Equity ratings published

 

Quarterly overview of proportion of Julius Baer research equity ratings published:

 BuyHoldReduce
Q1 201635.7%62.0%2.3%
Q4 201536.0%59.6%4.4%
Q3 201539.8%55.3%4.9%
Q2 201537.4%60.8%1.8%
Q1 201541.8%57.9%0.3%

Julius Baer does not provide investment banking services to the companies covered by research.

 

Rating system for global equity research:

BuyExpected to outperform the regional industry group by at least 5% in the coming 9-12 months, unless otherwise stated.
HoldExpected to perform in line (±5%) with the regional industry group in the coming 9-12 months, unless otherwise stated.
ReduceExpected to underperform the regional industry group by at least 5% in the coming 9-12 months, unless otherwise stated.

 

 

 

Fixed income (issuer) ratings published

 

Quarterly overview of porportion of Julius Baer research issuer ratings published:

 BuyHoldSell
Q1 201659.5%39.2%1.3%

Julius Baer does not provide investment banking services to the issuers covered by research.

 

Rating system for fixed income research:

Buy Within its risk category, the issuer is highly recommended due to its financial and business condition (strong balance sheet, income statement, cash flow and good position in the industry). Debt instruments of the issuer are regarded as an attractive investment from a risk/return perspective.
Hold Maintain position based on stable credit fundamentals and/or average expected return characteristics within peer group.
Reduce The rating is changed to Sell, depending on a significant deterioration in the fundamental data of the issuer in relation to the industry peers. The investment is no longer justified from a risk/return perspective for the relevant category.