Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Our cautious outlook and expectation for continued downward consolidation for global equities remains intact. Broad global indexes (MSCI ACWI, ACWI ex-U.S., EAFE, and EM) are all trading within patterns of lower highs and lower lows, leading us to believe the most likely scenario is that this near-term bounce is likely nothing more than a countertrend rally before longer-term downtrends reassert themselves. The one bright spot is EM.  In this report we highlight a number of attractive set-ups within the Financial, Communication, Engineering &amp; Construction, and Transportation Sectors.

Our cautious outlook and expectation for continued downward consolidation for global equities remains intact. Broad global indexes (MSCI ACWI, ACWI ex-U.S., EAFE, and EM) are all trading within patterns of lower highs and lower lows, leading us to believe the most likely scenario is that this near-term bounce is likely nothing more than a countertrend rally before longer-term downtrends reassert themselves. The one bright spot is EM.  In this report we highlight a number of attractive set-ups within the Financial, Communication, Engineering &amp; Construction, and Transportation Sectors.

Global Equity Strategy: Bearish with the Exception of EM.

Our outlook remains neutral for global ex-U.S. markets while horizontal consolidation continues on the MSCI ACWI ex-U.S. index.  In today’s report we take a bottoms-up view on developed ex-U.S. equities, highlighting stocks that present attractive buy opportunities within the Communications, Health Care, Manufacturing, Materials, Technology, Transportation, and Utilities Sectors

Our outlook remains neutral for global ex-U.S. markets while horizontal consolidation continues on the MSCI ACWI ex-U.S. index.  In today’s report we take a bottoms-up view on developed ex-U.S. equities, highlighting stocks that present attractive buy opportunities within the Communications, Health Care, Manufacturing, Materials, Technology, Transportation, and Utilities Sectors

Bottoms-Up View on Developed Markets: Actionable Stocks, Part 2

Today's report puts a spotlight on the Health Care Sector, which is assuming a global leadership role vs. other Sectors. We also focus on the Communications Sector as we are seeing steady relative strength ranking (RSR) improvements over the last couple of months. At the Group level, we highlight select smid-cap Casinos &amp; Gaming stocks. Finally, India’s S&amp;P BSE SENSEX is breaking out to new all-time highs as RS bullishly inflects, we highlight actionable stocks.

Today's report puts a spotlight on the Health Care Sector, which is assuming a global leadership role vs. other Sectors. We also focus on the Communications Sector as we are seeing steady relative strength ranking (RSR) improvements over the last couple of months. At the Group level, we highlight select smid-cap Casinos &amp; Gaming stocks. Finally, India’s S&amp;P BSE SENSEX is breaking out to new all-time highs as RS bullishly inflects, we highlight actionable stocks.

Global Strategy: Health Care Outperforming - Overweight; India Breaking Out -Add Exposure

Index Rebalance and Special Situations, Quiddity Advisors

Afridi Reyal

Index Rebalance and Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The ES50 Index is one of the most highly-tracked European indices. The annual index review takes place in September, with index weights rebalanced every quarter.</li>
<li>In this insight, we take a look at our flows for June 2026 and index change expectations for September 2026.</li>
<li>We see two ADDs and two DELs for September 2026, along with a few large names that could become expected ADDs if they clear the sector requirement threshold.</li>
</ul>


The ES50 Index is one of the most highly-tracked European indices. The annual index review takes place in September, with index weights rebalanced every quarter.
In this insight, we take a look at our flows for June 2026 and index change expectations for September 2026.
We see two ADDs and two DELs for September 2026, along with a few large names that could become expected ADDs if they clear the sector requirement threshold.


Quiddity Leaderboard ES50 Sep26: US$900mn One-Way in Jun26; Nokia + Engie ADD in Sep26

Independent Investment Research, The IDEA!

The IDEA!

Independent Investment Research

The Idea-Driven Equities Analyses company (the IDEA!) is an employee-owned boutique providing independent investment research and financial consultancy services with a clear focus on the Benelux countries. The company was founded in the summer of 2007 by Henk Slotboom and Maarten Verbeek, both with more than 35 years of professional experience in the financial sector. The IDEA! differentiates itself by focusing on adding value through self-initiated in-depth, idea-driven investment research, as well as by bespoke research assignments for institutional investors, hedge funds and private equity. In addition, we provide market intelligence, strategic research and – together with our business partners – consultancy services to businesses. In case you are interested in receiving more information, a sample of our products or an introductory meeting, please send a message to info@theidea.nl.

Equity Bottom-Up

<ul><li>In this edition: • Adyen | solid 1Q26 revenue – reiterates FY26 outlook • Ahold Delhaize | solid 1Q26 performance; new CEO • a.s.r. Nederland | announces small pensions buy-out deal • Philips | reiterates FY26 outlook – order intake increases again more than 5% • Wolters Kluwer | strong start of 2026; reconfirms FY26 guidance • Bnode | 1Q26 adjusted EBIT ahead of consensus; FY26 expected at lower end of guidance range</li></ul>

In this edition: • Adyen | solid 1Q26 revenue – reiterates FY26 outlook • Ahold Delhaize | solid 1Q26 performance; new CEO • a.s.r. Nederland | announces small pensions buy-out deal • Philips | reiterates FY26 outlook – order intake increases again more than 5% • Wolters Kluwer | strong start of 2026; reconfirms FY26 guidance • Bnode | 1Q26 adjusted EBIT ahead of consensus; FY26 expected at lower end of guidance range

Netherlands

Wolters Kluwer NV provides information services to professionals in the areas of legal, business, tax, accounting, finance, audit, risk, compliance and healthcare. The Company provides its customers information-enabled tools and software solutions to manage their business efficiently. Wolters Kluwer operates in over 40 countries in Europe, North America, Asia Pacific and Latin America.

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Wolters Kluwer Nv (WKL NA)

Global Equity Strategy: Bearish with the Exception of EM.

Our cautious outlook and expectation for continued downward consolidation for global equities remains intact. Broad global indexes (MSCI ACWI, ACWI...

Vermilion Research

Bottoms-Up View on Developed Markets: Actionable Stocks, Part 2

Our outlook remains neutral for global ex-U.S. markets while horizontal consolidation continues on the MSCI ACWI ex-U.S. index. In today’s report...

Vermilion Research

Global Strategy: Health Care Outperforming - Overweight; India Breaking Out -Add Exposure

Today's report puts a spotlight on the Health Care Sector, which is assuming a global leadership role vs. other Sectors. We also focus on...

Vermilion Research

Quiddity Leaderboard ES50 Sep26: US$900mn One-Way in Jun26; Nokia + Engie ADD in Sep26

We roughly see US$900mn one way flows based on the capping of ASML June 2026. Nokia and Engie lead the rankings to become ADDs in September 2026.

Afridi Reyal

Adyen NV - What's News in Amsterdam

In this edition: • Adyen | solid 1Q26 revenue – reiterates FY26 outlook • Ahold Delhaize | solid 1Q26 performance; new CEO • a.s.r. Nederland |...

The IDEA!

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