美国-投资策略-美国中小型企业投资策略

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1、COREU.S.Small&MidCapStrategyBarclaysSmall&MidCapSelectionsMACROSTRATEGYEquityResearch20July2018U.S.Small&MidCapStrategyVenuKrishna,CFA+Disciplinedselectioncriteriaandmethodology:Weattempttobringaportfoliomanager’sperspectivebyapplyingadisciplinedselectionapproachtoourBarclaysEquityResear

2、chSmallandMidCapuniverseof340+stocks.Ourmethodologyisbasedonarisk-adjustedreturnsframeworkonstockswhereouranalystshavehighconvictionandlayeronconsiderationsforliquidity,risk/rewardcharacteristics,minimumreturnthresholds,recentperformance,andbalancesheetstrength.Ourselectionsareseeingmorefo

3、cusontop-lineandearningsgrowthinthenearfuture:Inour21steditionofSmall&MidCapSelections,weareseeingafocusonstrongerearningsexpectations,top-linegrowththroughnewproductofferingsandexpansionofthecustomerbase,andheightenedcost-cuttinginitiatives.OurSmall&MidCapSelectionsof19stocksofferamedianu

4、psidetopricetargetof22%:Themedianupsidecaseis43%whilethemediandownsidecaseis-19%.Our19selectionsareApartmentInvestment&Management,Bemis,BerryGlobal,Coherent,Dun&Bradstreet,FirstHorizon,Floor&Decor,HERCRentals,JetBlueAirways,LogMeIn,LumentumHoldings,PaciraPharmaceuticals,ParkHotelsandResort

5、s,RadianGroup,Rapid7,RevanceTherapeutics,SLM,Veoneer,andWesternAllianceBancorp.OurSmall&MidCapSelectionsofferthepotentialforsuperiorrisk-adjustedreturnsrelativetoourSMid-Capcoverageuniverse:TheseselectionsstackupwellrelativetoourbroaderSMid-Capcoveragealongmultiplemetrics:upsidepotentialto

6、pricetarget(4.2x);risk/rewardprofile(2.0x);liquiditymetric(1.1x);qualityscore(1.3x);andvolatilitynormalizedupside(2.4x).BarclaysCapitalInc.and/oroneofitsaffiliatesdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofi

7、nterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.PLEASESEEANALYSTCERTIFICATION(S)ANDIMPORTANTDISCLOSURESBEGINNINGONPAGE45.Barclays

8、U.S.Small&MidCapStrategyOVERVIEWInour21stquar