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1、EquityResearch21July2017U.S.Small&MidCapStrategyBarclaysSmall&MidCapSelectionsMACROSTRATEGYU.S.Small&MidCapStrategyVenuKrishna,CFA+12125267328venu.krishna@barclays.comBCI,USEliasKrauklis+12125269376elias.krauklis@barclays.comBCI,USDisciplinedselectioncriteriaandmethodology:Weattempttobri
2、ngaportfoliomanager’sperspectivebyapplyingadisciplinedselectionapproachtoourBarclaysEquityResearchSmallandMidCapuniverseof310+stocks.Ourmethodologyisbasedonarisk-adjustedreturnsframeworkonstockswhereouranalystshavehighconvictionandlayeronconsiderationsforliquidity,risk/rewardcharacterist
3、ics,minimumreturnthresholds,recentperformance,andbalancesheetstrength.Acommonthemeamongourselectionsisanimprovedgrowthoutlook:Improvedgrowthoutlook,drivenbynewproductsandnewmarkets,growththroughM&A,andpotentialbenefitsfromhigherinterestratesisacommonthemeamongourselectionsinthispublicati
4、on.Small&MidCapSelectionsof14stocksofferamedianupsidetopricetargetof19%:Themedianupsidecaseis43%whilethemediandownsidecaseis-23%.Our14selectionsareBemis,Cavium,CyrusOne,CallonPetroleum,ElectronicsforImaging,JELD-WENHolding,PaciraPharmaceuticals,RadianGroup,SLM,TCFFinancial,TenetHealthCar
5、e,TPIComposites,WesternAllianceBancorp,andDBVTechnologies.OurSmall&MidCapSelectionsofferthepotentialforsuperiorrisk-adjustedreturnsrelativetoourSMid-Capcoverageuniverse:TheseselectionsstackupwellrelativetoourbroaderSMid-Capcoveragealongmultiplemetrics:upsidepotentialtopricetarget(4.6x);r
6、isk/rewardprofile(1.5x);liquiditymetric(1.1x);qualityscore(1.3x);andvolatilitynormalizedupside(1.8x).BarclaysCapitalInc.and/oroneofitsaffiliatesdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcoulda
7、ffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.PLEASESEEANALYSTCERTIFICATION(S)ANDIMPORTANTDISCLOSURESBEGINNINGONPAGE36.Barclays
8、U.S.Small&MidCapStrategyOVERVIEWInour17thquarterlyedition(launchedAugust6,
