Cross Country, Inc. P 6.33 13.42 5.88 Dec 0.12 0.15 0.19 (0.01) 42.2 33.3 36.3 233.3 [ 1 5 6 7]

ENSG The Ensign Group O 38.37 58.88 24.06 Dec 1.89 2.24 2.55 0.61 17.1 15.1 55.8 2054.0 [ 1]

HEALTHCARE : Bio & Specialty PharmaceuticalsEsther Rajavelu

[email protected]

212- 667- 7248



ARWR Arrowhead Pharmaceuticals P 28.97 73.72 17.30 Sep (0.50) 0.87 (0.28) (0.03) 33.3 NM 95.5 2944.9 []

IONS Ionis Pharmaceuticals O 48.21 86.58 39.32 Dec 2.94 2.82 0.75 0.13 17.1 64.3 143.4 6711.8

NVCR Novocure Limited O 70.04 98.84 41.51 Dec (0.16) 0.50 0.80 0.12 NM 87.6 107.6 6978.8

OTIC Otonomy, Inc. O 2.08 4.18 1.53 Dec (1.24) (1.30) (1.25) (0.35) NM NM 30.7 64.1

VNDA Vanda Pharmaceuticals Inc. U 9.67 18.98 7.12 Dec -- 0.78 0.39 0.01 12.4 24.8 54.5 518.8 []

Leland Gershell, MD, PhD

[email protected]

212- 667- 7189



EVFM Evofem Biosciences, Inc. O 5.02 7.50 3.19 Dec (5.74) (1.99) (1.99) (0.43) NM NM 46.8 249.0 []

REPH Recro Pharma, Inc. O 8.00 19.21 5.15 Dec (3.90) 0.20 0.60 0.06 40.0 13.3 23.4 187.6

HEALTHCARE : BiopharmaceuticalsEsther Rajavelu

[email protected]

212- 667- 7248



TEVA Teva Pharmaceutical O 8.51 15.86 6.07 Dec 2.92 2.40 2.40 0.57 3.6 3.6 1093.0 9321.1 [ 1 5]








Monthly Highlights

11

HEALTHCARE : Biopharmaceuticals (cont'd)Leland Gershell, MD, PhD

[email protected]

212- 667- 7189



ACST Acasti Pharma Inc. O 0.39 3.08 0.25 M ar (1.23) (0.95) (0.78) (0.11) NM NM 86.7 35.5

ADM A ADM A Bio logics, Inc. O 2.87 6.31 1.45 Dec (1.45) (0.89) (0.16) (0.05) NM NM 86.3 247.8 [ 2 3 4 5]

AGRX Agile Therapeutics O 2.15 4.77 0.35 Dec -- (0.38) (0.59) (0.10) NM NM 84.8 182.3 [ 2 3 4 5]

AM RN Amarin Corp. P 13.58 26.12 8.58 Dec -- (0.07) (0.13) (0.05) NM NM 361.2 4905.1

ANCN Anchiano Therapeutics P 0.67 7.20 0.51 Dec (1.05) (1.19)E (0.51) (0.13)E NM NM 7.4 5.0 [ 4]

BXRX Baudax Bio O 2.50 10.14 2.16 Dec (8.10) (3.48) (4.05) (3.42) NM NM 9.4 42.6 [ 2 3 4 5]

CPRX Catalyst Pharmaceuticals, Inc. O 3.88 7.67 2.23 Dec (0.33) 0.30 0.40 0.08 12.9 9.7 105.0 401.2

CERC Cerecor O 2.40 6.47 1.52 Dec -- (0.28) (0.51) (0.12) NM NM 57.6 138.3

CRBP Corbus Pharmaceuticals Holdings O 5.51 8.09 3.29 Dec (0.98) (1.12) (1.27) (0.32) NM NM 71.5 399.4 [ 2 3 4 5]

M IST M ilestone Pharmaceuticals P 1.87 27.95 1.69 Dec (72.63) (3.50) (2.56) (0.74) NM NM 24.5 45.9 [ 2 3 4]

OTLK Outlook Therapeutics O 0.61 8.70 0.50 Dec (1.22) (1.98) (0.60) (0.08) NM NM 53.1 43.9 [ 2 3 4 5]

SLNO Soleno Therapeutics O 2.23 4.11 1.18 Dec -- (0.90) (0.70) (0.22) NM NM 44.6 99.7 [ 2 3 4 5]

URGN UroGen Pharma Ltd. O 18.16 41.21 13.12 Dec (4.80) (5.12) (6.16) (1.82) NM NM 21.0 384.2 []

VCNX Vaccinex O 4.02 12.23 3.80 Dec (5.65) (2.47) (1.83) (0.49) NM NM 16.4 65.8 []

VBIV VBI Vaccines, Inc. O 0.94 2.20 0.47 Dec (0.97) (0.46) (0.26) (0.07) NM NM 178.3 157.7 [ 2 3 4]

VERU Veru O 3.27 4.74 1.18 Sep (0.44) (0.19) (0.13) (0.02) NM NM 65.0 213.2 []

XFOR X4 Pharmaceuticals O 8.55 22.50 5.83 Dec -- (4.63) (3.03) (0.78) NM NM 16.1 137.9 [ 2 3 4]

HEALTHCARE : BiotechnologyJustin Kim

[email protected]

212- 667- 6033



APLS Apellis Pharmaceuticals O 28.68 45.04 16.85 Dec (2.34) (4.90) (5.51) (1.35) NM NM 56.2 2160.2

AUPH Aurinia Pharmaceuticals, Inc. O 14.70 21.93 3.52 Dec (0.76) (1.33) (0.97) (0.20) NM NM 85.5 1643.4 [ 2 3 4]

Matthew Biegler

[email protected]

212- 667- 7238



APTO Aptose Biosciences O 6.16 9.25 1.81 Dec (0.86) (0.52) (0.54) (0.11) NM NM 76.2 469.8 [ 2 3 4]

FATE Fate Therapeutics O 23.16 32.39 12.59 Dec (1.19) (1.44) (1.81) (0.43) NM NM 75.6 1758.7

FIXX Homology M edicines P 16.14 31.50 11.05 Dec -- (2.66)E (2.89) (0.73)E NM NM 44.0 729.6

M RKR M arker Therapeutics O 1.90 9.17 1.33 Dec (7.75) (0.47) (0.50) (0.12) NM NM 46.0 88.4

Jay Olson, CFA

[email protected]

212- 667- 8126



ETNB 89bio Inc. O 28.63 47.25 14.00 Dec (36.45) (24.49) (3.55) (0.96) NM NM 13.8 394.8 [ 2 3 4]

ACAD ACADIA Pharmaceuticals, Inc. P 42.25 53.70 21.56 Dec (1.94) (1.60) (1.94) (0.51) NM NM 150.7 6563.1

AM GN Amgen, Inc. O 208.48 244.99 166.30 Dec 14.40 14.82 14.24 3.20 14.1 14.6 602.0 122962.9 [ 1]

AXGT Axovant Sciences Ltd. P 2.35 10.80 1.41 M ar (2.06) (8.02) (3.02) (0.58) NM NM 99.2 92.6

BIIB Biogen Inc. O 316.13 374.99 215.78 Dec 26.20 33.57 32.68 7.57 9.4 9.7 180.5 55026.9 [ 1]

CBAY CymaBay Therapeutics O 1.53 13.89 1.21 Dec (1.25) (1.53) (1.26) (0.31) NM NM 68.7 105.4 [ 4]

ENTA Enanta Pharmaceuticals Inc. P 50.69 101.27 38.40 Sep 3.48 2.21 (1.57) (0.83) 22.9 NM 19.2 1010.0

IM V.CN IM V, Inc. O 2.48 7.08 1.98 Dec (0.50) (0.55) (0.59) (0.14) NM NM 50.5 125.8

INCY Incyte O 72.17 96.79 62.48 Dec 1.63 2.83 2.64 0.50 25.5 27.3 179.0 15644.7 [ 1]

ICPT Intercept Pharmaceuticals O 65.03 125.00 47.57 Dec (10.86) (10.89) (11.85) (2.86) NM NM 32.7 2136.4 [ 2 3 4]

KURA Kura Oncology O 9.38 21.42 6.35 Dec (1.72) (1.51) (1.55) (0.33) NM NM 37.8 426.1 [ 2 3 4]

M DGL M adrigal Pharmaceuticals Inc. O 70.11 145.16 60.86 Dec (2.22) (5.45) (8.24) (1.97) NM NM 15.2 1081.7

M RNS M arinus Pharmaceuticals, Inc. O 1.85 5.40 0.77 Dec (0.90) (0.99) (0.54) (0.13) NM NM 109.0 160.4 [ 2 3 4]

M LND M illendo Therapeutics Inc. O 5.25 17.34 4.56 Dec (17.57) (3.25) (2.62) (0.63) NM NM 17.6 95.9

M RTX M irati Therapeutics O 82.25 132.59 55.11 Dec (3.19) (5.69) (6.91) (1.68) NM NM 32.4 3576.3 [ 2 3 4]

NKTR Nektar Therapeutics P 18.06 37.00 13.63 Dec 3.78 (2.52) (2.87) (0.82) NM NM 175.3 3206.7 [ 1]

NBIX Neurocrine Biosciences O 91.59 119.65 71.85 Dec 0.22 0.39 3.99 0.75 NM 23.0 92.1 8453.1 [ 1]

PTLA Porto la Pharmaceuticals Inc. P 7.28 37.95 5.31 Dec (5.31) (4.06) (3.01) (0.78) NM NM 66.4 568.4 [ 2 3 4]

PRVL Prevail Therapeutics O 11.71 19.25 7.41 Dec (3.71) (2.22) (2.38) (0.55) NM NM 34.1 400.1

PRTA Prothena Corp. P 10.63 17.63 6.71 Dec (3.93) (1.95) (2.20) (0.57) NM NM 39.8 424.3 [ 5]

SAGE SAGE Therapeutics O 29.50 193.56 25.01 Dec (8.08) (13.38) (11.44) (2.69) NM NM 51.7 1531.4

SRRA Sierra Oncology O 9.96 69.65 8.54 Dec (30.16) (30.30) (6.89) (2.78) NM NM 10.4 103.5 [ 2 3 4]

VKTX Viking Therapeutics, Inc. O 4.74 11.03 3.26 Dec (0.38) (0.36) (0.59) (0.13) NM NM 71.5 343.9 [ 2 5]

VYGR Voyager Therapeutics O 8.75 28.79 6.26 Dec (2.75) (1.21) (3.78) (0.90) NM NM 37.1 325.1





Monthly Highlights

12

HEALTHCARE : Biotechnology (cont'd)Mark Breidenbach, Ph.D.

[email protected]

212- 667- 7251



ADRO Aduro Biotech P 2.52 4.59 0.90 Dec (1.21) (1.03) (0.83) (0.10) NM NM 81.9 203.5 [ 5]

AGIO Agios Pharmaceuticals P 35.40 68.89 27.77 Dec (6.03) (6.86) (6.27) (1.54) NM NM 68.1 2425.4

ALLO Allogene O 20.08 33.80 17.43 Dec -- (1.83) (2.34) (0.57) NM NM 128.4 2508.1

ALPN Alpine Immune Sciences, Inc. O 2.50 8.24 2.05 Dec (2.63) (2.28) (2.06) (0.55) NM NM 18.6 46.5

BLRX BioLineRx O 1.28 6.75 1.06 Dec (0.21) (2.61) (2.77) (0.79) NM NM 11.4 15.2 [ 4 5]

BLUE bluebird bio O 46.96 163.43 38.95 Dec (10.68) (14.31) (16.49) (4.21) NM NM 55.3 2611.5

CGEN Compugen Ltd. O 7.58 12.80 2.73 Dec (0.41) (0.43) (0.41) (0.10) NM NM 63.6 578.0 [ 1 2 3 4 5]

CUE Cue Biopharma O 13.72 22.82 6.54 Dec -- (1.66) (1.69) (0.40) NM NM 26.5 364.6

EPIX ESSA Pharma O 4.00 6.14 1.41 Sep (2.55) (1.24) (0.86) (0.20) NM NM 20.8 83.3 [ 1 2 4]

FTSV Forty Seven Inc. NR 95.37 95.43 5.53 Dec (3.75) (2.54)E (2.59) (0.72)E NM NM 39.8 4592.7 [ 2 3 4]

GM DA Gamida Cell O 3.25 12.30 2.60 Dec (10.53) (1.16) (1.61) (0.43) NM NM 33.7 109.4 [ 2 3 4]

GBT Global B lood Therapeutics O 52.04 87.54 39.95 Dec (3.41) (4.57) (5.95) (1.44) NM NM 62.9 3165.5

IOVA Iovance Biotherapeutics O 29.94 38.92 9.52 Dec (1.27) (1.59) (2.13) (0.54) NM NM 124.0 3787.4 []

KDM N Kadmon O 4.42 5.50 1.63 Dec -- (0.48) (0.53) (0.12) NM NM 159.9 706.1 [ 2 3 4]

M BIO M ustang Bio O 2.65 10.20 1.78 Dec (1.14) (1.29) (1.11) (0.28) NM NM 41.4 113.5 [ 2 3 4]

M CRB Seres Therapeutics O 3.70 7.39 2.02 Dec (2.43) (1.24) (0.93) (0.24) NM NM 70.0 263.2

SYBX Synlogic Inc. P 1.84 10.01 1.35 Dec (2.03) (2.53) (1.79) (0.42) NM NM 34.2 59.3

SYRS Syros Pharmaceuticals O 5.41 11.93 4.26 Dec (1.91) (1.88) (1.97) (0.47) NM NM 43.5 234.8

VNRX VolitionRx Limited O 3.26 6.84 2.22 Dec (0.57) (0.41) (0.43) (0.10) NM NM 41.1 134.3 [ 2 5]

Kevin DeGeeter

[email protected]

212- 667- 7130



ATNX Athenex, Inc. O 8.13 21.11 5.63 Dec (1.90) (1.93) (2.06) (0.50) NM NM 78.8 663.6

CDTX Cidara Therapeutics O 2.39 4.44 1.15 Dec (2.50) (1.96) (1.76) (0.40) NM NM 28.4 96.8

IDYA IDEAYA Biosciences O 4.15 16.90 2.95 Dec (2.61) (3.36) (2.78) (0.63) NM NM 20.2 84.4

INFI Infinity Pharmaceuticals O 0.83 1.89 0.60 Dec (0.20) (0.83) (0.92) (0.22) NM NM 55.4 47.8

M DWD M ediWound Ltd. O 1.59 5.73 1.49 Dec (0.45) 0.12E (0.42) (0.13)E 13.3 NM 27.1 43.2 [ 5]

M TEM M olecular Templates Inc. O 14.08 19.12 4.51 Dec (1.06) (1.14) (1.11) (0.07) NM NM 29.6 642.7 [ 2 3 4 5]

M BRX M oleculin B iotech O 0.56 3.15 0.32 Dec (0.58) (0.43) (0.42) (0.10) NM NM 25.9 29.8 [ 1 2 3 4 5]

NVAX Novavax Inc. O 14.30 17.71 3.54 Dec (10.00) (5.88) (2.23) (0.64) NM NM 23.5 736.9 [ 1]

SPRO Spero Therapeutics O 8.00 14.34 5.25 Dec (2.60) (3.35) (4.65) (1.14) NM NM 17.7 162.6 []

VBLT Vascular B iogenics O 1.35 1.71 0.90 Dec (0.62) (0.54) (0.71) (0.17) NM NM 33.0 48.8 [ 2 5]

Esther Rajavelu

[email protected]

212- 667- 7248



AERI Aerie Pharmaceuticals, Inc. O 13.49 49.16 10.80 Dec (4.65) (3.41) (2.23) (0.59) NM NM 45.4 626.3

BHVN Biohaven Pharmaceuticals P 33.31 67.86 26.56 Dec (6.15) (10.91) (8.35) (2.21) NM NM 52.1 1941.7 [ 2 3 4]

EYEN Eyenovia, Inc. P 2.69 6.98 1.11 Dec (1.82) (1.53) (0.96) (0.30) NM NM 16.3 53.2 [ 2 3 4]

GWPH GW Pharmaceuticals P lc O 85.18 196.00 67.98 Dec (0.79) (0.02) (0.15) (0.07) NM NM 372.2 2633.2

JAZZ Jazz Pharmaceuticals P lc O 99.60 154.24 86.88 Dec 13.70 16.24 13.05 0.61 6.1 7.6 57.4 5590.9

KALA Kala Pharmaceuticals, Inc. O 7.49 8.92 3.24 Dec (2.15) (2.42) (2.08) (0.65) NM NM 34.2 408.8 [ 2 3 4 5]

ORTX Orchard Therapeutics O 7.59 21.64 5.17 Dec (10.22) (1.75) (2.14) (0.48) NM NM 97.8 736.8

RCKT Rocket Pharmaceuticals, Inc. O 14.29 27.59 9.01 Dec (1.89) (1.58) (3.36) (0.85) NM NM 50.4 787.0 [ 2 3 4 5]

Leland Gershell, MD, PhD

[email protected]

212- 667- 7189



XLRN Acceleron Pharma O 85.52 97.56 37.01 Dec (2.59) (2.38) (3.05) (0.85) NM NM 53.3 4561.4

ALNY Alnylam O 108.83 134.51 65.81 Dec (6.90) (8.11) (6.98) (1.85) NM NM 111.5 12305.7

BM RN BioM arin Pharmaceutical P 82.49 97.10 62.88 Dec (0.44) (0.13) 0.22 0.05 NM NM 179.6 14842.1 [ 1]

EPZM Epizyme, Inc. O 16.53 27.82 9.73 Dec (1.72) (1.78)E (1.41) (0.45)E NM NM 91.1 1665.8

M GEN miRagen Therapeutics O 0.47 3.26 0.31 Dec (1.10) (1.34) (0.81) (0.27) NM NM 47.3 24.8 [ 2 3 4 5]





Monthly Highlights

13

HEALTHCARE : Biotechnology (cont'd)Silvan Tuerkcan, Ph.D.

[email protected]

212- 667- 7680



CNST Constellation Pharmaceuticals O 30.81 59.49 6.01 Dec (5.00) (3.04) (2.60) (0.80) NM NM 41.8 1288.2 []

CRSP CRISPR Therapeutics O 44.29 74.00 32.30 Dec (3.44) 1.17 (4.38) (1.00) 37.9 NM 59.5 2694.9 [ 2 3 4]

EDIT Editas M edicine P 20.25 34.37 14.01 Dec (2.33) (2.68) (3.13) (0.72) NM NM 47.4 1111.2

EXEL Exelixis O 17.77 25.20 13.67 Dec 0.69 1.16 0.40 0.15 15.3 44.4 312.3 5426.8 [ 1]

NTLA Intellia Therapeutics Inc. P 12.68 19.00 9.18 Dec (1.98) (2.11) (2.14) 0.31 NM NM 43.2 640.4

SGEN Seattle Genetics O 115.29 124.32 62.90 Dec (1.41) (0.96) (3.19) (0.66) NM NM 161.7 19859.8 [ 1]

Hartaj Singh

[email protected]

212- 667- 7589



ALXN Alexion Pharmaceuticals P 87.26 141.86 72.67 Dec 7.92 10.53 10.62 2.70 8.3 8.2 226.5 19293.2 [ 1]

LIFE aTyr Pharma, Inc. O 2.87 10.08 2.13 Dec (1.15) (7.03) (2.57) 0.25 NM NM 8.0 26.8 [ 1 2 3 4 5]

CATB Catabasis Pharmaceuticals O 4.07 9.76 2.74 Dec (5.12) (2.35) (1.65) (0.44) NM NM 7.1 72.8 [ 2 3 4 5]

CLLS Cellectis, SA O 9.05 20.84 7.32 Dec (1.93) (2.40) (2.64) (0.70) NM NM 42.1 384.3 []

CLSN Celsion Corporation O 0.86 2.53 0.69 Dec (0.68) (0.77) (0.56) (0.17) NM NM 17.9 25.2 [ 5]

GILD Gilead Sciences, Inc. O 75.93 85.97 60.89 Dec 6.67 6.63 6.84 1.58 11.5 11.1 1300.0 95597.0 [ 1]

M RNA M oderna, Inc. O 30.48 36.00 11.54 Dec (1.22) (1.55) (1.56) (0.39) NM NM 324.4 10028.0 [ 2 3 4]

NBSE NeuBase Therapeutics Inc. O 6.23 8.45 2.15 Sep -- (3.26) (1.92) (0.54) NM NM 17.1 106.4

REGN Regeneron Pharmaceuticals O 473.00 518.00 271.37 Dec 22.84 24.67 27.52 6.12 19.2 17.2 106.1 52039.4 [ 1]

SRPT Sarepta Therapeutics, Inc. P 98.52 158.80 72.05 Dec (2.14) 4.30 6.18 9.90 22.9 15.9 82.5 7662.6 []

SBBP Strongbridge Biopharma plc O 1.90 5.06 1.43 Dec (1.66) (0.98)E (0.79) -- NM NM 46.7 103.1 [ 5]

SM M T Summit Therapeutics PLC P 2.37 3.10 1.13 Jan 0.09 (0.11)E (0.09) (0.02)E NM NM 82.1 159.3 [ 5]

SNSS Sunesis Pharmaceuticals, Inc. O 0.42 1.77 0.20 Dec (0.75) (0.27) (0.34) (0.08) NM NM 34349.0 46.9 [ 2 3 4 5]

UTHR United Therapeutics O 97.07 121.11 74.31 Dec 15.36 12.94 11.26 2.86 7.5 8.6 43.5 4259.9 [ 1]

VRTX Vertex Pharmaceuticals O 231.92 249.85 163.68 Dec 4.08 5.33 7.27 -- 43.5 31.9 255.6 60129.6 [ 1]

HEALTHCARE : Healthcare ServicesMichael Wiederhorn

[email protected]

954- 356- 8312



ADUS Addus HomeCare Corporation O 67.60 104.56 43.12 Dec 1.96 2.35E 3.10 0.65E 28.8 21.8 14.2 1051.8 [ 1 2 3 4]

AM ED Amedisys, Inc. O 183.54 202.76 106.65 Dec 3.63 4.40 5.00 0.96 41.7 36.7 33.1 5930.9 [ 1 5 6]

CNC Centene Corp. O 57.71 68.64 41.62 Dec 3.54 4.42 4.75 0.88 13.1 12.2 590.0 33864.8 []

CHE Chemed Corporation O 432.56 513.75 313.49 Dec 11.94 13.95 16.31 3.58 31.0 26.5 16.6 6944.9

CI CIGNA Corp. O 178.26 224.64 118.50 Dec 14.20 17.05 18.55 4.36 10.5 9.6 379.9 66298.4

CYH Community Health Systems O 3.58 7.47 1.79 Dec (1.95) (0.89) (1.11) (0.37) NM NM 114.0 421.9

CVS CVS Health Corp. P 59.68 77.03 51.72 Dec 7.08 7.08 7.15 1.57 8.4 8.4 1310.0 77832.2

HCA HCA Inc. O 90.96 151.97 58.38 Dec 9.81 10.53 11.86 3.09 8.6 7.7 348.2 30787.1 [ 5]

HUM Humana, Inc. O 311.23 385.00 208.25 Dec 14.55 17.87 18.66 4.58 17.4 16.7 133.3 41120.9

LHCG LHC Group, Inc. O 133.86 159.48 98.41 Dec 3.55 4.44 4.78 0.77 30.2 28.0 31.2 4220.0 [ 1 5]

TDOC Teladoc Health O 163.56 176.40 48.57 Dec (1.48) (1.45)E (1.06) (0.33)E NM NM 57.0 11941.2 [ 5]

TVTY Tivity Health, Inc. O 6.43 26.07 1.92 Dec 2.34 2.16E -- 0.55E 3.0 -- 36.7 311.4 [ 5]

UNH UnitedHealth Group, Inc. O 251.28 306.71 187.72 Dec 12.87 15.11 16.46 3.61 16.6 15.3 962.0 238357.5 []




Monthly Highlights

14

HEALTHCARE : Medical DevicesSteven Lichtman

[email protected]

212- 667- 8160



BSX Boston Scientific Corp. P 31.64 46.62 24.10 Dec 1.40 1.58 1.77 0.39 20.0 17.9 1413.1 44270.7

BWAY Brainsway, Ltd. O 6.98 12.53 5.10 Dec (0.38) (0.50) (0.46) (0.16) NM NM 24.0 77.7 [ 2 3 4]

CFM S Conformis, Inc. O 0.65 4.83 0.50 Dec (0.77) (0.44) (0.37) (0.10) NM NM 65.5 46.5 [ 5]

DXCM DexCom Inc. O 278.00 306.71 107.44 Dec 0.37 1.84 2.27 0.01 NM NM 92.8 25463.2 [ 1]

ELGX Endologix, Inc. P 0.76 8.14 0.60 Dec (6.19) NA NA NA -- -- 18.1 14.4 [ 1]

GM ED Globus M edical Inc. P 42.69 60.15 33.41 Dec 1.67 1.68 1.82 0.41 25.4 23.5 102.9 4261.5 [ 5]

HSDT Helius M edical Technologies Inc. P 0.34 6.85 0.26 Dec (1.26) (0.37)E (0.96) (0.21)E NM NM 25.9 12.9 []

PODD Insulet Corp. P 174.58 219.85 80.43 Dec 0.05 0.19 0.60 0.02 NM NM 63.9 10974.7 [ 1]

IART Integra LifeSciences Holdings O 43.55 65.09 34.21 Dec 2.42 2.75 3.01 0.67 15.8 14.5 86.8 3677.5 [ 1 5]

M NKD M annKind Corporation O 1.08 2.01 0.80 Dec (0.59) (0.25) (0.20) (0.05) NM NM 206.7 229.3 [ 1]

M DT M edtronic, Inc. O 92.05 122.15 72.13 Apr 4.77 5.22 5.63 1.62 17.6 16.4 1351.5 123362.3

M M SI M erit M edical Systems, Inc. O 30.91 63.64 19.50 Dec 1.69 1.47 1.52 0.24 21.0 20.3 55.8 1706.8 []

M OTS M otus GI Holdings Inc. O 0.69 4.99 0.46 Dec (1.27) (0.92) (0.70) (0.24) NM NM 28.8 19.9 [ 2 3 4]

ORGO Organogenesis Holdings, Inc. O 3.39 9.14 2.47 Dec (0.33) (0.43) (0.35) (0.13) NM NM 97.8 357.2 [ 2 3 4 5]

SYK Stryker Corp. P 162.96 226.30 124.54 Dec 7.31 8.22E 9.03 2.45E 19.8 18.1 380.3 61082.0

TNDM Tandem Diabetes Care, Inc. O 68.02 91.65 43.69 Dec (2.55) (0.42) (0.17) (0.22) NM NM 62.9 4062.6 [ 1]

COO The Cooper Companies Inc. P 280.15 365.68 236.68 Oct 11.51 12.35 12.84 2.71 22.7 21.8 50.0 14940.5

VLRX Valeritas Holdings, Inc. P NA NA NA Dec (34.39) NA NA NA -- -- 7.2 NA [ 5]

WM GI Wright M edical Group P 29.29 32.83 19.04 Dec 0.00 0.23E 0.43 0.18E NM 68.1 126.8 3773.1 [ 1]

ZBH Zimmer Biomet Holdings O 98.28 161.11 74.37 Dec 7.64 7.87 8.30 2.00 12.5 11.8 207.8 20312.7

Suraj Kalia, CFA

[email protected]

212- 667- 5387



XAIR Beyond Air O 7.34 12.50 3.45 M ar -- -- (1.81) (0.40) -- NM 11.7 107.5

BLFS BioLife Solutions O 9.85 21.18 7.37 Dec 0.16 0.46 (0.02) (0.04) 21.4 NM 20.1 201.4

CRY CryoLife O 16.44 33.00 12.63 Dec (0.09) 0.04E (0.03) (0.02)E NM NM 37.5 642.5

EW Edwards LifeSciences O 196.06 247.64 154.52 Dec -- 4.93E 5.58 1.18E 39.8 35.1 59.5 40648.3

INSP Inspire M edical U 60.15 95.00 40.53 Dec -- (1.39) (1.03) (0.34) NM NM 24.0 1453.2 [ 1]

ISRG Intuitive Surgical P 504.22 619.00 360.50 Dec 9.41 11.52 11.05 2.44 43.8 45.6 38.9 58477.0 [ 1]

IRTC iRhythm P 86.47 104.25 56.24 Dec (2.11) (2.16) (2.03) (0.53) NM NM 26.4 2317.5

NVRO Nevro P 98.39 148.05 54.00 Dec (1.67) (3.38) (2.24) (0.92) NM NM 30.9 3130.8

RM D ResM ed P 154.21 177.99 96.81 Jun -- 2.83 3.71 0.86 54.5 41.6 144.0 22301.4

SWAV ShockWave M edical, Inc. P 35.95 68.39 22.01 Dec -- (1.80) (1.87) (0.47) NM NM 28.0 1142.0

SSKN STRATA Skin Sciences O 0.94 2.99 0.75 Dec (0.15) (0.11) (0.05) (0.02) NM NM 30.0 31.8

TCM D Tactile Systems Technology P 40.79 71.65 29.47 Dec -- 0.56 0.66 (0.01) 72.8 61.8 19.0 783.9

VREX Varex Imaging O 20.97 35.00 16.40 Sep 0.72 0.43 0.37 0.11 48.8 56.7 38.4 807.3

VERO Venus Concept Inc. P 3.64 11.85 2.06 Dec -- (0.39) (2.26) (0.85) NM NM 28.9 117.2 [ 2 4]

VRAY ViewRay O 2.33 9.76 1.11 Dec (0.94) (1.18) (0.83) (0.22) NM NM 98.4 343.5 [ 2 3 4 5]

HEALTHCARE : Medical DiagnosticsKevin DeGeeter

[email protected]

212- 667- 7130



EXAS Exact Sciences Corporation O 58.43 123.99 35.25 Dec (1.43) (2.05)E (2.18) (0.76)E NM NM 147.9 8645.7 [ 1]

IDXG Interpace Biosciences Inc. O 5.36 11.00 3.81 Dec (0.38) (0.39)E (0.52) (0.05)E NM NM 12.8 21.2 [ 2 4 5]

NVTA InVitae Corp. O 14.19 28.75 7.42 Dec (1.98) (2.87) (3.09) (0.79) NM NM 95.6 1404.3 [ 2 4]

PSNL Personalis, Inc. O 8.30 31.88 4.27 Dec (0.74) (1.30) (1.12) -- NM NM 30.9 261.2 [ 2 3 4]

PTE PolarityTE, Inc. O 1.10 11.45 0.78 Dec (4.52) (3.70) (2.06) (0.57) NM NM 25.0 42.2 [ 2 3 4]

VCEL Vericel Corporation O 9.24 19.95 6.78 Dec (0.12) 0.17 0.08 (0.08) 54.4 NM 43.7 415.3




Monthly Highlights

15

HEALTHCARE : Specialty and Generic PharmaceuticalsLeland Gershell, MD, PhD

[email protected]

212- 667- 7189



ATXI Avenue Therapeutics O 8.94 11.47 4.13 Dec (2.10) (1.65) (0.76) (0.13) NM NM 16.7 149.1 []

INDUSTRIAL/CAPITAL GOODS : Industrial & Business ServicesScott Schneeberger, CFA

[email protected]

212- 667- 8114



CHRW C.H. Robinson Worldwide P 65.19 91.97 56.94 Dec 4.74 4.19 3.60 0.72 15.6 18.1 136.6 8562.0 [ 1]

CTAS Cintas Corporation P 180.45 304.81 154.33 M ay 5.94 7.60 8.42 1.67 23.7 21.4 107.6 18771.6 [ 1]

ECL Ecolab P 161.40 211.24 124.60 Dec 5.25 5.82 6.14 1.09 27.7 26.3 292.6 46671.4 [ 1]

FDX FedEx Corporation P 124.31 199.32 88.69 M ay 15.31 15.52 10.00 3.01 8.0 12.4 262.0 32476.0

LSTR Landstar System, Inc. P 96.99 119.48 85.30 Dec 6.18 5.72 5.40 1.15 17.0 18.0 39.5 3829.5 [ 1]

M GRC M cGrath RentCorp P 53.78 83.95 44.32 Dec 3.24 3.93 3.97 0.73 13.7 13.6 24.7 1306.7 [ 1 5 6]

M INI M obile M ini, Inc. O 25.61 45.75 18.41 Dec 1.64 2.02 2.25 0.41 12.7 11.4 44.3 1136.2 [ 1]

SRCL Stericycle, Inc. P 48.57 67.94 38.45 Dec 4.45 2.65 2.74 0.62 18.3 17.7 91.1 4433.0 [ 1]

TH Target Hospitality P 1.87 11.70 1.19 Dec 0.77 0.49 0.09 0.05 3.8 20.8 97.8 191.3 []

URI United Rentals, Inc. P 95.16 170.04 58.85 Dec 16.26 19.52 20.23 3.26 4.9 4.7 75.4 7049.3 [ 5]

UPS UPS O 97.84 125.31 82.00 Dec 7.24 7.53 7.91 1.38 13.0 12.4 870.0 83990.4

WSC WillScot Corporation O 10.51 19.79 7.45 Dec 0.00 0.23 0.54 0.04 45.7 19.5 110.3 1243.8 []

XPO XPO Logistics, Inc. O 51.43 100.18 38.47 Dec 3.19 4.03 4.81 0.64 12.8 10.7 103.0 4749.9 [ 2 4]

INDUSTRIAL/CAPITAL GOODS : Industrial Machinery & Flow ControlBryan F. Blair, CFA

[email protected]

212- 667- 7112



AOS A.O. Smith Corporation P 37.81 56.66 33.80 Dec 2.61 2.22 2.00 0.37 17.0 18.9 164.2 6125.4

CSL Carlisle Companies Inc. O 125.44 169.86 98.25 Dec 5.88 8.21 7.55 1.03 15.3 16.6 57.2 6985.8

DCI Donaldson Company, Inc. P 39.02 58.32 31.08 Jul 2.00 2.21 1.90 0.46 17.7 20.5 128.9 4946.6 []

DOV Dover Corporation P 85.64 120.26 62.95 Dec 4.45 5.10 -- -- 16.8 -- 146.8 12339.4

FLS Flowserve Corporation P 22.49 54.16 18.98 Dec 1.75 2.20 2.00 0.42 10.2 11.2 131.7 2944.0

GGG Graco Inc. P 48.05 56.98 38.43 Dec 1.88 1.90 1.73 0.45 25.3 27.8 171.8 8095.5

IEX IDEX Corporation P 136.88 178.14 104.56 Dec 5.41 5.80 5.20 1.30 23.6 26.3 76.6 10435.6

ITT ITT, Inc. O 45.75 75.56 35.41 Dec 3.23 3.81 3.22 0.77 12.0 14.2 88.6 4016.8

LECO Lincoln Electric Holdings, Inc. P 69.89 98.32 59.30 Dec 4.82 4.70 4.05 1.07 14.9 17.3 61.7 4204.4

M WA M ueller Water Products, Inc. O 7.92 12.71 6.64 Sep 0.53 0.61 0.52 0.12 13.0 15.2 158.7 1251.6

PNR Pentair plc O 29.63 47.43 22.01 Dec 2.35 2.38 2.12 0.44 12.5 14.0 169.3 4967.0

RXN Rexnord Corporation O 22.35 35.64 18.87 M ar 1.39 1.85 1.99 0.53 12.1 11.2 113.4 2722.4

SPXC SPX Corporation O 32.04 53.76 25.50 Dec 2.27 2.76 2.60 0.52 11.6 12.3 44.2 1417.0

WTS Watts Water P 81.81 114.45 69.02 Dec 3.74 4.07 3.65 0.92 20.1 22.4 34.1 2767.4 [ 5]

XYL Xylem, Inc. P 66.24 89.34 54.62 Dec 2.88 3.02 2.60 0.37 21.9 25.5 181.2 11937.9




Monthly Highlights

16

INDUSTRIAL/CAPITAL GOODS : Industrial Multi-IndustryChristopher Glynn

[email protected]

617- 556- 3711



AYI Acuity Brands, Inc. P 85.66 147.44 67.46 Aug 8.84 9.57 7.40 1.89 9.0 11.6 39.6 3393.8 [ 5]

AM E AM ETEK, Inc. O 72.02 102.31 54.82 Dec 3.66 4.19 3.70 1.00 17.2 19.5 229.1 16506.3

B Barnes Group Inc. O 41.83 68.60 30.22 Dec 3.22 3.21 2.10 0.60 13.0 19.9 50.8 2123.4

ETN Eaton Corp. plc O 78.32 105.78 56.41 Dec 5.39 5.76 4.40 1.05 13.6 17.8 413.4 32223.7

EM R Emerson Electric Co. P 46.63 78.38 37.75 Sep 3.46 3.71 2.85 0.75 12.6 16.4 611.8 28530.2

GNRC Generac Holdings Inc. O 93.53 118.86 51.33 Dec 4.70 5.06 4.50 0.79 18.5 20.8 62.6 5851.9

GE General Electric Co. P 7.89 13.26 5.90 Dec 0.68 0.65 0.44 0.11 12.1 17.9 8740.2 68969.0 [ 5 6 7]

HON Honeywell International Inc. P 131.75 184.06 101.08 Dec 8.01 8.16 7.70 2.04 16.2 17.1 712.6 93185.0

HUBB Hubbell Inc. P 112.97 155.00 85.62 Dec 7.77 8.12 7.10 1.52 13.9 15.9 54.4 6143.1

LFUS Littelfuse, Inc. P 132.47 206.00 103.63 Dec 9.44 6.82 4.50 0.71 19.4 29.4 24.4 3235.7 [ 1]

NDSN Nordson Corp. P 138.59 180.28 96.45 Oct 5.94 5.87 5.20 1.11 23.6 26.7 57.9 8018.6

RBC Regal Belo it Corp. P 61.23 90.19 51.99 Dec 6.00 5.57 4.90 1.14 11.0 12.5 40.6 2489.3

ROP Roper Technologies, Inc. O 317.46 395.00 240.00 Dec 11.81 13.05 12.60 2.92 24.3 25.2 104.1 33685.6

ST Sensata Technologies Holding PLC P 29.36 54.72 18.25 Dec 3.65 3.56 2.70 0.64 8.3 10.9 157.8 4633.8 [ 1 5]

SNA Snap-on Inc. O 113.03 174.00 90.72 Dec 11.81 12.26 10.10 2.82 9.2 11.2 54.7 6181.3

TEL TE Connectivity Ltd. O 63.72 101.00 48.62 Sep 5.61 5.55 4.25 1.15 11.5 15.0 334.1 21291.5

GWW W.W. Grainger, Inc. O 255.14 346.60 200.61 Dec 16.70 17.29 15.40 4.45 14.8 16.6 53.7 13694.1

WCC WESCO International, Inc. O 22.28 61.32 13.52 Dec 4.82 5.20 3.65 0.89 4.3 6.1 41.9 932.9

WWD Woodward, Inc. P 59.20 129.06 46.51 Sep 3.85 4.88 4.00 1.12 12.1 14.8 62.2 3683.2

INDUSTRIAL/CAPITAL GOODS : Sustainable Growth and Resource OptimizationColin Rusch

[email protected]

212- 667- 7787



ALB Albemarle O 56.37 99.40 48.89 Dec 5.48 6.04 4.91 1.05 9.3 11.5 106.3 5993.2 [ 5]

AM SC American Superconductor O 5.48 13.47 4.40 M ar (0.94) (0.94)E (0.52) (0.25)E NM NM 20.7 123.6

AM RS Amyris O 2.56 5.75 1.40 Dec (3.69) (2.80) (0.27) -- NM NM 153.5 419.4

APTV Aptiv plc O 49.24 99.04 29.22 Dec 5.26 4.80 4.87 0.84 10.3 10.1 256.4 12567.0

AQM S Aqua M etals, Inc. O 0.45 3.22 0.33 Dec (1.18) (0.86) (0.20) (0.05) NM NM 58.0 26.9 [ 2 3 4 5]

BE Bloom Energy Corporation P 5.23 15.45 2.44 Dec (1.06) (1.03) (0.88) (0.46) NM NM 119.5 617.2 []

CSIQ Canadian Solar Inc. O 15.64 25.35 12.00 Dec 3.88 2.85 1.00 (0.05) 5.5 15.6 60.4 929.6 [ 1 5]

CPST Capstone Turbine Corporation P 1.07 10.10 1.00 M ar (1.95) (2.49) (2.48) (0.53) NM NM 8.4 9.8 [ 1 5]

CWEN Clearway Energy, Inc. P 19.03 23.24 14.77 Dec 0.46 (0.10) 1.13 (0.19) NM 16.8 199.8 3671.9

CREE Cree, Inc. P 36.87 69.21 27.77 Jun 0.19 0.74 (0.50) (0.11) 49.8 NM 107.9 3984.6 [ 1 5]

ENPH Enphase Energy, Inc. O 32.00 59.15 9.05 Dec (0.12) 1.26 1.26 0.28 25.4 25.4 132.9 3963.2 [ 5]

FSLR First Solar, Inc. P 36.06 69.23 28.47 Dec 1.36 (1.09) 3.44 0.10 NM 10.5 105.4 3802.8 [ 1]

FCEL FuelCell Energy, Inc. P 1.56 4.44 0.13 Oct (9.01) (1.82) (0.38) (0.06) NM NM 202.2 328.1 [ 1]

IO ION Geophysical P 1.16 16.94 1.13 Dec (2.37) (2.40)E (2.51) (0.40)E NM NM 14.2 16.5 []

NEP NextEra Energy Partners LP O 42.76 61.87 29.01 Dec 2.91 (1.16) 1.94 -- NM 22.0 75.8 2802.0

PLUG Plug Power O 3.58 6.05 1.86 Dec (0.36) (0.36) (0.31) (0.09) NM NM 260.1 1150.2 [ 1 2 3 4]

POL PolyOne O 18.70 37.33 8.69 Dec 1.51 1.69 1.87 0.47 11.1 10.0 77.4 1725.7 []

SEDG SolarEdge Technologies, Inc. O 81.64 143.73 37.60 Dec 2.69 2.90 4.98 1.15 28.2 16.4 52.7 4019.6

SPWR SunPower Corporation P 5.39 16.04 4.03 Dec (0.72) (0.29) 0.09 -- NM 59.9 156.0 907.6

RUN SunRun Inc. O 9.81 23.66 7.83 Dec 0.23 0.22 0.63 0.13 44.6 15.6 124.6 1171.2

TERP TerraForm Power, Inc. NR 15.42 21.58 11.40 Dec 0.07 (0.70) (0.15) (0.09) NM NM 225.5 3493.0

TSLA Tesla, Inc. O 514.36 968.99 176.99 Dec (1.33) 0.20 (0.63) (0.79) NM NM 184.4 94698.6 [ 2 4]

TRM B Trimble Inc. O 31.03 46.67 20.01 Dec 1.94 1.99 2.05 -- 15.6 15.1 251.6 7762.7 [ 1]

VSLR Vivint Solar, Inc. O 4.60 12.99 3.17 Dec (2.38) (3.49) (2.58) (0.64) NM NM 122.3 571.1 [ 5]

WPRT Westport Fuel Systems O 0.91 3.39 0.70 Dec (0.31) 0.00 (0.13) (0.07) NM NM 136.2 121.6 [ 5]



Monthly Highlights

17

INDUSTRIAL/CAPITAL GOODS : Sustainable Growth and Resource Optimization (cont'd)Noah Kaye

[email protected]

212- 667- 7936



ADSW Advanced Disposal Services, Inc. NR 32.80 33.15 25.88 Dec 0.11 0.16 0.30 -- NM NM 91.0 2948.8 []

AM RC Ameresco, Inc. O 17.03 26.19 13.11 Dec 0.81 0.93 0.84 0.05 18.3 20.3 48.1 806.9 [ 6 7]

BWA BorgWarner O 24.37 46.60 17.00 Dec 4.48 4.13 4.00 0.94 5.9 6.1 206.9 5037.4

CAT Caterpillar Inc. P 116.04 150.55 87.50 Dec 11.22 11.06 9.22 1.82 10.5 12.6 556.1 63831.6

CLH Clean Harbors, Inc. O 51.34 88.40 29.45 Dec 1.16 1.74 2.21 0.12 29.5 23.2 56.1 2866.3 []

CVA Covanta Holding Corporation O 8.75 18.38 7.58 Dec (0.10) (0.06) 0.03 -- NM NM 134.0 1150.0

CM I Cummins Inc. P 135.32 186.72 101.03 Dec 13.38 14.90 12.21 -- 9.1 11.1 152.4 20043.9

DAN Dana Incorporated O 7.92 20.96 4.22 Dec 2.97 3.06 2.74 -- 2.6 2.9 145.3 1144.0

DLPH Delphi Technologies P 10.31 26.82 5.39 Dec 4.38 2.42 2.12 -- 4.3 4.9 86.1 887.4

ENS EnerSys O 48.96 78.97 35.21 M ar 4.65 4.93 5.01 1.44 9.9 9.8 42.8 2071.4

HASI Hannon Armstrong Sustainable Infrastructure Capital, Inc.O 20.61 39.91 15.01 Dec 1.38 1.38E 1.45 -- 14.9 14.2 67.7 1382.7 []

ITRI Itron, Inc. O 54.93 88.32 40.48 Dec 2.65 3.33 3.58 0.60 16.5 15.3 40.3 2206.0 [ 1]

JCI Johnson Contro ls, Inc. O 26.49 44.82 22.77 Sep 2.83 1.96 2.54 0.47 13.5 10.4 774.0 20239.6

ORA Ormat Technologies, Inc. P 66.05 87.07 54.80 Dec 2.08 1.46 1.60 0.41 45.2 41.3 51.5 3370.6 [ 5]

RSG Republic Services, Inc. O 76.65 100.91 65.37 Dec 3.09 3.34 3.51 0.76 23.0 21.8 320.5 24463.1

ROK Rockwell Automation P 152.26 209.60 115.38 Sep 8.11 8.67 8.96 2.03 17.6 17.0 116.6 17690.1

TWIN Twin Disc Incorporated O 7.17 19.15 6.06 Jun 0.82 0.83 (0.45) 0.22 8.6 NM 13.2 96.1 []

WCN Waste Connections, Inc. O 77.39 105.17 70.87 Dec 2.53 2.72 2.90 0.65 28.5 26.7 264.6 20406.9

WM Waste M anagement, Inc. O 94.60 126.79 85.34 Dec 4.20 4.42 4.68 1.00 21.4 20.2 427.0 40075.1

INTERNETJed Kelly, CFA

[email protected]

212- 667- 8196



QUOT Quotient Technology Inc. O 6.81 11.99 4.55 Dec -- -- -- -- -- -- 89.1 610.5 [ 5]

INTERNET : InternetBo Pei

[email protected]

212- 667- 7291



BEST BEST Inc. O 5.35 6.75 4.01 Dec (0.22) (0.12) 0.09 (0.18) NM 59.4 392.8 2099.9 [ 5]

TM E Tencent M usic Entertainment Group P 9.68 19.42 9.22 Dec -- -- -- -- -- -- 1675.0 16238.5 []

Jason Helfstein

[email protected]

212- 667- 6433



BABA Alibaba Group Holding Ltd. O 194.48 231.14 147.95 M ar 3.59 4.93 4.17 -- 39.5 46.6 2674.0 521736.0 [ 2 4 5]

GOOG Alphabet Inc. O 1146.82 1532.11 1013.54 Dec 43.70 49.18 45.49 11.51 23.3 25.2 703.0 788028.7 [ 1]

AM ZN Amazon.Com, Inc. O 1949.72 2185.95 1626.03 Dec 20.13 23.01 31.55 6.38 84.7 61.8 505.0 970591.0 [ 1]

ANGI ANGI HomeServices, Inc. O 5.25 18.62 4.10 Dec -- -- -- -- -- -- 510.0 2631.0 [ 1 5]

BIDU Baidu.com, Inc. O 100.79 186.22 82.00 Dec 10.00 7.54 8.73 0.90 13.4 11.6 346.1 34858.1 [ 1]

ETSY Etsy, Inc. O 38.67 71.80 29.95 Dec 0.61 1.04E 1.42 0.22E 37.2 27.2 127.4 4561.1

FB Facebook, Inc. O 165.95 224.20 137.10 Dec 7.58 6.44 6.54 1.71 25.8 25.4 2872.0 473032.3 [ 5]

FTCH Farfetch Limited O 7.90 27.58 5.99 Dec (0.59) (1.19) (0.99) (0.28) NM NM 339.5 2685.0

FVRR Fiverr International Ltd. O 24.48 44.25 17.11 Dec -- -- -- -- -- -- 32.0 778.1 [ 2 3 4 5]

GDDY GoDaddy Inc. O 59.16 82.30 40.25 Dec -- -- -- -- -- -- 182.0 10346.9 [ 5]

GRUB GrubHub, Inc. P 39.55 80.25 29.35 Dec 1.66 1.43E 2.23 0.28E 27.7 17.7 92.8 3632.3

IAC IAC/InterActiveCorp O 180.01 278.85 124.60 Dec -- -- -- -- -- -- 85.9 15257.6

M TCH M atch Group, Inc. O 66.67 95.32 44.74 Dec 1.60 1.71E 1.91 0.43E 39.0 34.9 293.7 18851.2 [ 5]

NFLX Netflix, Inc. O 370.96 393.52 252.28 Dec 2.68 4.13 6.00 1.66 89.8 61.8 451.4 162779.7 [ 1]

PTON Peloton Interactive O 27.70 37.02 17.70 Jun -- -- -- -- -- -- 327.0 7774.5 [ 2 3 4]

RDFN Redfin Corporation O 15.96 32.77 9.63 Dec -- -- -- -- -- -- 90.7 1486.2 []

ROKU Roku, Inc. O 89.61 176.55 55.02 Dec -- -- -- -- -- -- 132.0 10751.3 []

SNAP Snap Inc. P 11.85 19.75 7.89 Dec -- -- -- -- -- -- 1410.0 16829.3 [ 5]

SPOT Spotify Technology S.A. P 121.43 161.38 109.18 Dec -- -- -- -- -- -- 188.5 22558.6

TWTR Twitter, Inc. O 25.59 45.85 20.00 Dec 0.85 2.31E 2.40 0.12E 11.1 10.7 777.0 20018.7

UBER Uber Technologies, Inc. O 27.83 47.08 13.71 Dec -- -- -- -- -- -- 1710.0 47972.7 [ 2 3 4]

WIX Wix.com Ltd O 104.48 156.40 76.81 Dec (0.77) (1.31) (0.04) -- NM NM 59.4 5344.4 [ 6 7]

Z Zillow Group P 37.06 66.68 20.04 Dec -- -- -- -- -- -- 205.8 7610.3





Monthly Highlights

18

INTERNET : Internet (cont'd)Jed Kelly, CFA

[email protected]

212- 667- 8196



CARG CarGurus, Inc. O 18.94 42.82 14.25 Dec 0.31 0.52 0.50 0.07 36.4 37.9 113.6 2126.9

EVER EverQuote O 24.70 48.23 7.31 Dec -- -- -- -- -- -- 28.9 661.5 []

TREE LendingTree, Inc. O 190.56 434.94 156.57 Dec 5.69 5.65 5.78 0.92 33.7 33.0 14.6 2486.1

M EET The M eet Group NR 5.70 7.00 3.05 Dec 0.35 0.49E 0.55 0.15E 11.6 10.4 78.5 405.2 [ 6 7]

YELP Yelp Inc. P 17.53 40.99 12.88 Dec 0.64 0.52 0.90 0.01 33.7 19.5 73.0 1259.3 [ 1 5]

INTERNET : Online LendingJed Kelly, CFA

[email protected]

212- 667- 8196



LC LendingClub Corp. O 8.21 18.85 7.10 Dec -- 0.02 0.33 (0.05) NM 24.9 88.9 730.0

INTERNET : Online TravelJed Kelly, CFA

[email protected]

212- 667- 8196



BKNG Booking Holdings Inc. P 1345.32 2094.00 1107.29 Dec 92.59 102.53 50.79 3.28 13.1 26.5 41.7 55241.3

EXPE Expedia Group P 56.39 144.00 40.76 Dec 5.82 6.11 (0.38) (2.02) 9.2 NM 150.0 7894.0 [ 1]

SABR Sabre Corporation P 6.23 25.44 3.30 Dec 1.54 1.00 0.39 0.04 6.2 16.0 277.6 1705.5

TCOM Trip.com Group Ltd. O 22.51 46.50 20.10 Dec 0.85 1.25 (0.19) (0.34) 18.0 NM 621.0 13245.3

TRIP TripAdvisor Inc. P 17.87 50.33 13.72 Dec 1.70 1.77 1.85 0.30 10.1 9.7 140.0 2431.9

YTRA Yatra Online, Inc. NR 1.06 5.12 0.80 M ar -- -- -- -- -- -- 47.3 45.0

SPECIAL SITUATIONS : Special SituationsIan Zaffino, CFA

[email protected]

212- 667- 7413



ALSN Allison Transmission Holdings O 32.61 50.46 26.15 Dec -- -- -- -- -- -- 190.0 3818.5 [ 5]

ARM K Aramark O 19.97 47.22 9.65 Sep 2.11 2.24 2.30 0.45 8.9 8.7 254.1 5037.8

ACA Arcosa, Inc. O 39.74 47.85 28.14 Dec -- -- -- -- -- -- 48.4 1918.6

CDK CDK Global Inc. O 32.85 63.90 29.12 Jun 3.26 3.75 4.32 -- 8.8 7.6 122.1 3991.0

CAAP Corporacion America Airports P 1.85 8.50 1.70 Dec -- -- -- -- -- -- 160.0 296.0 [ 2 3 4 5]

NPO EnPro Industries, Inc. O 40.98 75.73 30.04 Dec -- -- -- -- -- -- 20.7 843.5

FTDR frontdoor, inc. O 34.78 53.30 30.87 Dec -- -- -- -- -- -- 85.1 2968.1 []

NGVT Ingevity Corp. O 33.78 116.88 24.92 Dec -- -- -- -- -- -- 42.2 1413.1

M SG M adison Square Garden Company O 225.41 316.39 182.47 Jun -- -- -- -- -- -- 24.0 5407.4

NCR NCR Corp. O 17.82 35.87 10.55 Dec 2.62 2.81 2.14 0.34 6.3 8.3 143.9 2302.5

OUT OUTFRONT M edia, Inc. O 12.84 31.20 7.07 Dec -- -- -- -- -- -- 144.6 1851.0

REZI Resideo Technologies, Inc. P 5.08 23.99 3.84 Dec -- -- -- -- -- -- 122.8 624.5

SERV Servicemaster Global Holdings O 26.77 58.78 17.63 Dec -- -- -- -- -- -- 135.6 3625.9

SIX Six Flags Entertainment Corp. P 12.57 59.52 8.75 Dec -- -- -- -- -- -- 84.6 1064.3 [ 6 7]

SPB Spectrum Brands O 36.01 66.50 19.59 Sep 3.52 4.85 -- -- 7.4 -- 47.7 1652.7

VGR Vector Group P 9.14 14.42 7.92 Dec -- -- -- -- -- -- 146.6 1353.5 [ 5]

WYND Wyndham Destinations, Inc. O 21.72 53.13 13.74 Dec -- -- -- -- -- -- 89.8 1896.2

WH Wyndham Hotels & Resorts O 31.98 63.66 14.50 Dec -- -- -- -- -- -- 95.0 2996.4 [ 1]





Monthly Highlights

19

TECHNOLOGY : Analytics, Collaboration, and Infrastructure SoftwareIttai Kidron

[email protected]

212- 667- 6292



AYX Alteryx, Inc. O 95.17 160.11 75.17 Dec (0.02) 0.94 0.65 (0.06) NM NM 69.1 6224.7

ANET Arista Networks, Inc. P 202.55 331.27 156.63 Dec 7.95 9.73 8.35 1.86 20.8 24.3 80.3 15490.9 [ 5]

TEAM Atlassian Corporation Plc O 141.16 156.12 100.25 Jun 0.49 0.86 1.26 0.29 NM NM 251.0 34644.5

BOX Box, Inc. O 14.04 21.19 8.64 Jan (0.43) (0.12) 0.03 0.06 NM NM 155.7 2115.9

CSCO Cisco Systems O 39.31 58.26 32.40 Jul 2.60 3.09 3.11 0.78 12.7 12.6 4260.0 166709.0 [ 1]

CTXS Citrix Systems, Inc. P 141.55 146.40 90.28 Dec 5.65 5.70 4.86 1.11 24.8 29.1 134.1 17319.8 [ 1]

DDOG Datadog, Inc. P 35.98 50.12 27.55 Dec (0.07) (0.01) (0.05) (0.01) NM NM 327.3 10688.7 [ 4]

ESTC Elastic N.V. O 55.81 104.10 39.01 Apr (1.23) (1.11) (1.20) (0.38) NM NM 80.7 4560.8

M DB M ongoDB, Inc. O 136.43 184.78 93.81 Jan (2.43) (1.40) (0.99) (0.26) NM NM 56.9 7853.8

NEWR New Relic, Inc. O 47.34 108.91 33.49 M ar 0.00 0.66 0.55 0.04 71.7 86.1 60.4 2805.0

NTNX Nutanix, Inc. P 16.03 43.71 11.31 Jul (0.62) (1.51) (3.09) (0.95) NM NM 192.7 3120.3 [ 5]

WORK Slack Technologies, Inc. P 28.21 42.00 15.10 Jan (0.75) (0.97) (0.29) (0.07) NM NM 550.4 15707.5

SM AR Smartsheet Inc. O 43.97 55.79 30.91 Jan (0.36) (0.35) (0.48) (0.21) NM NM 117.7 5197.0 [ 2 3 4]

TWLO Twilio , Inc. O 97.00 151.00 68.06 Dec 0.12 0.16 (0.40) (0.12) NM NM 147.3 13552.0

VM W VM ware, Inc. O 120.52 206.80 86.00 Jan 5.20 5.98 6.25 1.14 20.2 19.3 424.0 50378.5

ZM Zoom Video Communications P 150.88 164.94 59.94 Jan 0.03 0.00 0.35 0.11 NM NM 292.8 42095.8 [ 2 4]

TECHNOLOGY : Communication SoftwareShaul Eyal

[email protected]

212- 667- 8411



DOX Amdocs Ltd. O 54.97 77.29 44.05 Sep 4.03 4.31 4.53 1.06 12.8 12.1 136.0 7397.9

NICE NICE LTD. O 148.27 183.42 110.59 Dec 4.69 5.31 5.75 1.32 27.9 25.8 62.0 9212.6 [ 1 5]

NUAN Nuance Communications Inc. O 16.52 23.58 12.98 Sep 1.16 1.21 0.86 0.17 13.7 19.2 282.9 4673.3 [ 1]

VRNT Verint Systems O 42.76 63.94 32.44 Jan 2.81 3.21 3.65 1.16 13.3 11.7 67.0 2857.4 [ 1 5]

TECHNOLOGY : Communication TechnologyGeorge Iwanyc

[email protected]

415- 399- 5748



CM BM Cambium Networks Corporation O 5.60 11.75 3.60 Dec 0.14 0.53 0.38 (0.03) 10.6 14.7 25.6 143.8 [ 2 3 4]

CRNT Ceragon Networks Ltd. P 1.26 4.38 0.99 Dec 0.22 0.00 (0.02) (0.02) NM NM 80.6 101.1 [ 1 5 6 7]

HPE Hewlett Packard Enterprise O 9.71 17.59 7.43 Oct 1.56 1.77 1.62 0.34 5.5 6.0 1315.0 12509.8

JNPR Juniper Networks, Inc. O 19.14 28.77 15.20 Dec 1.89 1.72 1.60 0.25 11.1 12.0 340.8 6326.3

NTAP NetApp, Inc. P 40.72 78.35 34.66 Apr 3.47 4.52 4.10 1.23 9.0 9.9 229.0 9324.9 [ 1]

PSTG Pure Storage, Inc. O 12.40 23.53 7.93 Jan (0.11) 0.21 0.25 (0.16) 59.1 49.6 277.2 3311.2

TECHNOLOGY : Emerging Technologies and ServicesMartin Yang, CFA

[email protected]

212- 667- 7623



GLW Corning Inc. P 20.54 35.34 17.44 Dec 1.78 1.76E 1.63 -- 11.7 12.6 1154.0 15664.2

QUIK QuickLogic Corporation O 2.51 12.03 2.12 Dec (1.87) (1.60) (0.54) (0.29) NM NM 97.0 21.0 [ 2 3 4]

OLED Universal Display Corp. P 137.35 230.32 105.11 Dec 1.24 2.92E 3.04 -- 47.0 45.2 46.7 6481.2 [ 5]





Monthly Highlights

20

TECHNOLOGY : Emerging Technologies and Services (cont'd)Andrew Uerkwitz

[email protected]

212- 667- 5316



ATVI Activision Blizzard O 59.48 64.53 41.84 Dec 2.60 2.25E 2.50 -- 26.4 23.8 741.5 45753.3 [ 1]

AM BA Ambarella Inc. P 48.56 73.59 36.02 Jan 2.32 0.73 0.69 -- 66.5 70.4 33.7 1661.2

AAPL Apple Inc. O 254.29 327.85 170.27 Sep 11.91 11.89 11.80 1.80 21.4 21.6 5559.0 1112640.8 [ 1]

AAXN Axon Enterprises P 70.77 90.10 49.80 Dec 0.51 0.01 0.08 (0.12) NM NM 59.4 4212.8

CEVA CEVA Inc. P 24.93 36.62 20.45 Dec 0.53 0.59 0.52 0.06 42.3 47.9 22.8 553.2 [ 1]

EA Electronic Arts Inc. O 100.17 114.13 85.69 M ar 4.40 4.28 4.67 0.93 23.4 21.5 311.7 29016.7 [ 1]

EVBG Everbridge Inc. O 106.36 133.62 59.85 Dec (1.63) (1.58) (2.60) (0.61) NM NM 33.2 3640.5 []

GNSS Genasys Inc. O 3.27 4.24 2.01 Sep -- -- -- -- -- -- 32.7 108.2 [ 6 7]

GPRO GoPro Inc. O 2.62 7.64 2.00 Dec (0.21) 0.24 (0.70) (0.30) 10.9 NM 137.7 408.7 [ 1]

INVE Identiv, Inc. O 3.38 7.04 2.11 Dec -- -- -- -- -- -- 17.0 59.0

SONM Sonim Technologies, Inc. P 0.82 18.26 0.50 Dec -- -- -- -- -- -- 19.9 16.9 [ 2 3 4 5]

SNE Sony Corporation O 60.17 73.86 42.03 M ar 707.74 502.42E 459.73 51.64E 0.1 0.1 1225.0 75874.4

SYNA Synaptics, Incorporated P 59.65 84.75 26.34 Jun 4.09 4.02 5.15 1.15 14.8 11.6 36.2 2024.5 [ 1 6 7]

TTWO Take-Two Interactive Software O 118.51 135.70 87.97 M ar 3.33 4.84 4.59 0.75 24.5 25.8 117.6 13441.9 [ 1]

HEAR Turtle Beach Corporation O 6.24 12.76 4.05 Dec 2.74 1.09 (0.50) -- 5.7 NM 12.4 90.5 [ 5]

TYL Tyler Technologies Inc. O 300.81 340.80 203.77 Dec 4.80 5.30 5.61 1.39 56.8 53.6 40.1 11850.7

ZNGA Zynga Inc. O 6.86 7.42 5.22 Dec 0.02 0.04 (0.14) (0.03) NM NM 950.0 6527.6

TECHNOLOGY : Enterprise SoftwareKoji Ikeda, CFA

[email protected]

415- 399- 5730



EGAN eGain Corporation O 7.33 10.91 4.80 Jun 0.06 0.21 0.10 0.00 34.9 73.3 31.9 224.6

TECHNOLOGY : Financial Technology & IT ServicesGlenn Greene, CFA

[email protected]

312- 360- 5942



BKI Black Knight Inc. O 58.06 76.44 50.01 Dec 1.87 1.99 2.04 0.44 29.2 28.5 148.5 8709.7

CLGX CoreLogic Inc. P 30.54 51.74 24.69 Dec 2.73 2.87 2.90 0.67 10.6 10.5 80.9 2413.1

FDS FactSet Research Systems Inc. P 260.68 310.25 195.22 Aug 8.53 10.00 10.10 2.47 26.1 25.8 38.6 9881.4 [ 8]

FIS Fidelity Nat'l Information Services O 121.64 158.21 91.68 Dec 5.23 5.62 6.32 1.34 21.6 19.3 625.0 74969.4

FISV Fiserv, Inc. O 94.99 125.05 73.50 Dec 3.44 4.00 4.95 1.05 23.8 19.2 695.0 64507.6 [ 1]

FLT FleetCor Technologies, Inc. O 186.54 329.85 168.51 Dec 10.52 11.79 13.60 2.96 15.8 13.7 90.1 15935.9

GPN Global Payments Inc. O 144.23 209.62 105.54 Dec -- -- -- -- -- -- 302.3 43287.5

JKHY Jack Henry P 155.24 174.93 123.64 Jun 3.50 3.52 3.72 0.81 44.1 41.7 76.9 11910.0 [ 1]

M A M astercard Incorporated O 241.56 347.25 199.99 Dec 6.49 7.77 7.78 1.68 31.1 31.1 1013.0 242794.1

PYPL PayPal Holdings, Inc. O 97.03 124.45 82.07 Dec 2.42 3.10 3.44 0.77 31.3 28.2 1187.0 113811.9

SEIC SEI Investments Company O 46.44 69.61 35.41 Dec 3.14 3.24 3.60 0.87 14.3 12.9 153.7 6964.9 [ 1]

SQ Square Inc. P 55.00 87.25 32.33 Dec 0.47 0.80 0.69 0.15 68.8 79.7 486.0 23937.9

V Visa Inc. O 165.57 214.17 133.93 Sep 4.61 5.44 5.37 1.34 30.4 30.8 2265.0 324932.3 [ 10]

WEX WEX Inc. O 108.84 236.51 71.12 Dec 8.28 9.20 10.15 2.12 11.8 10.7 43.9 4717.3




Monthly Highlights

21

TECHNOLOGY : Infrastructure SoftwareShaul Eyal

[email protected]

212- 667- 8411



CHKP Check Point Software Technologies O 100.54 132.75 80.06 Dec 5.71 6.13 6.45 1.40 16.4 15.6 152.2 14625.3 [ 1 6 7]

NET Cloudflare O 23.89 25.02 14.50 Dec (0.76) (0.48) (0.19) (0.06) NM NM 299.0 7230.0 [ 2 3 4]

CRWD CrowdStrike Holdings, Inc. O 55.68 101.88 31.95 Jan (2.93) (2.68) (0.42) (0.07) NM NM 105.7 11871.7 [ 2 3 4 5]

CYBR CyberArk Software Ltd. O 85.56 148.74 69.50 Dec 2.05 2.77 2.32 0.38 30.9 36.9 37.7 3261.9 [ 2 4]

FEYE FireEye, Inc. O 10.58 18.34 7.54 Dec 0.08 0.05 0.20 (0.04) NM 52.9 213.5 2355.3

FTNT Fortinet, Inc. O 101.17 121.82 68.87 Dec 1.84 2.47 2.70 0.51 41.0 37.5 172.5 17453.3

IDN Intellicheck Inc. P 3.39 10.54 2.75 Dec (0.26) (0.16) (0.05) (0.05) NM NM 15.9 55.0 [ 5]

LOGM LogM eIn, Inc. P 83.28 86.63 62.02 Dec 5.40 5.12E 4.85 1.39E 16.3 17.2 49.4 4046.9 [ 1]

M IM E M imecast O 35.30 54.57 25.14 M ar (0.01) 0.26 0.47 0.06 NM 75.1 62.0 2206.8 [ 5]

NLOK NortonLifeLock Inc. P 19.10 21.09 10.11 M ar 1.69 1.59 0.82 0.18 12.0 23.3 617.5 11467.3

OKTA Okta, Inc. O 124.94 142.98 82.03 Jan (0.72) (0.32) (0.31) (0.24) NM NM 112.4 15339.4

PANW Palo Alto Networks Inc. O 166.47 251.10 125.47 Jul 4.20 5.45 4.60 0.97 30.5 36.2 96.0 16597.9

PING Ping Identity Holding Corp. O 20.15 29.80 12.02 Dec 0.38 0.44 0.26 0.03 45.8 77.5 68.0 1606.0 [ 2 3 4]

PFPT Proofpoint, Inc. P 107.65 133.58 83.81 Dec 1.47 1.78 1.45 0.27 60.5 74.2 56.1 6136.4

RDWR Radware Ltd. O 21.67 26.98 16.02 Dec 0.55 0.84 0.85 0.14 25.8 25.5 46.9 1016.2 [ 1]

SAIL SailPoint Technologies, Inc. O 15.74 29.24 11.61 Dec 0.37 0.20 0.02 (0.03) 78.7 NM 88.7 1417.3 [ 4]

SPLK SPLUNK Inc. O 127.22 176.31 93.92 Jan 0.96 1.33 1.88 (0.66) 95.7 67.7 156.0 20179.6

TDC Teradata Corp. P 20.76 46.16 17.62 Dec 1.29 1.05 1.18 0.22 19.8 17.6 111.0 2295.2

TUFN Tufin Software Technologies O 8.68 31.04 5.79 Dec (0.13) (0.63) (0.68) (0.32) NM NM 35.0 308.1 [ 2 3 4]

VRNS Varonis Systems, Inc. O 65.03 93.24 48.95 Dec 0.32 (0.92) (0.91) (0.56) NM NM 30.3 1990.5

TECHNOLOGY : SaaS/Applications SoftwareBrian Schwartz

[email protected]

415- 399- 5732



TWOU 2U, Inc. P 22.71 74.25 11.37 Dec (0.06) (1.17) (1.41) (0.49) NM NM 63.5 1445.0 []

ADBE Adobe Systems Incorporated O 318.24 386.75 255.13 Nov 6.76 7.87 9.75 2.23 40.4 32.6 488.3 153328.3 [ 1]

M DLA M edallia, Inc. O 20.04 44.72 16.67 Jan (2.27) (1.85) (0.02) (0.02) NM NM 171.4 2683.4 [ 2 3 4]

M IXT M iX Telematics P 8.65 18.06 6.64 M ar 0.32 0.35 0.35 0.03 24.7 24.7 22.5 207.9 [ 5]

ORCL Oracle Corporation P 50.36 60.50 39.71 M ay 3.13 3.52 3.91 0.96 14.3 12.9 3331.0 158814.5 [ 1]

PAYC Paycom Software, Inc. O 213.12 342.00 173.65 Dec 2.68 3.50 4.22 1.24 60.9 50.5 58.4 12538.2

PCTY Paylocity Holding Corp. P 91.25 150.73 66.98 Jun 1.29 1.38 1.92 0.75 66.1 47.5 55.8 4891.8

RNG RingCentral O 228.03 256.60 101.33 Dec 0.77 0.82 0.81 0.18 NM NM 91.2 19862.5 [ 5]

CRM Salesforce.com O 143.98 195.72 115.29 Jan 1.35 2.75 3.01 0.59 52.4 47.8 911.0 128862.1

SAP SAP SE O 112.90 140.67 90.89 Dec 4.35 5.11 5.28 0.93 22.1 21.4 1194.0 138698.1

NOW ServiceNow Inc. P 286.39 362.95 213.99 Dec 2.50 3.33 3.88 0.84 86.0 73.8 195.0 54356.8

TTD The Trade Desk, Inc. O 197.51 323.78 136.00 Dec 2.69 3.68 3.49 0.51 53.7 56.6 48.0 9001.3

WDAY Workday, Inc. O 137.30 226.83 107.75 Jan 1.05 1.36 1.90 0.49 NM 72.3 247.8 31853.6

Koji Ikeda, CFA

[email protected]

415- 399- 5730



ADSK Autodesk, Inc. P 156.10 211.58 125.38 Jan (0.48) 1.01 2.80 0.77 NM 55.8 222.5 34267.3 [ 1]

BL BlackLine, Inc. O 52.61 74.44 38.32 Dec 0.11 0.38 0.39 0.04 NM NM 59.2 2965.2

COUP Coupa Software, Inc. O 139.73 178.00 87.20 Jan (0.22) 0.17 0.51 -- NM NM 72.2 9058.2 [ 5]

HUBS HubSpot, Inc. P 133.19 207.98 90.83 Dec 0.87 1.49 1.07 0.16 89.4 NM 46.9 5765.5

LPSN LivePerson, Inc. P 22.75 45.21 14.08 Dec 0.05 (0.43) (0.39) (0.20) NM NM 63.6 1458.5 [ 1 6 7]

M ODN M odel N Inc. O 22.21 35.84 15.00 Sep 0.04 0.22 0.23 0.00 NM 96.6 34.6 740.4

SHOP Shopify Inc. P 430.38 593.89 190.38 Dec 0.37 0.38E 0.21 -- NM NM 116.0 50227.1 [ 2 4]

SPSC SPS Commerce, Inc. P 46.10 62.26 31.28 Dec 0.97 1.28 1.25 0.29 36.0 36.9 36.0 1607.2

YEXT Yext, Inc. O 10.71 22.65 9.57 Jan (0.47) (0.31) (0.48) (0.14) NM NM 115.2 1240.7

ZEN Zendesk, Inc. O 65.36 94.89 50.23 Dec 0.21 0.31 0.22 0.01 NM NM 118.8 7408.6




Monthly Highlights

22

TECHNOLOGY : Semiconductors & ComponentsRick Schafer

[email protected]

720- 554- 1119



AM D Advanced M icro Devices P 45.48 59.27 25.83 Dec 0.45 0.63 1.09 0.17 72.2 41.7 1216.0 53250.4 []

AKTS Akoustis Technologies O 5.37 9.25 3.76 Jun (1.04) (1.06) (0.80) (0.22) NM NM 31.4 194.5 []

ADI Analog Devices O 89.65 127.30 79.08 Oct 6.36 5.50 5.00 1.19 16.3 17.9 372.0 33010.9

AVGO Broadcom Ltd. O 237.10 331.58 155.67 Oct 20.80 21.30 22.66 5.16 11.1 10.5 451.0 94790.5

CRUS Cirrus Logic P 65.63 91.63 37.24 M ar 4.27 2.64 3.81 0.50 24.9 17.2 60.5 3847.8 [ 1]

INTC Intel Corp. P 54.12 69.29 42.86 Dec 4.58 4.87 4.99 1.20 11.1 10.9 4373.0 231471.2 [ 1]

M RVL M arvell Technology Group O 22.63 28.86 16.45 Jan 1.19 1.19 0.66 0.14 19.0 34.3 676.0 15005.4 [ 1]

M XIM M axim Integrated Products P 48.61 65.73 41.93 Jun 1.64 2.97 1.93 0.43 16.4 25.2 273.3 13095.2 [ 1]

M PWR M onolithic Power Systems O 167.46 193.10 114.84 Dec 3.74 3.88 4.83 0.90 43.2 34.7 46.5 7469.1 [ 1]

NVDA NVIDIA Corp. O 265.59 316.32 132.60 Jan 4.92 6.64 5.80 -- 40.0 45.8 621.0 162670.0 [ 1]

NXPI NXP Semiconductors NV P 84.93 139.59 58.41 Dec 7.12 7.57 8.36 1.60 11.2 10.2 286.0 23759.2

QRVO Qorvo, Inc. P 81.48 122.37 58.52 M ar 5.14 5.77 6.14 1.40 14.1 13.3 119.0 9426.0

QCOM QUALCOM M Incorporated P 69.03 96.17 55.78 Sep 3.70 3.54 3.91 0.77 19.5 17.7 1159.0 78904.2 [ 1]

SM TC Semtech Corp. O 36.62 56.04 26.03 Jan 1.87 2.19 1.52 0.33 16.7 24.1 67.1 2409.4 [ 1]

SWKS Skyworks Solutions, Inc. P 90.11 128.48 66.29 Sep 7.22 6.17 6.44 1.34 14.6 14.0 172.0 15279.3 [ 1]

TXN Texas Instruments O 102.02 135.70 93.09 Dec 5.59 5.24 5.00 0.97 19.5 20.4 948.0 95254.6


Monthly Highlights

23

Outperform Rated Stocks

C o m p a n y S y m b o l C o m p a n y S y m b o l C o m p a n y S y m b o l

8 9 b io In c . E T N B C a m b iu m N e t w o rk s C o rp o ra t io n C M B M F a rf e t c h L im it e d F T C H

8 x8 In c . E G H T C a n a d ia n S o la r In c . C S IQ F a s t ly, In c . F S L Y

A c a s t i P h a rm a In c . A C S T C a p it a l O n e F in a n c ia l C o rp . C O F F a t e T h e ra p e u t ic s F A T E

A c c e le ro n P h a rm a X L R N C a rG u ru s , In c . C A R G F id e lit y N a t ' l In f o rm a t io n S e rv ic e s F IS

A c t iv is io n B lizza rd A T V I C a r lis le C o m p a n ie s In c . C S L F id u s In v e s t m e n t C o rp . F D U S

A d d u s H o m e C a re C o rp o ra t io n A D U S C a r lyle G ro u p L .P . C G F ire E ye , In c . F E Y E

A D M A B io lo g ic s , In c . A D M A C a rM a x K M X F is e rv , In c . F IS V

A d o b e S ys t e m s In c o rp o ra t e d A D B E C a rv a n a C V N A F iv e B e lo w F IV E

A e r ie P h a rm a c e u t ic a ls , In c . A E R I C a t a b a s is P h a rm a c e u t ic a ls C A T B F iv e rr In t e rn a t io n a l L t d . F V R R

A g ile T h e ra p e u t ic s A G R X C a t a lys t P h a rm a c e u t ic a ls , In c . C P R X F le e t C o r T e c h n o lo g ie s , In c . F L T

A k a m a i T e c h n o lo g ie s A K A M C B O E G lo b a l M a rk e t s C B O E F o c u s F in a n c ia l P a r t n e rs F O C S

A k o u s t is T e c h n o lo g ie s A K T S C D K G lo b a l In c . C D K F o r t in e t , In c . F T N T

A lb e m a r le A L B C e lle c t is , S A C L L S f ro n t d o o r , in c . F T D R

A lib a b a G ro u p H o ld in g L t d . B A B A C e ls io n C o rp o ra t io n C L S N G a m id a C e ll G M D A

A llia n c e D a t a S ys t e m s A D S C e n t e n e C o rp . C N C G e n a s ys In c . G N S S

A llis o n T ra n s m is s io n H o ld in g s A L S N C e n t u ryL in k C T L G e n e ra c H o ld in g s In c . G N R C

A llo g e n e A L L O C e re c o r C E R C G ile a d S c ie n c e s , In c . G IL D

A lly F in a n c ia l, In c . A L L Y C h e c k P o in t S o f t w a re T e c h n o lo g ie s C H K P G lo b a l B lo o d T h e ra p e u t ic s G B T

A ln yla m A L N Y C h e m e d C o rp o ra t io n C H E G lo b a l P a ym e n t s In c . G P N

A lp h a b e t In c . G O O G C h ro m a D e x C D X C G o D a d d y In c . G D D Y

A lp in e Im m u n e S c ie n c e s , In c . A L P N C h u rc h & D w ig h t C H D G o ld m a n S a c h s G ro u p G S

A lt e ryx, In c . A Y X C id a ra T h e ra p e u t ic s C D T X G o P ro In c . G P R O

A m a zo n .C o m , In c . A M Z N C IG N A C o rp . C I G T T C o m m u n ic a t io n s , In c . G T T

A m d o c s L t d . D O X C is c o S ys t e m s C S C O G W P h a rm a c e u t ic a ls P lc G W P H

A m e d is ys , In c . A M E D C IT G ro u p C IT H a n n o n A rm s t ro n g S u s t a in a b le In f ra s t ru c t u re C a p it a l, In c .H A S I

A m e re s c o , In c . A M R C C it ig ro u p In c . C H C A In c . H C A

A m e r ic a n E xp re s s C o m p a n y A X P C le a n H a rb o rs , In c . C L H H e le n o f T ro y L im it e d H E L E

A m e r ic a n S u p e rc o n d u c t o r A M S C C lo u d f la re N E T H e w le t t P a c k a rd E n t e rp r is e H P E

A M E T E K , In c . A M E C M E G ro u p In c . C M E H o m e D e p o t In c . H D

A m g e n , In c . A M G N C o m c a s t C M C S A H u m a n a , In c . H U M

A m yr is A M R S C o m m u n it y H e a lt h S ys t e m s C Y H IA C / In t e rA c t iv e C o rp IA C

A n a lo g D e v ic e s A D I C o m p u g e n L t d . C G E N ID E A Y A B io s c ie n c e s ID Y A

A N G I H o m e S e rv ic e s , In c . A N G I C o n f o rm is , In c . C F M S Id e n t iv , In c . IN V E

A p e llis P h a rm a c e u t ic a ls A P L S C o n n 's In c . C O N N IM V , In c . IM V .C N

A p p le In c . A A P L C o n s t e lla t io n P h a rm a c e u t ic a ls C N S T In c yt e IN C Y

A p t iv p lc A P T V C o rb u s P h a rm a c e u t ic a ls H o ld in g s C R B P In f in it y P h a rm a c e u t ic a ls IN F I

A p t o s e B io s c ie n c e s A P T O C o s t c o W h o le s a le C o rp . C O S T In g e v it y C o rp . N G V T

A q u a M e t a ls , In c . A Q M S C o u p a S o f t w a re , In c . C O U P In t e g ra L if e S c ie n c e s H o ld in g s IA R T

A ra m a rk A R M K C o v a n t a H o ld in g C o rp o ra t io n C V A In t e rc e p t P h a rm a c e u t ic a ls IC P T

A rc o s a , In c . A C A C R IS P R T h e ra p e u t ic s C R S P In t e rc o n t in e n t a l E xc h a n g e IC E

A re s C a p it a l C o rp o ra t io n A R C C C ro w d S t r ik e H o ld in g s , In c . C R W D In t e rp a c e B io s c ie n c e s In c . ID X G

A s c e n d is P h a rm a A S N D C ryo L if e C R Y In t u it , In c . IN T U

A T & T , In c . T C u e B io p h a rm a C U E In V it a e C o rp . N V T A

A t h e n e x, In c . A T N X C yb e rA rk S o f t w a re L t d . C Y B R Io n is P h a rm a c e u t ic a ls IO N S

A t la s s ia n C o rp o ra t io n P lc T E A M C ym a B a y T h e ra p e u t ic s C B A Y Io v a n c e B io t h e ra p e u t ic s IO V A

a T yr P h a rm a , In c . L IF E D a n a In c o rp o ra t e d D A N It ro n , In c . IT R I

A u r in ia P h a rm a c e u t ic a ls , In c . A U P H D a rd e n R e s t a u ra n t s In c . D R I IT T , In c . IT T

A u t o Z o n e , In c . A Z O D e n n y's C o rp . D E N N J a c k in t h e B o x, In c . J A C K

A v e n u e T h e ra p e u t ic s A T X I D e xC o m In c . D X C M J a zz P h a rm a c e u t ic a ls P lc J A Z Z

B a id u .c o m , In c . B ID U D o lla r G e n e ra l C o rp o ra t io n D G J e f f e r ie s F in a n c ia l G ro u p In c . J E F

B a n k o f A m e r ic a B A C D o m in o 's P izza , In c . D P Z J o h n s o n C o n t ro ls , In c . J C I

B a rn e s G ro u p In c . B E a t o n C o rp . p lc E T N J u n ip e r N e t w o rk s , In c . J N P R

B a u d a x B io B X R X E d w a rd s L if e S c ie n c e s E W K a d m o n K D M N

B e s t B u y C o . In c . B B Y e G a in C o rp o ra t io n E G A N K a la P h a rm a c e u t ic a ls , In c . K A L A

B E S T In c . B E S T E la s t ic N .V . E S T C K K R & C o . K K R

B e yo n d A ir X A IR E le c t ro n ic A r t s In c . E A K u ra O n c o lo g y K U R A

B io g e n In c . B IIB E n c o re C a p it a l G ro u p , In c . E C P G L e n d in g C lu b C o rp . L C

B io L if e S o lu t io n s B L F S E n e rS ys E N S L e n d in g T re e , In c . T R E E

B io L in e R x B L R X E n p h a s e E n e rg y, In c . E N P H L H C G ro u p , In c . L H C G

B J 's R e s t a u ra n t s In c . B J R I E n P ro In d u s t r ie s , In c . N P O L im e lig h t N e t w o rk s L L N W

B la c k K n ig h t In c . B K I E q u in ix In c . E Q IX L o w e 's C o s . L O W

B la c k L in e , In c . B L E S S A P h a rm a E P IX L u lu le m o n A t h le t ic a In c . L U L U

B la c k R o c k T C P C a p it a l C o rp . T C P C E t s y, In c . E T S Y M a d is o n S q u a re G a rd e n C o m p a n y M S G

b lu e b ird b io B L U E E v e rb r id g e In c . E V B G M a d r ig a l P h a rm a c e u t ic a ls In c . M D G L

B o in g o W ire le s s , In c . W IF I E v e rQ u o t e E V E R M a n n K in d C o rp o ra t io n M N K D

B o rg W a rn e r B W A E v o f e m B io s c ie n c e s , In c . E V F M M a r in u s P h a rm a c e u t ic a ls , In c . M R N S

B o x, In c . B O X E xa c t S c ie n c e s C o rp o ra t io n E X A S M a rk e r T h e ra p e u t ic s M R K R

B ra in s w a y, L t d . B W A Y E xe lixis E X E L M a rv e ll T e c h n o lo g y G ro u p M R V L

B ro a d c o m L t d . A V G O F a c e b o o k , In c . F B M a s t e rc a rd In c o rp o ra t e d M A

Monthly Highlights

24

Outperform Rated Stocks (Cont’d)


M a t c h G ro u p , In c . M T C H P u rp le In n o v a t io n , In c . P R P L T h e W e n d y's C o m p a n y W E N

M e d a llia , In c . M D L A Q u ic k L o g ic C o rp o ra t io n Q U IK T iv it y H e a lt h , In c . T V T Y

M e d iW o u n d L t d . M D W D Q u o t ie n t T e c h n o lo g y In c . Q U O T T r im b le In c . T R M B

M e d t ro n ic , In c . M D T R a d w a re L t d . R D W R T r ip .c o m G ro u p L t d . T C O M

M e r it M e d ic a l S ys t e m s , In c . M M S I R e c ro P h a rm a , In c . R E P H T u f in S o f t w a re T e c h n o lo g ie s T U F N

M ic ro s o f t C o rp o ra t io n M S F T R e d f in C o rp o ra t io n R D F N T u r t le B e a c h C o rp o ra t io n H E A R

M ille n d o T h e ra p e u t ic s In c . M L N D R e g e n e ro n P h a rm a c e u t ic a ls R E G N T w ilio , In c . T W L O

M im e c a s t M IM E R e p u b lic S e rv ic e s , In c . R S G T w in D is c In c o rp o ra t e d T W IN

m iR a g e n T h e ra p e u t ic s M G E N R e s t a u ra n t B ra n d s In t e rn a t io n a l Q S R T w it t e r , In c . T W T R

M ira t i T h e ra p e u t ic s M R T X R e xn o rd C o rp o ra t io n R X N T yle r T e c h n o lo g ie s In c . T Y L

M o b ile M in i, In c . M IN I R in g C e n t ra l R N G U .S . B a n c o rp U S B

M o d e l N In c . M O D N R in g C e n t ra l R N G U b e r T e c h n o lo g ie s , In c . U B E R

M o d e rn a , In c . M R N A R o c k e t P h a rm a c e u t ic a ls , In c . R C K T U lt a B e a u t y, In c . U L T A

M o le c u la r T e m p la t e s In c . M T E M R o k u , In c . R O K U U n it e d T h e ra p e u t ic s U T H R

M o le c u lin B io t e c h M B R X R o p e r T e c h n o lo g ie s , In c . R O P U n it e d H e a lt h G ro u p , In c . U N H

M o n g o D B , In c . M D B S A G E T h e ra p e u t ic s S A G E U P S U P S

M o n o lit h ic P o w e r S ys t e m s M P W R S a ilP o in t T e c h n o lo g ie s , In c . S A IL U ro G e n P h a rm a L t d . U R G N

M o n ro e C a p it a l C o rp o ra t io n M R C C S a le s f o rc e .c o m C R M V a c c in e x V C N X

M o rg a n S t a n le y M S S A P S E S A P V a re x Im a g in g V R E X

M o t u s G I H o ld in g s In c . M O T S S e a t t le G e n e t ic s S G E N V a ro n is S ys t e m s , In c . V R N S

M u e lle r W a t e r P ro d u c t s , In c . M W A S E I In v e s t m e n t s C o m p a n y S E IC V a s c u la r B io g e n ic s V B L T

M u s t a n g B io M B IO S e m t e c h C o rp . S M T C V B I V a c c in e s , In c . V B IV

N a s d a q In c . N D A Q S e re s T h e ra p e u t ic s M C R B V e r ic e l C o rp o ra t io n V C E L

N C R C o rp . N C R S e rv ic e C o rp o ra t io n In t e rn a t io n a l S C I V e r in t S ys t e m s V R N T

N e t f lix, In c . N F L X S e rv ic e m a s t e r G lo b a l H o ld in g s S E R V V e r izo n V Z

N e u B a s e T h e ra p e u t ic s In c . N B S E S ie rra O n c o lo g y S R R A V e rt e x P h a rm a c e u t ic a ls V R T X

N e u ro c r in e B io s c ie n c e s N B IX S m a rt s h e e t In c . S M A R V e ru V E R U

N e w M o u n t a in F in a n c e C o rp o ra t io n N M F C S n a p -o n In c . S N A V ie w R a y V R A Y

N e w R e lic , In c . N E W R S o la r C a p it a l L t d . S L R C V ik in g T h e ra p e u t ic s , In c . V K T X

N e xt E ra E n e rg y P a r t n e rs L P N E P S o la r S e n io r C a p it a l L t d . S U N S V is a In c . V

N IC E L T D . N IC E S o la rE d g e T e c h n o lo g ie s , In c . S E D G V iv in t S o la r , In c . V S L R

N ik e , In c . N K E S o le n o T h e ra p e u t ic s S L N O V M w a re , In c . V M W

N o v a v a x In c . N V A X S o n y C o rp o ra t io n S N E V o lit io n R x L im it e d V N R X

N o v o c u re L im it e d N V C R S p e c t ru m B ra n d s S P B V o n a g e H o ld in g s C o rp . V G

N u a n c e C o m m u n ic a t io n s In c . N U A N S p e ro T h e ra p e u t ic s S P R O V o ya g e r T h e ra p e u t ic s V Y G R

N V ID IA C o rp . N V D A S P L U N K In c . S P L K W .W . G ra in g e r , In c . G W W

O k t a , In c . O K T A S P X C o rp o ra t io n S P X C W a lm a r t In c . W M T

O rc h a rd T h e ra p e u t ic s O R T X S t a rb u c k s C o rp o ra t io n S B U X W a s t e C o n n e c t io n s , In c . W C N

O rg a n o g e n e s is H o ld in g s , In c . O R G O S T R A T A S k in S c ie n c e s S S K N W a s t e M a n a g e m e n t , In c . W M

O t o n o m y, In c . O T IC S t ro n g b r id g e B io p h a rm a p lc S B B P W a yf a ir In c . W

O U T F R O N T M e d ia , In c . O U T S u n e s is P h a rm a c e u t ic a ls , In c . S N S S W E S C O In t e rn a t io n a l, In c . W C C

O u t lo o k T h e ra p e u t ic s O T L K S u n R u n In c . R U N W e s t p o r t F u e l S ys t e m s W P R T

P a lo A lt o N e t w o rk s In c . P A N W S yn c h ro n y F in a n c ia l S Y F W E X In c . W E X

P a yc o m S o f t w a re , In c . P A Y C S yro s P h a rm a c e u t ic a ls S Y R S W h it e H o rs e F in a n c e W H F

P a yP a l H o ld in g s , In c . P Y P L T a b u la R a s a H e a lt h C a re , In c . T R H C W illia m s -S o n o m a W S M

P e lo t o n In t e ra c t iv e P T O N T a k e -T w o In t e ra c t iv e S o f t w a re T T W O W illS c o t C o rp o ra t io n W S C

P e n t a ir p lc P N R T a n d e m D ia b e t e s C a re , In c . T N D M W ix.c o m L t d W IX

P e rs o n a lis , In c . P S N L T E C o n n e c t iv it y L t d . T E L W o rk d a y, In c . W D A Y

P e t IQ , In c . P E T Q T e la d o c H e a lt h T D O C W yn d h a m D e s t in a t io n s , In c . W Y N D

P in g Id e n t it y H o ld in g C o rp . P IN G T e s la , In c . T S L A W yn d h a m H o t e ls & R e s o r t s W H

P lu g P o w e r P L U G T e v a P h a rm a c e u t ic a l T E V A X 4 P h a rm a c e u t ic a ls X F O R

P o la r it yT E , In c . P T E T e xa s In s t ru m e n t s T X N X P O L o g is t ic s , In c . X P O

P o lyO n e P O L T h e E n s ig n G ro u p E N S G Y e xt , In c . Y E X T

P re v a il T h e ra p e u t ic s P R V L T h e L o v e s a c C o m p a n y L O V E Y u m ! B ra n d s In c . Y U M

P u re S t o ra g e , In c . P S T G T h e T ra d e D e s k , In c . T T D Z e n d e s k , In c . Z E N

Z im m e r B io m e t H o ld in g s Z B H

Z yn g a In c . Z N G A

Monthly Highlights

25

Perform Rated Stocks


2 U , In c . T W O U E p izym e , In c . E P Z M P ro t h e n a C o rp . P R T A

A .O . S m it h C o rp o ra t io n A O S E s t é e L a u d e r E L Q o rv o , In c . Q R V O

A C A D IA P h a rm a c e u t ic a ls , In c . A C A D E xp e d ia G ro u p E X P E Q U A L C O M M In c o rp o ra t e d Q C O M

A c u it y B ra n d s , In c . A Y I E ye n o v ia , In c . E Y E N R e g a l B e lo it C o rp . R B C

A d u ro B io t e c h A D R O F a c t S e t R e s e a rc h S ys t e m s In c . F D S R e s id e o T e c h n o lo g ie s , In c . R E Z I

A d v a n c e A u t o P a r t s , In c . A A P F e d E x C o rp o ra t io n F D X R e s M e d R M D

A d v a n c e d M ic ro D e v ic e s A M D F irs t S o la r , In c . F S L R R H R H

A g io s P h a rm a c e u t ic a ls A G IO F lo w s e rv e C o rp o ra t io n F L S R o c k w e ll A u t o m a t io n R O K

A le xio n P h a rm a c e u t ic a ls A L X N F re s h p e t In c . F R P T S a b re C o rp o ra t io n S A B R

A m a r in C o rp . A M R N F u e lC e ll E n e rg y, In c . F C E L S a lly B e a u t y H o ld in g s S B H

A m b a re lla In c . A M B A G e n e ra l E le c t r ic C o . G E S a n t a n d e r C o n s u m e r U S A H o ld in g s , In c . S C

A m e r ic a n T o w e r C o rp . A M T G e n e ra l F in a n c e C o rp o ra t io n G F N S a re p t a T h e ra p e u t ic s , In c . S R P T

A n c h ia n o T h e ra p e u t ic s A N C N G lo b u s M e d ic a l In c . G M E D S e n s a t a T e c h n o lo g ie s H o ld in g P L C S T

A p o llo G lo b a l M a n a g e m e n t A P O G ra c o In c . G G G S e rv ic e N o w In c . N O W

A re s M a n a g e m e n t C o rp o ra t io n A R E S G ru b H u b , In c . G R U B S h o p if y In c . S H O P

A r is t a N e t w o rk s , In c . A N E T H & R B lo c k , In c . H R B S ix F la g s E n t e r t a in m e n t C o rp . S IX

A rro w h e a d P h a rm a c e u t ic a ls A R W R H a m ilt o n L a n e H L N E S k yw o rk s S o lu t io n s , In c . S W K S

A u t o d e s k , In c . A D S K H e liu s M e d ic a l T e c h n o lo g ie s In c . H S D T S la c k T e c h n o lo g ie s , In c . W O R K

A xo n E n t e rp r is e s A A X N H E X O C o rp . H E X O S L M C o rp . S L M

A xo v a n t S c ie n c e s L t d . A X G T H o m o lo g y M e d ic in e s F IX X S n a p In c . S N A P

B e yo n d M e a t , In c . B Y N D H o n e yw e ll In t e rn a t io n a l In c . H O N S o n im T e c h n o lo g ie s , In c . S O N M

B io h a v e n P h a rm a c e u t ic a ls B H V N H o rm e l F o o d s C o rp o ra t io n H R L S p o t if y T e c h n o lo g y S .A . S P O T

B io M a r in P h a rm a c e u t ic a l B M R N H u b b e ll In c . H U B B S p ro u t s F a rm e rs M a rk e t , In c . S F M

B J 's W h o le s a le C lu b H o ld in g s , In c . B J H u b S p o t , In c . H U B S S P S C o m m e rc e , In c . S P S C

B lo o m E n e rg y C o rp o ra t io n B E ID E X C o rp o ra t io n IE X S q u a re In c . S Q

B o o k in g H o ld in g s In c . B K N G In s u le t C o rp . P O D D S t e llu s C a p it a l In v e s t . C o rp . S C M

B o s t o n S c ie n t if ic C o rp . B S X In t e l C o rp . IN T C S t e r ic yc le , In c . S R C L

C .H . R o b in s o n W o r ld w id e C H R W In t e llia T h e ra p e u t ic s In c . N T L A S t ryk e r C o rp . S Y K

C a n o p y G ro w t h C o rp o ra t io n C G C In t e llic h e c k In c . ID N S u m m it T h e ra p e u t ic s P L C S M M T

C a p r i H o ld in g s L im it e d C P R I IO N G e o p h ys ic a l IO S u n P o w e r C o rp o ra t io n S P W R

C a p s t o n e T u rb in e C o rp o ra t io n C P S T iR h yt h m IR T C S yn a p t ic s , In c o rp o ra t e d S Y N A

C a t e rp illa r In c . C A T J a c k H e n ry J K H Y S yn lo g ic In c . S Y B X

C e ra g o n N e t w o rk s L t d . C R N T J P M o rg a n C h a s e & C o . J P M T a c t ile S ys t e m s T e c h n o lo g y T C M D

C E V A In c . C E V A L a n d s t a r S ys t e m , In c . L S T R T a p e s t ry, In c . T P R

C h a r t e r C o m m u n ic a t io n s , In c . C H T R L in c o ln E le c t r ic H o ld in g s , In c . L E C O T a rg e t H o s p it a lit y T H

C h e e s e c a k e F a c t o ry In c . C A K E L it t e lf u s e , In c . L F U S T e n c e n t M u s ic E n t e r t a in m e n t G ro u p T M E

C h ip o t le M e xic a n G r ill C M G L iv e P e rs o n , In c . L P S N T e ra d a t a C o rp . T D C

C in t a s C o rp o ra t io n C T A S L o g M e In , In c . L O G M T e xa s R o a d h o u s e , In c . T X R H

C ir ru s L o g ic C R U S L u m b e r L iq u id a t o rs L L T h e B la c k s t o n e G ro u p B X

C it r ix S ys t e m s , In c . C T X S M a xim In t e g ra t e d P ro d u c t s M X IM T h e C o o p e r C o m p a n ie s In c . C O O

C le a rw a y E n e rg y, In c . C W E N M c D o n a ld 's C o rp o ra t io n M C D T h e K ro g e r C o . K R

C o g e n t C o m m u n ic a t io n s C C O I M c G ra t h R e n t C o rp M G R C T h e R M R G ro u p R M R

C o re L o g ic In c . C L G X M ile s t o n e P h a rm a c e u t ic a ls M IS T T ilra y, In c . T L R Y

C o rn in g In c . G L W M iX T e le m a t ic s M IX T T -M o b ile T M U S

C o rp o ra c io n A m e r ic a A irp o r t s C A A P M o n ro , In c . M N R O T ra c t o r S u p p ly C o m p a n y T S C O

C re d it A c c e p t a n c e C o rp . C A C C N a v ie n t C o rp . N A V I T r ip A d v is o r In c . T R IP

C re e , In c . C R E E N e k t a r T h e ra p e u t ic s N K T R U n d e r A rm o u r , In c . U A A

C ro s s C o u n t ry, In c . C C R N N e t A p p , In c . N T A P U n it e d N a t u ra l F o o d s In c . U N F I

C ro w n C a s t le In t e rn a t io n a l C C I N e v ro N V R O U n it e d R e n t a ls , In c . U R I

C u m m in s In c . C M I N e w e ll B ra n d s N W L U n iv e rs a l D is p la y C o rp . O L E D

C V S H e a lt h C o rp . C V S N o rd s o n C o rp . N D S N U rb a n O u t f it t e rs In c . U R B N

D a t a d o g , In c . D D O G N o rt o n L if e L o c k In c . N L O K V a le r it a s H o ld in g s , In c . V L R X

D e lp h i T e c h n o lo g ie s D L P H N u t a n ix, In c . N T N X V e c t o r G ro u p V G R

D ic k 's S p o r t in g G o o d s D K S N X P S e m ic o n d u c t o rs N V N X P I V e n u s C o n c e p t In c . V E R O

D is c o v e r F in a n c ia l S e rv ic e s D F S O ra c le C o rp o ra t io n O R C L V ic t o ry C a p it a l H o ld in g s V C T R

D o lla r T re e , In c . D L T R O 'R e illy A u t o m o t iv e , In c . O R L Y W a t t s W a t e r W T S

D o n a ld s o n C o m p a n y, In c . D C I O rg a n iG ra m H o ld in g s O G I W e lls F a rg o W F C

D o v e r C o rp o ra t io n D O V O rm a t T e c h n o lo g ie s , In c . O R A W in g s t o p , In c . W IN G

D u n k in ' B ra n d s In c . D N K N P a p a J o h n 's In t e rn a t io n a l, In c . P Z Z A W o o d w a rd , In c . W W D

e .l.f . B e a u t y, In c . E L F P a re t e u m T E U M W rig h t M e d ic a l G ro u p W M G I

E a g le P o in t C re d it C o m p a n y E C C P a ylo c it y H o ld in g C o rp . P C T Y W W In t e rn a t io n a l, In c . W W

E c o la b E C L P N C F in a n c ia l S e rv ic e s G ro u p P N C X yle m , In c . X Y L

E d it a s M e d ic in e E D IT P o r t o la P h a rm a c e u t ic a ls In c . P T L A Y e lp In c . Y E L P

E m e rs o n E le c t r ic C o . E M R P R A G ro u p , In c . P R A A Y U M C h in a H o ld in g s In c . Y U M C

E n a n t a P h a rm a c e u t ic a ls In c . E N T A P re s t ig e C o n s u m e r H e a lt h c a re P B H Z illo w G ro u p Z

E n d o lo g ix, In c . E L G X P ro o f p o in t , In c . P F P T Z o o m V id e o C o m m u n ic a t io n s Z M

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Underperform Rated Stocks Not Rated Stocks

C o m p a n y S y m b o l

In s p ire M e d ic a l IN S P

In t u it iv e S u rg ic a l IS R G

S h o c k W a v e M e d ic a l, In c . S W A V

V a n d a P h a rm a c e u t ic a ls In c . V N D A

C o m p a n y S y m b o l

A d v a n c e d D is p o s a l S e rv ic e s , In c . A D S W

F o rt y S e v e n In c . F T S V

S p r in t S

T e rra F o rm P o w e r, In c . T E R P

T h e M e e t G ro u p M E E T

T if f a n y & C o . T IF

Y a t ra O n lin e , In c . Y T R A

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27

Initiation of Coverage

Rating Changes

D a t e S y m b o l C o m p a n y n a m e H e a d lin e A u t h o r

0 3 /0 2 /2 0 L IFE a Ty r Ph a r ma , In c . B u ild in g in IL D w ith A No v e l Mo le c u le ; In it ia te a t O u tp e r f o r m S in g h , Ha r ta j

0 3 /1 0 /2 0 S PX C S PX Co r p o r a tio n S o lid De ma n d Pr o f ile w ith L e v e r s f o r Do u b le - D ig it EPS G r o w th ; In it ia te a t O u tp e r f o r m B la ir , CFA , B r y a n F.

0 3 /1 7 /2 0 S NE S o n y Co r p o r a tio n In it ia tin g w ith a n O u tp e r f o r m Ra tin g a n d $ 7 0 PT Ue r kw itz , A n d r e w

0 3 /1 7 /2 0 Z NG A Z y n g a In c . In it ia te w ith O u tp e r f o r m Ra tin g , PT o f $ 7 .5 0 Ue r kw itz , A n d r e w

0 3 /1 9 /2 0 A S ND A s c e n d is Ph a r ma Ris in g to th e Ch a lle n g e ; In it ia te O u tp e r f o r m, $ 1 9 9 PT G e r s h e ll, MD, Ph D, L e la n d

0 3 /2 3 /2 0 PB H Pr e s tig e Co n s u me r He a lth c a r e A B a la n c e d R is k/Re w a r d ; In it ia t in g w ith a Pe r f o r m Ra tin g Pa r ikh , CFA , Ru p e s h

D a t e S y m b o l C o m p a n y N a m e P r im a r y A u t h o r C u r r e n t R a t in g P r e v io u s R a t in g

0 3 /0 1 /2 0 AAP L Ap p le In c . U e rk w i tz, An d re w O U T P E R F O R M P E R F O R M

0 3 /0 2 /2 0 L IF E a T yr P h a rm a , In c . S in g h , H a r ta j O U T P E R F O R M N O T R AT E D

0 3 /0 2 /2 0 F T S V F o rty S e ve n In c . B re id e n b a c h , P h .D ., M a rk N O T R AT E D O U T P E R F O R M

0 3 /0 3 /2 0 W H F W h i te H o rs e F in a n c e K o to w s k i , C h r is O U T P E R F O R M P E R F O R M

0 3 /0 5 /2 0 M E E T T h e M e e t G ro u p K e l ly, C F A, J e d N O T R AT E D O U T P E R F O R M

0 3 /0 9 /2 0 G R U B G ru b H u b , In c . H e l fs te in , J a s o n P E R F O R M U N D E R P E R F O R M

0 3 /0 9 /2 0 M YR G M YR G ro u p , In c . B ra a tz, J o n O U T P E R F O R M P E R F O R M

0 3 /0 9 /2 0 E VB G E ve rb r id g e In c . U e rk w i tz, An d re w O U T P E R F O R M P E R F O R M

0 3 /1 0 /2 0 AT VI Ac tivis io n B l izza rd U e rk w i tz, An d re w O U T P E R F O R M P E R F O R M

0 3 /1 2 /2 0 C B AY C ym a B a y T h e ra p e u tic s O ls o n , C F A, J a y O U T P E R F O R M P E R F O R M

0 3 /1 5 /2 0 F IXX H o m o lo g y M e d ic in e s B ie g le r , M a tth e w O U T P E R F O R M P E R F O R M

0 3 /1 6 /2 0 VN D A Va n d a P h a rm a c e u tic a ls In c . R a ja ve lu , E s th e r U N D E R P E R F O R M P E R F O R M

0 3 /1 6 /2 0 F IXX H o m o lo g y M e d ic in e s B ie g le r , M a tth e w P E R F O R M O U T P E R F O R M

0 3 /1 7 /2 0 W M T W a lm a rt In c . P a r ik h , C F A, R u p e s h O U T P E R F O R M P E R F O R M

0 3 /1 7 /2 0 AL XN Ale xio n P h a rm a c e u tic a ls S in g h , H a r ta j P E R F O R M O U T P E R F O R M

0 3 /1 7 /2 0 Z N G A Z yn g a In c . U e rk w i tz, An d re w O U T P E R F O R M P E R F O R M

0 3 /1 7 /2 0 T E R P T e rra F o rm P o w e r, In c . R u s c h , C o l in N O T R AT E D O U T P E R F O R M

0 3 /1 7 /2 0 S IX S ix F la g s E n te r ta in m e n t C o rp . Z a ffin o , C F A, Ia n A. P E R F O R M O U T P E R F O R M

0 3 /1 7 /2 0 N C R N C R C o rp . Z a ffin o , C F A, Ia n A. O U T P E R F O R M P E R F O R M

0 3 /2 3 /2 0 P B H P re s tig e C o n s u m e r H e a l th c a re P a r ik h , C F A, R u p e s h P E R F O R M O U T P E R F O R M

0 3 /2 3 /2 0 R M R T h e R M R G ro u p L a u , C F A, O w e n P E R F O R M O U T P E R F O R M

0 3 /2 4 /2 0 M IS T M i le s to n e P h a rm a c e u tic a ls G e rs h e l l , M D , P h D , L e la n d P E R F O R M O U T P E R F O R M

0 3 /2 5 /2 0 C O F C a p i ta l O n e F in a n c ia l C o rp . G a b r ie le , C F A, D o m in ic k O U T P E R F O R M P E R F O R M

0 3 /2 7 /2 0 P N R P e n ta i r p lc B la i r , C F A, B rya n F . O U T P E R F O R M P E R F O R M

0 3 /2 7 /2 0 XYL Xyle m , In c . B la i r , C F A, B rya n F . P E R F O R M O U T P E R F O R M

0 3 /3 1 /2 0 VE R O Ve n u s C o n c e p t In c . K a l ia , C F A, S u ra j P E R F O R M O U T P E R F O R M

0 3 /3 1 /2 0 AM R N Am a r in C o rp . G e rs h e l l , M D , P h D , L e la n d P E R F O R M U N D E R P E R F O R M

0 3 /3 1 /2 0 U S B U .S . B a n c o rp K o to w s k i , C h r is O U T P E R F O R M P E R F O R M

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28

Disclosure Appendix The published date of the recommendations contained in this report can be found by accessing disclosures (https:// opco2.bluematrix.com/sellside/MAR.action).

This report was produced at April 1, 2020 11:00 EDT and disseminated at April 1, 2020 2:00 EDT.

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Outperform(O) - Stock expected to outperform the S&P 500 within the next 12-18 months.

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of interest. Oppenheimer & Co. Inc. Rating System prior to January 14th, 2008: Buy - anticipates appreciation of 10% or more within the next 12 months, and/or a total return of 10% including dividend payments, and/or

the ability of the shares to perform better than the leading stock market averages or stocks within its particular industry sector. Neutral - anticipates that the shares will trade at or near their current price and generally in line with the leading market averages due to a

perceived absence of strong dynamics that would cause volatility either to the upside or downside, and/or will perform less well than higher rated companies within its peer group. Our readers should be aware that when a rating change occurs to Neutral from Buy, aggressive trading accounts might decide to liquidate their positions to employ the funds elsewhere. Sell - anticipates that the shares will depreciate 10% or more in price within the next 12 months, due to fundamental weakness perceived

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Buy, 64.31%; Neutral, 35.36%; Sell, 0.33%. Within the 12 months ended March 31, 2020, Investment Banking services were provided to 46.80% of those companies rated Buy, 37.67% of those rated Neutral and 50.00% of those rated Sell. Although the investment recommendations within the three-tiered, relative stock rating system utilized by Oppenheimer & Co. Inc. do not correlate to buy, hold and sell recommendations, for the purposes of complying with FINRA rules, Oppenheimer & Co. Inc. has assigned buy ratings to securities rated Outperform, hold ratings to securities rated Perform, and sell ratings to securities rated Underperform.

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Monthly Highlights

29

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Monthly Highlights

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E Q U I T Y R E S E A R C H D I R E C T O R Y

Director of Research

John E. Parks

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Erica L. Moffett

CONSUMER

Consumer Growth & E-Commerce Brian Nagel, CFA

Food, Grocery & Consumer Products Rupesh Parikh, CFA Restaurants Brian Bittner Michael Tamas

FINANCIAL INSTITUTIONS GROUP Commercial and Investment Banking, Merchant Banking/Private Equity/Exchanges Chris Kotowski Owen Lau, CFA

Consumer Finance/Specialty Finance Dominick Gabriele, CFA

HEALTHCARE

BioPharmaceuticals Leland Gershell

Biotechnology Matthew Biegler Mark Breidenbach Kevin DeGeeter Justin Kim Jay Olson, CFA Hartaj Singh Silvan Tuerkcan, Ph.D.

Healthcare Providers and Managed Care Michael Wiederhorn

Medical Devices Steven Lichtman Suraj Kalia, CFA

Specialty & BioPharmaceuticals Esther Rajavelu

INDUSTRIALS Industrial & Business Services Scott Schneeberger, CFA

Industrial Flow & Sustainable Infrastructure Bryan F. Blair, CFA

Industrial Multi-Industry Chris Glynn

Sustainable Growth & Resource Optimization Noah Kaye Colin Rusch

SPECIAL SITUATIONS

Special Situations Ian A. Zaffino, CFA

TECHNOLOGY

Analytics, Collaboration, and Infrastructure Software Ittai Kidron

Communication & Infrastructure Software Shaul Eyal

Communication Technology George Iwanyc

Emerging Technology & Services Andrew Uerkwitz Martin Yang Enterprise Software Shaul Eyal

Financial Technology & IT Services Glenn Greene

SaaS/Applications Software Brian Schwartz Koji Ikeda

Semiconductors & Components Richard Schafer

TELECOMMUNICATIONS & INTERNET

Cloud and Communications Tim Horan, CFA

Media & Internet Jason Helfstein Bo Pei

Online Travel & Internet Jed Kelly

INVESTMENT & PORTFOLIO STRATEGY; TECHNICAL ANALYSIS

Investment Strategy* John Stoltzfus

Technical Analysis Ari Wald

* Research is provided by Oppenheimer Asset Management

Oppenheimer & Co. Inc.

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FEATURED ARTICLES: ghts Research... · 2020-04-06 · An innovator in parenteral drug delivery,...

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