Rates, Rotation, and Re Ation: Taking Stock of 1Q 2021: US Quarterly Chartbook

5 April 2021 | 8:33PM EDT
US Quarterly Chartbook
Rates, rotation, and reflation: Taking stock of 1Q 2021
Short Duration (GSTHSDUR) stocks during 1Q outperformed n Largest S&P 500 stocks by equity cap: AAPL, MSFT, David J. Kostin
+1(212)902-6781 | david.kostin@gs.com
Long Duration (GSTHLDUR) stocks by 28 pp (+23% vs. -5%) AMZN, GOOGL, FB Goldman Sachs & Co. LLC
and Russell 1000 Value outperformed Growth by 10 pp Ben Snider

n Lowest Valuation S&P 500 stocks by P/E (NTM): +1(212)357-1744 | ben.snider@gs.com
(+11% vs. +1%) as the US Treasury 10-year yield rose by 84 VTRS, NRG, UNM, LNC, PRU
Goldman Sachs & Co. LLC
bp from 0.91% to 1.75%. Optimism around economic Ryan Hammond

n Lowest Valuation S&P 500 stocks by EV/EBITDA +1(212)902-5625 |
growth, successful vaccination rollout, and fiscal stimulus ryan.hammond@gs.com
(LTM): BIO, VIAC, DISCA, LUMN, DXC
along with fears of inflation sparked the backup in rates and
Arjun Menon, CFA
prompted the sharp rotation equities. Mutual funds n Best 1Q 2021 performance: LB, MRO, AMAT, OXY, +1(212)902-9693 | arjun.menon@gs.com
outperformed while hedge funds lagged. According to data FANG
Cormac Conners
from GS Prime Services, Fundamental L/S alpha was –7.5% +1(212)902-0024 |
n Worst 1Q 2021 performance: VTRS, PAYC, TTWO, cormac.x.conners@gs.com
as bellwether growth positions faltered and short positions VRSK, CPRT
were squeezed. Meanwhile, equity issuance hit a record Lily Calcagnini
+1(212)357-5913 | lily.calcagnini@gs.com
high in the quarter, led by $116 billion in capital raised across 2021 YTD S&P 500 Return Attribution
Weight Basis points
226 SPACs and 65 IPOs. The S&P 500 returned 6% at start 2021 of S&P 500
e1121846f22311dcbd010014c2408514
Sector of 2021 return return
including dividends, ranking in the 69th percentile of Financials 10 % 16 % 167 bp
Industrials 8 11 96
quarterly performance vs. the last 30 years. We forecast the Comm Services 11 8 87
Energy 2 31 70
index will rise by just 1% to 4100 by mid-year and 5% to Info Tech 28 2 54
4300 by year-end 2021. Health Care 13 3 43
Cons. Discretionary 13 3 40
Materials 3 9 24
n 2022E Sales Growth: Fastest mega cap sales growth: Real Estate 2 9 22
Utilities 3 3 8
BKNG, TSLA, NOW, DIS, PYPL Cons. Staples 7 1 7
S&P 500 100 % 6% 617 bp
n 2022E Earnings Growth: Fastest mega cap EPS Source: FactSet, Goldman Sachs Global Investment Research
growth: BKNG, DIS, GE, MU, TSLA
Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures,
see the Disclosure Appendix, or go to www.gs.com/research/hedge.html.
Goldman Sachs US Quarterly Chartbook
Table of Contents
The Market Today 4
Tale of the tape: Best and worst performing S&P 500 stocks YTD 5
13 charts tell the story of the 1Q 2021 US Equity Market 6
Where to find Sales and EPS growth in 2022 10
Sector capitalization of the S&P 500 has shifted significantly over time... 14
...but has not always correlated with the proportionate contribution to net income 15
Sector Analysis: Communication Services 17
Consumer Discretionary 18
Consumer Staples 19
Energy 20
Financials 21
Health Care 22
e1121846f22311dcbd010014c2408514
Industrials 23
Information Technology 24
Materials 25
Real Estate 26
Utilities 27
Appendix: Sector, sub-sector and company valuation 28
5 April 2021 2
Disclosure Appendix 49
e1121846f22311dcbd010014c2408514
5 April 2021 3
30
0
5
10
15
20
25
35
(15)
(10)
(5)
5 April 2021
Bitcoin
Goldman Sachs
as of March 31, 2021

ENERGY
Crude Oil (S&P GSCI)
Oil
FINANCIALS
The Market Today
Energy
Russell 2000
INDUSTRIALS
Bitcoin (+103%)
Russell 1000 Value
Source: FactSet, MSCI, Lipper, HFR, Goldman Sachs Global Investment Research
MATERIALS
REAL ESTATE
Exhibit 1: What sectors, styles, and strategies are working in 2021?
COMM SERVICES
Lipper Large-Cap Core

Mutual Fund Index
Funds
Mutual
MSCI DM
S&P 500
Russell 1000
500
S&P
MSCI EM
HEALTH CARE
CONSUMER
DISCRETIONARY
UTILITIES
INFORMATION
TECHNOLOGY
Info
Tech
Nasdaq 100
CONSUMER STAPLES
Russell 1000 Growth
Fundamental Hedge Funds
$/Euro
Hedge Funds
Barclays 7-10yr
Treasury ETF
Bonds
Gold
Gold
4
US Quarterly Chartbook
e1121846f22311dcbd010014c2408514
Tale of the tape: Best and worst performing S&P 500 stocks YTD
Exhibit 2: Best and worst performing S&P 500 stocks YTD
S&P 500 Top Performing Stocks YTD S&P 500 Bottom Performing Stocks YTD
Mkt 1Q21 Mkt 1Q21
Ticker Company Name Sector Cap (bn) Return Ticker Company Name Sector Cap (bn) Return
LB L Brands Inc. Consumer Discretionary $ 16.8 66.3 % VTRS Viatris Inc. Health Care $ 17.0 (25.5)%
MRO Marathon Oil Corp. Energy 8.9 60.6 PAYC Paycom Software Information Technology 22.9 (18.2)
AMAT Applied Materials Information Technology 129.4 55.1 TTWO Take-Two Interactive Software Communication Services 20.7 (15.0)
OXY Occidental Petroleum Energy 25.1 53.8 VRSK Verisk Analytics Industrials 29.3 (14.7)
FANG Diamondback Energy Energy 14.0 52.7 CPRT Copart Inc. Industrials 26.3 (14.6)
NUE Nucor Corp. Materials 23.4 51.7 AMD Advanced Micro Devices Information Technology 97.5 (14.4)
AAL American Airlines Group Industrials 15.2 51.6 BF.B Brown-Forman Corp. Consumer Staples 33.3 (12.9)
GPS Gap Inc. Consumer Discretionary 11.1 47.5 MKTX MarketAxess Holdings Financials 19.7 (12.6)
EOG EOG Resources Inc. Energy 42.9 46.3 XLNX Xilinx Inc. Information Technology 31.6 (12.6)
IVZ Invesco Ltd. Financials 11.7 45.7 QCOM Qualcomm Inc. Information Technology 154.2 (12.5)
DISCA Discovery Inc. Communication Services 20.7 44.4 ROL Rollins Inc. Industrials 17.2 (11.7)
GNRC Generac Holdings Industrials 20.4 44.0 PKI PerkinElmer Inc. Health Care 14.5 (10.6)
NWSA News Corp. Communication Services 14.9 42.0 ISRG Intuitive Surgical Health Care 89.1 (9.7)
URI United Rentals Inc. Industrials 23.7 42.0 ADSK Autodesk Inc. Information Technology 62.6 (9.2)
KMX CarMax Inc. Consumer Discretionary 20.2 40.4 NOW ServiceNow Inc. Information Technology 99.8 (9.1)
PBCT People's United Financial Financials 7.6 40.3 VRTX Vertex Pharmaceuticals Health Care 55.5 (9.1)
PXD Pioneer Natural Resources Energy 34.6 39.9 PRGO Perrigo Plc Health Care 5.4 (9.0)
DVN Devon Energy Corp. Energy 15.2 39.9 BLL Ball Corp. Materials 28.4 (8.9)
HFC HollyFrontier Corp. Energy 6.0 39.7 RMD ResMed Inc. Health Care 28.3 (8.5)
LUMN Lumen Technologies Communication Services 14.3 39.5 CERN Cerner Corp. Health Care 22.4 (8.4)
DE Deere & Co. Industrials 116.1 39.4 EW Edwards Lifesciences Health Care 52.5 (8.3)
F Ford Motor Co. Consumer Discretionary 47.9 39.4 DVA DaVita Inc. Health Care 11.7 (8.2)
WBA Walgreens Boots Alliance Consumer Staples 47.0 39.0 VRSN VeriSign Inc. Information Technology 22.9 (8.2)
GM General Motors Consumer Discretionary 82.5 38.0 LDOS Leidos Holdings Industrials 13.8 (8.1)
XOM Exxon Mobil Corp. Energy 238.4 37.8 AAPL Apple Inc. Information Technology 2072.2 (7.8)
MOS Mosaic Co. Materials 11.7 37.6 ENPH Enphase Energy Inc. Information Technology 22.3 (7.6)
HIG Hartford Financial Svc. Financials 24.0 37.3 CL Colgate-Palmolive Consumer Staples 66.4 (7.3)
FITB Fifth Third Bancorp Financials 26.7 36.8 ARE Alexandria Real Estate Equities Real Estate 22.9 (7.2)
e1121846f22311dcbd010014c2408514
MHK Mohawk Industries Consumer Discretionary 13.7 36.4 POOL Pool Corp. Consumer Discretionary 14.1 (7.2)
HBI Hanesbrands Inc. Consumer Discretionary 6.7 36.0 TMUS T-Mobile US Inc. Communication Services 157.9 (7.1)
SNA Snap-on Inc. Industrials 12.5 35.7 MKC McCormick & Co. Consumer Staples 23.9 (6.7)
OKE ONEOK Inc. Energy 22.4 35.1 CHTR Charter Communications Communication Services 118.5 (6.7)
HES Hess Corp. Energy 22.1 34.5 ANSS ANSYS Inc. Information Technology 30.7 (6.7)
HPE Hewlett Packard Enterprise Information Technology 20.3 33.9 INCY Incyte Corp. Health Care 18.1 (6.6)
COP ConocoPhillips Energy 71.5 33.7 GPN Global Payments Information Technology 60.9 (6.3)
SPG Simon Property Group Real Estate 37.1 33.4 ROP Roper Technologies Industrials 42.9 (6.3)
LEN Lennar Corp. Consumer Discretionary 31.8 33.2 COST Costco Wholesale Consumer Staples 157.8 (6.3)
ALK Alaska Air Group Industrials 8.6 33.1 JKHY Jack Henry & Associates Information Technology 11.7 (6.1)
UAL United Airlines Holdings Industrials 18.4 33.0 MSCI MSCI Inc. Financials 35.9 (5.9)
TPR Tapestry Inc. Consumer Discretionary 11.3 32.6 NKE NIKE Inc. Consumer Discretionary 210.7 (5.9)
Source: Goldman Sachs Global Investment Research
5 April 2021 5
13 charts tell the story of the 1Q 2021 US Equity Market

Exhibit 3: Yield curve re-shaping as 10-year Treasury yield surges from 91 bp to 1.75%. Exhibit 4: Short Duration outperformed Long Duration and Cyclicals outperformed
as of March 31, 2021 Defensives
2.0 130
1.9%
US Treasury yield curve GS year-end Indexed return YTD
1.7% GSTHSDUR:
2021E
23%
1.5 120
GSSBCYCL:
Current 8%
Yield (%)
110 S&P 500:

1.0
0.9% 6%
GSSBDEFS:
100 3%
0.5 Year-end GSTHLDUR:

2020 -5%
0.1% 90
0.1%
0.0 0.1%
Fed 1 2 3 4 5 6 7 8 9 10
80
Funds
Years to Maturity Dec-20 Jan-21 Feb-21 Mar-21
Source: Haver, Goldman Sachs Global Investment Research Source: FactSet, Goldman Sachs Global Investment Research
Exhibit 5: March witnessed the worst hedge fund relative performance since 2008 as our Exhibit 6: Most shorted stocks in the Russell 3000 surged by 98% in January and posted the
Hedge Fund VIP basket lagged S&P 500 by 7.3 pp highest 3-month relative return vs. S&P 500 since 1995
as of March 31, 2021 as of March 31, 2021
10 pp 120 %
Rolling 1-month excess return of Most short basket Jan. '21
e1121846f22311dcbd010014c2408514
8 pp 100 % +98%
Hedge Fund VIPs versus S&P 500 rolling 3-month return
6 pp Jan. '99 Mar. '00 Jun. '20
80 %
+72% +72% Jun. '09 +77%
4 pp +56%
60 %
2 pp
40 % Mar. '21
0 pp +34%
20 %
(2)pp
0%
(4)pp
(20)%
(6)pp
Mar '20
Jun '02 Oct '15 -6.9pp Mar '21 (40)%
(8)pp Oct '08
-6.6pp -6.6pp -7.3pp
-8.5pp
(10)pp (60)%
2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 1995 2000 2005 2010 2015 2020 2025
Source: Goldman Sachs Global Investment Research Source: FactSet, Goldman Sachs Global Investment Research
5 April 2021 6
13 charts tell the US equity market story in 1Q 2021 (continued)
Exhibit 7: First-quarter 2021 set a record for US equity issuance Exhibit 8: First-quarter 2021 SPAC IPO proceeds totaled $90 billion, more than the full-year
as of March 31, 2021 2020 total of $77 billion
$ 250
Quarterly US equity issuance by $100
Converts Raised
deal type $90 Year ($ billion) No. US SPAC capital raised
$ 200 ($, billions) 2013 $1 10 ($ billion)
$80
2014 2 10
$70 2015 4 17
$ 150 $60 2016 3 11
2017 11 33
$50 2018 9 35
Follow-ons 2019 14 54
$ 100 $40
SPACs 2020 77 228
$30 YTD 2021 90 276
IPOs
$ 50 $20
$10
$0
$0
2015 2016 2017 2018 2019 2020 2021
123412341234123412341234123412341234
2013 2014 2015 2016 2017 2018 2019 2020 2021
Source: Dealogic, Goldman Sachs Global Investment Research Source: Dealogic, Goldman Sachs Global Investment Research
Exhibit 9: Stocks investing for growth have sharply outperformed since November, reflecting Exhibit 10: Our Sentiment Indicator shows risk-on positioning across hedge funds, mutual
optimism about the prospects for economic recovery funds, foreign investors, pensions, and households
as of March 31, 2021 as of April 2, 2021
112 3.0
GSTHHGIR US Equity Sentiment Indicator
e1121846f22311dcbd010014c2408514
110 2.5 Feb-20
vs. S&P 500 +1.7
2.0
108 Current
1.5
106 1.4
1.0
Indexed total return
104 0.5
102 0.0
100 (0.5)
(1.0)
98
(1.5)
96 (2.0) Mar-20
Pfizer &
-1.4
94 BioNTech (2.5) Mar-09 Feb-16
announce Ph. 3 -2.2 Oct-11 -2.0 Dec-18
92 (3.0)
vaccine trial -3.0 -2.6
results (3.5)
90
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Sep-17 Mar-18 Sep-18 Mar-19 Sep-19 Mar-20 Sep-20 Mar-21
Source: Goldman Sachs Global Investment Research Source: Goldman Sachs Global Investment Research
5 April 2021 7
Exhibit 11: If fully enacted, Biden’s current tax plan could reduce 2022 EPS by 10% Exhibit 12: Tax reform will likely impact Communication Services and Info Tech most
$210 Comm Services

Potential impact of tax reform Info Tech
$205 $203
on 2022 S&P 500 EPS
Health Care
(proposed policies)
$200 Utilities
$8 $197
S&P 500
$195
$5 Consumer Staples Potential impact
$190 $1 Financials of tax reform on
$4 sector EPS
$185 Cons Discretionary
$185 Statutory rate hike
Industrials (21% to 28%)
$180 Energy GILTI tax increase
Current Statutory Foreign rate Minimum Soc. sec. Potential Current GS (11% to 21%)
Materials
tax policy rate hike hike corporate payroll 2022 forecast
(28%) ("GILTI") rate tax EPS 0% 2% 4% 6% 8% 10% 12%
(21%) (15%)
Earnings reduction
Source: Goldman Sachs Global Investment Research Source: Goldman Sachs Global Investment Research
Exhibit 13: Valuation dispersion has narrowed from extreme but is still above-average Exhibit 14: US vaccine rollout continues to accelerate, on pace for 50% vaccinated by May
300%
1.4% 4
FY2 P/E premium US total* vaccination daily
250% of top vs. bottom 1.2% flows tracker
% of population vaccinated daily

sector-neutral S&P 500 (*First and second dose)
valuation quintiles 3
e1121846f22311dcbd010014c2408514
200% 1.0%
Millions of doses
0.8%
150%
2
0.6%
100%
0.4% Spot Rate (RHS) 1
50% 7DMA (RHS)
0.2%
Scenario for Reaching 50%
0%
0.0% Vaccinated in May (LHS) 0
1980 1985 1990 1995 2000 2005 2010 2015 2020 2025
Dec-20 Jan-21 Feb-21 Mar-21 Apr-21
Source: Compustat, Goldman Sachs Global Investment Research Source: Goldman Sachs Global Investment Research
5 April 2021 8
Exhibit 15: 1Q Performance of our Thematic baskets

Total Return P/E P/B Div
YTD Performance Ticker 1 wk 1 mo YTD NTM LTM Yield
Dual Beta GSTHBETA 4.7 % 3% 12 % 16x 4.2x 0.0 %
Macroeconomic
Low Liquidity 28
Interest Rate Sensitive GSTHUSTY 2.6 8 22 17 4.0 1.2
Short Duration 23
High Tax GSTHHTAX 0.9 6 15 22 5.6 1.1
Interest Rate Sensitive 22
Low Tax GSTHLTAX 3.4 3 9 21 3.8 0.5
Weak Balance Sheet 18
High Labor Cost GSTHHLAB 2.7 4 9 22 5.1 1.1
High Hedge Fund Concentration 17
Low Labor Cost GSTHLLAB 1.9 4 13 17 5.0 1.0
Total Cash Return to Shareholders 16
Geographic
Capex and R&D 15 Domestic Sales GSTHAINT 2.1 % 9% 11 % 20x 3.8x 1.3 %
Sales
Buyback 15 International Sales GSTHINTL 3.7 4 9 24 6.1 0.8
High Tax 15 BRICs Sales GSTHBRIC 3.9 3 10 25 4.7 0.6
Dividend Growth 14 Western Europe Sales GSTHWEUR 4.4 4 13 20 3.3 0.4
Debt Reducers 14 High Revenue Growth GSTHREVG 3.4 % 0% 1% 24x 6.1x 0.0 %
Western Europe Sales 13 High Operating Leverage GSTHOPHI 2.2 3 12 23 3.0 0.2
Debt Issuers 13 Low Operating Leverage GSTHOPLO 1.5 5 9 23 6.5 0.9
Fundamental
Low Labor Cost 13 Stable Growers GSTHSTGR 1.1 6 5 23 7.5 1.2
Dual Beta 12 ROE Growth GSTHGROE 2.9 4 11 22 3.4 1.5
High Operating Leverage 12 High Quality Stock GSTHQUAL 1.0 4 3 29 7.8 0.8
Domestic Sales 11 Long Duration GSTHLDUR 2.8 (6) (5) 55 19.1 0.0
ROE Growth 11 Short Duration GSTHSDUR 3.0 7 23 15 1.7 0.8
BRICs Sales 10 Strong Balance Sheet GSTHSBAL 3.2 1 1 40 10.6 0.0
Low Operating Leverage 9 Weak Balance Sheet GSTHWBAL 3.0 7 18 13 2.3 0.8
International Sales 9
Capex and R&D GSTHCAPX 4.1 % 5% 15 % 14x 3.3x 0.9 %
Mutual Fund Overweight Positions 9
Uses of Cash Total Cash Return to Shareholders GSTHCASH 1.9 5 16 15 4.1 2.1
High Labor Cost 9
Buyback GSTHREPO 2.0 6 15 15 4.6 1.2
Low Tax 9
Dividend Growth GSTHDIVG 1.6 6 14 14 3.8 2.9
High Growth Investment Ratio 8
High Growth Investment Ratio GSTHHGIR 4.1 3 8 25 7.2 0.0
Low Hedge Fund Concentration 8
e1121846f22311dcbd010014c2408514
Debt Issuers GSTHDISS 1.8 3 13 20 4.1 0.6
High Sharpe Ratio 7
Debt Reducers GSTHDRED 1.6 6 14 15 2.8 1.1
S&P 500 6
Liquidity
Hedge Fund Very Important Shorts 6 High Sharpe Ratio GSTHSHRP 2.1 % 8% 7% 18x 4.8x 1.4 %
Risk &
Mutual Fund Underweight Positions 5 High Liquidity GSTHHLIQ 2.1 4 4 24 6.5 1.6
Stable Growers 5 Low Liquidity GSTHLLIQ 2.1 5 28 16 1.5 2.2
High Liquidity 4
Hedge Fund "VIP" List GSTHHVIP 1.9 % (2)% 3% 33x 6.6x 0.0 %
Hedge Funds &
High Quality Stock 3

Mutual Funds
Hedge Fund Very Important Shorts GSTHVISP 2.2 5 6 20 5.8 2.0

Hedge Fund "VIP" List 3
High Hedge Fund Concentration GSTHHFHI 2.5 5 17 17 3.1 0.0
Strong Balance Sheet 1
Low Hedge Fund Concentration GSTHHFSL 1.9 5 8 22 4.2 2.5
High Revenue Growth 1
Mutual Fund Overweight Positions GSTHMFOW 1.3 5 9 19 3.6 1.3
Long Duration (5)
Mutual
& Fund Underweight Positions GSTHMFUW 2.3 % 5% 5% 26 6.9 1.8 %
(15) (10) (5) 0 5 10 15 20 25 30 35 40
S&P 500 Median 26 8.0 1.7
Source: Goldman Sachs Global Investment Research
5 April 2021 9
Where to find Sales and EPS growth in 2022
Where to find Sales growth in 2022
Exhibit 16: The 100 largest stocks in the S&P 500 ranked by 2022E Sales growth (excludes Financials, Utilities, and Real Estate)
2021E 2022E 2021E 2022E 2021E 2022E
Company Ticker Growth Growth Company Ticker Growth Growth Company Ticker Growth Growth
Booking Holdings BKNG 38 % 51 % Fidelity National Info Svc. FIS 9% 8% Sherwin-Williams SHW 6% 5%
Tesla Inc. TSLA 53 30 Anthem Inc. ANTM 12 7 PepsiCo Inc. PEP 7 5
ServiceNow Inc. NOW 27 25 Accenture Plc ACN 13 7 Health Care 6 5
Walt Disney DIS 20 21 Fiserv Inc. FISV 9 7 FedEx Corp. FDX 14 4
PayPal Holdings PYPL 20 21 Stryker Corp. SYK 19 7 ConocoPhillips COP 68 4
Micron Technology MU 31 20 Zoetis Inc. ZTS 12 7 Bristol-Myers Squibb BMY 9 4
Facebook Inc. FB 25 19 S&P 500 10 7 CVS Health Corp. CVS 4 4
2022E Sales Growth

salesforce.com, inc. CRM 19 19 Information Technology 9 7 Chevron Corp. CVX 43 4
Autodesk Inc. ADSK 13 18 Costco Wholesale COST 10 7 3M Co. MMM 7 4
Mastercard Inc. MA 18 18 Honeywell Intl HON 5 7 Procter & Gamble PG 4 4
Amazon.com Inc. AMZN 23 18 Medtronic Plc MDT 14 7 United Parcel Service UPS 3 4
Intuitive Surgical ISRG 14 17 Ecolab Inc. ECL 1 7 Lockheed Martin LMT 4 4
Visa Inc. V 13 17 Lam Research Corp. LRCX 20 7 Consumer Staples 2 4
Alphabet Inc. GOOGL 24 17 Automatic Data Processing ADP 5 7 Target Corp. TGT (2) 4
Advanced Micro Devices AMD 38 16 AbbVie Inc. ABBV 21 6 Home Depot Inc. HD 2 3
Netflix Inc. NFLX 20 16 General Electric GE (0) 6 Cisco Systems Inc. CSCO 4 3
Adobe Inc. ADBE 22 14 Applied Materials AMAT 20 6 Colgate-Palmolive CL 6 3
Intuit Inc. INTU 24 14 Merck & Co. Inc. MRK 10 6 Amgen Inc. AMGN 4 3
Activision Blizzard ATVI 1 14 Philip Morris Intl PM 9 6 Mondelez Intl MDLZ 6 3
NVIDIA Corp. NVDA 30 13 Comcast Corp. CMCSA 8 6 T-Mobile US Inc. TMUS 15 3
Microsoft Corp. MSFT 13 12 Cigna Corp. CI 3 6 Lowe's Companies LOW (3) 3
Consumer Discretionary 14 11 Qualcomm Inc. QCOM 27 6 Oracle Corp. ORCL 4 3
Estee Lauder Companies EL 19 11 Coca-Cola Co. KO 11 6 Walmart Inc. WMT (2) 3
NIKE Inc. NKE 22 10 General Motors GM 14 6 Materials 11 3
e1121846f22311dcbd010014c2408514
Deere & Co. DE 17 10 McDonald's Corp. MCD 15 5 Verizon Communications VZ 4 2
TJX Companies Inc. TJX 30 10 HCA Healthcare Inc. HCA 6 5 Altria Group Inc. MO 2 2
Global Payments GPN 12 10 Union Pacific Corp. UNP 8 5 Becton, Dickinson BDX 7 1
Communication Services 14 10 Norfolk Southern NSC 10 5 International Bus. Machines IBM 1 1
Boeing Co. BA 38 9 Charter Communications CHTR 6 5 AT&T Inc. T 1 1
Caterpillar Inc. CAT 11 9 Illinois Tool Works ITW 11 5 Eli Lilly & Co. LLY 14 0
Raytheon Technologies RTX 2 9 Broadcom Inc. AVGO 10 5 Intel Corp. INTC (7) (0)
Industrials 10 9 Danaher Corp. DHR 18 5 Abbott Laboratories ABT 22 (0)
Starbucks Corp. SBUX 26 9 CSX Corp. CSX 8 5 Thermo Fisher Scientific TMO 10 (3)
Exxon Mobil Corp. XOM 33 9 Linde plc LIN 5 5 Gilead Sciences GILD 0 (3)
Energy 23 8 Texas Instruments TXN 15 5 Pfizer Inc. PFE 30 (14)
UnitedHealth Group UNH 9 8 Apple Inc. AAPL 15 5
Air Products & Chemicals APD 9 8 Johnson & Johnson JNJ 11 5
Source: FactSet; compiled by Goldman Sachs Global Investment Research
5 April 2021 <0

Where to find EPS growth in 2022
Exhibit 17: The 100 largest stocks in the S&P 500 ranked by 2022E EPS growth
2021E 2022E 2021E 2022E 2021E 2022E
Company Ticker Growth Growth Company Ticker Growth Growth Company Ticker Growth Growth
Booking Holdings BKNG 732 % 136 % UnitedHealth Group UNH 8% 16 % Target Corp. TGT (7)% 9%
Walt Disney DIS 199 116 S&P 500 23 15 NextEra Energy Inc. NEE 8 9
General Electric GE 493 112 Berkshire Hathaway BRK.B 17 15 Applied Materials AMAT 33 8
Micron Technology MU 113 54 Deere & Co. DE 47 15 Consumer Staples 4 8
Tesla Inc. TSLA 88 41 Citigroup Inc. C 37 15 Texas Instruments TXN 15 8
Charter Communications CHTR 24 39 Anthem Inc. ANTM 9 14 International Bus. Machines IBM 28 8
Raytheon Technologies RTX 7 39 Stryker Corp. SYK 22 14 Johnson & Johnson JNJ 18 8
2022E Earnings Growth

Amazon.com Inc. AMZN 16 39 salesforce.com, inc. CRM (28) 13 PepsiCo Inc. PEP 9 8
American Express AXP 74 38 Microsoft Corp. MSFT 15 13 Oracle Corp. ORCL 9 8
Consumer Discretionary 45 37 Morgan Stanley MS (9) 13 Home Depot Inc. HD 5 8
Energy NM 35 Honeywell Intl HON 10 13 United Parcel Service UPS 9 8
Industrials 66 35 Information Technology 14 12 Mondelez Intl MDLZ 8 8
Exxon Mobil Corp. XOM NM 32 Lowe's Companies LOW 8 12 JPMorgan Chase JPM 22 8
Netflix Inc. NFLX 63 32 NVIDIA Corp. NVDA 29 12 Bristol-Myers Squibb BMY 15 7
TJX Companies Inc. TJX 663 31 Union Pacific Corp. UNP 16 12 Broadcom Inc. AVGO 17 7
T-Mobile US Inc. TMUS (12) 30 Cigna Corp. CI 8 12 Walmart Inc. WMT (2) 7
Mastercard Inc. MA 24 30 BlackRock Inc. BLK 9 11 Qualcomm Inc. QCOM 39 7
Caterpillar Inc. CAT 32 30 Truist Financial TFC 10 11 Procter & Gamble PG 4 7
Advanced Micro Devices AMD 52 30 Financials 25 11 Lockheed Martin LMT 6 7
ServiceNow Inc. NOW 17 29 Accenture Plc ACN 13 11 Danaher Corp. DHR 22 7
Comcast Corp. CMCSA 7 26 Prologis Inc. PLD 4 11 Health Care 12 7
Chevron Corp. CVX NM 25 Lam Research Corp. LRCX 26 10 Abbott Laboratories ABT 38 7
PayPal Holdings PYPL 13 25 Automatic Data Processing ADP 4 10 Cisco Systems Inc. CSCO 5 6
Visa Inc. V 17 24 AbbVie Inc. ABBV 18 10 Eli Lilly & Co. LLY 6 6
Wells Fargo & Co. WFC 545 24 Linde plc LIN 13 10 Materials 53 6
Intuitive Surgical ISRG 21 22 American Tower AMT 42 10 Altria Group Inc. MO 4 5
NIKE Inc. NKE 84 21 S&P Global Inc. SPGI 5 10 Apple Inc. AAPL 20 5
e1121846f22311dcbd010014c2408514
Starbucks Corp. SBUX 206 20 Merck & Co. Inc. MRK 10 10 Utilities 5 5
Facebook Inc. FB 15 19 U.S. Bancorp USB 25 10 Charles Schwab SCHW 26 4
General Motors GM 7 19 Real Estate (1) 10 AT&T Inc. T (3) 3
Fiserv Inc. FISV 22 17 Philip Morris Intl PM 15 9 Verizon Communications VZ 3 3
Alphabet Inc. GOOGL 17 17 McDonald's Corp. MCD 40 9 Intel Corp. INTC (14) 2
Communication Services 12 17 Amgen Inc. AMGN 1 9 Gilead Sciences GILD 1 (4)
Medtronic Plc MDT 50 17 Costco Wholesale COST 10 9 Thermo Fisher Scientific TMO 12 (8)
Intuit Inc. INTU 16 17 3M Co. MMM 10 9 Pfizer Inc. PFE 22 (8)
Bank of America BAC 36 16 CVS Health Corp. CVS (3) 9
Adobe Inc. ADBE 19 16 FedEx Corp. FDX 39 9
Fidelity National Info Svc. FIS 16 16 Coca-Cola Co. KO 10 9
Source: FactSet; compiled by Goldman Sachs Global Investment Research
5 April 2021 <<

Exhibit 18: 2021 EPS estimates - where is Goldman Sachs different from consensus?
2021 Calendarized EPS Estimate - Goldman Sachs ABOVE Consensus 2021 Calendarized EPS Estimate - Goldman Sachs BELOW Consensus
Company Ticker GS Consensus % Diff Company Ticker GS Consensus % Diff

ConocoPhillips COP 6.13 2.29 168.2 % HollyFrontier Corp. HFC (0.10) 0.44 (123.4)%
Alaska Air Group ALK 1.05 (2.96) 135.5 Royal Caribbean Group RCL (19.63) (13.82) (42.0)
Occidental Petroleum OXY 0.23 (1.03) 121.8 Caesars Entertainment CZR (5.64) (4.26) (32.5)
Southwest Airlines LUV 0.20 (1.68) 111.7 Valero Energy Corp. VLO 1.02 1.44 (28.9)
APA Corp. APA 3.22 1.75 84.2 J.M. Smucker SJM 6.87 8.53 (19.4)
Las Vegas Sands LVS 1.68 0.94 78.1 DuPont DD 2.79 3.42 (18.3)
Devon Energy Corp. DVN 2.86 1.65 73.7 Norwegian Cruise Line Hldgs NCLH (6.95) (5.92) (17.5)
Mosaic Co. MOS 4.47 2.66 68.2 Carnival Corp. CCL.U (4.91) (4.32) (13.7)
Exxon Mobil Corp. XOM 4.71 2.90 62.7 PNC Financial Svc. Grp PNC 9.20 10.53 (12.6)
EOG Resources Inc. EOG 7.43 4.75 56.3 Molson Coors Beverage TAP 3.40 3.83 (11.2)
Chevron Corp. CVX 7.89 5.06 56.0 Apple Inc. AAPL 4.06 4.50 (9.9)
Marriott Intl MAR 3.17 2.09 51.4 MarketAxess Holdings MKTX 7.65 8.37 (8.6)
Hilton Worldwide Hldgs HLT 2.82 1.90 48.5 Walgreens Boots Alliance WBA 4.67 5.03 (7.2)
Penn National Gaming PENN 2.57 1.81 42.4 Robert Half Intl RHI 3.12 3.34 (6.5)
Discover Financial Svc. DFS 13.00 9.29 40.0 Xylem Inc. XYL 2.39 2.55 (6.3)
Capital One Financial COF 17.70 12.67 39.7 HP Inc. HPQ 3.08 3.29 (6.2)
United Airlines Holdings UAL (6.15) (9.90) 37.9 Northern Trust NTRS 6.09 6.48 (6.1)
Delta Air Lines DAL (1.50) (2.38) 37.0 U.S. Bancorp USB 3.63 3.85 (5.7)
Synchrony Financial SYF 5.95 4.54 30.9 Martin Marietta Materials MLM 10.62 11.25 (5.7)
Nielsen Holdings NLSN 2.00 1.55 28.8 Best Buy Inc. BBY 6.98 7.35 (5.0)
Advanced Micro Devices AMD 2.49 1.95 27.6 Kellogg Co. K 3.81 4.01 (5.0)
American Airlines Group AAL (5.65) (7.63) 25.9 A. O. Smith Corp. AOS 2.40 2.52 (4.8)
Wynn Resorts, Limited WYNN (2.74) (3.57) 23.3 Travelers Companies TRV 10.55 11.08 (4.8)
Micron Technology MU 8.15 6.62 23.1 ONEOK Inc. OKE 2.94 3.09 (4.8)
CF Industries Holdings CF 2.87 2.33 23.1 Qualcomm Inc. QCOM 7.08 7.42 (4.6)
Zions Bancorp, N.A. ZION 5.35 4.34 23.1 Yum! Brands Inc. YUM 3.80 3.97 (4.1)
Western Digital WDC 6.22 5.24 18.8 Conagra Brands Inc. CAG 2.50 2.60 (4.0)
Cabot Oil & Gas COG 1.84 1.55 18.2 UDR Inc. UDR 1.86 1.93 (4.0)
Freeport-McMoRan FCX 2.90 2.49 16.5 Progressive Corp. PGR 5.65 5.88 (3.9)
M&T Bank Corp. MTB 13.60 11.78 15.5 Genuine Parts GPC 5.49 5.71 (3.9)
Caterpillar Inc. CAT 9.16 7.98 14.7 General Mills Inc. GIS 3.57 3.70 (3.5)
KeyCorp. KEY 2.10 1.85 13.8 Westinghouse Air Brake Technologies WAB 3.99 4.13 (3.4)
e1121846f22311dcbd010014c2408514
Pioneer Natural Resources PXD 9.42 8.31 13.3 C.H. Robinson Worldwide CHRW 4.20 4.34 (3.2)
Regions Financial RF 2.15 1.90 13.2 Verisk Analytics VRSK 5.18 5.34 (3.0)
Kinder Morgan Inc. KMI 1.03 0.91 12.9 Coca-Cola Co. KO 2.08 2.14 (3.0)
Fifth Third Bancorp FITB 3.30 2.94 12.4 Duke Energy Corp. DUK 5.05 5.20 (2.9)
Enphase Energy Inc. ENPH 2.28 2.03 12.0 AutoZone Inc. AZO 78.99 81.29 (2.8)
International Flav/Frag IFF 6.19 5.53 11.9 Equity Residential EQR 2.72 2.80 (2.8)
NXP Semiconductors NXPI 10.35 9.30 11.4 Advance Auto Parts AAP 9.54 9.79 (2.5)
Take-Two Interactive Software TTWO 6.75 6.08 11.0 Biogen Inc. BIIB 18.13 18.59 (2.5)
Note: The left exhibits contains the 40 non-Sell-rated stocks with the highest 2021 GS EPS estimate relative to consensus. The right exhibit contains the 40 non-Buy-rated stocks with the lowest 2021 GS EPS estimate
relative to consensus. GS estimates are those of the relevant covering analyst and may differ from consensus estimates in accounting methodology (e.g. treatment of employee stock option expenses).
Source: FactSet, Goldman Sachs Global Investment Research
5 April 2021 <2

Exhibit 19: Stocks with the most upside and downside to Goldman Sachs target prices
Most UPSIDE to Goldman Sachs Target Price Most DOWNSIDE to Goldman Sachs Target Price
Current Upside to Current Downside to
Company Ticker Price Target Company Ticker Price Target
Regeneron Pharmaceuticals REGN $ 473.14 68.0 % A. O. Smith Corp. AOS $ 67.61 (48.2)%
Incyte Corp. INCY 81.27 67.3 Lumen Technologies LUMN 13.35 (47.6)
ViacomCBS Inc. VIAC 45.10 66.3 HP Inc. HPQ 31.75 (40.2)
Enphase Energy Inc. ENPH 162.16 62.8 Robert Half Intl RHI 78.07 (36.0)
Vertex Pharmaceuticals VRTX 214.89 58.2 Apple Inc. AAPL 122.15 (32.1)
salesforce.com, inc. CRM 211.87 48.7 Xylem Inc. XYL 105.18 (30.6)
Penn National Gaming PENN 104.84 45.9 Fox Corp. FOXA 36.11 (28.0)
ServiceNow Inc. NOW 500.11 39.0 Kraft Heinz KHC 40.00 (27.5)
Merck & Co. Inc. MRK 77.09 38.8 ONEOK Inc. OKE 50.66 (27.0)
Micron Technology MU 88.21 38.3 MGM Resorts Intl MGM 37.99 (26.3)
Eli Lilly & Co. LLY 186.82 37.0 General Dynamics GD 181.56 (26.2)
Bristol-Myers Squibb BMY 63.13 36.2 Molson Coors Beverage TAP 51.15 (25.7)
Arista Networks ANET 301.89 36.1 Nielsen Holdings NLSN 25.15 (24.5)
NRG Energy Inc. NRG 37.73 35.2 Walgreens Boots Alliance WBA 54.90 (23.5)
Advanced Micro Devices AMD 78.50 35.0 J.M. Smucker SJM 126.53 (21.8)
Microsoft Corp. MSFT 235.77 33.6 Huntington Ingalls Industries HII 205.85 (21.3)
Devon Energy Corp. DVN 21.85 32.7 Carnival Corp. CCL.U 26.54 (20.9)
Thermo Fisher Scientific TMO 456.38 31.5 Textron Inc. TXT 56.08 (19.8)
Take-Two Interactive Software TTWO 176.70 31.3 Vornado Realty Trust VNO 45.39 (18.5)
Alaska Air Group ALK 69.21 30.0 Equity Residential EQR 71.63 (17.6)
United Airlines Holdings UAL 57.54 28.6 J.B. Hunt Transport Svc. JBHT 168.07 (16.7)
FedEx Corp. FDX 284.04 28.5 Expeditors Intl EXPD 107.69 (16.4)
FMC Corp. FMC 110.61 28.4 American Airlines Group AAL 23.90 (16.3)
Align Technology ALGN 541.53 28.3 Kinder Morgan Inc. KMI 16.65 (15.9)
Edison Intl EIX 58.60 28.0 General Mills Inc. GIS 61.32 (15.2)
Western Digital WDC 66.75 27.3 McCormick & Co. MKC 89.16 (14.8)
e1121846f22311dcbd010014c2408514
Zoetis Inc. ZTS 157.48 27.0 Oracle Corp. ORCL 70.17 (14.5)
Citizens Financial Group CFG 44.15 26.8 Advance Auto Parts AAP 183.49 (14.4)
TE Connectivity TEL 129.11 26.2 Genuine Parts GPC 115.59 (14.4)
Exelon Corp. EXC 43.74 25.7 Aflac Inc. AFL 51.18 (14.0)
Electronic Arts EA 135.37 25.6 Seagate Technology STX 76.75 (14.0)
Prologis Inc. PLD 106.00 25.5 Paychex Inc. PAYX 98.02 (13.3)
Aptiv PLC APTV 137.90 25.5 Biogen Inc. BIIB 279.75 (13.1)
Walmart Inc. WMT 135.83 25.2 Southern Co. SO 62.16 (13.1)
Tesla Inc. TSLA 667.93 25.0 Best Buy Inc. BBY 114.81 (12.9)
PerkinElmer Inc. PKI 128.29 24.7 Cboe Global Markets CBOE 98.69 (12.9)
ConocoPhillips COP 52.97 24.6 Conagra Brands Inc. CAG 37.60 (12.2)
Realty Income Corp. O 63.50 24.4 Automatic Data Processing ADP 188.47 (11.9)
Colgate-Palmolive CL 78.83 24.3 Consolidated Edison ED 74.80 (11.8)
Zimmer Biomet Holdings ZBH 160.08 24.3 U.S. Bancorp USB 55.31 (11.4)
5 April 2021 <3

Sector capitalization of the S&P 500 has shifted significantly over time...
n At the height of the Tech Bubble at the turn of the century, Information Technology represented 33% of S&P 500
equity capitalization. For the first time since the Tech Bubble, Information Technology represents more than a
quarter of S&P 500 equity capitalization. At the turn of the century, it reached 33% before falling to 13%. By the
end of 1Q 2021, it rebounded to 27% of the index.
n Change over time reflects both evolving industry fundamentals and the shifting composition of the S&P 500
Index constituents.
Exhibit 20: Sector composition of the S&P 500 by equity capitalization, 1975-2021
100%
Real Estate 2%
Financials
90% Financials 11%
Bubble
22%
80%
Tech
Bubble Info Tech 27%
70%
33%
60%
Health Care 13%

50%
e1121846f22311dcbd010014c2408514
Consumer Staples 6%
40%
Consumer Discretionary 12%

30%
Industrials 9%
20%
Energy Communication Services 11%

10%
Bubble Utilities 3%
26% Materials 3%
0% Energy 3%
1975 1980 1985 1990 1995 2000 2005 2010 2015 2020
Source: Compustat, FactSet, Goldman Sachs Global Investment Research
5 April 2021 <4

...but has not always correlated with the proportionate contribution to net income
n At the peak of the tech bubble, Information Technology never generated more than 14% of the S&P 500’s
earnings. The profit contribution from Info Tech increased over the past few years and the sector now accounts
for 24% of S&P 500 net income.
Exhibit 21: Net Income contribution by sector to S&P 500, 1976-2021

100%
Real Estate 2%
Financials
90% Bubble Financials 20%
29%
80%
Tech
70% Bubble
Info Tech 24%
14%
60%
50% Health Care 14%
40%
Consumer Staples 8%
30% Consumer Discretionary 8%
e1121846f22311dcbd010014c2408514
Industrials 8%
20%
Energy
Bubble Communication Services 11%
10%
27% Utilities 3%
Materials 2%
0% Energy 0%
1976 1980 1984 1988 1992 1996 2000 2004 2008 2012 2016 2020
5 April 2021 <5

Exhibit 22: Comparative sector composition of major US equity market indices

Russell 1000 Growth ($18.5 Trillion) S&P 500 ($33.6 Trillion) Russell 1000 Value ($19.0 Trillion) Russell 2000 ($2.8 Trillion)
Sectors
Name Name Weight Name Weight Name Weight
Information Technology 44.2% Information Technology 26.6% Financials 20.6% Health Care 18.7%
Consumer Discretionary 16.5 Health Care 13.0 Industrials 13.9 Industrials 16.0
Health Care 13.6 Consumer Discretionary 12.5 Health Care 12.6 Financials 15.9
Communication Services 11.6 Financials 11.3 Information Technology 9.5 Consumer Discretionary 14.5
Industrials 4.7 Communication Services 10.9 Communication Services 9.2 Information Technology 12.5
Consumer Staples 4.5 Industrials 8.9 Consumer Discretionary 7.9 Real Estate 5.9
Financials 1.9 Consumer Staples 6.1 Consumer Staples 7.1 Materials 4.5
Real Estate 1.7 Energy 2.8 Energy 5.1 Consumer Staples 3.2
Materials 0.8 Materials 2.7 Utilities 5.0 Utilities 2.9
Energy 0.1 Utilities 2.7 Materials 4.8 Energy 2.6
Utilities 0.0 Real Estate 2.5 Real Estate 4.3 Communication Services 2.4
100.0% 100.0% 100.0% 100.0%
Largest Industries
Software 17.7% Software 8.3% Banks 8.6% Biotechnology 9.4%
Technology Hardware Storage & Peripherals 10.5 Technology Hardware Storage & Peripherals 6.1 Oil Gas & Consumable Fuels 4.7 Banks 8.6
Interactive Media & Services 9.1 Interactive Media & Services 5.9 Capital Markets 4.4 Equity Real Estate Investment Trusts (REITs) 5.1
IT Services 8.5 Semiconductors & Semiconductor Equipment 5.6 Equity Real Estate Investment Trusts (REITs) 4.1 Software 5.0
Internet & Direct Marketing Retail 7.5 IT Services 5.2 Pharmaceuticals 4.1 Hotels Restaurants & Leisure 4.0
Semiconductors & Semiconductor Equipment 6.8 Banks 4.5 Health Care Equipment & Supplies 4.0 Machinery 3.7
Biotechnology 3.2 Internet & Direct Marketing Retail 4.1 Semiconductors & Semiconductor Equipment 3.5 Specialty Retail 3.5
Specialty Retail 3.0 Pharmaceuticals 3.7 Insurance 3.5 Health Care Equipment & Supplies 3.3
Health Care Equipment & Supplies 2.9 Health Care Equipment & Supplies 3.6 Machinery 3.4 Semiconductors & Semiconductor Equipment 3.0
Pharmaceuticals 2.9 Capital Markets 2.9 Electric Utilities 3.1 Health Care Providers & Services 2.6
72.1% 49.8% 43.4% 48.0%
Largest Companies
Apple Inc. (AAPL) 10.4% Apple Inc. (AAPL) 5.7% Berkshire Hathaway Inc. (BRK.B) 2.5% Penn National Gaming, Inc. (PENN) 0.6%
Microsoft Corporation (MSFT) 9.5 Microsoft Corporation (MSFT) 5.3 JPMorgan Chase & Co. (JPM) 2.4 Caesars Entertainment Inc (CZR) 0.6
Amazon.com, Inc. (AMZN) 7.1 Amazon.com, Inc. (AMZN) 3.9 Johnson & Johnson (JNJ) 2.0 Plug Power Inc. (PLUG) 0.5
Alphabet Inc. (GOOGL) 5.1 Alphabet Inc. (GOOGL) 3.6 Walt Disney Company (DIS) 1.8 Darling Ingredients Inc. (DAR) 0.4
e1121846f22311dcbd010014c2408514
Facebook, Inc. (FB) 3.8 Facebook, Inc. (FB) 2.1 Bank of America Corp (BAC) 1.6 Novavax, Inc. (NVAX) 0.4
Tesla Inc (TSLA) 2.8 Tesla Inc (TSLA) 1.5 Alphabet Inc. (GOOGL) 1.4 GameStop Corp. (GME) 0.4
Visa Inc. (V) 1.9 Berkshire Hathaway Inc. (BRK.B) 1.4 Intel Corporation (INTC) 1.4 Lithia Motors, Inc. (LAD) 0.4
NVIDIA Corporation (NVDA) 1.7 JPMorgan Chase & Co. (JPM) 1.4 Comcast Corporation (CMCSA) 1.3 Sunrun Inc. (RUN) 0.3
Mastercard Incorporated (MA) 1.7 Johnson & Johnson (JNJ) 1.3 Verizon Communications Inc. (VZ) 1.3 Builders FirstSource, Inc. (BLDR) 0.3
UnitedHealth Group Incorporated (UNH) 1.6 Visa Inc. (V) 1.1 Exxon Mobil Corporation (XOM) 1.2 RH (RH) 0.3
PayPal Holdings Inc (PYPL) 1.5 UnitedHealth Group Incorporated (UNH) 1.0 Cisco Systems, Inc. (CSCO) 1.2 Deckers Outdoor Corporation (DECK) 0.3
Adobe Inc. (ADBE) 1.2 Walt Disney Company (DIS) 1.0 AT&T Inc. (T) 1.1 Cleveland-Cliffs Inc (CLF) 0.3
Netflix, Inc. (NFLX) 1.2 Procter & Gamble Company (PG) 1.0 Chevron Corporation (CVX) 1.1 Churchill Downs Incorporated (CHDN) 0.3
AbbVie, Inc. (ABBV) 1.0 NVIDIA Corporation (NVDA) 1.0 Pfizer Inc. (PFE) 1.1 Natera, Inc. (NTRA) 0.3
Accenture Plc (ACN) 1.0 Home Depot, Inc. (HD) 1.0 Walmart Inc. (WMT) 1.0 Performance Food Group Company (PFGC) 0.3
Broadcom Inc. (AVGO) 0.9 Mastercard Incorporated (MA) 0.9 Procter & Gamble Company (PG) 1.0 SiteOne Landscape Supply, Inc. (SITE) 0.3
salesforce.com, inc. (CRM) 0.9 Bank of America Corp (BAC) 0.9 Home Depot, Inc. (HD) 0.9 Mirati Therapeutics Inc. (MRTX) 0.3
Merck & Co., Inc. (MRK) 0.9 PayPal Holdings Inc (PYPL) 0.8 Medtronic Plc (MDT) 0.8 Tetra Tech, Inc. (TTEK) 0.3
NIKE, Inc. (NKE) 0.9 Intel Corporation (INTC) 0.8 Honeywell International Inc. (HON) 0.8 Ultragenyx Pharmaceutical, Inc. (RARE) 0.3
Home Depot, Inc. (HD) 0.9 Comcast Corporation (CMCSA) 0.7 Citigroup Inc. (C) 0.8 Marriott Vacations Worldwide Corporation (VAC) 0.2
56.1% 36.6% 26.5% 7.0%
5 April 2021 <6

Sector Analysis: Communication Services

Exhibit 23: Communication Services distribution by equity capitalization (10.9% of the S&P Exhibit 24: 2021 YTD total return of Communication Services
500) as of March 31, 2021
Broadcasting Advertising Publishing

Wireless
2% 1% 0%
Telecommunication Publishing 39.8
Services
2% Alternative
Carriers Alternative Carriers 39.5
0%
Broadcasting 27.2
Interactive Home
Entertainment
4% Advertising 22.2
Cable & Satellite Interactive Media & Svcs 14.1

9% Interactive Media
& Svcs
Integrated Comm Services 8.1
54%
Telecom Svcs
12%
S&P 500 6.2
Movies &
Entertainment Integrated Telecom Svcs 3.3
16%
Cable & Satellite 1.0
Movies & Entertainment (0.1)
Interactive Home Entertainment (4.2)
Wireless Telecommunication Services (7.1)
(20) (10) 0 10 20 30 40 50 60
Source: FactSet, Goldman Sachs Global Investment Research Source: FactSet, Goldman Sachs Global Investment Research
e1121846f22311dcbd010014c2408514
Exhibit 25: Top 10 companies ranked on selected growth and valuation metrics
One-month change -
2021E Earnings Growth 2021E Earnings Estimates 2022E Earnings Growth YTD return
Walt Disney DIS 198.6 % News Corp. NWSA 6.0 % Walt Disney DIS 116.1 % Discovery Inc. DISCA 44.4 %
Netflix Inc. NFLX 62.6 DISH Network Corp. DISH 4.4 Charter Communications CHTR 39.4 News Corp. NWSA 42.0
News Corp. NWSA 27.7 Walt Disney DIS 1.5 Twitter Inc. TWTR 37.8 Lumen Technologies LUMN 39.5
Charter Communications CHTR 24.2 Fox Corp. FOXA 1.1 Netflix Inc. NFLX 31.6 Interpublic Grp of Cos. IPG 25.4
Alphabet Inc. GOOGL 17.2 Omnicom Group Inc. OMC 0.5 T-Mobile US Inc. TMUS 30.0 Fox Corp. FOXA 24.7
Facebook Inc. FB 15.1 Take-Two Interactive Software TTWO 0.3 Comcast Corp. CMCSA 25.6 ViacomCBS Inc. VIAC 21.3
Omnicom Group Inc. OMC 10.6 Netflix Inc. NFLX 0.3 Take-Two Interactive Software TTWO 23.6 Omnicom Group Inc. OMC 20.0
Interpublic Grp of Cos. IPG 10.4 Alphabet Inc. GOOGL 0.2 News Corp. NWSA 22.4 Alphabet Inc. GOOGL 17.7
Comcast Corp. CMCSA 7.5 Activision Blizzard ATVI 0.2 Facebook Inc. FB 19.3 Twitter Inc. TWTR 17.5
Activision Blizzard ATVI 5.1 Comcast Corp. CMCSA 0.1 Alphabet Inc. GOOGL 17.0 Live Nation Entertainment LYV 15.2
5 April 2021 <7

Consumer Discretionary
Exhibit 26: Consumer Discretionary distribution by equity cap (12.5% of the S&P 500) Exhibit 27: 2021 YTD total return of Consumer Discretionary
Auto Parts & Specialty Stores Consumer

Computer & Electronics Leisure Housewares & Housewares & Specialties 27.4
Equipment 1%
Electronics Retail 0% Products… Specialties
1% Distributors 0% Homebuilding 26.5
1% 1% Home
Apparel Acc & Home Furnishings 23.1
Luxury Goods Furnishings
Household Appliances 22.9
2% Household 0%
Automotive Retail 19.7
Casinos & Appliances
Gaming 0% Home Improvement Retail 16.6
2% Specialty Stores 16.2
Homebuilding Computer & Electronics Retail 15.8
2% Hotels Resorts & Cruise 15.6
Automotive Retail
Apparel Acc & Luxury Goods 11.0
2% Consumer Electronics 10.7
Casinos & Gaming 9.5
Apparel Retail Internet & Direct Auto Parts & Equipment 8.9
3% Marketing Retail Distributors 8.2
33% General Merchandise Stores 6.6
Footwear
4% S&P 500 6.2
Restaurants 3.8
General Leisure Products 3.5
Merchandise Apparel Retail 3.3
Automobile
Stores
Manufacturers Consumer Discretionary 3.1
4%
Home 15% Automobile Manufacturers 0.8
Hotels Resorts & Improvement
Cruise Restaurants Retail Internet & Direct Marketing Retail (3.2)
6% 10% 11% Footwear (5.9)
(15) (10) (5) 0 5 10 15 20 25 30 35
e1121846f22311dcbd010014c2408514
One-month change -
Ross Stores Inc. ROST 339.3 % Lennar Corp. LEN 17.0 % Las Vegas Sands LVS 208.4 % L Brands Inc. LB 66.3 %
Starbucks Corp. SBUX 206.0 L Brands Inc. LB 13.6 Booking Holdings BKNG 135.5 Gap Inc. GPS 47.5
Darden Restaurants DRI 189.5 Darden Restaurants DRI 10.7 Marriott Intl MAR 123.5 CarMax Inc. KMX 40.4
Ford Motor Co. F 172.5 Gap Inc. GPS 4.0 Hilton Worldwide Hldgs HLT 102.5 Ford Motor Co. F 39.4
Tapestry Inc. TPR 127.8 AutoZone Inc. AZO 3.0 Under Armour Inc. UAA 87.0 General Motors GM 38.0
V.F. Corp. VFC 127.2 Hilton Worldwide Hldgs HLT 2.7 Gap Inc. GPS 82.9 Mohawk Industries MHK 36.4
Chipotle Mexican Grill CMG 115.6 Ford Motor Co. F 2.3 Ralph Lauren Corp. RL 46.9 Hanesbrands Inc. HBI 36.0
Aptiv PLC APTV 105.6 NIKE Inc. NKE 2.1 Penn National Gaming PENN 43.2 Lennar Corp. LEN 33.2
Ulta Beauty Inc. ULTA 96.1 Hasbro Inc. HAS 2.0 Tesla Inc. TSLA 40.6 Tapestry Inc. TPR 32.6
Tesla Inc. TSLA 88.5 Aptiv PLC APTV 1.5 Amazon.com Inc. AMZN 38.5 Expedia Group Inc. EXPE 30.0
5 April 2021 <8

Consumer Staples
Exhibit 29: Consumer Staples distribution by equity capitalization (6.1% of the S&P 500) Exhibit 30: 2021 YTD total return of Consumer Staples
Agricultural
Products Drug Retail 39.0
1%
Drug Retail Tobacco 15.4
Food Distributors Food Retail 1%
2%
2% Brewers 1% Food Retail 13.9
Distillers &
Vintners 3% Household Agricultural Products 13.9
Products
Drug Retail 9% 24% Brewers 13.2
Personal Products 9.5

Tobacco Food Distributors 7.3
11%
S&P 500 6.2
Packaged Foods & Meats 4.1
Consumer Staples 1.1
Packaged Foods Distillers & Vintners (0.5)

& Meats
14% Soft Drinks Household Products (2.3)
21%
Soft Drinks (3.3)
Hypermarkets & Super Centers (5.8)

Hypermarkets &
Super Centers (20) (10) 0 10 20 30 40 50 60
17%
e1121846f22311dcbd010014c2408514
One-month change -
Sysco Corp. SYY 241.7 % Kroger Co. KR 5.1 % Sysco Corp. SYY 52.0 % Walgreens Boots Alliance WBA 39.0 %
Estee Lauder Companies EL 49.8 Campbell Soup CPB 1.4 Lamb Weston Holdings LW 17.2 Altria Group Inc. MO 26.9
Lamb Weston Holdings LW 37.8 McCormick & Co. MKC 1.3 Estee Lauder Companies EL 17.2 Kraft Heinz KHC 16.6
Philip Morris Intl PM 15.1 Walgreens Boots Alliance WBA 1.2 Constellation Brands STZ 13.3 Tyson Foods Inc. TSN 16.1
Brown-Forman Corp. BF.B 12.7 Conagra Brands Inc. CAG 0.9 Monster Beverage MNST 13.0 Kroger Co. KR 13.9
Monster Beverage MNST 11.3 Archer-Daniels-Midland ADM 0.5 Tyson Foods Inc. TSN 11.0 Archer-Daniels-Midland ADM 13.9
Costco Wholesale COST 10.3 Hershey Co. HSY 0.5 Brown-Forman Corp. BF.B 9.8 Molson Coors Beverage TAP 13.2
Coca-Cola Co. KO 10.2 J.M. Smucker SJM 0.5 Philip Morris Intl PM 9.4 J.M. Smucker SJM 10.3
PepsiCo Inc. PEP 9.4 Tyson Foods Inc. TSN 0.4 Costco Wholesale COST 9.2 Estee Lauder Companies EL 9.5
Walgreens Boots Alliance WBA 9.4 Constellation Brands STZ 0.4 Coca-Cola Co. KO 8.7 Philip Morris Intl PM 8.6
5 April 2021 <9

Energy
Exhibit 32: Energy distribution by equity capitalization (2.8% of the S&P 500) Exhibit 33: 2021 YTD total return of Energy
Oil & Gas E&P 38.2

Oil & Gas Eq &
Svcs
8%
Integrated Oil & Gas 32.9
Oil & Gas
Refining &
Marketing
9%
Energy 30.9
Oil & Gas Refining & Marketing 25.9

Oil & Gas Eq Integrated Oil
& Svcs & Gas
15% 45%
Oil & Gas Storage & Transport 25.4
Oil & Gas Eq & Svcs 15.7
Oil & Gas E&P S&P 500 6.2

23%
(5) 0 5 10 15 20 25 30 35 40 45 50
e1121846f22311dcbd010014c2408514
One-month change -
EOG Resources Inc. EOG 225.5 % Valero Energy Corp. VLO 90.5 % Valero Energy Corp. VLO 297.0 % Marathon Oil Corp. MRO 60.6 %
Cabot Oil & Gas COG 188.3 HollyFrontier Corp. HFC 79.5 Phillips 66 PSX 78.4 Occidental Petroleum OXY 53.8
Diamondback Energy FANG 158.2 APA Corp. APA 57.8 Baker Hughes BKR 51.2 Diamondback Energy FANG 52.7
Schlumberger SLB 45.3 Chevron Corp. CVX 32.7 Halliburton HAL 46.3 EOG Resources Inc. EOG 46.3
Williams Companies WMB 37.0 ConocoPhillips COP 31.1 Schlumberger SLB 41.4 Pioneer Natural Resources PXD 39.9
Halliburton HAL 30.2 EOG Resources Inc. EOG 30.3 Pioneer Natural Resources PXD 39.4 Devon Energy Corp. DVN 39.9
ONEOK Inc. OKE 21.7 Exxon Mobil Corp. XOM 29.8 Devon Energy Corp. DVN 37.9 HollyFrontier Corp. HFC 39.7
Kinder Morgan Inc. KMI 2.7 Devon Energy Corp. DVN 16.6 Marathon Oil Corp. MRO 32.0 Exxon Mobil Corp. XOM 37.8
NOV Inc. NOV (239.0) Phillips 66 PSX 14.6 Exxon Mobil Corp. XOM 31.9 ONEOK Inc. OKE 35.1
5 April 2021 20
Financials
Exhibit 35: Financials distribution by equity capitalization (11.3% of the S&P 500) Exhibit 36: 2021 YTD total return of Financials
Multi-line
Insurance Life & Health Insurance Multi-line Insurance 24.7
Brokers 2%
Insurance Diversified Banks 23.5
4% 4% Reinsurance
0%
Regional Banks 23.3
Financial
Exchanges & Life & Health Insurance 21.0
Data 5% Diversified
Banks Invsmt Bank & Brokerage 20.6
30%
Property &
Consumer Finance 18.8
Casualty
Insurance Financials 16.0
6%
Asset Mgmt & Custody Banks 11.9
Asset Mgmt &
Multi-Sector Holdings 10.2
Custody Banks
7% Reinsurance 6.5
Insurance Brokers 6.2

Invsmt Bank & Multi-Sector
Holdings S&P 500 6.2
Brokerage
9% 13%
Financial Property & Casualty Insurance 5.6
Exchanges &
Financial Exchanges & Data 3.3
Data Regional Banks
9% 9% (5) 0 5 10 15 20 25 30 35
e1121846f22311dcbd010014c2408514
One-month change -
Everest Re Group RE 235.2 % Citigroup Inc. C 9.9 % American Express AXP 37.9 % Invesco Ltd. IVZ 45.7 %
Discover Financial Svc. DFS 158.8 SVB Financial Group SIVB 6.7 Wells Fargo & Co. WFC 23.9 People's United Financial PBCT 40.3
Capital One Financial COF 149.4 Wells Fargo & Co. WFC 6.1 Assurant Inc. AIZ 22.5 Hartford Financial Svc. HIG 37.3
Lincoln National LNC 105.3 Synchrony Financial SYF 5.1 Lincoln National LNC 21.6 Fifth Third Bancorp FITB 36.8
Regions Financial RF 91.6 Discover Financial Svc. DFS 4.8 Everest Re Group RE 19.0 MetLife Inc. MET 30.6
Synchrony Financial SYF 91.0 JPMorgan Chase JPM 4.5 Hartford Financial Svc. HIG 17.8 Wells Fargo & Co. WFC 29.9
American Intl Group AIG 75.4 Capital One Financial COF 3.6 W. R. Berkley Corp. WRB 16.7 Comerica Inc. CMA 29.7
American Express AXP 73.7 U.S. Bancorp USB 3.4 Bank of America BAC 16.5 Regions Financial RF 29.1
Citizens Financial Group CFG 73.6 Bank of America BAC 3.2 PNC Financial Svc. Grp PNC 16.1 Capital One Financial COF 29.1
Huntington Bancshares HBAN 72.0 Ameriprise Financial AMP 3.1 State Street Corp. STT 15.3 Raymond James Financial RJF 29.0
5 April 2021 2<

Health Care
Exhibit 38: Health Care distribution by equity capitalization (13.0% of the S&P 500) Exhibit 39: 2021 YTD total return of Health Care
Health Care
Health Care Health Care Facilities Health Care Distributors 13.5
Supplies Distributors 1%
2% 2% Health Care
Health Care Services 13.4
Technology
Health Care
1%
Services
Health Care Facilities 11.3
5%
Pharmaceuticals
28% Managed Health Care 6.9
Life Sciences
Tools & Svcs S&P 500 6.2
9%
Health Care Supplies 4.5
Biotechnology 3.7
Managed Health
Care
12% Health Care 3.2
Pharmaceuticals 1.5
Life Sciences Tools & Svcs 1.2

Biotechnology
14% Health Care
Equipment Health Care Equipment 1.0
26%
Health Care Technology (8.4)
(15) (10) (5) 0 5 10 15 20
e1121846f22311dcbd010014c2408514
One-month change -
Align Technology ALGN 73.9 % DENTSPLY SIRONA XRAY 10.6 % DexCom Inc. DXCM 45.7 % Laboratory of America LH 25.3 %
Boston Scientific BSX 55.4 Cooper Companies COO 3.4 Incyte Corp. INCY 44.4 DENTSPLY SIRONA XRAY 22.1
DENTSPLY SIRONA XRAY 50.2 AmerisourceBergen ABC 2.6 Align Technology ALGN 24.6 AmerisourceBergen ABC 21.3
Medtronic Plc MDT 49.9 Align Technology ALGN 1.3 Intuitive Surgical ISRG 22.5 Cigna Corp. CI 16.6
Regeneron Pharmaceuticals REGN 45.5 Laboratory of America LH 1.2 Catalent Inc. CTLT 21.5 Waters Corp. WAT 14.9
Abbott Laboratories ABT 38.3 West Pharmaceutical Svc. WST 1.2 Boston Scientific BSX 19.6 HCA Healthcare Inc. HCA 14.8
Zimmer Biomet Holdings ZBH 35.9 Agilent Technologies A 1.1 ABIOMED Inc. ABMD 18.7 Cardinal Health CAH 14.3
Varian Medical Systems VAR 35.5 Regeneron Pharmaceuticals REGN 1.0 Illumina Inc. ILMN 18.1 Biogen Inc. BIIB 14.2
Cooper Companies COO 30.7 Catalent Inc. CTLT 0.9 Baxter Intl BAX 17.6 McKesson Corp. MCK 12.4
West Pharmaceutical Svc. WST 29.1 McKesson Corp. MCK 0.8 Medtronic Plc MDT 16.9 Gilead Sciences GILD 12.2
5 April 2021 22
Industrials
Exhibit 41: Industrials distribution by equity capitalization (8.9% of the S&P 500) Exhibit 42: 2021 YTD total return of Industrials
Environmental & Trading Co & Diversified Trucking Construction & HR &

Facilities Svcs Distributors Support Svcs 1% Engineering Employment Ag & Farm Machinery 39.4
3% 2% 2% 0% Services Airlines 30.4
0%
HR & Employment Services 25.5
Airlines
4% Trucking 23.3
Aerospace &
Defense Construction Mach & Hvy Tr 20.6
Ag & Farm 19%
Machinery Building Products 16.6
4% Construction & Engineering 15.6
Trading Co & Distributors 12.4
Research &
Consulting Svcs Electrical Components & Eq 11.7
4% Industrials 11.4
Industrial Aerospace & Defense 10.5
Building Products
6% Conglomerates
Railroads 9.4
14%
Industrial Machinery 9.4
Industrial Conglomerates 8.4
Building
S&P 500 6.2
Products
3% Environmental & Facilities Svcs 5.7
Railroads
10% Air Freight & Logistics 4.9
Electrical
Components & Air Freight & Industrial Research & Consulting Svcs (1.8)
Eq 5% Logistics Machinery Diversified Support Svcs (8.5)
7% 10%
(30) (20) (10) 0 10 20 30 40 50 60
e1121846f22311dcbd010014c2408514
One-month change -
PACCAR Inc. PCAR 53.6 % FedEx Corp. FDX 3.1 % General Electric GE 111.6 % American Airlines Group AAL 51.6 %
Deere & Co. DE 46.7 Cintas Corp. CTAS 2.9 Howmet Aerospace HWM 45.5 Generac Holdings GNRC 44.0
FedEx Corp. FDX 38.7 Huntington Ingalls Industries HII 1.8 TransDigm Group TDG 42.5 United Rentals Inc. URI 42.0
Textron Inc. TXT 34.7 Deere & Co. DE 1.8 Raytheon Technologies RTX 38.6 Deere & Co. DE 39.4
Generac Holdings GNRC 32.5 Eaton Corp. ETN 1.7 Caterpillar Inc. CAT 29.7 Snap-on Inc. SNA 35.7
Eaton Corp. ETN 32.3 Fortive Corp. FTV 1.2 Equifax Inc. EFX 22.9 Alaska Air Group ALK 33.1
Caterpillar Inc. CAT 31.6 Trane Technologies TT 1.1 Textron Inc. TXT 20.8 United Airlines Holdings UAL 33.0
J.B. Hunt Transport Svc. JBHT 30.2 Quanta Services PWR 0.9 Xylem Inc. XYL 19.9 Southwest Airlines LUV 31.0
Ingersoll Rand Inc. IR 25.9 Waste Management WM 0.9 Huntington Ingalls Industries HII 18.9 Kansas City Southern KSU 29.6
Kansas City Southern KSU 25.7 Snap-on Inc. SNA 0.8 Kansas City Southern KSU 18.1 Johnson Controls Intl JCI 28.7
5 April 2021 23
Information Technology
Exhibit 44: Info Tech distribution by equity capitalization (26.6% of the S&P 500) Exhibit 45: 2021 YTD total return of Information Technology
Communications Electronic Eq & Electronic Electronic Mfg

Equipment Instruments Components Svcs Semiconductor Equipment 29.7
Semiconductor 3% 1% 1% 1%
Equipment
3% Technology Technology Distributors 26.1
Distributors
0% Electronic Eq & Instruments 17.2
Internet Svcs &
Infrastructure Communications Equipment 15.1
IT Consulting &
0%
Other Svcs
4% Electronic Components 9.6
Systems
Software Semiconductors 6.3
23%
Application
S&P 500 6.2
Software
8%
Systems Software 5.7
IT Consulting & Other Svcs 5.2

Data Processing
& Outsourced Electronic Mfg Svcs 4.9
Svcs
15% Information Technology 2.0
Tech Hardware
Storage & Periph Data Processing & Outsourced Svcs 0.3
23%
Application Software (4.4)
Internet Svcs & Infrastructure (5.9)

Semiconductors
18%
(15) (10) (5) 0 5 10 15 20 25 30 35 40
e1121846f22311dcbd010014c2408514
One-month change -
Micron Technology MU 112.5 % Micron Technology MU 23.4 % Western Digital WDC 65.9 % Applied Materials AMAT 55.1 %
IPG Photonics Corp. IPGP 96.3 Western Digital WDC 9.2 Micron Technology MU 53.7 Hewlett Packard Enterprise HPE 33.9
Western Digital WDC 54.1 Hewlett Packard Enterprise HPE 7.9 Autodesk Inc. ADSK 37.0 HP Inc. HPQ 29.9
Enphase Energy Inc. ENPH 52.8 Adobe Inc. ADBE 4.5 Paycom Software PAYC 30.3 FLIR Systems Inc. FLIR 29.3
Advanced Micro Devices AMD 52.1 Accenture Plc ACN 3.6 Mastercard Inc. MA 30.0 Intel Corp. INTC 29.2
NXP Semiconductors NXPI 49.4 Oracle Corp. ORCL 2.5 Enphase Energy Inc. ENPH 29.8 KLA Corp. KLAC 28.0
Corning Inc. GLW 41.8 HP Inc. HPQ 2.4 Advanced Micro Devices AMD 29.6 NXP Semiconductors NXPI 27.0
Qualcomm Inc. QCOM 39.0 Broadcom Inc. AVGO 1.9 ServiceNow Inc. NOW 29.5 Lam Research Corp. LRCX 26.3
TE Connectivity TEL 34.4 Seagate Technology STX 0.9 DXC Technology DXC 26.9 Zebra Technologies ZBRA 26.2
Applied Materials AMAT 33.0 NXP Semiconductors NXPI 0.8 Gartner Inc. IT 25.0 CDW Corp. CDW 26.1
5 April 2021 24
Materials
Exhibit 47: Materials distribution by equity capitalization (2.7% of the S&P 500) Exhibit 48: 2021 YTD total return of Materials
Steel 51.7
Steel 3% Copper 26.6

Copper 3%
Diversified
Chemicals Fertilizers & Ag Chemicals 16.6
Gold 3% 2%
Specialty Construction Materials 16.1
Copper Chemicals
5% 29% Commodity Chemicals 15.8
Diversified Chemicals 10.5

Gold
5%
Materials 9.1
Paper Packaging 7.9

Fertilizers & Ag
Chemicals
8% S&P 500 6.2
Industrial Gases 5.8
Commodity Specialty Chemicals 5.7

Chemicals
8% Gold 1.6
Industrial Gases
Paper Packaging 23% Metal & Glass Containers (8.9)
10%
(30) (20) (10) 0 10 20 30 40 50 60 70
e1121846f22311dcbd010014c2408514
One-month change -
Freeport-McMoRan FCX 362.4 % Nucor Corp. NUE 51.8 % Albemarle Corp. ALB 44.3 % Nucor Corp. NUE 51.7 %
Mosaic Co. MOS 212.9 Celanese Corp. CE 11.4 WestRock Co. WRK 22.7 Mosaic Co. MOS 37.6
Dow Inc. DOW 145.1 Mosaic Co. MOS 10.8 Ecolab Inc. ECL 18.8 International Flav/Frag IFF 29.0
International Flav/Frag IFF 125.8 Dow Inc. DOW 10.5 Corteva Inc. CTVA 18.7 Freeport-McMoRan FCX 26.6
Nucor Corp. NUE 115.7 Freeport-McMoRan FCX 10.3 Freeport-McMoRan FCX 17.8 Corteva Inc. CTVA 20.7
LyondellBasell Industries LYB 91.3 LyondellBasell Industries LYB 9.1 DuPont DD 15.0 WestRock Co. WRK 20.1
CF Industries Holdings CF 54.4 CF Industries Holdings CF 6.0 Martin Marietta Materials MLM 14.1 Avery Dennison AVY 18.8
Newmont Corp. NEM 51.9 International Flav/Frag IFF 2.8 Air Products & Chemicals APD 14.0 Martin Marietta Materials MLM 18.5
Celanese Corp. CE 43.2 International Paper IP 2.3 FMC Corp. FMC 13.9 CF Industries Holdings CF 18.0
International Paper IP 37.8 PPG Industries Inc. PPG 0.8 Ball Corp. BLL 13.8 Dow Inc. DOW 16.5
5 April 2021 25
Real Estate
Exhibit 50: Real Estate distribution by equity capitalization (2.5% of the S&P 500) Exhibit 51: 2021 YTD total return of Real Estate
Real Estate Services 26.1

Real Estate
Services Hotel & Resort
3% REITs Retail REITs 21.4
Office REITs
1%
5%
Health Care Residential REITs 17.0

REITs
8%
Hotel & Resort REITs 15.2
Health Care REITs 9.7
Retail REITs
10% Specialized REITs Real Estate 9.0
49%
Industrial REITs 6.8
S&P 500 6.2

Industrial REITs
11%
Specialized REITs 5.0
Residential REITs Office REITs 3.7

12%
(5) 0 5 10 15 20 25 30 35
e1121846f22311dcbd010014c2408514
One-month change -
American Tower AMT 42.5 % Iron Mountain Inc. IRM 7.8 % SBA Communications SBAC 58.6 % Simon Property Group SPG 33.4 %
Weyerhaeuser WY 40.3 Weyerhaeuser WY 4.7 Healthpeak Properties PEAK 38.6 Iron Mountain Inc. IRM 27.6
Iron Mountain Inc. IRM 18.1 Extra Space Storage EXR 4.0 Iron Mountain Inc. IRM 17.3 CBRE Group Inc. CBRE 26.1
SBA Communications SBAC 15.4 CBRE Group Inc. CBRE 2.3 CBRE Group Inc. CBRE 13.5 Kimco Realty Corp. KIM 26.0
Extra Space Storage EXR 14.9 Public Storage PSA 1.2 Welltower Inc. WELL 13.1 Regency Centers REG 25.6
CBRE Group Inc. CBRE 12.5 Equinix Inc. EQIX 1.1 Federal Realty Investment Trust FRT 12.7 Vornado Realty Trust VNO 23.2
Duke Realty Corp. DRE 9.8 Prologis Inc. PLD 0.4 Equinix Inc. EQIX 11.3 Equity Residential EQR 21.8
Realty Income Corp. O 8.9 Vornado Realty Trust VNO 0.4 Vornado Realty Trust VNO 11.1 Federal Realty Investment Trust FRT 20.3
Alexandria Real Estate Equities ARE 8.6 Duke Realty Corp. DRE 0.3 Prologis Inc. PLD 10.5 AvalonBay Communities AVB 16.0
Regency Centers REG 7.1 Alexandria Real Estate Equities ARE 0.2 American Tower AMT 9.9 Essex Property Trust ESS 15.4
5 April 2021 26
Utilities
Exhibit 53: Utilities distribution by equity capitalization (2.7% of the S&P 500) Exhibit 54: 2021 YTD total return of Utilities
IPP Producers &

Energy Traders
2% IPP Producers & Energy Traders 14.8
Gas Utilities
1%
Water Utilities
3% S&P 500 6.2
Gas Utilities 4.3
Multi-Utilities Multi-Utilities 4.2

30%
Utilities 2.8
Electric Utilities
63% Electric Utilities 2.0
Water Utilities (2.0)
(10) (5) 0 5 10 15 20 25
e1121846f22311dcbd010014c2408514
One-month change -
NRG Energy Inc. NRG 106.5 % CenterPoint Energy CNP 1.7 % NRG Energy Inc. NRG 32.8 % AES Corp. AES 14.8 %
Ameren Corp. AEE 10.2 Entergy Corp. ETR 1.3 NextEra Energy Inc. NEE 8.5 FirstEnergy Corp. FE 14.7
Xcel Energy Inc. XEL 9.4 Evergy Inc. EVRG 0.6 AES Corp. AES 8.3 DTE Energy Co. DTE 10.6
American Water Works AWK 9.2 American Water Works AWK 0.4 American Water Works AWK 8.2 Evergy Inc. EVRG 8.3
AES Corp. AES 8.5 Southern Co. SO 0.3 Ameren Corp. AEE 7.5 Duke Energy Corp. DUK 6.6
NextEra Energy Inc. NEE 8.3 Ameren Corp. AEE 0.2 Southern Co. SO 7.5 NiSource Inc. NI 6.1
CMS Energy Corp. CMS 7.4 AES Corp. AES 0.2 CMS Energy Corp. CMS 7.4 Alliant Energy LNT 6.0
Sempra Energy SRE 6.5 NextEra Energy Inc. NEE 0.2 Alliant Energy LNT 7.1 CenterPoint Energy CNP 5.4
Eversource Energy ES 6.5 Atmos Energy Corp. ATO 0.1 Exelon Corp. EXC 7.0 Ameren Corp. AEE 5.0
WEC Energy Group WEC 6.2 American Electric Power AEP 0.1 Xcel Energy Inc. XEL 6.9 Sempra Energy SRE 4.9
5 April 2021 27
Appendix: Sector, sub-sector and company valuation
Comparative sector valuation
Exhibit 56: Sector valuation tables

Beta 1-month Profit P/E to EV/ EV /
Mkt Cap S&P 500 Total Return to Adjusted EPS Adjusted EPS Growth EPS revision LT EPS Sales Growth Margin ROE P/E LT Sales EBITDA Div Price /
(bn) Weight 1 Mo 3 Mo YTD SP500 2021 2022 2020 2021E 2022E 2021 2022 Growth 2021E 2022E 2021E NTM NTM Growth LTM LTM Yield Book
Communication Services $3,875 10.9 % 3.1 % 8.1 % 8% 0.9 $18 $21 (6)% 12 % 17 % (0.3)% (0.2)% 19 % 14.2 % 9.5 % 14.2 % 17 % 24.1x 1.3x 4.4x 12.9x 0.9 % 4.2x
Consumer Discretionary 4,639 12.4 3.7 3.1 3 1.1 13 18 (30) 44.6 37 0.2 0.3 26 14.0 11.5 6.4 33 38.3 1.5 3.2 23.9 0.6 12.8
Consumer Staples 2,364 6.1 8.2 1.1 1 0.6 12 13 2 4.0 8 (0.0) (0.2) 8 2.4 3.7 7.4 31 21.1 2.7 1.9 14.4 2.6 6.6
Energy 957 2.8 2.8 30.9 31 0.9 5 7 (108) NM 35 26.1 15.5 35 22.6 8.5 5.1 8 22.1 0.6 2.0 36.5 4.4 1.7
Financials 4,084 11.3 5.8 16.0 16 1.0 29 33 (23) 24.6 11 2.6 1.1 6 NM NM NM 11 15.2 2.6 NM NM 1.7 1.6
Health Care 4,463 13.0 3.9 3.2 3 0.9 31 33 5 11.9 7 (0.2) (0.3) 10 6.5 4.6 10.8 30 16.4 1.6 2.2 14.5 1.7 5.0
Industrials 3,086 8.9 8.9 11.4 11 1.0 13 17 (49) 65.7 35 0.2 0.6 12 10.2 8.9 8.3 22 27.7 2.3 3.1 23.4 1.4 6.0
Information Technology 9,237 26.6 1.7 2.0 2 1.2 40 44 8 14.4 12 0.8 1.1 15 9.5 7.0 22.9 40 26.6 1.7 7.0 20.9 0.9 10.7
Materials 930 2.7 7.6 9.1 9 1.0 6 6 (2) 53.4 6 (0.3) (2.5) 13 10.9 2.7 13.0 17 19.3 1.5 3.1 14.5 1.9 3.4
Real Estate 842 2.5 6.8 9.0 9 1.0 4 5 0 (1.1) 10 (0.6) 0.0 8 NM NM NM 15 25.1 3.1 NM NM 2.8 3.8
Utilities 898 2.7 10.5 2.8 3 0.8 6 6 3 5.4 5 (1.0) (0.5) 5 NM NM NM 12 19.0 3.7 NM 12.1 3.2 2.3
S&P 500 $35,374 100.0 % 4.4 % 6.2 % 6% 1.0 $176 $203 (13)% 23 % 15 % 1.1 % 0.8 % 15 % 10.0 % 7.2 % 11.0 % 20 % 22.6x 1.5x 3.3x 17.7x 1.5 % 4.5x
Median stock 29 0.1 5.8 8.9 9 1.0 1 11 11 0.1 0.2 10 9.3 5.9 12.7 18 21.5 2.3 4.1 16.5 1.4 4.2
Source: FactSet, and Goldman Sachs Global Investment Research
Exhibit 57: Financials trades at the lowest P/E multiple and Industrials the highest expected EPS growth
Price / Earnings (forward 4-qtr.) 2021E Earnings Growth Annualized Dividend Yield
Consumer Discretionary 38.3 X Industrials 65.7 % Energy 4.4 %
Industrials 27.7 Materials 53.4 Utilities 3.2
Information Technology 26.6 Consumer Discretionary 44.6 Real Estate 2.8
Real Estate 25.1 Financials 24.6 Consumer Staples 2.6
e1121846f22311dcbd010014c2408514
Communication Services 24.1 Information Technology 14.4 Materials 1.9
Energy 22.1 Communication Services 12.0 Financials 1.7
Consumer Staples 21.1 Health Care 11.9 Health Care 1.7
Materials 19.3 Utilities 5.4 Industrials 1.4
Utilities 19.0 Consumer Staples 4.0 Information Technology 0.9
Health Care 16.4 Real Estate (1.1) Communication Services 0.9
Financials 15.2 Energy NM Consumer Discretionary 0.6
S&P 500 (bottom up) - Mean 26.3 X S&P 500 (bottom up) - Mean 41.1 % S&P 500 (bottom up) - Mean 1.7 %
S&P 500 (bottom up) - Median 21.5 S&P 500 (bottom up) - Median 11.1 S&P 500 (bottom up) - Median 1.4
5 April 2021 28
Exhibit 58: Top 20 and bottom 20 sub-sectors ranked on selected operating and valuation metrics
TOP 20 Sub-Sectors
Price / Earnings (forward 4-qtr.) 2021E Earnings Growth Annualized Dividend Yield
Movies & Entertainment 68.7 X Footwear 83.7 % Alternative Carriers 7.5 %
Internet & Direct Marketing Retail 59.7 Auto Parts & Equipment 71.8 Oil & Gas Storage & Transportation 6.8
Wireless Telecommunication Services 53.3 Restaurants 65.5 Tobacco 5.9
Oil & Gas Refining & Marketing 50.7 Gold 51.9 Integrated Telecommunication Services 5.5
Application Software 46.3 Automobile Manufacturers 49.9 Integrated Oil & Gas 5.4
Publishing 45.2 Personal Products 49.8 Oil & Gas Refining & Marketing 4.7
Personal Products 45.1 Oil & Gas Equipment & Services 49.6 Retail REITs 4.4
Automobile Manufacturers 44.5 Fertilizers & Agricultural Chemicals 48.7 Commodity Chemicals 4.3
Health Care Supplies 39.2 Agricultural & Farm Machinery 46.7 Advertising 3.7
Footwear 36.8 Aerospace & Defense 46.6 Gold 3.7
Data Processing & Outsourced Services 35.4 Health Care Supplies 45.1 Health Care REITs 3.5
Water Utilities 35.3 Diversified Banks 43.8 Housewares & Specialties 3.4
Diversified Support Services 33.4 Electronic Manufacturing Services 38.2 Drug Retail 3.4
Food Distributors 32.5 Regional Banks 34.2 Office REITs 3.4
Oil & Gas Equipment & Services 31.7 Multi-line Insurance 32.0 Life & Health Insurance 3.4
Trucking 30.8 Homebuilding 31.0 Electric Utilities 3.3
Restaurants 30.6 Construction Machinery & Heavy Trucks 29.8 Multi-Utilities 3.3
Industrial Gases 29.9 Diversified Chemicals 28.3 Residential REITs 3.2
Specialized REITs 29.9 Publishing 27.7 Leisure Products 2.8
Systems Software 29.9 Health Care Equipment 27.5 Soft Drinks 2.8
BOTTOM 20 Sub-Sectors
Price / Earnings (forward 4-qtr.) 2021E Earnings Growth
Alternative Carriers 8.5 X Health Care REITs (20.4)%
Life & Health Insurance 9.1 Specialty Chemicals (19.2)
Reinsurance 10.1 Food Retail (18.1)
Homebuilding 10.1 Wireless Telecommunication Services (12.1)
Steel 10.2 Broadcasting (8.6)
e1121846f22311dcbd010014c2408514
Integrated Telecommunication Services 10.6 Housewares & Specialties (8.3)
Drug Retail 10.7 Computer & Electronics Retail (7.2)
Household Appliances 11.0 Residential REITs (6.5)
Health Care Services 11.0 Alternative Carriers (6.2)
Biotechnology 11.3 General Merchandise Stores (5.5)
Multi-line Insurance 11.6 Office REITs (3.5)
Health Care Distributors 11.7 Brewers (2.2)
Commodity Chemicals 12.1 Internet Services & Infrastructure (1.5)
Broadcasting 12.3 Packaged Foods & Meats (0.7)
Food Retail 12.6 Integrated Telecommunication Services (0.2)
Tobacco 13.1 Health Care Services 0.1
Consumer Finance 13.2 Investment Banking & Brokerage 0.7
Brewers 13.5 Consumer Electronics 1.2
Pharmaceuticals 13.5 Construction Materials 1.7
Copper 13.6 Interactive Home Entertainment 2.1
5 April 2021 29
Exhibit 59: Sector and sub-sector valuation tables

Beta EPS Momentum LT P/E P/E to EV / EV / Profit Chg. In Expd.
S&P 500 Total Return vs EPS Growth 1 month Growth Mult. LT Sales Growth Sales EBITDA Margin Margin ROE Div Price / Mkt Cap Debt /
Weight 1 Mo YTD SP500 2020 2021E 2022E 2021 2022 Rate NTM Growth 2021E 2022E LTM LTM 2021E 20-21 NTM Yield Book ($ bil) EV
Communication Services 10.93% 3.1 % 8% 0.9 (5.8)% 12.0 % 17.0 % (0.3)% (0.2)% 19 % 24.1x 1.3x 14.2 % 9.5 % 4.4x 12.9x 14.2 % (27)bp 17 % 0.9 % 4.2x 3,875 18 %
Advertising 0.08 10.1 22 0.8 (13.2) 10.5 8.5 0.3 0.3 5 13.9 3.1 5.7 2.9 1.6 10.7 8.9 39 37 3.7 5.2 27 35
Alternative Carriers 0.04 10.6 39 1.0 27.3 (6.2) (11.7) 0.0 (0.1) (8) 8.5 3.1 (3.2) (4.6) 2.3 5.5 8.6 (28) 13 7.5 1.1 15 72
Broadcasting 0.18 (18.1) 27 0.7 (2.2) (8.6) 8.8 (0.8) (1.4) (2) 12.3 3.1 6.3 3.9 2.1 3.9 10.0 (163) 14 1.4 1.8 62 45
Cable & Satellite 1.02 2.4 1 0.8 (6.0) 8.7 26.2 0.2 0.2 20 21.1 3.1 7.9 5.2 3.4 10.7 10.0 8 14 1.3 3.0 377 35
Integrated Telecommunication Services 1.36 6.7 3 0.7 (6.7) (0.2) 2.6 (0.7) (1.3) 3 10.6 3.1 2.0 1.3 2.6 7.7 14.0 (31) 18 5.5 1.9 457 42
Interactive Home Entertainment 0.39 (1.8) (4) 0.9 37.7 2.1 15.7 0.2 0.3 13 25.1 3.1 3.5 12.6 7.0 21.6 28.3 (41) 21 0.4 5.3 131 4
Interactive Media & Services 5.88 5.3 14 1.0 6.9 18.6 18.1 0.1 0.3 18 28.6 3.1 24.6 17.7 7.0 18.4 21.0 (107) 21 0.0 6.1 2,053 2
Movies & Entertainment 1.72 (2.8) (0) 1.0 (74.8) 175.7 84.6 (0.8) 0.8 39 68.7 3.1 22.8 22.7 7.5 29.8 7.7 427 9 0.0 6.0 584 13
Publishing 0.04 7.4 40 0.8 27.8 27.7 22.4 6.0 4.4 46 45.2 3.1 3.1 2.1 1.7 12.1 3.5 68 4 0.9 1.6 13 17
Wireless Telecommunication Services 0.22 4.4 (7.1) 0.8 10.9 (12.1) 30.0 (5.4) (6.3) 34 53.3 3.1 14.9 2.9 3.4 9.9 4.3 (131) 5 0.0 2.8 156 37
Consumer Discretionary 12.45% 3.7 % 3% 1.1 (29.7)% 44.6 % 36.8 % 0.2 % 0.3 % 26 % 38.3x 1.5x 14.0 % 11.5 % 3.2x 23.9x 6.4 % 135 bp 33 % 0.6 % 12.8x 4,639 19 %
Apparel Accessories & Luxury Goods 0.19 2.6 11 1.1 (73.6) 193.9 25.8 (0.6) (0.9) 12 21.4 3.1 16.0 7.9 2.4 29.2 7.2 435 21 1.3 4.4 71 31
Apparel Retail 0.42 3.0 3 1.2 (82.0) 399.5 27.9 (1.9) (0.2) 50 25.3 3.1 25.6 8.2 2.6 30.6 6.7 503 68 1.3 17.3 150 21
Auto Parts & Equipment 0.14 (5.6) 9 1.1 (45.1) 71.8 26.3 0.7 1.0 25 24.3 3.1 31.9 10.2 2.3 15.1 6.5 151 17 0.3 4.1 48 15
Automobile Manufacturers 1.88 0.7 1 1.8 (7.0) 49.9 28.4 0.8 1.3 21 44.5 3.1 22.5 9.0 3.2 23.9 4.6 85 18 0.0 8.0 772 34
Automotive Retail 0.30 15.3 20 1.0 10.8 5.0 11.2 1.2 0.9 9 19.9 3.1 7.0 6.0 2.4 15.8 8.7 (17) 76 0.1 15.1 100 26
Casinos & Gaming 0.25 (2.7) 9 1.4 (509.5) NM NM NM (3.5) 52 NM 3.1 88.3 29.4 9.2 483.5 (5.3) 4657 (13) 0.0 6.6 114 45
Computer & Electronics Retail 0.08 15.1 16 1.1 29.3 (7.2) 7.9 0.6 0.7 10 15.8 3.1 (1.2) 1.5 0.6 8.3 4.1 (26) 47 2.4 7.5 30 16
Consumer Electronics 0.06 6.8 11 1.0 16.0 1.2 11.3 (0.3) (0.0) 7 25.3 3.1 10.1 8.3 5.7 19.2 21.5 (189) 20 1.9 5.0 25 0
Distributors 0.13 7.2 8 1.0 6.0 6.5 10.0 (0.2) 0.0 7 21.4 3.1 4.3 3.8 1.6 16.2 6.0 12 23 1.3 5.0 43 18
Footwear 0.50 (1.4) (6) 1.0 (29.6) 83.7 20.9 2.1 1.2 32 36.8 3.1 21.5 10.2 4.4 35.6 9.9 335 46 0.8 17.0 169 8
General Merchandise Stores 0.52 9.0 7 0.8 42.1 (5.5) 9.5 (1.9) (0.8) 12 21.7 3.1 (0.8) 4.6 1.3 12.5 5.4 (27) 30 1.0 6.6 176 19
Home Furnishings 0.05 8.6 23 1.0 (13.9) 25.7 10.6 0.5 0.7 6 17.1 3.1 10.2 3.6 1.7 11.2 7.5 93 13 1.2 2.1 20 23
Home Improvement Retail 1.39 18.9 17 1.0 24.1 6.1 9.5 0.4 0.6 10 22.7 3.1 0.4 3.2 2.3 14.5 9.2 50 NM 1.9 149.5 468 13
Homebuilding 0.26 15.5 27 1.2 37.6 31.0 6.7 5.4 3.1 12 10.1 3.1 19.2 9.7 1.6 8.9 12.2 109 24 0.8 2.4 91 17
Hotels Resorts & Cruise Lines 0.72 (0.1) 16 1.1 (202.2) NM NM NM (2.6) 55 NM 3.1 28.5 83.0 9.2 NM (14.4) 2429 (19) 0.0 7.0 258 29
Household Appliances 0.04 15.9 23 1.1 14.6 8.7 0.9 0.1 (0.3) 3 11.0 3.1 5.4 1.7 1.0 8.2 6.1 19 38 2.3 4.2 14 39
Housewares & Specialties 0.03 15.6 27 1.2 3.1 (8.3) 10.1 0.0 0.0 3 16.3 3.1 3.5 1.9 1.8 14.3 7.2 (92) 19 3.4 3.1 11 38
Internet & Direct Marketing Retail 4.13 0.2 (3) 1.0 76.5 16.1 35.5 0.1 (0.1) 30 59.7 3.1 22.6 17.3 4.2 29.4 5.7 (32) 33 0.0 19.8 1,625 6
Leisure Products 0.04 2.6 3 0.8 (8.0) 17.2 16.4 2.0 1.2 14 21.9 3.1 11.0 6.4 3.2 12.4 9.9 52 22 2.8 4.8 13 31
Restaurants 1.19 4.5 4 1.1 (34.8) 65.5 15.2 0.6 0.5 25 30.6 3.1 19.0 8.6 7.6 31.1 16.7 469 NM 1.7 NM 401 21
Specialty Stores 0.11 3.7 16 1.0 (14.4) 22.2 14.6 (2.7) (2.2) 24 28.8 3.1 7.9 7.4 2.5 21.2 7.2 84 37 0.6 10.7 38 14
Consumer Staples 6.15% 8.2 % 1% 0.6 2.4 % 4.0 % 8.4 % (0.0)% (0.2)% 8% 21.1x 2.7x 2.4 % 3.7 % 1.9x 14.4x 7.4 % 12 bp 31 % 2.6 % 6.6x 2,364 19 %
Agricultural Products 0.09 0.7 14 0.6 35.9 8.0 2.7 0.5 0.6 3 14.8 3.1 4.0 1.6 0.6 10.1 3.2 12 11 2.6 1.6 32 31
Brewers 0.03 15.1 13 1.1 (13.5) (2.2) 6.6 (2.0) (0.9) 3 13.5 3.1 4.6 2.5 2.0 8.1 8.0 (56) 6 0.0 0.8 11 46
Distillers & Vintners 0.15 3.9 (0) 1.0 11.4 3.1 12.7 (0.3) 0.4 8 25.5 3.1 0.2 5.6 6.1 15.8 19.8 55 15 1.2 3.8 60 21
Drug Retail 0.12 14.5 39 0.9 (24.7) 9.4 6.9 1.2 0.3 7 10.7 3.1 0.8 1.7 0.7 19.7 3.0 24 21 3.4 2.3 47 47
Food Distributors 0.12 (0.6) 7 0.8 (82.0) 241.7 52.0 (0.1) 0.1 20 32.5 3.1 18.1 11.4 1.1 26.9 2.2 141 84 2.3 27.2 40 28
e1121846f22311dcbd010014c2408514
Food Retail 0.08 11.7 14 0.5 52.3 (18.1) (0.7) 5.1 3.7 8 12.6 3.1 (2.0) 1.3 0.3 5.9 1.7 (33) 22 2.0 2.8 27 46
Household Products 1.47 8.8 (2) 0.5 13.5 3.0 6.3 (0.0) (0.0) 7 23.0 3.1 4.0 3.5 4.4 15.9 17.1 (17) 41 2.4 9.5 493 10
Hypermarkets & Super Centers 1.02 5.7 (6) 0.7 11.9 2.3 7.9 (0.6) (1.0) 7 28.6 3.1 2.8 4.4 0.8 13.5 2.6 (1) 22 1.2 6.4 540 12
Packaged Foods & Meats 0.88 9.4 4 0.6 8.9 (0.7) 5.2 0.2 (0.0) 6 18.8 3.1 0.8 1.4 2.4 11.9 10.1 (15) 15 2.6 2.8 343 26
Personal Products 0.20 1.7 9 0.8 (25.5) 49.8 17.2 0.1 0.2 18 45.1 3.1 19.4 11.3 5.0 24.9 8.8 178 33 0.7 14.7 67 12
Soft Drinks 1.29 8.9 (3) 0.8 (3.3) 9.9 8.7 0.0 0.0 8 24.5 3.1 8.3 5.1 4.8 19.9 15.8 23 54 2.8 13.2 470 18
Tobacco 0.69 11.8 15 0.5 1.3 9.5 7.5 (0.7) (0.9) 8 13.1 3.1 5.9 4.4 5.7 11.9 33.7 109 NM 5.9 NM 233 21
S&P 500 100.00% 4.4 % 6% 1.0 (13.2)% 23.3 % 14.9 % 1.1 % 0.8 % 15 % 22.6x 1.5x 10.0 % 7.2 % 3.3x 17.7x 11.0 % 131 bp 20 % 1.5 % 4.5x 35,374 17 %
5 April 2021 30
Exhibit 59 (cont’d): Sector and sub-sector valuation tables

Beta EPS Momentum LT P/E P/E to EV / EV / Profit Chg. In Expd.
S&P 500 Total Return vs EPS Growth 1 month Growth Mult. LT Sales Growth Sales EBITDA Margin Margin ROE Div Price / Mkt Cap Debt /
Weight 1 Mo YTD SP500 2020 2021E 2022E 2021 2022 Rate NTM Growth 2021E 2022E LTM LTM 2021E 20-21 NTM Yield Book ($ bil) EV
Energy 2.80% 2.8 % 31 % 0.9 (108.1)% NM 35.5 % 26.1 % 15.5 % 35 % 22.1x 0.6x 22.6 % 8.5 % 2.0x 36.5x 5.1 % 579 bp 8% 4.4 % 1.7x 957 28 %
Integrated Oil & Gas 1.37 3.5 33 0.9 (121.4) NM 31.1 34.4 18.2 50 21.1 3.1 35.5 6.6 2.1 83.9 5.4 709 7 5.4 1.4 463 23
Oil & Gas Equipment & Services 0.23 (4.7) 16 1.1 (56.1) 49.6 56.5 (0.7) 0.7 65 31.7 3.1 (4.1) 10.5 1.7 18.0 4.0 143 7 1.8 2.2 78 34
Oil & Gas Exploration & Production 0.64 4.8 38 0.9 (112.9) NM 24.4 27.4 21.4 9 18.7 3.1 52.4 5.9 4.6 48.7 13.7 1618 12 2.3 2.3 221 22
Oil & Gas Refining & Marketing 0.31 (3.6) 26 0.9 (141.6) NM 237.3 59.1 14.9 4 50.7 3.1 21.3 12.5 0.9 42.0 0.8 271 3 4.7 1.6 106 38
Oil & Gas Storage & Transportation 0.25 10.7 25 0.9 (9.6) 17.3 3.0 (0.0) 0.5 34 18.0 3.1 15.3 1.6 5.8 12.0 15.0 26 10 6.8 1.8 89 44
Financials 11.32% 5.8 % 16 % 1.0 (22.9)% 24.6 % 11.2 % 2.6 % 1.1 % 6% 15.2x 2.6x NM NM NM NM NM NM 11 % 1.7 % 1.6x 4,084 NM
Asset Management & Custody Banks 0.83 9.9 12 1.0 1.4 11.1 10.7 0.6 0.4 11 14.7 3.1 NM NM NM NM NM NM 15 2.4 2.2 301 NM
Consumer Finance 0.60 4.6 19 1.2 (55.6) 114.5 18.0 3.1 0.8 22 13.2 3.1 NM NM NM NM NM NM 16 1.4 2.1 225 NM
Diversified Banks 3.41 7.6 23 1.1 (40.0) 43.8 13.2 5.2 1.1 6 13.6 3.1 NM NM NM NM NM NM 10 2.1 1.4 1,195 NM
Financial Exchanges & Data 1.04 3.4 3 0.9 14.9 4.5 9.4 0.5 0.5 8 28.8 3.1 NM NM NM NM NM NM 23 1.1 6.5 365 NM
Insurance Brokers 0.50 3.8 6 0.9 8.9 7.5 9.3 (0.2) (0.0) 10 21.6 3.1 NM NM NM NM NM NM 28 1.3 6.0 168 NM
Investment Banking & Brokerage 1.02 3.1 21 1.0 35.6 0.7 8.2 3.7 0.6 8 13.7 3.1 NM NM NM NM NM NM 14 1.5 1.9 393 NM
Life & Health Insurance 0.46 5.9 21 1.0 (9.8) 9.0 11.3 (0.1) (0.0) 8 9.1 3.1 NM NM NM NM NM NM 8 3.4 0.8 169 NM
Multi-line Insurance 0.21 14.4 25 1.0 (27.5) 32.0 16.0 (1.4) (0.4) 12 11.6 3.1 NM NM NM NM NM NM 7 2.4 0.8 72 NM
Multi-Sector Holdings 1.45 6.2 10 0.9 (9.7) 16.7 14.8 1.7 5.0 (15) 23.7 3.1 NM NM NM NM NM NM 6 0.0 1.4 587 NM
Property & Casualty Insurance 0.71 4.7 6 0.9 7.3 4.6 4.8 (0.5) (0.0) 7 13.8 3.1 NM NM NM NM NM NM 12 1.7 1.5 244 NM
Regional Banks 1.06 2.5 23 1.0 (26.4) 34.2 7.5 2.1 1.2 12 14.4 3.1 NM NM NM NM NM NM 10 2.6 1.4 356 NM
Reinsurance 0.03 3.1 7 0.9 (66.0) 235.2 19.0 0.1 1.3 61 10.1 3.1 NM NM NM NM NM NM 11 2.5 1.1 10 NM
Health Care 13.00% 3.9 % 3% 0.9 5.0 % 11.9 % 6.6 % (0.2)% (0.3)% 10 % 16.4x 1.6x 6.5 % 4.6 % 2.2x 14.5x 10.8 % 53 bp 30 % 1.7 % 5.0x 4,463 17 %
Biotechnology 1.82 4.1 4 0.8 17.2 7.5 6.0 (0.1) (0.6) 8 11.3 3.1 9.7 3.3 5.3 11.3 37.6 (76) 67 2.7 7.6 616 22
Health Care Distributors 0.23 16.0 13 1.0 4.0 9.1 8.4 0.9 0.7 7 11.7 3.1 5.5 4.3 0.2 9.2 1.1 4 67 1.4 7.8 83 23
Health Care Equipment 3.34 0.6 1 0.9 (3.1) 27.5 9.6 (0.1) (0.4) 12 27.2 3.1 15.3 4.6 7.1 25.8 20.8 199 20 0.9 5.3 1,154 11
Health Care Facilities 0.18 9.2 11 1.0 (3.0) 20.9 13.0 0.0 0.6 11 14.3 3.1 5.9 5.2 1.7 9.6 7.7 95 87 0.9 12.5 74 34
Health Care Services 0.69 11.7 13 1.0 15.9 0.1 3.9 (0.5) (0.9) 7 11.0 3.1 3.7 4.2 0.8 9.9 4.4 (16) 16 1.9 1.8 238 41
Health Care Supplies 0.28 0.6 4 1.0 (8.7) 45.1 15.5 4.1 2.8 20 39.2 3.1 24.6 10.1 9.4 39.4 18.4 261 18 0.2 6.9 97 5
Health Care Technology 0.07 4.0 (8) 0.8 3.4 11.0 12.5 0.1 0.1 11 22.8 3.1 5.6 5.2 4.1 14.3 16.6 80 23 1.2 5.3 22 6
Life Sciences Tools & Services 1.14 (0.6) 1 1.1 31.9 13.0 (2.0) 0.3 (0.5) 12 26.0 3.1 10.7 1.1 6.5 18.3 20.9 43 26 0.2 6.7 385 11
Managed Health Care 1.58 13.0 7 1.0 15.1 8.0 14.9 (0.1) (0.1) 12 18.2 3.1 8.7 7.6 1.0 12.0 4.7 (3) 22 1.2 3.9 531 17
Pharmaceuticals 3.67 2.8 2 0.7 9.9 12.9 4.8 (0.6) (0.0) 9 13.5 3.1 15.5 0.5 5.2 13.6 29.3 (68) 39 2.7 5.3 1,265 15
Industrials 8.87% 8.9 % 11 % 1.0 (48.7)% 65.7 % 35.2 % 0.2 % 0.6 % 12 % 27.7x 2.3x 10.2 % 8.9 % 3.1x 23.4x 8.3 % 279 bp 22 % 1.4 % 6.0x 3,086 23 %
Aerospace & Defense 1.68 12.1 10 1.1 (28.8) 46.6 30.5 (0.0) 0.0 10 23.7 3.1 8.8 6.7 2.4 24.8 7.4 192 22 1.5 5.3 600 25
Agricultural & Farm Machinery 0.35 7.4 39 1.0 8.9 46.7 14.8 1.8 1.9 29 23.1 3.1 17.1 10.1 4.2 18.9 13.1 264 39 1.0 9.1 117 30
Air Freight & Logistics 0.66 9.6 5 0.8 7.1 18.2 7.8 1.1 1.5 15 18.2 3.1 7.9 3.6 1.5 16.5 6.3 55 47 1.8 8.5 229 24
Airlines 0.32 5.6 30 1.3 (342.7) NM NM NM 0.5 (24) NM 3.1 52.5 44.1 2.9 NM (11.5) 3948 (46) 0.0 4.7 109 65
Building Products 0.49 11.3 17 1.0 (5.7) 14.6 13.2 0.5 0.7 12 23.2 3.1 7.8 4.6 2.7 17.6 9.5 56 22 1.4 5.0 168 17
Construction & Engineering 0.04 4.9 16 0.9 (3.7) 11.5 12.5 0.9 0.5 15 20.4 3.1 8.1 6.5 1.2 14.0 4.9 15 15 0.3 3.0 12 12
Construction Machinery & Heavy Trucks 0.63 5.7 21 0.9 (38.5) 29.8 23.0 0.5 0.4 9 23.1 3.1 14.3 8.8 2.9 16.9 9.3 112 22 1.7 5.1 212 23
e1121846f22311dcbd010014c2408514
Diversified Support Services 0.16 2.7 (8) 1.0 9.1 15.3 9.9 1.6 2.0 11 33.4 3.1 8.1 8.1 7.0 23.9 18.7 116 30 0.5 10.0 62 5
Electrical Components & Equipment 0.57 7.3 12 1.0 (10.5) 17.2 11.7 0.7 0.6 10 26.8 3.1 6.4 6.4 4.3 21.1 14.0 129 23 1.6 6.2 190 11
Environmental & Facilities Services 0.23 14.2 6 0.9 (3.9) 12.4 10.8 0.6 0.6 9 28.8 3.1 9.3 4.7 4.4 15.6 11.6 32 22 1.7 6.4 103 19
Human Resource & Employment Services 0.03 0.4 26 0.9 (32.6) 22.3 15.6 0.2 1.8 6 23.3 3.1 8.2 8.6 1.7 16.9 6.8 79 32 1.9 7.5 9 3
Industrial Conglomerates 1.25 7.2 8 1.0 (35.1) 25.0 24.8 (0.3) 0.6 19 28.7 3.1 2.9 5.9 3.3 19.5 9.5 168 20 1.6 5.7 420 27
Industrial Machinery 0.85 9.6 9 1.0 (3.8) 13.4 10.2 0.3 0.5 10 24.7 3.1 5.3 5.5 3.9 19.9 13.1 93 27 1.3 6.6 295 14
Railroads 0.93 7.7 9 1.0 (9.0) 18.4 13.0 0.2 0.6 12 23.4 3.1 8.7 5.4 8.7 16.4 29.0 237 28 1.5 6.5 313 17
Research & Consulting Services 0.37 9.5 (2) 1.0 9.0 4.3 14.1 (0.5) (0.4) 11 24.9 3.1 (0.1) 5.5 3.6 17.4 11.9 50 21 0.8 5.2 129 20
Trading Companies & Distributors 0.21 9.0 12 1.0 (6.7) 6.8 13.3 (0.1) 0.1 9 23.2 3.1 4.4 6.5 3.5 12.9 12.1 27 36 1.3 8.3 74 17
Trucking 0.11 12.9 23 0.9 0.9 27.2 15.7 0.1 0.4 15 30.8 3.1 13.3 8.8 3.5 19.1 9.8 107 27 0.5 8.3 46 3
S&P 500 100.00% 4.4 % 6% 1.0 (13.2)% 23.3 % 14.9 % 1.1 % 0.8 % 15 % 22.6x 1.5x 10.0 % 7.2 % 3.3x 17.7x 11.0 % 131 bp 20 % 1.5 % 4.5x 35,374 17 %
5 April 2021 3<

Exhibit 59 (cont’d): Sector and sub-sector valuation tables

Beta EPS Momentum LT P/E P/E to EV / EV /
S&P 500 Total Return vs EPS Growth 1 month Growth Mult. LT Sales Growth Sales EBITDA Div Price / Mkt Cap Debt /
Weight 1 Mo YTD SP500 2020 2021E 2022E 2021 2022 Rate NTM Growth 2021E 2022E LTM LTM Yield Book ($ bil) EV
Information Technology 26.65% 1.7 % 2% 1.2 8.1 % 14.4 % 12.5 % 0.8 % 1.1 % 15 % 26.6x 1.7x 9.5 % 7.0 % 7.0x 20.9x 0.9 % 10.7x 9,237 8%
Application Software 2.22 (0.0) (4) 1.1 32.4 2.4 16.5 1.3 0.6 17 46.3 3.1 17.3 15.2 12.4 38.4 0.1 10.6 749 3
Communications Equipment 0.86 13.5 15 1.0 (3.6) 6.1 6.9 0.2 0.3 7 16.7 3.1 5.0 4.1 4.3 13.9 2.4 6.3 294 9
Data Processing & Outsourced Services 4.00 (0.3) 0 1.1 (4.2) 16.2 21.0 0.0 0.1 17 35.4 3.1 12.0 12.9 11.6 23.0 0.6 7.8 1,399 7
Electronic Components 0.22 9.0 10 1.1 (10.9) 25.8 9.1 (1.6) (1.7) 13 26.5 3.1 12.3 5.6 4.2 17.5 1.5 4.8 73 15
Electronic Equipment & Instruments 0.24 1.6 17 1.1 2.0 13.5 10.0 0.1 (0.0) 11 28.5 3.1 10.4 5.5 6.0 26.1 0.1 7.7 80 7
Electronic Manufacturing Services 0.15 (1.7) 5 1.1 (19.7) 38.2 11.3 0.0 (0.8) 17 23.3 3.1 14.0 5.8 4.0 18.8 1.3 4.6 54 9
Internet Services & Infrastructure 0.11 4.8 (6) 1.0 12.1 (1.5) 11.3 (0.2) (0.1) 11 25.9 3.1 5.8 6.8 8.9 18.5 0.0 13.2 39 11
IT Consulting & Other Services 1.07 10.2 5 1.0 (22.8) 19.6 10.3 1.1 1.2 10 19.2 3.1 4.3 3.8 2.7 14.6 2.4 6.6 360 21
Semiconductor Equipment 0.89 6.5 30 1.4 39.7 26.8 9.5 0.4 1.1 20 23.8 3.1 19.2 7.0 7.5 23.8 0.7 14.8 300 5
Semiconductors 4.68 0.2 6 1.4 13.9 16.8 12.5 1.9 2.7 16 20.9 3.1 12.0 6.8 7.3 17.1 1.3 7.4 1,575 9
Systems Software 6.08 1.6 6 0.9 20.1 14.5 12.7 0.3 0.4 17 29.9 3.1 5.6 5.3 1.4 22.5 1.0 15.7 2,125 7
Technology Distributors 0.07 5.6 26 1.1 7.3 6.0 10.4 0.0 0.0 12 23.4 2.0 10.2 5.5 1.3 16.3 1.0 20.9 23 15
Technology Hardware Storage & Peripherals 6.07 1.1 (6) 1.3 10.6 20.3 6.4 0.7 1.3 13 25.5 3.1 11.8 4.0 5.3 21.5 0.8 22.2 2,165 7
Materials 2.70% 7.6 % 9% 1.0 (1.8)% 53.4 % 5.5 % (0.3)% (2.5)% 13 % 19.3x 1.5x 10.9 % 2.7 % 3.1x 14.5x 1.9 % 3.4x 930 19 %
Commodity Chemicals 0.22 5.6 16 1.0 (47.3) 115.7 (3.0) 9.8 5.6 5 12.1 3.1 18.8 2.7 1.7 11.6 4.3 4.1 82 32
Construction Materials 0.13 0.4 16 1.0 2.4 1.7 5.8 (4.8) 0.1 13 16.5 3.1 3.9 7.1 5.1 18.5 0.8 3.8 43 14
Copper 0.14 (2.9) 27 1.1 2603.6 362.4 17.8 10.3 7.5 34 13.6 3.1 45.6 9.0 4.5 13.5 0.9 5.2 48 16
Diversified Chemicals 0.04 1.4 10 0.9 (14.1) 28.3 7.4 (0.1) (0.7) 7 13.9 3.1 7.5 4.0 2.4 13.2 2.5 2.5 15 30
Fertilizers & Agricultural Chemicals 0.21 4.7 17 1.1 5.3 48.7 9.8 3.3 0.2 26 18.1 3.1 9.5 2.6 2.7 13.1 1.4 1.8 71 18
Gold 0.14 11.9 2 1.1 98.2 51.9 3.6 (3.2) (3.3) 3 14.8 3.1 18.5 (3.8) 4.5 7.6 3.7 2.2 48 13
Industrial Gases 0.62 13.8 6 1.0 6.7 12.0 11.3 (0.0) (0.2) 10 29.9 3.1 6.3 5.7 6.2 18.1 1.7 3.6 209 11
Metal & Glass Containers 0.08 (0.8) (9) 1.0 16.5 15.2 13.8 0.0 0.0 10 25.0 3.1 11.3 7.6 3.0 19.4 0.7 9.6 28 23
Paper Packaging 0.26 8.4 8 0.9 (16.6) 20.4 11.0 0.4 1.7 9 15.9 3.1 5.1 2.0 1.7 10.5 2.7 3.2 88 30
Specialty Chemicals 0.77 6.0 6 1.1 (4.8) (19.2) 14.1 (13.7) (14.0) 13 24.5 3.1 7.8 5.2 4.1 19.3 1.3 4.0 273 18
Steel 0.07 34.9 52 0.9 (22.3) 115.7 (46.6) 51.8 11.3 10 10.2 3.1 37.6 (12.7) 1.3 11.2 2.0 2.3 24 19
Real Estate 2.46% 6.8 % 9% 1.0 0.5 % (1.1)% 9.6 % (0.6)% 0.0 % 8% 25.1x 3.1x NM NM NM NM 2.8 % 3.8x 842 NM
Health Care REITs 0.20 5.2 10 1.0 (0.9) (20.4) 11.5 (2.9) (3.1) (1) 26.8 3.1 NM NM NM NM 3.5 2.0 67 NM
Hotel & Resort REITs 0.04 1.6 15 1.1 (108.9) NM NM NM 0.8 NM NM 3.1 NM NM NM NM 0.0 1.8 12 NM
Industrial REITs 0.28 7.5 7 1.0 28.5 5.1 9.8 0.4 1.0 7 26.6 3.1 NM NM NM NM 2.4 2.5 94 NM
Office REITs 0.13 3.9 4 1.0 (3.7) (3.5) 8.3 (0.1) 0.0 4 17.9 3.1 NM NM NM NM 3.4 2.2 47 NM
Real Estate Services 0.08 4.4 26 0.9 (11.4) 12.5 13.5 2.3 0.9 11 21.5 3.1 NM NM NM NM 0.0 4.1 27 NM
Residential REITs 0.29 7.6 17 1.0 (5.3) (6.5) 6.6 (1.0) (1.1) 2 23.5 3.1 NM NM NM NM 3.2 2.7 100 NM
Retail REITs 0.25 2.8 21 0.9 (15.3) 6.3 6.3 (0.3) (0.2) 4 14.7 3.1 NM NM NM NM 4.4 3.3 87 NM
e1121846f22311dcbd010014c2408514
Specialized REITs 1.20 8.2 5 1.0 15.6 10.2 4.4 (0.8) 0.7 13 29.9 3.1 NM NM NM NM 2.5 7.9 409 NM
Utilities 2.67% 10.5 % 3% 0.8 3.3 % 5.4 % 4.6 % (1.0)% (0.5)% 5% 19.0x 3.7x NM NM NM 12.1x 3.2 % 2.3x 898 41 %
Electric Utilities 1.69 9.3 2 0.9 3.1 4.4 6.9 (1.6) (0.7) 5 18.8 3.1 NM NM NM 11.9 3.3 2.2 567 41
Gas Utilities 0.04 16.8 4.3 0.7 17.8 5.0 6.8 0.1 0.1 8 19.4 3.1 NM NM NM 13.0 2.5 1.9 13 28
Independent Power Producers & Energy Traders 0.05 0.9 15 1.0 5.3 8.5 8.3 0.2 (0.1) 7 17.2 3.1 NM NM NM 14.8 2.2 7.4 18 53
Multi-Utilities 0.81 14.0 4 0.8 3.9 2.8 5.3 0.0 (0.1) 5 18.8 3.1 NM NM NM 12.1 3.3 2.2 273 41
Water Utilities 0.08 5.7 (2) 1.0 8.3 9.2 8.2 0.4 0.8 8 35.3 3.1 NM NM NM 19.4 1.5 4.3 27 29
S&P 500 100.00% 4.4 % 6% 1.0 (13.2)% 23.3 % 14.9 % 1.1 % 0.8 % 15 % 22.6x 1.5x 10.0 % 7.2 % 3.3x 17.7x 1.5 % 4.5x 35,374 17 %
5 April 2021 32
Exhibit 60: Company valuation tables

as of March 31, 2021; average for EPS growth rate does not include extreme values
EPS Estimates
Beta 2021 2022 EPS Momentum LT P/E P/E to EV / EV / Profit Chg. In Expd.
S&P 500 Total Return vs GS Cons. GS Cons. EPS Growth 1 month Growth Mult. LT Sales Growth Sales EBITDA Margin Margin ROE Div Price / Mkt Cap Debt /
Weight Price 1 Mo YTD SP500 ($) ($) ($) ($) 2020 2021E 2022E 2021 2022 Rate NTM Growth 2021E 2022E LTM LTM 2021E 20-21 NTM Yield Book ($ bil) EV
COMMUNICATION SERVICES 10.93 3.1 8.1 0.9 (5.8)% 12.0 % 17.0 % (0.3)% (0.2)% 19 % 24.1x 1.3x 14.2 % 9.5 % 4.4x 12.9x 14.2 % (27)bp 17 % 0.9 % 4.2x 3,875 18 %
Advertising 0.08 10.1 22.2 0.8 (13.2) 10.5 8.5 0.3 0.3 5 13.9 3.1 5.7 2.9 1.6 10.7 8.9 39 37 3.7 5.2 27 35
IPG Interpublic Grp of Cos. 0.03 29.20 11.8 25.4 0.8 1.91 2.10 (10.3) 10.4 9.9 0.1 0.1 4 15.3 3.6 4.7 3.4 1.7 12.2 8.8 46 28 3.7 4.3 11 36
OMC Omnicom Group Inc. 0.05 74.15 8.9 20.0 0.8 5.78 6.23 (14.8) 10.6 7.7 0.5 0.4 5 13.0 2.7 6.3 2.7 1.5 9.8 8.9 35 46 3.8 6.0 16 35
Alternative Carriers 0.04 10.6 39.5 1.0 27.3 (6.2) (11.7) 0.0 (0.1) (8) 8.5 3.1 (3.2) (4.6) 2.3 5.5 8.6 (28) 13 7.5 1.1 15 72
LUMN Lumen Technologies 0.04 13.35 10.6 39.5 1.0 1.59 1.57 1.25 1.38 27.3 (6.2) (11.7) 0.0 (0.1) (8) 8.5 NM (3.2) (4.6) 2.3 5.5 8.6 (28) 13 7.5 1.1 15 72
Broadcasting 0.18 (18.1) 27.2 0.7 (2.2) (8.6) 8.8 (0.8) (1.4) (2) 12.3 3.1 6.3 3.9 2.1 3.9 10.0 (163) 14 1.4 1.8 62 45
DISCA Discovery Inc. 0.05 43.46 (18.0) 44.4 0.7 2.96 2.84 3.37 3.23 (18.8) (12.2) 13.8 (3.0) (2.8) 2 15.3 7.3 11.1 4.0 3.1 4.8 11.5 (306) 14 0.0 2.1 18 47
FOXA Fox Corp. 0.05 36.11 9.0 24.7 0.7 3.10 2.56 3.38 2.75 20.0 (12.0) 7.3 1.1 (0.1) 3 16.6 6.3 0.7 5.9 1.7 7.2 11.9 (172) 12 1.3 2.0 17 38
VIAC ViacomCBS Inc. 0.08 45.10 (29.9) 21.3 0.6 3.93 4.00 4.32 4.28 (2.3) (3.9) 7.0 (0.6) (1.3) (8) 11.3 NM 7.1 3.0 1.8 2.9 8.5 (97) 16 2.1 1.9 26 46
Cable & Satellite 1.02 2.4 1.0 0.8 (6.0) 8.7 26.2 0.2 0.2 20 21.1 3.1 7.9 5.2 3.4 10.7 10.0 8 14 1.3 3.0 377 35
CHTR Charter Communications 0.26 617.02 0.6 (6.7) 0.9 19.76 19.78 27.95 27.58 91.1 24.2 39.4 (0.6) (0.0) 34 32.1 0.9 5.9 5.3 4.2 11.3 7.5 111 14 0.0 4.4 120 40
CMCSA Comcast Corp. 0.74 54.11 2.6 3.7 0.8 2.81 2.80 3.82 3.52 (15.9) 7.5 25.6 0.1 0.0 16 19.3 1.2 7.9 6.0 3.4 10.9 11.5 (5) 15 1.8 2.9 247 32
DISH DISH Network Corp. 0.03 36.20 14.9 11.9 1.1 2.93 2.50 33.7 (14.6) (14.7) 4.4 5.5 8 12.1 1.4 12.7 (0.8) 1.4 6.1 4.8 (155) 7 0.0 0.8 10 65
Integrated Telecommunication Services 1.36 6.7 3.3 0.7 (6.7) (0.2) 2.6 (0.7) (1.3) 3 10.6 3.1 2.0 1.3 2.6 7.7 14.0 (31) 18 5.5 1.9 457 42
T AT&T Inc. 0.64 30.27 8.5 7.1 0.8 3.16 3.09 3.18 3.17 (13.3) (2.9) 2.6 (1.1) (2.2) 2 9.7 5.8 0.6 0.7 2.4 7.4 12.7 (46) 13 6.9 1.2 216 46
VZ Verizon Communications 0.72 58.15 5.2 0.0 0.6 5.14 5.04 5.30 5.16 1.9 2.8 2.6 (0.3) (0.4) 3 11.5 3.5 3.8 2.0 2.9 8.1 15.7 (15) 33 4.3 3.8 241 38
Interactive Home Entertainment 0.39 (1.8) (4.2) 0.9 37.7 2.1 15.7 0.2 0.3 13 25.1 3.1 3.5 12.6 7.0 21.6 28.3 (41) 21 0.4 5.3 131 4
ATVI Activision Blizzard 0.21 93.00 (2.7) 0.2 0.9 3.69 3.64 4.14 4.23 55.8 5.1 16.4 0.2 0.3 14 25.4 1.9 1.4 13.6 8.4 20.7 33.0 117 20 0.5 5.1 72 5
EA Electronic Arts 0.12 135.37 1.2 (5.6) 0.9 6.12 5.93 6.39 6.60 10.4 4.8 11.2 0.1 (0.0) 12 22.6 1.9 8.1 6.0 6.0 23.0 26.7 (83) 22 0.5 5.0 39 3
TTWO Take-Two Interactive Software 0.06 176.70 (4.2) (15.0) 1.0 6.75 6.08 6.80 7.52 55.4 (13.6) 23.6 0.3 0.7 15 30.6 2.0 1.1 22.2 5.4 22.9 19.8 (336) 24 0.0 7.2 20 1
Interactive Media & Services 5.88 5.3 14.1 1.0 6.9 18.6 18.1 0.1 0.3 18 28.6 3.1 24.6 17.7 7.0 18.4 21.0 (107) 21 0.0 6.1 2,053 2
GOOGL Alphabet Inc. 3.62 2062.52 2.0 17.7 1.0 69.04 80.80 10.2 17.2 17.0 0.2 0.3 17 29.4 1.8 24.2 16.8 6.5 19.1 19.1 (114) 21 0.0 6.1 1,294 2
FB Facebook Inc. 2.11 294.53 14.3 7.8 1.0 11.26 13.44 14.3 15.1 19.3 0.0 0.1 20 26.3 1.3 25.1 19.4 7.7 16.5 25.2 (219) 23 0.0 6.1 708 2
TWTR Twitter Inc. 0.15 63.63 (17.4) 17.5 0.8 0.78 1.07 (130.7) NM 37.8 (2.5) 1.9 23 82.6 3.6 28.9 21.5 12.8 63.5 12.9 2813 8 0.0 6.3 51 9
Movies & Entertainment 1.72 (2.8) (0.1) 1.0 (74.8) 175.7 84.6 (0.8) 0.8 39 68.7 3.1 22.8 22.7 7.5 29.8 7.7 427 9 0.0 6.0 584 13
DIS Walt Disney 1.00 184.52 (2.4) 1.8 0.9 2.04 2.38 4.88 5.15 (85.5) 198.6 116.1 1.5 1.1 41 74.1 1.8 20.1 20.9 6.5 53.3 5.9 354 5 0.0 3.9 335 16
LYV Live Nation Entertainment 0.04 84.65 (4.7) 15.2 1.0 (3.37) 0.41 NM NM NM NM 18.4 NA NM NM 202.2 113.7 11.8 NM (12.8) 8006 NM 0.0 115.1 18 28
NFLX Netflix Inc. 0.69 521.66 (3.2) (3.5) 1.0 9.88 13.01 48.7 62.6 31.6 0.3 0.2 35 52.8 1.5 20.2 15.8 9.7 16.0 14.6 380 45 0.0 23.6 231 7
Publishing 0.04 7.4 39.8 0.8 27.8 27.7 22.4 6.0 4.4 46 45.2 3.1 3.1 2.1 1.7 12.1 3.5 68 4 0.9 1.6 13 17
NWSA News Corp. 0.04 25.43 8.9 42.0 0.8 0.54 0.66 27.8 27.7 22.4 6.0 4.4 46 53.0 1.2 3.1 2.1 1.7 12.1 3.5 68 4 0.8 1.9 13 17
Wireless Telecommunication Services 0.22 4.4 (7.1) 0.8 10.9 (12.1) 30.0 (5.4) (6.3) 34 53.3 3.1 14.9 2.9 3.4 9.9 4.3 (131) 5 0.0 2.8 156 37
TMUS T-Mobile US Inc. 0.22 125.29 4.4 (7.1) 0.8 2.61 2.70 3.96 3.51 10.9 (12.1) 30.0 (5.4) (6.3) 34 53.3 1.6 14.9 2.9 3.4 9.9 4.3 (131) 5 0.0 2.8 156 37
S&P 500 (Bottom-up) 100.00% 3972.89 4.4 6.2 1.0 176.26 202.57 (13.2)% 23.3 % 14.9 % 1.1 % 0.8 % 15 % 22.6x 1.5x 10.0 % 7.2 % 3.3x 17.7x 11.0 % 131 bp 20 % 1.5 % 4.5x 35,374 17 %
Median 0.08 5.8 8.9 1.0 1.0 11.1 10.6 0.1 0.2 10 21.5 2.3 9.3 5.9 4.1 16.5 12.7 55 18 1.4 4.2 29 18
S&P 500 (Top-down) 165.01 185.53 (19.6) 24.6 12.4 24.8
e1121846f22311dcbd010014c2408514
5 April 2021 33
Exhibit 60 (cont’d): Company valuation tables

EPS Estimates
CONSUMER DISCRETIONARY 12.45 3.7 3.1 1.1 (29.7)% 44.6 % 36.8 % 0.2 % 0.3 % 26 % 38.3x 1.5x 14.0 % 11.5 % 3.2x 23.9x 6.4 % 135 bp 33 % 0.6 % 12.8x 4,639 19 %
Apparel Accessories & Luxury Goods 0.19 2.6 11.0 1.1 (73.6) 193.9 25.8 (0.6) (0.9) 12 21.4 3.1 16.0 7.9 2.4 29.2 7.2 435 21 1.3 4.4 71 31
HBI Hanesbrands Inc. 0.02 19.67 11.2 36.0 0.9 1.61 1.72 (21.1) 11.2 7.0 0.7 0.5 6 12.0 2.1 0.8 3.3 1.6 11.3 8.4 78 59 3.1 7.0 7 44
PVH PVH Corp. 0.02 105.70 5.7 12.6 1.2 5.67 7.83 (119.7) NM 37.9 (3.2) (3.5) (5) 16.7 NM 20.8 8.4 1.6 73.9 4.7 664 10 0.0 1.6 8 46
RL Ralph Lauren Corp. 0.02 123.16 5.2 18.7 1.1 5.04 7.41 (92.8) 726.8 46.9 1.0 0.2 4 22.9 6.0 20.8 9.9 1.6 19.0 4.6 392 10 0.0 2.3 6 51
TPR Tapestry Inc. 0.03 41.21 (2.2) 32.6 1.0 2.75 3.03 (51.9) 127.8 10.0 0.1 0.2 29 14.9 0.5 20.9 4.8 3.1 23.3 13.6 640 30 0.0 4.5 11 29
UAA Under Armour Inc. 0.02 22.16 1.2 29.1 1.0 0.19 0.36 (177.7) NM 87.0 0.9 (0.0) 28 110.4 3.9 9.6 5.0 2.0 59.6 1.7 420 6 0.0 6.1 8 24
VFC V.F. Corp. 0.08 79.92 1.6 (5.9) 1.1 2.56 3.45 (67.4) 127.2 35.1 (1.3) (1.6) 9 28.1 3.1 23.4 13.1 4.0 52.5 9.3 424 36 2.5 10.1 31 19
Apparel Retail 0.42 3.0 3.3 1.2 (82.0) 399.5 27.9 (1.9) (0.2) 50 25.3 3.1 25.6 8.2 2.6 30.6 6.7 503 68 1.3 17.3 150 21
GPS Gap Inc. 0.02 29.78 19.4 47.5 1.0 1.00 1.83 (200.7) NM 82.9 4.0 3.3 (2) 23.3 NM 15.7 4.3 1.2 250.0 2.3 774 20 3.3 4.7 11 47
LB L Brands Inc. 0.04 61.86 13.2 66.3 1.0 4.33 4.65 50.9 26.6 7.3 13.6 12.2 12 13.4 1.2 13.8 4.0 2.0 10.4 8.9 90 NM 0.0 NM 17 39
ROST Ross Stores Inc. 0.13 119.91 3.0 (2.1) 1.2 3.87 4.99 (81.2) 339.3 29.2 (11.7) (3.8) 47 29.2 0.6 30.6 9.5 3.6 48.0 8.4 591 49 1.0 14.2 43 13
TJX TJX Companies Inc. 0.24 66.15 0.2 (2.8) 1.2 2.21 2.89 (89.3) 662.8 30.9 (1.7) (2.0) 63 27.9 0.4 29.6 9.6 2.7 37.1 6.4 529 55 1.6 15.3 79 18
Auto Parts & Equipment 0.14 (5.6) 8.9 1.1 (45.1) 71.8 26.3 0.7 1.0 25 24.3 3.1 31.9 10.2 2.3 15.1 6.5 151 17 0.3 4.1 48 15
APTV Aptiv PLC 0.11 137.90 (8.0) 5.8 1.1 3.85 3.78 5.15 5.02 (60.3) 105.6 32.6 1.5 0.7 27 36.8 1.4 20.0 11.3 3.1 26.6 6.5 271 15 0.0 5.5 37 12
BWA BorgWarner Inc. 0.03 46.36 3.0 20.4 1.1 4.20 4.03 5.05 4.82 (22.9) 46.3 19.7 (0.1) 1.3 18 11.4 0.6 47.1 9.0 1.2 6.4 6.4 (4) 19 1.5 2.2 11 23
Automobile Manufacturers 1.88 0.7 0.8 1.8 (7.0) 49.9 28.4 0.8 1.3 21 44.5 3.1 22.5 9.0 3.2 23.9 4.6 85 18 0.0 8.0 772 34
TSLA Tesla Inc. 1.53 667.93 (1.1) (5.3) 1.9 2.10 4.15 3.75 5.83 1038.6 88.5 40.6 (0.2) 3.0 NA 164.6 NM 52.7 29.8 20.4 138.8 8.3 157 27 0.0 44.8 641 2
F Ford Motor Co. 0.14 12.25 4.7 39.4 1.3 1.20 1.12 1.75 1.50 (65.1) 172.5 34.4 2.3 1.6 36 10.5 0.3 24.3 6.4 1.3 15.1 3.0 165 15 0.0 1.5 48 101
GM General Motors 0.22 57.46 11.9 38.0 1.4 5.25 5.20 6.00 6.17 13.7 7.4 18.5 0.4 0.2 11 11.1 1.0 13.5 5.6 1.4 7.4 5.4 (31) 18 0.0 2.0 83 72
Automotive Retail 0.30 15.3 19.7 1.0 10.8 5.0 11.2 1.2 0.9 9 19.9 3.1 7.0 6.0 2.4 15.8 8.7 (17) 76 0.1 15.1 100 26
AAP Advance Auto Parts 0.04 183.49 14.6 16.7 0.9 9.54 9.79 10.47 11.13 1.7 11.1 13.6 (0.0) 1.0 15 18.6 1.3 1.4 3.0 1.5 13.3 6.3 55 18 0.5 3.3 12 25
AZO AutoZone Inc. 0.09 1404.30 21.1 18.5 1.0 78.99 81.29 86.98 89.69 15.3 1.9 10.3 3.0 1.9 7 17.5 2.6 4.1 3.4 2.9 12.2 13.3 (28) NM 0.0 NM 31 22
KMX CarMax Inc. 0.06 132.66 11.0 40.4 1.1 5.55 6.12 (15.7) 26.2 10.2 0.4 0.1 6 22.4 3.5 15.3 9.1 1.8 28.6 4.2 36 25 0.0 5.6 22 43
ORLY O'Reilly Automotive 0.11 507.25 13.4 12.1 0.9 23.48 23.58 25.89 26.38 26.0 (2.9) 11.8 0.2 0.3 11 21.5 1.9 1.7 5.7 3.5 15.0 14.0 (66) NM 0.0 92.1 36 15
Casinos & Gaming 0.25 (2.7) 9.5 1.4 (509.5) NM NM NM (3.5) 52 NM 3.1 88.3 29.4 9.2 483.5 (5.3) 4657 (13) 0.0 6.6 114 45
CZR Caesars Entertainment 0.05 87.45 (6.4) 17.7 1.4 (5.64) (4.26) (0.36) 0.31 (3257.1) NM NM NM NM NA NM NM 129.7 23.2 9.1 45.5 (11.1) 6239 (32) 0.0 6.7 18 49
LVS Las Vegas Sands 0.06 60.76 (2.9) 1.9 1.1 1.68 0.94 3.83 2.91 (164.7) NM 208.4 (1.3) (1.0) NA 86.1 NM 138.6 41.9 14.9 NM 8.4 5320 15 0.0 12.9 46 23
MGM MGM Resorts Intl 0.05 37.99 0.5 20.6 1.3 (1.23) (1.89) 0.25 (0.06) (1990.9) NM NM NM (568.5) (3) NM NM 65.5 34.2 7.5 NM (10.9) 2868 (14) 0.0 2.6 19 53
PENN Penn National Gaming 0.05 104.84 (9.4) 21.4 1.7 2.57 1.81 3.92 2.59 (466.2) NM 43.2 (0.6) (7.2) 114 58.5 0.5 39.2 11.8 7.4 36.2 5.7 2786 14 0.0 8.2 16 44
WYNN Wynn Resorts, Limited 0.04 125.37 (4.8) 11.1 1.2 (2.74) (3.57) 1.32 1.86 (572.1) NM NM NM 8.4 44 NM NM 110.6 42.7 11.1 NM (9.4) 8930 NM 0.0 42.0 14 54
Computer & Electronics Retail 0.08 15.1 15.8 1.1 29.3 (7.2) 7.9 0.6 0.7 10 15.8 3.1 (1.2) 1.5 0.6 8.3 4.1 (26) 47 2.4 7.5 30 16
BBY Best Buy Inc. 0.08 114.81 15.1 15.8 1.1 6.98 7.35 7.79 7.93 29.3 (7.2) 7.9 0.6 0.7 10 15.8 1.6 (1.2) 1.5 0.6 8.3 4.1 (26) 47 2.4 7.5 30 16
Consumer Electronics 0.06 6.8 10.7 1.0 16.0 1.2 11.3 (0.3) (0.0) 7 25.3 3.1 10.1 8.3 5.7 19.2 21.5 (189) 20 1.9 5.0 25 0
GRMN Garmin Ltd. 0.06 131.85 6.8 10.7 1.0 5.18 5.77 16.0 1.2 11.3 (0.3) (0.0) 7 25.3 3.7 10.1 8.3 5.7 19.2 21.5 (189) 20 1.9 5.0 25 0
Distributors 0.13 7.2 8.2 1.0 6.0 6.5 10.0 (0.2) 0.0 7 21.4 3.1 4.3 3.8 1.6 16.2 6.0 12 23 1.3 5.0 43 18
POOL Pool Corp. 0.04 345.24 3.3 (7.2) 1.0 9.41 10.54 43.0 3.2 12.0 0.0 0.0 NA 36.6 NM 9.5 6.5 3.7 29.7 8.8 (54) 73 0.7 26.9 14 4
GPC Genuine Parts 0.05 115.59 10.6 16.0 0.9 5.49 5.71 5.79 6.16 (6.1) 6.1 7.8 (0.6) 0.0 6 20.2 3.5 2.6 3.2 1.2 14.4 4.7 16 27 2.8 5.4 17 20
LKQ LKQ Corp. 0.04 42.33 7.5 20.1 1.0 2.77 3.08 6.9 8.7 11.3 0.0 0.0 9 15.3 1.6 5.2 3.8 1.5 12.9 6.9 23 16 0.0 2.4 13 27
Footwear 0.50 (1.4) (5.9) 1.0 (29.6) 83.7 20.9 2.1 1.2 32 36.8 3.1 21.5 10.2 4.4 35.6 9.9 335 46 0.8 17.0 169 8
NKE NIKE Inc. 0.50 132.89 (1.4) (5.9) 1.0 3.63 4.38 (29.6) 83.7 20.9 2.1 1.2 32 36.8 1.1 21.5 10.2 4.4 35.6 9.9 335 46 0.8 17.0 169 8
General Merchandise Stores 0.52 9.0 6.6 0.8 42.1 (5.5) 9.5 (1.9) (0.8) 12 21.7 3.1 (0.8) 4.6 1.3 12.5 5.4 (27) 30 1.0 6.6 176 19
DG Dollar General 0.15 202.62 7.2 (3.5) 0.8 9.72 9.61 10.89 10.61 51.5 (9.4) 10.4 (4.3) (3.3) 15 21.3 1.4 0.1 7.2 1.8 14.1 7.0 (73) 33 0.8 7.0 50 22
e1121846f22311dcbd010014c2408514
DLTR Dollar Tree Inc. 0.08 114.46 16.6 5.9 0.8 6.10 6.14 6.91 6.80 17.9 8.4 10.8 1.2 3.6 10 18.6 1.9 2.7 4.8 1.4 12.3 5.5 29 21 0.0 3.9 27 28
TGT Target Corp. 0.30 198.07 8.0 12.6 0.8 8.59 8.75 8.96 9.50 45.6 (7.2) 8.6 (1.5) (0.8) 11 22.9 2.1 (2.1) 3.5 1.2 11.7 4.8 (27) 34 1.4 7.7 99 15
Home Furnishings 0.05 8.6 23.1 1.0 (13.9) 25.7 10.6 0.5 0.7 6 17.1 3.1 10.2 3.6 1.7 11.2 7.5 93 13 1.2 2.1 20 23
LEG Leggett & Platt 0.02 45.65 6.4 3.9 1.0 2.55 2.47 2.85 2.76 (16.6) 16.3 12.0 0.0 0.0 NA 18.5 NM 11.0 4.2 1.9 13.0 6.9 32 26 3.5 4.7 6 28
MHK Mohawk Industries 0.03 192.31 9.9 36.4 1.0 11.97 11.70 13.46 12.86 (12.4) 30.7 9.9 0.7 1.1 6 16.5 2.8 9.7 3.3 1.6 10.3 7.8 126 10 0.0 1.7 14 19
Home Improvement Retail 1.39 18.9 16.6 1.0 24.1 6.1 9.5 0.4 0.6 10 22.7 3.1 0.4 3.2 2.3 14.5 9.2 50 NM 1.9 149.5 468 13
HD Home Depot Inc. 0.98 305.25 18.9 15.6 1.0 12.78 12.56 13.73 13.57 14.9 5.3 8.0 0.2 0.4 8 24.2 2.9 2.4 3.5 2.7 15.5 10.0 27 NM 2.2 NM 329 12
LOW Lowe's Companies 0.41 190.18 19.0 18.9 1.1 9.47 9.54 11.00 10.72 47.6 7.8 12.3 0.6 0.9 14 19.8 1.4 (2.6) 2.8 1.7 12.6 8.0 77 NM 1.3 48.0 139 17
Homebuilding 0.26 15.5 26.5 1.2 37.6 31.0 6.7 5.4 3.1 12 10.1 3.1 19.2 9.7 1.6 8.9 12.2 109 24 0.8 2.4 91 17
DHI D.R. Horton Inc. 0.09 89.12 15.9 29.6 1.2 9.43 9.22 9.96 10.03 60.8 24.4 8.7 0.3 0.4 14 9.4 0.7 20.9 13.3 1.6 9.3 12.5 35 30 0.9 2.8 32 12
LEN Lennar Corp. 0.08 101.23 22.0 33.2 1.4 10.98 11.09 11.66 11.36 34.1 40.8 2.4 17.0 9.6 9 9.8 1.1 13.6 8.5 1.5 7.9 11.9 230 16 1.0 1.6 28 24
NVR NVR Inc. 0.05 4710.93 4.7 15.5 1.0 308.79 340.61 4.4 33.1 10.3 (0.0) (0.4) 17 15.2 0.9 25.2 7.3 2.2 14.5 12.4 73 41 0.0 6.3 17 8
PHM PulteGroup Inc. 0.04 52.44 16.6 22.0 1.4 6.45 6.15 7.25 6.69 33.3 25.7 8.8 0.2 0.1 10 8.5 0.9 23.8 6.9 1.4 7.6 12.0 19 27 1.1 2.3 14 22
Median 0.08 5.8 8.9 1.0 1.0 11.1 10.6 0.1 0.2 10 21.5 2.3 9.3 5.9 4.1 16.5 12.7 55 18 1.4 4.2 29 18
S&P 500 (Top-down) 165.01 185.53 (19.6) 24.6 12.4 24.8
5 April 2021 34

EPS Estimates
CONSUMER DISCRETIONARY 12.45 3.7 3.1 1.1 (29.7)% 44.6 % 36.8 % 0.2 % 0.3 % 26 % 38.3x 1.5x 14.0 % 11.5 % 3.2x 23.9x 6.4 % 135 bp 33 % 0.6 % 12.8x 4,639 19 %
Hotels Resorts & Cruise Lines 0.72 (0.1) 15.6 1.1 (202.2) NM NM NM (2.6) 55 NM 3.1 28.5 83.0 9.2 NM (14.4) 2429 (19) 0.0 7.0 258 29
CCL.U Carnival Corp. 0.06 26.54 (0.8) 22.5 NM (4.91) (4.32) 1.27 0.30 (426.4) NM NM NM (52.3) (64) NM NM 7.2 198.5 7.5 NM (70.1) 5103 (21) 0.0 1.2 26 54
HLT Hilton Worldwide Hldgs 0.10 120.92 (2.2) 8.7 1.2 2.82 1.90 4.69 3.85 (97.7) 2012.3 102.5 2.7 0.2 65 67.1 1.0 42.7 38.1 9.7 197.6 8.6 800 NM 0.0 NM 34 27
MAR Marriott Intl 0.12 148.11 0.0 12.3 1.2 3.17 2.09 6.33 4.68 (97.2) 1130.8 123.5 (5.2) (0.3) 76 73.9 1.0 21.6 37.9 5.6 53.4 5.3 476 NM 0.0 NM 48 21
NCLH Norwegian Cruise Line Hldgs 0.03 27.59 (6.7) 8.5 1.5 (6.95) (5.92) 2.07 0.54 (346.3) NM NM NM 71.0 (79) NM NM 11.0 320.6 14.3 NM (151.2) 5720 (53) 0.0 2.3 10 58
RCL Royal Caribbean Group 0.06 85.61 (8.2) 14.6 1.3 (19.63) (13.82) 5.33 1.47 (304.7) NM NM NM (13.2) 7 NM NM 9.1 309.1 16.8 NM (146.0) 3939 (41) 0.0 2.4 22 51
Household Appliances 0.04 15.9 22.9 1.1 14.6 8.7 0.9 0.1 (0.3) 3 11.0 3.1 5.4 1.7 1.0 8.2 6.1 19 38 2.3 4.2 14 39
WHR Whirlpool Corp. 0.04 220.35 15.9 22.9 1.1 19.95 20.06 20.44 20.24 14.6 8.7 0.9 0.1 (0.3) 3 11.0 3.7 5.4 1.7 1.0 8.2 6.1 19 38 2.3 4.2 14 39
Housewares & Specialties 0.03 15.6 27.4 1.2 3.1 (8.3) 10.1 0.0 0.0 3 16.3 3.1 3.5 1.9 1.8 14.3 7.2 (92) 19 3.4 3.1 11 38
NWL Newell Brands Inc. 0.03 26.78 15.6 27.4 1.2 1.64 1.81 3.1 (8.3) 10.1 0.0 0.0 3 16.3 6.2 3.5 1.9 1.8 14.3 7.2 (92) 19 3.4 3.1 11 38
Internet & Direct Marketing Retail 4.13 0.2 (3.2) 1.0 76.5 16.1 35.5 0.1 (0.1) 30 59.7 3.1 22.6 17.3 4.2 29.4 5.7 (32) 33 0.0 19.8 1,625 6
AMZN Amazon.com Inc. 3.94 3094.08 0.0 (5.0) 1.0 48.35 66.98 83.7 16.2 38.5 0.1 (0.1) 31 65.2 2.1 22.9 17.6 4.1 30.9 5.1 (30) 30 0.0 19.8 1,558 6
BKNG Booking Holdings 0.28 2329.84 0.1 4.6 0.9 38.75 91.28 (95.6) 731.8 135.5 (5.3) 0.2 108 59.7 0.6 38.2 51.4 14.2 33.9 16.9 1409 36 0.0 21.6 95 12
EBAY eBay Inc. 0.12 61.24 8.5 22.3 1.0 4.05 4.55 26.5 16.9 12.4 0.3 (0.0) 17 15.1 0.9 11.3 7.1 4.5 10.7 23.1 110 96 1.2 14.5 42 19
ETSY Etsy Inc. 0.08 201.67 (8.4) 13.4 1.2 2.88 3.67 276.7 6.9 27.6 (0.4) (0.2) 23 70.2 3.0 26.1 20.3 14.6 51.6 16.7 (299) 62 0.0 43.5 25 4
EXPE Expedia Group Inc. 0.07 172.12 6.9 30.0 0.8 (0.88) 5.20 (239.6) NM NM NM 2.7 (2) NM NM 45.6 39.9 5.7 NM (1.6) 2135 (7) 0.0 13.3 24 30
Leisure Products 0.04 2.6 3.5 0.8 (8.0) 17.2 16.4 2.0 1.2 14 21.9 3.1 11.0 6.4 3.2 12.4 9.9 52 22 2.8 4.8 13 31
HAS Hasbro Inc. 0.04 96.12 2.6 3.5 0.8 4.33 4.37 5.17 5.09 (8.0) 17.2 16.4 2.0 1.2 14 21.9 1.5 11.0 6.4 3.2 12.4 9.9 52 22 2.8 4.8 13 31
Restaurants 1.19 4.5 3.8 1.1 (34.8) 65.5 15.2 0.6 0.5 25 30.6 3.1 19.0 8.6 7.6 31.1 16.7 469 NM 1.7 NM 401 21
CMG Chipotle Mexican Grill 0.12 1420.82 (1.5) 2.5 1.2 24.23 22.98 33.35 30.40 (23.3) 115.6 32.3 0.5 0.2 37 61.6 1.7 20.8 12.7 7.0 55.3 8.9 393 36 0.0 22.2 40 7
DPZ Domino's Pizza Inc. 0.04 367.79 6.4 (3.8) 1.0 13.19 12.93 15.39 14.81 24.8 2.7 14.5 0.0 0.2 11 28.4 2.6 4.3 7.4 4.4 22.8 11.7 (18) NM 1.0 NM 14 24
DRI Darden Restaurants 0.06 142.00 3.4 19.6 1.1 5.80 5.67 7.69 7.43 (65.7) 189.5 31.1 10.7 5.9 30 21.5 0.7 21.2 15.5 3.8 49.5 9.0 521 35 1.5 7.6 19 24
MCD McDonald's Corp. 0.50 224.14 8.7 5.1 1.0 8.57 8.45 9.57 9.24 (24.3) 39.8 9.3 0.1 0.4 18 26.6 1.4 15.2 5.4 11.2 24.2 28.5 500 NM 2.3 NM 167 24
SBUX Starbucks Corp. 0.38 109.27 1.1 2.6 1.1 2.94 2.99 3.59 3.57 (66.1) 206.0 19.6 (0.2) (0.0) 33 35.5 1.1 25.6 8.6 6.4 51.1 12.1 713 NM 1.6 NM 129 17
YUM Yum! Brands Inc. 0.10 108.18 4.5 0.1 1.0 3.80 3.97 4.31 4.54 1.7 9.0 14.6 0.0 0.0 12 27.3 2.3 11.3 6.2 7.6 21.8 18.9 (40) NM 1.8 NM 32 27
Specialty Stores 0.11 3.7 16.2 1.0 (14.4) 22.2 14.6 (2.7) (2.2) 24 28.8 3.1 7.9 7.4 2.5 21.2 7.2 84 37 0.6 10.7 38 14
TSCO Tractor Supply 0.06 177.08 11.4 26.3 0.9 7.00 6.72 7.66 7.15 45.1 (2.3) 6.5 0.1 0.1 8 26.3 3.1 2.2 5.5 2.2 16.4 7.2 (34) 46 1.2 12.0 21 15
ULTA Ulta Beauty Inc. 0.05 309.17 (4.1) 7.7 1.0 9.03 9.28 11.18 11.75 (61.7) 96.1 26.7 (6.6) (5.0) 42 32.6 0.8 17.8 10.3 3.1 33.0 7.2 288 29 0.0 9.4 17 12
Median 0.08 5.8 8.9 1.0 1.0 11.1 10.6 0.1 0.2 10 21.5 2.3 9.3 5.9 4.1 16.5 12.7 55 18 1.4 4.2 29 18
S&P 500 (Top-down) 165.01 185.53 (19.6) 24.6 12.4 24.8
e1121846f22311dcbd010014c2408514
5 April 2021 35

EPS Estimates
CONSUMER STAPLES 6.15 8.2 1.1 0.6 2.4 % 4.0 % 8.4 % (0.0)% (0.2)% 8% 21.1x 2.7x 2.4 % 3.7 % 1.9x 14.4x 7.4 % 12 bp 31 % 2.6 % 6.6x 2,364 19 %
Agricultural Products 0.09 0.7 13.9 0.6 35.9 8.0 2.7 0.5 0.6 3 14.8 3.1 4.0 1.6 0.6 10.1 3.2 12 11 2.6 1.6 32 31
ADM Archer-Daniels-Midland 0.09 57.00 0.7 13.9 0.6 3.83 3.86 4.40 3.97 35.9 8.0 2.7 0.5 0.6 3 14.8 4.6 4.0 1.6 0.6 10.1 3.2 12 11 2.6 1.6 32 31
Brewers 0.03 15.1 13.2 1.1 (13.5) (2.2) 6.6 (2.0) (0.9) 3 13.5 3.1 4.6 2.5 2.0 8.1 8.0 (56) 6 0.0 0.8 11 46
TAP Molson Coors Beverage 0.03 51.15 15.1 13.2 1.1 3.40 3.83 3.70 4.08 (13.5) (2.2) 6.6 (2.0) (0.9) 3 13.5 5.1 4.6 2.5 2.0 8.1 8.0 (56) 6 0.0 0.8 11 46
Distillers & Vintners 0.15 3.9 (0.5) 1.0 11.4 3.1 12.7 (0.3) 0.4 8 25.5 3.1 0.2 5.6 6.1 15.8 19.8 55 15 1.2 3.8 60 21
BF.B Brown-Forman Corp. 0.04 68.97 (3.4) (12.9) 0.8 1.80 1.83 2.00 2.00 (9.3) 12.7 9.8 (3.8) (0.5) 8 38.3 5.1 6.6 6.3 6.9 20.2 15.8 86 25 1.0 9.5 21 12
STZ Constellation Brands 0.12 228.00 6.5 4.4 1.0 10.86 10.32 12.38 11.70 16.0 1.4 13.3 0.4 0.5 9 23.1 2.6 (1.3) 5.4 5.9 14.9 20.8 56 14 1.3 3.2 39 23
Drug Retail 0.12 14.5 39.0 0.9 (24.7) 9.4 6.9 1.2 0.3 7 10.7 3.1 0.8 1.7 0.7 19.7 3.0 24 21 3.4 2.3 47 47
WBA Walgreens Boots Alliance 0.12 54.90 14.5 39.0 0.9 4.67 5.03 4.88 5.38 (24.7) 9.4 6.9 1.2 0.3 7 10.7 1.6 0.8 1.7 0.7 19.7 3.0 24 21 3.4 2.3 47 47
Food Distributors 0.12 (0.6) 7.3 0.8 (82.0) 241.7 52.0 (0.1) 0.1 20 32.5 3.1 18.1 11.4 1.1 26.9 2.2 141 84 2.3 27.2 40 28
SYY Sysco Corp. 0.12 78.74 (0.6) 7.3 0.8 2.28 3.47 (82.0) 241.7 52.0 (0.1) 0.1 20 32.5 1.6 18.1 11.4 1.1 26.9 2.2 141 84 2.3 27.2 40 28
Food Retail 0.08 11.7 13.9 0.5 52.3 (18.1) (0.7) 5.1 3.7 8 12.6 3.1 (2.0) 1.3 0.3 5.9 1.7 (33) 22 2.0 2.8 27 46
KR Kroger Co. 0.08 35.99 11.7 13.9 0.5 2.92 2.89 3.08 2.87 52.3 (18.1) (0.7) 5.1 3.7 8 12.6 1.7 (2.0) 1.3 0.3 5.9 1.7 (33) 22 2.0 2.8 27 46
Household Products 1.47 8.8 (2.3) 0.5 13.5 3.0 6.3 (0.0) (0.0) 7 23.0 3.1 4.0 3.5 4.4 15.9 17.1 (17) 41 2.4 9.5 493 10
CHD Church & Dwight 0.06 87.35 10.9 0.4 0.4 3.07 3.04 3.32 3.28 15.5 6.0 8.0 (0.1) 0.7 8 28.7 3.7 4.8 3.4 4.7 20.6 14.5 15 25 1.2 7.1 21 10
CLX Clorox Co. 0.07 192.88 6.5 (4.0) 0.5 8.15 8.23 7.51 8.24 50.6 (14.0) 0.1 (0.1) 0.0 5 26.2 5.0 0.3 1.2 3.6 15.4 13.7 (228) 95 2.3 24.9 24 12
CL Colgate-Palmolive 0.20 78.83 4.8 (7.3) 0.4 3.31 3.28 3.55 3.49 7.8 6.6 6.4 0.0 (0.2) 7 24.0 3.4 5.8 3.3 4.5 17.0 16.0 12 NM 2.3 NM 67 10
KMB Kimberly-Clark 0.14 139.05 9.3 4.0 0.4 7.78 7.81 7.83 8.17 11.6 0.3 4.6 0.0 (0.2) 4 17.9 4.6 4.5 2.3 2.9 12.2 13.2 (56) NM 3.3 NM 47 15
PG Procter & Gamble 0.99 135.43 9.6 (2.1) 0.5 5.83 5.87 6.13 6.28 12.5 4.1 6.9 (0.0) 0.0 8 23.3 2.9 3.8 4.0 4.8 16.3 18.8 5 30 2.3 7.1 333 10
Hypermarkets & Super Centers 1.02 5.7 (5.8) 0.7 11.9 2.3 7.9 (0.6) (1.0) 7 28.6 3.1 2.8 4.4 0.8 13.5 2.6 (1) 22 1.2 6.4 540 12
COST Costco Wholesale 0.46 352.48 6.5 (6.3) 0.7 10.14 10.26 10.72 11.20 12.0 10.3 9.2 (0.7) (0.9) 9 34.1 3.9 10.3 6.9 0.9 19.0 2.4 0 28 0.8 9.5 156 7
WMT Walmart Inc. 0.56 135.83 5.0 (5.4) 0.7 5.37 5.43 5.79 5.81 11.8 (2.0) 7.1 (0.6) (1.1) 6 25.2 4.0 (1.9) 2.7 0.8 11.2 2.8 (0) 20 1.6 5.0 384 16
Packaged Foods & Meats 0.88 9.4 4.1 0.6 8.9 (0.7) 5.2 0.2 (0.0) 6 18.8 3.1 0.8 1.4 2.4 11.9 10.1 (15) 15 2.6 2.8 343 26
CPB Campbell Soup 0.03 50.27 10.5 4.8 0.5 3.04 3.06 2.99 3.09 30.0 (7.7) 1.0 1.4 0.4 1 17.0 12.1 (6.5) (0.2) 2.3 12.2 11.1 (14) 33 2.9 5.6 15 31
CAG Conagra Brands Inc. 0.05 37.60 10.8 4.5 0.5 2.50 2.60 2.42 2.66 42.0 (4.7) 2.3 0.9 0.6 7 15.5 2.4 (5.9) (0.6) 2.4 10.9 11.7 15 15 2.9 2.3 18 35
GIS General Mills Inc. 0.11 61.32 11.5 5.2 0.5 3.57 3.70 3.43 3.75 16.9 (5.9) 1.5 (0.8) (0.5) 5 17.0 3.5 (3.2) (0.7) 2.7 11.6 12.8 (37) 26 3.3 4.4 37 28
HSY Hershey Co. 0.07 158.16 8.6 4.4 0.5 6.76 6.74 7.13 7.10 8.1 6.4 5.5 0.5 (0.5) 7 23.5 3.2 2.9 2.3 3.3 13.6 11.8 38 51 2.0 12.0 23 19
HRL Hormel Foods Corp. 0.04 47.78 3.0 3.1 0.5 1.78 1.77 1.96 1.91 (6.0) 8.4 8.1 0.1 0.3 5 26.7 5.6 4.8 2.8 2.6 19.1 9.4 31 15 2.1 4.1 26 4
SJM J.M. Smucker 0.04 126.53 13.0 10.3 0.6 6.87 8.53 6.59 8.49 18.3 (16.3) (0.4) 0.5 0.3 2 15.7 9.8 (6.2) (1.5) 2.3 9.8 12.2 (146) 11 2.8 1.7 14 29
K Kellogg Co. 0.05 63.30 10.8 2.7 0.5 3.81 4.01 3.86 4.15 2.3 0.2 3.6 (0.2) (0.1) 4 15.8 3.9 (1.0) 1.5 2.2 12.4 10.1 12 47 3.6 7.4 22 29
KHC Kraft Heinz 0.08 40.00 11.1 16.6 0.6 2.59 2.57 2.50 2.62 1.2 (10.9) 2.2 0.0 0.5 (1) 15.6 NM (4.3) (2.2) 2.9 11.0 12.5 (92) 6 4.0 1.0 49 40
LW Lamb Weston Holdings 0.03 77.48 (2.9) (1.3) 0.6 2.92 2.80 3.52 3.28 (40.7) 37.8 17.2 (0.6) (0.7) 10 29.2 2.9 4.6 6.8 3.8 17.5 11.0 266 NM 1.2 36.2 11 22
MKC McCormick & Co. 0.07 89.16 5.8 (6.7) 0.6 3.01 3.01 3.18 3.17 6.8 5.9 5.4 1.3 1.0 9 30.0 3.3 9.3 2.0 4.6 20.3 12.2 (39) 19 1.5 5.7 22 18
MDLZ Mondelez Intl 0.25 58.53 10.7 0.6 0.6 2.85 2.87 3.03 3.09 5.4 8.2 7.8 0.1 (0.3) 9 20.4 2.3 6.0 3.3 3.8 14.0 14.4 29 15 2.2 3.1 83 20
TSN Tyson Foods Inc. 0.07 74.30 9.8 16.1 0.6 5.56 5.92 6.69 6.57 9.0 (2.2) 11.0 0.4 (0.1) 9 13.8 1.6 3.1 2.5 0.8 6.3 3.9 (21) 11 2.4 1.5 22 37
Personal Products 0.20 1.7 9.5 0.8 (25.5) 49.8 17.2 0.1 0.2 18 45.1 3.1 19.4 11.3 5.0 24.9 8.8 178 33 0.7 14.7 67 12
EL Estee Lauder Companies 0.20 290.85 1.7 9.5 0.8 6.38 6.46 7.32 7.56 (25.5) 49.8 17.2 0.1 0.2 18 45.1 2.6 19.4 11.3 5.0 24.9 8.8 178 33 0.7 14.7 67 12
Soft Drinks 1.29 8.9 (3.3) 0.8 (3.3) 9.9 8.7 0.0 0.0 8 24.5 3.1 8.3 5.1 4.8 19.9 15.8 23 54 2.8 13.2 470 18
KO Coca-Cola Co. 0.61 52.71 8.5 (3.1) 0.7 2.08 2.14 2.27 2.33 (7.3) 10.2 8.7 0.0 0.0 7 24.6 3.3 11.2 5.9 7.9 20.6 25.2 (23) 50 3.2 12.4 227 19
MNST Monster Beverage 0.10 91.09 3.8 (1.5) 0.8 2.66 2.69 3.00 3.04 15.9 11.3 13.0 0.3 0.3 14 33.8 2.4 13.9 10.1 10.1 27.3 27.2 (63) 32 0.0 10.8 48 0
PEP PepsiCo Inc. 0.58 141.45 10.4 (3.9) 0.8 6.08 6.05 6.62 6.54 (0.9) 9.4 8.1 0.0 0.1 8 23.4 3.0 6.8 4.6 3.3 18.5 11.1 26 63 2.9 14.8 195 19
e1121846f22311dcbd010014c2408514
Tobacco 0.69 11.8 15.4 0.5 1.3 9.5 7.5 (0.7) (0.9) 8 13.1 3.1 5.9 4.4 5.7 11.9 33.7 109 NM 5.9 NM 233 21
MO Altria Group Inc. 0.28 51.16 19.4 26.9 0.5 4.57 4.53 4.86 4.77 3.0 3.8 5.5 (1.0) (1.7) 4 11.2 2.8 2.2 1.9 5.7 10.5 39.5 62 NM 6.7 20.9 95 25
PM Philip Morris Intl 0.41 88.74 7.0 8.6 0.4 6.00 5.96 6.61 6.52 (0.3) 15.1 9.4 (0.4) (0.2) 10 14.8 1.4 8.6 6.1 5.8 13.1 29.8 168 NM 5.4 NM 138 18
SS&P 500 (Bottom-up) 100.00% 3972.89 4.4 6.2 1.0 176.26 202.57 (13.2)% 23.3 % 14.9 % 1.1 % 0.8 % 15 % 22.6x 1.5x 10.0 % 7.2 % 3.3x 17.7x 11.0 % 131 bp 20 % 1.5 % 4.5x 35,374 17 %
SMedian 0.08 5.8 8.9 1.0 1.0 11.1 10.6 0.1 0.2 10 21.5 2.3 9.3 5.9 4.1 16.5 12.7 55 18 1.4 4.2 29 18
SS&P 500 (Top-down) 165.01 185.53 (19.6) 24.6 12.4 24.8
5 April 2021 36

EPS Estimates
ENERGY 2.80 2.8 30.9 0.9 (108.1)% NM 35.5 % 26.1 % 15.5 % 35 % 22.1x 0.6x 22.6 % 8.5 % 2.0x 36.5x 5.1 % 579 bp 8% 4.4 % 1.7x 957 28 %
Integrated Oil & Gas 1.37 3.5 32.9 0.9 (121.4) NM 31.1 34.4 18.2 50 21.1 3.1 35.5 6.6 2.1 83.9 5.4 709 7 5.4 1.4 463 23
CVX Chevron Corp. 0.60 104.79 4.8 25.8 0.8 7.89 5.06 9.63 6.34 (103.3) NM 25.5 32.7 18.5 109 20.3 0.2 42.9 4.1 2.5 15.7 7.2 761 7 4.9 1.5 202 16
XOM Exxon Mobil Corp. 0.70 55.83 2.7 37.8 0.9 4.71 2.90 5.89 3.82 (113.1) NM 31.9 29.8 16.2 11 18.3 1.7 32.7 8.6 1.7 NM 5.1 583 7 6.2 1.4 236 22
OXY Occidental Petroleum 0.07 26.62 0.1 53.8 1.1 0.23 (1.03) 1.37 (0.83) (351.0) NM NM NM NM (59) NM NM 22.3 (1.0) 4.0 NM (4.9) 1771 (8) 0.2 1.8 25 54
Oil & Gas Equipment & Services 0.23 (4.7) 15.7 1.1 (56.1) 49.6 56.5 (0.7) 0.7 65 31.7 3.1 (4.1) 10.5 1.7 18.0 4.0 143 7 1.8 2.2 78 34
BKR Baker Hughes 0.05 21.61 (11.7) 4.5 1.1 0.71 1.08 (96.2) 2421.0 51.2 0.7 2.1 199 30.3 0.2 (0.9) 6.6 1.2 6.6 2.5 243 4 3.3 1.3 16 31
HAL Halliburton 0.06 21.46 (1.5) 13.8 1.1 0.84 1.23 (47.2) 30.2 46.3 (1.0) (0.4) 27 25.6 1.0 (1.5) 12.6 1.9 NM 5.3 128 13 0.8 3.4 19 39
NOV NOV Inc. 0.02 13.72 (9.1) (0.1) 1.1 (0.42) 0.15 4.1 (239.0) NM NM 16.2 NA NM NM (8.8) 14.3 1.1 NM (2.9) (483) (3) 0.0 1.0 5 40
SLB Schlumberger 0.11 27.19 (2.6) 25.1 1.2 0.98 1.39 (53.5) 45.3 41.4 (0.1) 0.4 29 27.8 1.0 (7.1) 11.8 2.2 12.0 6.3 227 11 1.8 2.9 38 33
Oil & Gas Exploration & Production 0.64 4.8 38.2 0.9 (112.9) NM 24.4 27.4 21.4 9 18.7 3.1 52.4 5.9 4.6 48.7 13.7 1618 12 2.3 2.3 221 22
APA APA Corp. 0.02 17.90 (9.3) 26.3 0.9 3.22 1.75 3.66 1.49 NM (14.4) 57.8 NA 11.8 NM 26.4 (2.9) 4.1 NM 12.1 2158 NM 0.6 NM 7 53
COG Cabot Oil & Gas 0.02 18.78 1.5 16.0 0.9 1.84 1.55 1.58 1.50 (68.6) 188.3 (3.7) 2.0 (0.3) 49 12.3 0.2 38.5 1.0 5.9 12.4 30.5 1587 28 2.1 3.5 8 14
COP ConocoPhillips 0.21 52.97 1.8 33.7 0.8 6.13 2.29 7.50 2.91 (126.3) NM 27.4 31.1 23.6 (2) 21.5 NM 67.7 4.4 4.2 14.7 9.6 1498 11 3.2 2.3 72 19
DVN Devon Energy Corp. 0.04 21.85 2.7 39.9 0.9 2.86 1.65 4.25 2.27 (112.8) NM 37.9 16.6 19.2 (2) 12.5 NM 96.2 5.3 3.7 NM 11.7 1296 36 2.0 4.5 15 26
FANG Diamondback Energy 0.04 73.49 6.6 52.7 1.0 6.86 8.70 (54.1) 158.2 26.9 14.2 20.0 18 10.7 0.6 63.4 11.9 7.1 NM 27.0 990 12 2.2 1.3 13 29
EOG EOG Resources Inc. 0.13 72.53 12.3 46.3 1.0 7.43 4.75 8.82 4.98 (70.6) 225.5 4.9 30.3 18.8 22 14.6 0.7 28.5 4.9 4.1 11.1 19.6 1184 14 2.3 2.1 42 13
HES Hess Corp. 0.06 70.76 8.4 34.5 0.8 1.61 0.25 3.24 1.96 NM NM 694.5 NM 57.4 (23) 338.2 NM 12.9 14.0 6.4 NM 1.4 2019 1 1.4 3.5 22 30
MRO Marathon Oil Corp. 0.03 10.68 (3.8) 60.6 0.7 0.76 0.14 1.26 0.18 (308.1) NM 32.0 NM NM (17) 122.4 NM 30.4 1.9 4.2 10.2 2.7 3235 1 1.1 0.8 8 43
PXD Pioneer Natural Resources 0.10 158.82 7.3 39.9 0.8 9.42 8.31 18.20 11.59 (74.9) 429.1 39.4 9.6 12.8 32 19.2 0.6 88.3 16.7 5.2 20.0 26.3 1697 15 1.4 2.9 34 9
Oil & Gas Refining & Marketing 0.31 (3.6) 25.9 0.9 (141.6) NM 237.3 59.1 14.9 4 50.7 3.1 21.3 12.5 0.9 42.0 0.8 271 3 4.7 1.6 106 38
HFC HollyFrontier Corp. 0.02 35.78 (5.5) 39.7 0.9 (0.10) 0.44 2.76 3.22 (117.9) NM 639.5 79.5 8.9 (8) 78.5 NM 5.0 9.0 0.8 19.2 0.6 186 1 3.9 1.1 6 39
MPC Marathon Petroleum 0.10 53.49 (2.1) 30.8 1.0 1.68 (0.13) 4.34 2.65 (171.2) NM NM NM 25.1 22 NM NM 14.3 6.5 1.1 52.6 (0.1) 288 (0) 4.3 1.5 35 45
PSX Phillips 66 0.11 81.54 (1.8) 17.9 0.9 2.78 3.78 6.22 6.74 (110.8) NM 78.4 14.6 7.1 (3) 23.9 NM 25.6 15.4 0.8 44.1 2.0 260 7 4.4 1.8 36 29
VLO Valero Energy Corp. 0.09 71.60 (7.0) 28.5 0.8 1.02 1.44 5.49 5.70 (156.9) NM 297.0 90.5 20.2 (8) 48.3 NM 27.7 16.2 0.7 34.9 0.7 267 3 5.5 1.5 29 35
Oil & Gas Storage & Transportation 0.25 10.7 25.4 0.9 (9.6) 17.3 3.0 (0.0) 0.5 34 18.0 3.1 15.3 1.6 5.8 12.0 15.0 26 10 6.8 1.8 89 44
KMI Kinder Morgan Inc. 0.10 16.65 13.3 24.1 0.9 1.03 0.91 1.10 0.93 (6.4) 2.7 2.0 2.2 1.9 71 17.7 0.3 3.8 0.9 6.2 11.4 17.0 (17) 7 6.3 1.2 38 48
OKE ONEOK Inc. 0.07 50.66 14.4 35.1 0.9 2.94 3.09 3.20 3.17 (11.0) 21.7 2.6 1.1 2.6 6 16.1 2.5 33.2 4.1 4.2 13.2 12.1 (114) 23 7.4 3.8 23 40
WMB Williams Companies 0.09 23.69 5.5 20.2 0.8 1.25 1.16 1.33 1.22 (13.2) 37.0 4.5 (3.8) (3.2) 14 20.1 1.5 10.5 (0.9) 7.0 11.9 16.6 321 12 6.9 2.4 29 42
Median 0.08 5.8 8.9 1.0 1.0 11.1 10.6 0.1 0.2 10 21.5 2.3 9.3 5.9 4.1 16.5 12.7 55 18 1.4 4.2 29 18
S&P 500 (Top-down) 165.01 185.53 (19.6) 24.6 12.4 24.8
e1121846f22311dcbd010014c2408514
5 April 2021 37

EPS Estimates
FINANCIALS 11.32 5.8 16.0 1.0 (22.9)% 24.6 % 11.2 % 2.6 % 1.1 % 6% 15.2x 2.6x NM NM NM NM NM NM 11 % 1.7 % 1.6x 4,084 NM
Asset Management & Custody Banks 0.83 9.9 11.9 1.0 1.4 11.1 10.7 0.6 0.4 11 14.7 3.1 NM NM NM NM NM NM 15 2.4 2.2 301 NM
AMP Ameriprise Financial 0.08 232.45 5.1 20.2 1.0 21.36 19.88 23.71 21.88 (3.4) 16.8 10.0 3.1 0.4 8 11.7 1.4 NM NM NM NM NM NM 37 1.8 4.3 27 NM
BK Bank of New York Mellon 0.11 47.29 12.2 12.3 1.1 3.95 3.96 4.71 4.54 (4.6) (2.1) 14.8 0.1 0.2 10 12.0 1.2 NM NM NM NM NM NM 9 2.6 1.0 41 NM
BLK BlackRock Inc. 0.32 753.96 9.2 5.1 1.0 36.46 36.80 41.95 40.98 16.7 8.8 11.4 0.1 0.1 12 20.5 1.8 NM NM NM NM NM NM 17 2.2 3.4 115 NM
BEN Franklin Resources 0.02 29.60 14.2 19.6 1.2 3.12 3.06 3.33 3.17 (23.3) 51.1 3.4 0.3 (0.1) 7 9.5 1.3 NM NM NM NM NM NM 16 3.8 1.5 15 NM
IVZ Invesco Ltd. 0.03 25.22 12.5 45.7 1.1 2.62 2.58 2.64 2.69 (23.0) 32.7 4.3 0.7 0.9 7 9.7 1.4 NM NM NM NM NM NM 12 2.5 1.2 12 NM
NTRS Northern Trust 0.07 105.11 11.3 13.6 1.0 6.09 6.48 6.83 7.20 (12.6) 8.5 11.1 0.1 0.5 9 16.2 1.8 NM NM NM NM NM NM 13 2.7 2.1 22 NM
STT State Street Corp. 0.09 84.01 16.2 16.1 1.2 7.31 6.81 8.73 7.84 5.0 1.4 15.3 1.0 1.1 10 12.2 1.2 NM NM NM NM NM NM 11 2.5 1.3 30 NM
TROW T. Rowe Price Group 0.12 171.60 6.5 14.1 0.9 12.59 11.98 13.49 12.62 12.3 25.6 5.4 0.3 0.6 12 14.3 1.2 NM NM NM NM NM NM 39 2.5 5.6 39 NM
Consumer Finance 0.60 4.6 18.8 1.2 (55.6) 114.5 18.0 3.1 0.8 22 13.2 3.1 NM NM NM NM NM NM 16 1.4 2.1 225 NM
AXP American Express 0.27 141.44 4.9 17.7 1.1 6.85 6.53 8.90 9.00 (54.8) 73.7 37.9 0.2 0.5 19 21.9 1.2 NM NM NM NM NM NM 24 1.2 5.2 114 NM
COF Capital One Financial 0.17 127.23 5.9 29.1 1.2 17.70 12.67 16.55 13.80 (56.0) 149.4 8.9 3.6 0.6 15 10.0 0.7 NM NM NM NM NM NM 10 1.3 1.0 58 NM
DFS Discover Financial Svc. 0.09 94.99 1.0 5.4 1.2 13.00 9.29 12.00 10.39 (61.3) 158.8 11.9 4.8 0.8 2 10.3 5.4 NM NM NM NM NM NM 31 1.9 3.2 29 NM
SYF Synchrony Financial 0.07 40.66 5.1 17.8 1.3 5.95 4.54 5.00 5.10 (49.9) 91.0 12.2 5.1 1.8 79 8.9 0.1 NM NM NM NM NM NM 23 2.2 2.1 24 NM
Diversified Banks 3.41 7.6 23.5 1.1 (40.0) 43.8 13.2 5.2 1.1 6 13.6 3.1 NM NM NM NM NM NM 10 2.1 1.4 1,195 NM
BAC Bank of America 0.87 38.69 12.0 28.3 1.1 2.50 2.51 3.07 2.92 (36.1) 36.1 16.5 3.2 2.3 4 15.2 3.5 NM NM NM NM NM NM 9 1.9 1.4 334 NM
C Citigroup Inc. 0.45 72.75 10.4 19.0 1.2 7.30 7.07 8.35 8.11 (37.0) 36.9 14.7 9.9 0.3 0 10.2 271.4 NM NM NM NM NM NM 8 2.8 0.9 152 NM
JPM JPMorgan Chase 1.38 152.23 3.4 20.7 1.1 10.47 10.81 11.22 11.64 (17.2) 22.0 7.7 4.5 2.0 1 13.9 18.3 NM NM NM NM NM NM 14 2.4 1.9 465 NM
USB U.S. Bancorp 0.22 55.31 11.5 19.6 1.0 3.63 3.85 3.77 4.22 (31.5) 25.0 9.6 3.4 0.4 3 14.3 5.6 NM NM NM NM NM NM 13 3.0 1.8 83 NM
WFC Wells Fargo & Co. 0.48 39.07 8.0 29.9 1.3 2.61 2.65 3.45 3.28 (90.7) 545.3 23.9 6.1 (1.5) 31 14.4 0.5 NM NM NM NM NM NM 7 1.0 1.0 162 NM
Financial Exchanges & Data 1.04 3.4 3.3 0.9 14.9 4.5 9.4 0.5 0.5 8 28.8 3.1 NM NM NM NM NM NM 23 1.1 6.5 365 NM
CBOE Cboe Global Markets 0.03 98.69 (0.3) 6.4 0.9 5.14 5.06 5.04 5.34 8.6 (4.9) 5.5 0.2 0.3 (12) 19.6 NM NM NM NM NM NM NM 16 1.6 3.2 11 NM
CME CME Group Inc. 0.22 204.23 2.7 12.7 0.9 7.15 6.68 7.75 7.28 (0.9) (0.7) 8.9 1.6 1.4 5 30.8 6.7 NM NM NM NM NM NM 9 1.8 2.7 73 NM
ICE Intercontinental Exchange 0.19 111.68 1.5 (2.9) 0.9 4.97 4.88 5.22 5.28 17.5 8.2 8.2 0.1 0.6 11 22.7 2.1 NM NM NM NM NM NM 15 1.2 3.5 63 NM
MCO Moody's Corp. 0.14 298.61 8.6 3.1 0.9 10.61 10.55 11.68 11.69 21.7 3.7 10.8 0.5 0.3 10 28.4 2.8 NM NM NM NM NM NM NM 0.8 47.7 56 NM
MKTX MarketAxess Holdings 0.06 497.92 (10.4) (12.6) 1.1 7.65 8.37 8.16 9.29 45.5 6.8 11.0 (0.2) (0.3) 10 59.5 5.7 NM NM NM NM NM NM 36 0.5 21.6 19 NM
MSCI MSCI Inc. 0.10 419.28 1.1 (5.9) 1.1 9.24 10.45 19.0 17.5 13.2 0.6 0.3 14 45.4 3.3 NM NM NM NM NM NM NM 0.7 NM 35 NM
NDAQ Nasdaq Inc. 0.05 147.46 7.0 11.5 0.9 6.74 6.28 6.85 6.87 23.5 2.3 9.3 0.1 0.4 6 23.2 3.6 NM NM NM NM NM NM 18 1.3 4.1 24 NM
SPGI S&P Global Inc. 0.25 352.87 7.1 7.6 0.9 12.33 13.53 20.8 5.5 9.8 0.1 0.1 8 28.5 3.4 NM NM NM NM NM NM NM 0.9 NM 85 NM
Insurance Brokers 0.50 3.8 6.2 0.9 8.9 7.5 9.3 (0.2) (0.0) 10 21.6 3.1 NM NM NM NM NM NM 28 1.3 6.0 168 NM
AON Aon Plc 0.15 230.11 1.1 9.2 0.9 10.99 12.30 4.4 11.0 11.9 (0.1) 0.0 11 20.8 1.8 NM NM NM NM NM NM 72 0.8 15.1 52 NM
AJG Arthur J. Gallagher 0.07 124.77 4.6 1.3 0.8 4.85 4.90 4.95 5.05 33.3 4.4 3.0 1.3 0.6 10 25.4 2.7 NM NM NM NM NM NM 17 1.5 4.3 24 NM
MMC Marsh & McLennan Cos. 0.18 121.80 5.7 4.5 0.9 5.30 5.32 5.75 5.85 7.2 7.2 10.0 0.0 0.1 9 22.9 2.5 NM NM NM NM NM NM 32 1.5 7.5 62 NM
WLTW Willis Towers Watson Public Limited 0.09 228.88 4.1 9.0 1.0 12.22 13.17 6.9 4.5 7.8 (1.4) (0.5) 12 18.6 1.5 NM NM NM NM NM NM 15 1.2 2.8 30 NM
Median 0.08 5.8 8.9 1.0 1.0 11.1 10.6 0.1 0.2 10 21.5 2.3 9.3 5.9 4.1 16.5 12.7 55 18 1.4 4.2 29 18
S&P 500 (Top-down) 165.01 185.53 (19.6) 24.6 12.4 24.8
e1121846f22311dcbd010014c2408514
5 April 2021 38

EPS Estimates
FINANCIALS 11.32 5.8 16.0 1.0 (22.9)% 24.6 % 11.2 % 2.6 % 1.1 % 6% 15.2x 2.6x NM NM NM NM NM NM 11 % 1.7 % 1.6x 4,084 NM
Investment Banking & Brokerage 1.02 3.1 20.6 1.0 35.6 0.7 8.2 3.7 0.6 8 13.7 3.1 NM NM NM NM NM NM 14 1.5 1.9 393 NM
SCHW Charles Schwab 0.29 65.18 5.6 23.3 0.8 3.08 2.86 2.75 2.98 17.3 25.8 4.1 1.5 (0.4) 7 22.5 3.3 NM NM NM NM NM NM 17 1.1 3.8 118 NM
MS Morgan Stanley 0.35 77.66 1.0 13.9 1.1 5.77 5.74 7.15 6.49 41.1 (9.1) 13.0 2.9 0.3 3 13.3 4.1 NM NM NM NM NM NM 13 1.8 1.8 146 NM
RJF Raymond James Financial 0.04 122.56 5.3 29.0 0.9 8.63 8.03 9.50 8.56 (15.1) 25.2 6.5 0.7 1.0 12 15.6 1.3 NM NM NM NM NM NM 15 1.3 2.4 17 NM
Life & Health Insurance 0.46 5.9 21.0 1.0 (9.8) 9.0 11.3 (0.1) (0.0) 8 9.1 3.1 NM NM NM NM NM NM 8 3.4 0.8 169 NM
AFL Aflac Inc. 0.10 51.18 6.9 15.9 0.9 4.85 4.92 5.05 5.19 6.7 (2.5) 5.5 0.2 0.0 NA 10.4 NM NM NM NM NM NM NM 11 2.6 1.2 35 NM
LNC Lincoln National 0.03 62.27 9.5 24.8 1.1 9.10 8.82 11.05 10.73 (54.4) 105.3 21.6 (1.4) 0.0 29 7.0 0.2 NM NM NM NM NM NM 8 2.7 0.6 12 NM
MET MetLife Inc. 0.14 60.79 5.5 30.6 1.0 6.10 6.21 6.90 6.97 (1.2) (1.2) 12.3 0.1 (0.0) 4 9.8 2.4 NM NM NM NM NM NM 7 3.0 0.7 54 NM
PFG Principal Financial Grp 0.05 59.96 6.0 22.1 1.0 6.02 6.80 (12.6) 20.9 13.0 (0.6) 0.0 10 10.1 1.0 NM NM NM NM NM NM 11 3.7 1.1 16 NM
PRU Prudential Financial 0.11 91.10 5.1 18.3 1.1 11.55 11.46 12.65 12.61 (13.1) 11.5 10.0 0.1 0.0 6 7.9 1.3 NM NM NM NM NM NM 7 5.0 0.6 36 NM
GL Globe Life Inc. 0.03 96.63 3.5 2.0 0.9 7.40 8.18 (1.5) 6.3 10.5 0.0 0.0 NA 13.0 NM NM NM NM NM NM NM 10 0.8 1.3 10 NM
UNM Unum Group 0.02 27.83 5.1 22.7 1.1 4.78 5.39 (10.3) (3.3) 12.8 0.1 0.0 2 5.9 2.7 NM NM NM NM NM NM 9 4.1 0.5 6 NM
Multi-line Insurance 0.21 14.4 24.7 1.0 (27.5) 32.0 16.0 (1.4) (0.4) 12 11.6 3.1 NM NM NM NM NM NM 7 2.4 0.8 72 NM
AIG American Intl Group 0.12 46.21 5.8 22.9 1.1 4.40 4.40 4.95 5.03 (45.7) 75.4 14.1 (0.8) (0.5) 16 10.6 0.7 NM NM NM NM NM NM 6 2.8 0.6 40 NM
AIZ Assurant Inc. 0.02 141.77 15.1 4.6 0.9 9.69 11.86 (0.7) 9.7 22.5 (7.4) 0.4 NA 14.8 NM NM NM NM NM NM NM 10 1.9 1.4 8 NM
HIG Hartford Financial Svc. 0.07 66.79 31.8 37.3 1.0 5.33 6.28 1.7 (8.0) 17.8 (0.9) (0.3) 5 12.6 2.5 NM NM NM NM NM NM 11 2.1 1.4 24 NM
Multi-Sector Holdings 1.45 6.2 10.2 0.9 (9.7) 16.7 14.8 1.7 5.0 (15) 23.7 3.1 NM NM NM NM NM NM 6 0.0 1.4 587 NM
BRK.B Berkshire Hathaway 1.45 255.47 6.2 10.2 0.9 10.82 12.42 (9.7) 16.7 14.8 1.7 5.0 (15) 23.7 NM NM NM NM NM NM NM 6 0.0 1.4 587 NM
Property & Casualty Insurance 0.71 4.7 5.6 0.9 7.3 4.6 4.8 (0.5) (0.0) 7 13.8 3.1 NM NM NM NM NM NM 12 1.7 1.5 244 NM
ALL Allstate Corp. 0.10 114.90 8.6 5.3 0.9 13.15 12.52 12.60 12.57 33.0 (15.8) 0.4 (1.0) (0.8) 4 9.2 2.0 NM NM NM NM NM NM 14 2.8 1.3 35 NM
CB Chubb Limited 0.21 157.97 (2.4) 3.1 0.9 11.68 12.57 (28.2) 59.7 7.6 (0.3) (0.1) 14 13.5 1.0 NM NM NM NM NM NM 9 2.0 1.3 71 NM
CINF Cincinnati Financial 0.05 103.09 6.0 18.7 0.8 3.98 4.15 (23.3) 21.7 4.2 0.6 0.9 7 26.1 3.7 NM NM NM NM NM NM 7 2.4 1.8 17 NM
L Loews Corp. 0.03 51.28 7.3 14.0 1.0 NM NM NM NM NM NA NM NM NM NM NM NM NM NM NM 0.5 0.8 14 NM
PGR Progressive Corp. 0.17 95.61 11.2 1.4 0.9 5.65 5.88 5.60 5.89 42.3 (21.3) 0.3 0.5 0.8 (3) 16.4 NM NM NM NM NM NM NM 21 0.4 3.5 56 NM
TRV Travelers Companies 0.11 150.40 3.9 7.7 0.9 10.55 11.08 11.20 12.09 6.8 5.6 9.1 (1.7) (0.2) 6 13.7 2.3 NM NM NM NM NM NM 10 2.3 1.4 38 NM
WRB W. R. Berkley Corp. 0.03 75.35 8.9 13.6 0.8 3.50 3.54 4.05 4.13 (18.9) 38.5 16.7 (1.3) 0.5 20 21.3 1.1 NM NM NM NM NM NM 11 0.6 2.3 13 NM
Regional Banks 1.06 2.5 23.3 1.0 (26.4) 34.2 7.5 2.1 1.2 12 14.4 3.1 NM NM NM NM NM NM 10 2.6 1.4 356 NM
CFG Citizens Financial Group 0.06 44.15 1.6 24.7 1.1 4.10 3.89 4.35 3.95 (42.6) 73.6 1.6 1.6 1.2 (1) 11.4 NM NM NM NM NM NM NM 8 3.5 0.9 19 NM
CMA Comerica Inc. 0.03 71.74 6.4 29.7 1.1 5.60 5.29 4.60 5.00 (59.9) 61.8 (5.4) 2.0 1.2 (8) 13.6 NM NM NM NM NM NM NM 10 3.8 1.3 10 NM
FITB Fifth Third Bancorp 0.08 37.45 8.7 36.8 1.1 3.30 2.94 3.45 3.11 (23.5) 38.9 5.9 2.6 1.8 9 12.6 1.5 NM NM NM NM NM NM 10 2.9 1.3 27 NM
FRC First Republic Bank 0.09 166.75 1.2 13.6 1.0 6.95 6.55 7.60 7.28 15.3 14.0 11.2 0.1 0.4 13 25.5 1.9 NM NM NM NM NM NM 12 0.5 3.0 29 NM
HBAN Huntington Bancshares 0.05 15.72 3.4 25.6 1.0 1.20 1.36 (45.7) 72.0 13.2 (0.4) 0.4 7 13.0 1.8 NM NM NM NM NM NM 12 3.8 1.5 16 NM
KEY KeyCorp. 0.06 19.98 0.1 22.8 1.1 2.10 1.85 1.80 1.84 (28.5) 44.2 (0.4) 0.9 0.7 2 10.8 5.7 NM NM NM NM NM NM 11 3.7 1.2 19 NM
MTB M&T Bank Corp. 0.06 151.61 0.4 20.0 1.1 13.60 11.78 11.55 12.20 (31.1) 18.8 3.6 0.2 (0.2) 4 13.0 3.0 NM NM NM NM NM NM 10 2.9 1.3 20 NM
PBCT People's United Financial 0.02 17.90 (0.2) 40.3 0.9 1.28 1.30 (10.0) 1.3 1.7 0.1 0.2 NA 14.0 NM NM NM NM NM NM NM 7 4.0 1.0 8 NM
PNC PNC Financial Svc. Grp 0.22 175.41 4.2 18.6 1.0 9.20 10.53 10.11 12.23 (43.2) 57.2 16.1 2.6 0.6 29 16.1 0.6 NM NM NM NM NM NM 10 2.6 1.5 74 NM
RF Regions Financial 0.06 20.66 0.9 29.1 1.0 2.15 1.90 1.95 1.89 (35.2) 91.6 (0.2) 2.8 1.9 9 11.0 1.3 NM NM NM NM NM NM 11 3.0 1.2 20 NM
SIVB SVB Financial Group 0.08 493.66 (2.3) 27.3 1.0 21.86 23.09 5.6 (0.2) 5.6 6.7 5.4 8 22.6 2.8 NM NM NM NM NM NM 16 0.0 3.7 27 NM
TFC Truist Financial 0.23 58.32 2.4 22.7 1.1 4.17 4.19 4.51 4.66 (5.7) 10.3 11.2 2.8 1.6 9 13.8 1.5 NM NM NM NM NM NM 9 3.1 1.3 79 NM
ZION Zions Bancorp, N.A. 0.03 54.96 3.4 27.4 1.0 5.35 4.34 4.25 4.14 (29.6) 42.6 (4.7) 1.4 0.6 9 12.8 1.4 NM NM NM NM NM NM 10 2.5 1.3 9 NM
Reinsurance 0.03 3.1 6.5 0.9 (66.0) 235.2 19.0 0.1 1.3 61 10.1 3.1 NM NM NM NM NM NM 11 2.5 1.1 10 NM
RE Everest Re Group 0.03 247.81 3.1 6.5 0.9 24.45 24.79 29.40 29.49 (66.0) 235.2 19.0 0.1 1.3 61 10.1 0.2 NM NM NM NM NM NM 11 2.5 1.1 10 NM
Median 0.08 5.8 8.9 1.0 1.0 11.1 10.6 0.1 0.2 10 21.5 2.3 9.3 5.9 4.1 16.5 12.7 55 18 1.4 4.2 29 18
S&P 500 (Top-down) 165.01 185.53 (19.6) 24.6 12.4 24.8
e1121846f22311dcbd010014c2408514
Source: Factset, Goldman Sachs Global Investment Research
5 April 2021 39

EPS Estimates
HEALTH CARE 13.00 3.9 3.2 0.9 5.0 % 11.9 % 6.6 % (0.2)% (0.3)% 10 % 16.4x 1.6x 6.5 % 4.6 % 2.2x 14.5x 10.8 % 53 bp 30 % 1.7 % 5.0x 4,463 17 %
Biotechnology 1.82 4.1 3.7 0.8 17.2 7.5 6.0 (0.1) (0.6) 8 11.3 3.1 9.7 3.3 5.3 11.3 37.6 (76) 67 2.7 7.6 616 22
ABBV AbbVie Inc. 0.57 108.22 0.4 2.2 0.8 12.44 12.42 13.23 13.71 40.3 18.2 10.4 0.1 (0.1) 6 8.9 1.5 20.7 6.4 5.6 11.4 39.7 (86) NM 4.8 21.4 191 32
ALXN Alexion Pharmaceuticals 0.10 152.91 0.1 (2.1) 0.7 12.90 13.54 17.7 3.5 4.9 (0.6) (5.4) 11 11.5 1.0 8.5 7.9 5.5 10.1 43.1 (210) 26 0.0 3.0 34 8
AMGN Amgen Inc. 0.43 248.81 10.6 9.0 0.7 17.91 16.84 20.37 18.40 9.7 0.7 9.3 (0.3) (0.4) 8 14.9 2.0 4.0 3.3 6.6 12.8 36.8 (124) 95 2.8 14.2 144 20
BIIB Biogen Inc. 0.13 279.75 2.5 14.2 0.7 18.13 18.59 21.66 20.36 (16.8) (43.9) 9.5 (2.8) (3.2) (8) 15.1 NM (21.4) 0.8 3.5 8.1 26.8 (1077) 25 0.0 3.8 43 16
GILD Gilead Sciences 0.24 64.63 6.5 12.2 0.8 7.08 7.15 4.20 6.83 6.0 1.1 (4.4) 0.2 (0.4) 4 8.9 2.3 0.4 (3.2) 3.7 8.5 36.2 22 48 4.4 4.3 81 30
INCY Incyte Corp. 0.05 81.27 3.3 (6.6) 1.0 2.37 3.08 3.87 4.45 (116.5) NM 44.4 (1.1) 1.9 41 27.2 0.7 8.8 19.8 6.1 NM 23.4 2715 28 0.0 7.7 18 0
REGN Regeneron Pharmaceuticals 0.15 473.14 5.0 (2.1) 0.9 45.83 45.86 35.47 40.03 24.8 45.5 (12.7) 1.0 (1.3) 2 10.3 6.3 42.5 (7.1) 5.7 12.1 39.9 82 46 0.0 4.7 50 4
VRTX Vertex Pharmaceuticals 0.17 214.89 1.1 (9.1) 0.7 10.37 11.22 12.47 13.01 95.8 8.7 16.0 0.1 1.2 31 19.7 0.6 11.9 12.3 8.2 15.4 42.0 (125) 37 0.0 7.3 56 1
Health Care Distributors 0.23 16.0 13.5 1.0 4.0 9.1 8.4 0.9 0.7 7 11.7 3.1 5.5 4.3 0.2 9.2 1.1 4 67 1.4 7.8 83 23
ABC AmerisourceBergen 0.05 118.07 16.6 21.3 1.0 8.83 8.82 9.62 9.83 14.0 6.3 11.4 2.6 2.7 7 13.6 1.8 6.8 5.0 0.1 9.2 0.9 (0) NM 1.5 16.9 24 18
CAH Cardinal Health 0.05 60.75 18.9 14.3 0.9 6.14 6.12 6.41 6.45 8.0 3.6 5.5 (0.0) (0.0) 6 10.4 1.7 5.2 4.5 0.1 8.2 1.1 (2) NM 3.2 11.2 18 32
HSIC Henry Schein Inc. 0.03 69.24 11.9 3.6 1.0 3.90 3.76 4.00 4.05 (17.7) 26.5 7.5 (0.1) 0.0 12 18.6 1.6 14.6 2.1 1.2 15.2 4.6 43 17 0.0 3.2 10 11
MCK McKesson Corp. 0.09 195.04 15.3 12.4 1.0 18.46 18.45 19.77 20.10 1.7 11.1 8.9 0.8 0.4 7 10.4 1.6 4.5 3.7 0.2 8.9 1.2 7 75 0.9 7.8 31 25
Health Care Equipment 3.34 0.6 1.0 0.9 (3.1) 27.5 9.6 (0.1) (0.4) 12 27.2 3.1 15.3 4.6 7.1 25.8 20.8 199 20 0.9 5.3 1,154 11
ABMD ABIOMED Inc. 0.04 318.73 (1.8) (1.7) 1.0 4.81 5.71 (10.5) 9.6 18.7 0.0 0.0 16 68.5 4.3 17.8 17.9 17.2 49.9 22.7 (170) 18 0.0 12.5 14 0
ABT Abbott Laboratories 0.63 119.84 0.1 9.9 0.8 5.11 5.05 5.26 5.39 13.0 38.3 6.6 (0.3) (0.9) 14 23.6 1.7 22.1 (0.5) 6.5 24.3 21.2 249 29 1.5 6.8 212 8
BAX Baxter Intl 0.13 84.34 8.6 5.4 0.7 3.41 3.37 4.11 3.96 (6.3) 7.8 17.6 0.0 0.0 10 25.1 2.5 7.3 5.4 3.9 17.1 13.6 6 21 1.2 5.2 43 15
BDX Becton, Dickinson 0.21 243.15 1.2 (2.5) 0.8 13.22 12.96 14.17 13.69 11.5 7.4 5.6 0.2 (0.2) 12 21.1 1.8 7.4 1.4 4.8 16.4 19.2 (1) 14 1.4 3.0 71 22
BSX Boston Scientific 0.16 38.65 (0.3) 7.5 1.0 1.55 1.51 1.93 1.80 (38.0) 55.4 19.6 (1.4) (1.0) 7 25.2 3.6 15.0 8.4 6.4 26.6 18.7 486 14 0.0 3.6 55 16
DHR Danaher Corp. 0.42 225.08 2.6 1.4 0.9 7.65 7.66 8.24 8.18 40.7 22.1 6.7 0.6 0.9 12 29.6 2.5 17.8 5.0 8.1 27.1 20.8 73 16 0.4 4.8 160 13
DXCM DexCom Inc. 0.10 359.39 (9.7) (2.8) 1.2 2.31 3.37 77.2 (24.9) 45.7 0.4 1.8 38 162.0 4.3 20.6 20.4 17.6 84.6 9.6 (579) 15 0.0 24.6 35 5
EW Edwards Lifesciences 0.16 83.64 0.6 (8.3) 1.0 2.15 2.11 2.51 2.45 (0.7) 14.2 16.3 (0.3) (0.5) 14 39.4 2.9 15.9 11.5 11.8 36.8 25.9 (39) 32 0.0 12.6 52 1
HOLX Hologic Inc. 0.06 74.38 3.2 2.1 1.0 7.67 4.79 142.5 23.1 (37.6) (1.5) (2.6) 19 10.0 0.5 18.4 (18.6) 4.8 9.4 36.8 141 74 0.0 7.4 19 15
IDXX IDEXX Laboratories 0.12 489.31 (5.9) (2.1) 0.9 7.68 7.59 8.75 8.67 36.7 13.3 14.3 0.0 (0.9) 15 64.4 4.3 14.4 10.1 15.8 52.2 21.0 (20) NM 0.0 115.0 42 3
ISRG Intuitive Surgical 0.26 738.94 0.3 (9.7) 1.0 12.74 12.31 16.15 15.08 (19.2) 21.4 22.5 (0.1) 0.2 9 60.5 6.5 13.7 17.1 18.6 63.8 29.2 186 16 0.0 9.6 87 0
MDT Medtronic Plc 0.47 118.13 1.5 1.3 0.9 5.27 5.25 6.27 6.14 (36.5) 49.9 16.9 (0.0) (0.0) 9 21.1 2.4 13.5 6.8 6.3 25.2 22.3 541 15 2.0 3.2 159 16
RMD ResMed Inc. 0.08 194.02 0.6 (8.5) 0.9 5.35 5.89 34.2 1.3 10.1 0.0 0.0 13 37.0 2.9 6.5 8.1 9.4 27.2 23.6 (122) 30 0.8 11.0 28 4
STE STERIS Plc 0.05 190.48 9.0 0.7 0.9 6.80 7.47 12.1 10.5 9.9 0.0 0.0 12 27.9 2.4 10.4 7.3 5.7 21.3 17.2 2 16 0.8 4.5 16 8
SYK Stryker Corp. 0.24 243.58 0.6 (0.3) 0.9 9.01 9.05 10.37 10.27 (9.7) 21.9 13.5 0.0 (0.4) 11 26.9 2.4 19.1 7.3 6.9 27.9 19.9 46 26 1.0 7.1 92 13
TFX Teleflex Inc. 0.06 415.46 4.4 1.0 0.9 12.66 14.74 (3.7) 19.0 16.4 0.7 (0.9) 11 32.9 3.0 11.0 8.1 8.4 31.6 21.0 141 19 0.3 6.1 19 11
VAR Varian Medical Systems 0.05 176.53 0.7 0.9 0.3 5.24 6.02 (17.5) 35.5 14.8 (0.6) (2.5) 9 33.7 3.8 16.3 10.9 5.1 28.6 13.3 189 24 0.0 8.0 16 3
ZBH Zimmer Biomet Holdings 0.10 160.08 (1.7) 4.0 0.9 7.86 7.68 9.44 8.63 (27.4) 35.9 12.3 0.7 (0.9) 10 20.8 2.1 13.4 5.0 5.8 21.5 20.0 332 13 0.6 2.8 33 21
Health Care Facilities 0.18 9.2 11.3 1.0 (3.0) 20.9 13.0 0.0 0.6 11 14.3 3.1 5.9 5.2 1.7 9.6 7.7 95 87 0.9 12.5 74 34
HCA HCA Healthcare Inc. 0.15 188.34 9.8 14.8 1.0 13.25 12.68 16.38 14.31 (6.1) 29.0 12.9 0.0 0.0 12 14.8 1.3 6.0 5.4 1.9 9.6 7.9 140 NM 1.0 NM 64 35
UHS Universal Health Svc. 0.03 133.39 6.6 (2.8) 1.0 10.79 10.76 12.92 12.25 7.8 (3.2) 13.8 0.2 3.1 6 12.4 2.1 5.7 4.7 1.2 9.4 6.9 (63) 14 0.6 1.8 10 29
Health Care Services 0.69 11.7 13.4 1.0 15.9 0.1 3.9 (0.5) (0.9) 7 11.0 3.1 3.7 4.2 0.8 9.9 4.4 (16) 16 1.9 1.8 238 41
CI Cigna Corp. 0.25 241.74 15.7 16.6 1.0 20.16 20.40 23.01 22.85 5.2 7.9 12.0 0.3 (0.2) 11 11.9 1.1 3.4 6.0 0.7 11.4 4.3 18 15 1.7 1.8 85 32
CVS CVS Health Corp. 0.29 75.23 10.4 10.9 1.1 7.45 7.28 7.83 7.94 6.7 (2.8) 9.0 (1.6) (1.9) 5 10.0 2.0 4.2 4.2 0.7 9.5 3.4 (25) 15 2.7 1.5 99 51
DVA DaVita Inc. 0.02 107.77 5.5 (8.2) 1.0 8.21 9.35 14.8 10.6 13.9 0.2 0.2 14 13.1 0.9 (0.1) 3.3 2.0 9.8 7.8 75 51 0.0 6.7 12 50
LH Laboratory of America 0.07 255.03 6.3 25.3 0.8 21.18 15.51 112.1 (11.2) (26.8) 1.2 (1.4) 10 11.8 1.2 2.2 (5.1) 2.2 8.5 14.5 (219) 26 0.0 3.1 25 22
DGX Quest Diagnostics 0.05 128.34 11.0 8.2 0.8 11.18 8.01 70.1 (0.7) (28.4) 0.2 2.9 0 11.3 90.8 0.7 (10.7) 2.2 8.3 15.7 (22) 24 1.9 2.8 17 23
Health Care Supplies 0.28 0.6 4.5 1.0 (8.7) 45.1 15.5 4.1 2.8 20 39.2 3.1 24.6 10.1 9.4 39.4 18.4 261 18 0.2 6.9 97 5
ALGN Align Technology 0.12 541.53 (4.5) 1.3 1.1 9.30 9.08 11.75 11.31 (1.5) 73.9 24.6 1.3 0.9 18 58.9 3.3 40.1 22.3 17.1 86.9 20.7 403 24 0.0 14.3 43 0
COO Cooper Companies 0.06 384.09 (0.5) 5.7 0.9 13.20 14.63 (17.7) 30.7 10.9 3.4 2.5 NA 29.0 NM 15.9 6.5 8.5 28.1 22.7 257 15 0.0 4.4 19 10
WST West Pharmaceutical Svc. 0.06 281.78 0.4 (0.5) 0.9 6.12 6.76 46.5 29.1 10.5 1.2 (2.0) 23 45.8 2.0 19.0 7.0 9.7 37.7 17.7 139 27 0.2 12.5 21 2
XRAY DENTSPLY SIRONA 0.04 63.81 20.4 22.1 0.9 2.75 2.68 3.05 3.07 (28.2) 50.2 14.5 10.6 9.7 23 23.5 1.0 24.1 5.2 4.6 22.5 14.2 246 12 0.6 2.9 14 14
e1121846f22311dcbd010014c2408514
Median 0.08 5.8 8.9 1.0 1.0 11.1 10.6 0.1 0.2 10 21.5 2.3 9.3 5.9 4.1 16.5 12.7 55 18 1.4 4.2 29 18
S&P 500 (Top-down) 165.01 185.53 (19.6) 24.6 12.4 24.8
5 April 2021 40

EPS Estimates
HEALTH CARE 13.00 3.9 3.2 0.9 5.0 % 11.9 % 6.6 % (0.2)% (0.3)% 10 % 16.4x 1.6x 6.5 % 4.6 % 2.2x 14.5x 10.8 % 53 bp 30 % 1.7 % 5.0x 4,463 17 %
Health Care Technology 0.07 4.0 (8.4) 0.8 3.4 11.0 12.5 0.1 0.1 11 22.8 3.1 5.6 5.2 4.1 14.3 16.6 80 23 1.2 5.3 22 6
CERN Cerner Corp. 0.07 71.88 4.0 (8.4) 0.8 3.13 3.16 3.54 3.55 3.4 11.0 12.5 0.1 0.1 11 22.8 2.1 5.6 5.2 4.1 14.3 16.6 80 23 1.2 5.3 22 6
Life Sciences Tools & Services 1.14 (0.6) 1.2 1.1 31.9 13.0 (2.0) 0.3 (0.5) 12 26.0 3.1 10.7 1.1 6.5 18.3 20.9 43 26 0.2 6.7 385 11
A Agilent Technologies 0.12 127.14 4.2 7.5 1.0 4.02 3.97 4.55 4.47 10.1 12.1 12.4 1.1 1.0 9 31.9 3.4 8.3 5.8 7.2 26.9 20.2 69 25 0.6 8.0 39 6
BIO Bio-Rad Laboratories 0.04 571.17 (2.3) (2.0) 1.1 11.50 12.52 48.4 9.3 8.9 0.3 2.5 47 50.7 1.1 4.8 2.7 5.4 2.7 10.7 44 3 0.0 1.7 14 4
ILMN Illumina Inc. 0.17 384.06 (12.6) 3.8 1.2 5.50 6.49 (32.1) 22.1 18.1 (4.2) 4.7 23 69.5 3.1 20.8 16.7 16.9 44.2 20.5 22 17 0.0 12.1 56 3
IQV IQVIA Holdings Inc. 0.11 193.14 0.2 7.8 1.0 8.00 7.96 9.29 9.26 (0.9) 23.7 16.4 (0.0) (0.0) 17 24.2 1.4 12.7 8.1 4.3 22.5 11.9 106 27 0.0 6.4 37 26
MTD Mettler-Toledo Intl 0.08 1155.69 3.6 1.4 1.1 30.09 29.73 34.85 32.99 9.5 14.4 11.0 0.0 0.0 13 38.8 2.9 9.5 5.9 9.2 30.4 20.6 88 NM 0.0 73.0 27 5
PKI PerkinElmer Inc. 0.04 128.29 1.7 (10.6) 1.1 8.98 8.84 7.18 6.12 103.8 6.7 (30.7) (0.5) (4.1) 14 14.7 1.0 10.8 (14.0) 4.3 13.3 23.6 (92) 31 0.2 4.5 14 13
TMO Thermo Fisher Scientific 0.53 456.38 1.5 (2.0) 1.1 21.98 22.02 22.77 20.24 56.6 11.9 (8.0) 0.8 (1.2) 7 20.8 3.2 10.0 (3.1) 6.0 18.9 24.5 41 28 0.2 5.8 180 11
WAT Waters Corp. 0.05 284.17 3.8 14.9 0.9 9.74 9.61 10.99 10.62 (3.8) 6.3 10.5 0.0 0.0 9 29.7 3.5 8.4 5.3 8.0 23.0 23.3 (47) NM 0.0 NM 18 9
Managed Health Care 1.58 13.0 6.9 1.0 15.1 8.0 14.9 (0.1) (0.1) 12 18.2 3.1 8.7 7.6 1.0 12.0 4.7 (3) 22 1.2 3.9 531 17
ANTM Anthem Inc. 0.26 358.95 18.8 12.2 1.0 24.61 24.84 28.42 28.23 13.2 9.1 13.6 (0.7) (0.7) 13 14.5 1.1 11.8 7.5 0.7 8.5 4.5 (11) 18 1.3 2.6 88 27
CNC Centene Corp. 0.11 63.91 9.2 6.5 1.2 5.27 5.22 5.97 5.87 59.7 5.1 12.4 0.1 (0.2) 11 12.0 1.1 6.2 4.7 0.4 7.6 2.6 (3) 12 0.0 1.5 37 42
HUM Humana Inc. 0.16 419.25 10.6 2.4 0.9 21.57 21.56 24.82 24.74 5.0 12.0 14.8 (0.1) 0.2 12 19.5 1.6 7.9 9.9 0.6 8.3 3.4 12 20 0.7 3.8 54 18
UNH UnitedHealth Group 1.05 372.07 12.4 6.5 0.9 18.21 18.21 20.91 21.08 11.8 7.6 15.7 0.0 0.1 12 20.5 1.7 8.6 8.3 1.5 15.0 6.2 (6) 27 1.3 5.6 352 12
Pharmaceuticals 3.67 2.8 1.5 0.7 9.9 12.9 4.8 (0.6) (0.0) 9 13.5 3.1 15.5 0.5 5.2 13.6 29.3 (68) 39 2.7 5.3 1,265 15
BMY Bristol-Myers Squibb 0.42 63.13 3.7 2.6 0.8 7.59 7.48 7.86 8.04 32.9 15.2 7.4 0.0 2.8 8 8.5 1.0 9.1 4.3 4.0 8.7 36.2 193 36 3.1 3.0 141 28
CTLT Catalent Inc. 0.05 105.31 (7.4) 1.2 0.9 3.05 3.71 45.7 28.4 21.5 0.9 0.4 16 33.7 2.1 17.7 10.1 6.0 24.2 12.7 105 18 0.0 6.2 18 15
LLY Eli Lilly & Co. 0.44 186.82 (8.8) 11.1 0.8 8.71 8.36 9.15 8.83 30.8 5.7 5.5 0.1 0.4 13 22.3 1.7 14.1 0.5 7.9 19.9 28.6 (229) NM 1.8 40.6 179 9
JNJ Johnson & Johnson 1.29 164.35 3.7 5.1 0.7 9.77 9.51 10.58 10.28 (7.5) 18.2 8.1 0.1 0.3 7 17.3 2.5 11.4 4.6 5.3 15.4 27.2 158 40 2.5 6.9 432 7
MRK Merck & Co. Inc. 0.58 77.09 7.1 (4.9) 0.7 6.64 6.52 7.13 7.15 13.5 10.0 9.6 0.3 0.7 8 11.7 1.5 10.3 6.1 4.5 10.9 31.4 (8) 61 3.4 7.2 195 14
VTRS Viatris Inc. 0.05 13.97 (5.9) (25.5) 1.3 3.47 3.49 3.55 3.70 132.7 (20.7) 6.0 (3.4) (3.3) (4) 3.9 NM 46.5 (0.6) 2.7 8.4 24.1 (2038) 30 0.0 1.2 17 50
PRGO Perrigo Plc 0.02 40.47 0.9 (9.0) 0.9 2.81 3.11 3.8 (34.2) 10.6 (29.5) (31.8) NA 15.4 NM (17.1) 3.1 1.6 10.2 8.9 (233) 6 2.4 0.9 5 46
PFE Pfizer Inc. 0.60 36.23 8.2 (0.5) 0.7 3.48 3.31 3.39 3.03 (7.4) 21.9 (8.4) (1.6) (2.5) 9 10.7 1.2 30.3 (14.4) 5.7 14.8 29.7 (203) 29 4.3 3.1 202 23
ZTS Zoetis Inc. 0.22 157.48 1.4 (4.7) 0.8 4.43 4.43 5.05 4.99 5.5 14.9 12.7 0.0 0.5 12 35.6 3.1 11.9 7.2 11.8 28.5 28.1 74 64 0.6 22.8 75 9
Median 0.08 5.8 8.9 1.0 1.0 11.1 10.6 0.1 0.2 10 21.5 2.3 9.3 5.9 4.1 16.5 12.7 55 18 1.4 4.2 29 18
S&P 500 (Top-down) 165.01 185.53 (19.6) 24.6 12.4 24.8
e1121846f22311dcbd010014c2408514
5 April 2021 4<

EPS Estimates
INDUSTRIALS 8.87 8.9 11.4 1.0 (48.7)% 65.7 % 35.2 % 0.2 % 0.6 % 12 % 27.7x 2.3x 10.2 % 8.9 % 3.1x 23.4x 8.3 % 279 bp 22 % 1.4 % 6.0x 3,086 23 %
Environmental & Facilities Services 0.23 14.2 5.7 0.9 (3.9) 12.4 10.8 0.6 0.6 9 28.8 3.1 9.3 4.7 4.4 15.6 11.6 32 22 1.7 6.4 103 19
RSG Republic Services 0.06 99.35 12.0 3.6 0.9 3.71 4.08 7.0 3.8 10.0 0.1 (0.3) 8 26.7 3.4 6.3 4.6 4.0 14.1 11.0 (26) 14 1.7 3.8 32 22
ROL Rollins Inc. 0.02 34.42 3.8 (11.7) 1.1 0.62 0.67 12.6 14.3 8.6 0.0 0.0 NA 55.8 NM 7.3 6.4 8.0 37.9 13.1 80 34 0.9 19.2 17 3
WM Waste Management 0.15 129.02 16.9 9.9 0.8 4.68 5.22 (9.4) 16.4 11.4 0.9 1.0 10 27.7 2.9 10.9 4.6 4.3 15.1 11.7 56 28 1.8 7.7 55 19
Human Resource & Employment Services 0.03 0.4 25.5 0.9 (32.6) 22.3 15.6 0.2 1.8 6 23.3 3.1 8.2 8.6 1.7 16.9 6.8 79 32 1.9 7.5 9 3
RHI Robert Half Intl 0.03 78.07 0.4 25.5 0.9 3.12 3.34 3.56 3.86 (32.6) 22.3 15.6 0.2 1.8 6 23.3 3.9 8.2 8.6 1.7 16.9 6.8 79 32 1.9 7.5 9 3
Industrial Conglomerates 1.25 7.2 8.4 1.0 (35.1) 25.0 24.8 (0.3) 0.6 19 28.7 3.1 2.9 5.9 3.3 19.5 9.5 168 20 1.6 5.7 420 27
MMM 3M Co. 0.33 192.68 10.1 11.2 0.8 9.35 9.57 10.20 10.43 (4.2) 9.8 9.0 (0.0) 0.5 8 20.1 2.7 6.9 4.0 4.0 14.2 16.1 43 48 3.1 9.8 112 17
GE General Electric 0.34 13.13 4.8 21.7 1.1 0.25 0.24 0.50 0.50 (93.7) 492.7 111.6 (2.3) 1.2 50 56.1 1.1 (0.4) 6.4 2.0 26.7 2.6 218 6 0.3 3.3 115 53
HON Honeywell Intl 0.45 217.07 7.3 2.5 0.9 7.90 7.89 8.70 8.88 (14.6) 10.2 12.5 0.1 0.4 7 27.5 3.7 5.1 6.8 4.9 18.8 16.0 74 31 1.7 8.5 151 13
ROP Roper Technologies 0.13 403.34 6.8 (6.3) 1.1 14.70 14.67 15.25 15.85 (1.8) 15.4 8.1 0.0 0.4 11 27.5 2.4 13.5 5.2 8.9 24.9 24.5 40 15 0.6 4.2 42 16
Industrial Machinery 0.85 9.6 9.4 1.0 (3.8) 13.4 10.2 0.3 0.5 10 24.7 3.1 5.3 5.5 3.9 19.9 13.1 93 27 1.3 6.6 295 14
DOV Dover Corp. 0.06 137.13 11.3 9.1 0.9 6.50 6.44 7.25 7.01 (5.3) 13.2 8.8 0.0 0.6 10 21.3 2.1 8.3 4.1 3.4 17.7 12.8 55 29 1.4 6.2 20 15
FTV Fortive Corp. 0.07 70.64 7.3 (0.1) 1.1 2.52 2.75 (12.0) (17.4) 9.1 1.2 0.2 7 28.1 4.0 (22.6) 5.5 6.0 27.4 16.9 107 11 0.4 3.1 24 20
IEX IDEX Corp. 0.05 209.32 7.3 5.3 1.0 5.88 6.48 (10.6) 13.4 10.1 (0.1) 1.0 13 35.6 2.7 9.8 5.7 6.9 25.8 17.3 55 19 1.0 6.7 16 7
ITW Illinois Tool Works 0.19 221.52 10.1 9.2 0.9 8.00 7.92 8.55 8.71 (16.7) 19.6 9.9 (0.1) 0.4 8 27.9 3.7 11.3 5.1 6.1 22.8 17.9 125 95 2.1 26.7 70 10
IR Ingersoll Rand Inc. 0.05 49.21 6.2 8.0 1.0 1.90 1.87 2.20 2.15 91.3 25.9 15.1 NM NM NA 26.3 NM 6.0 5.9 4.8 29.0 13.7 218 9 0.0 2.3 21 16
OTIS Otis Worldwide 0.08 68.45 7.4 1.7 0.9 2.73 2.93 NM 9.0 7.3 0.1 0.4 9 25.0 2.8 6.1 3.6 2.8 16.9 8.8 23 NM 1.2 NM 30 19
PH Parker-Hannifin 0.12 315.43 9.9 16.2 1.0 14.74 15.00 15.96 16.67 2.0 25.5 11.1 0.1 0.3 13 20.9 1.6 8.1 6.8 3.6 17.7 13.3 184 30 1.1 6.3 41 17
PNR Pentair plc 0.03 62.32 11.4 17.8 1.0 2.69 2.74 2.92 2.98 4.4 8.8 9.0 0.1 0.1 9 22.8 2.6 5.3 4.5 3.8 20.5 14.3 46 23 1.3 5.2 10 10
SNA Snap-on Inc. 0.04 230.74 13.6 35.7 0.9 12.39 13.08 (6.3) 6.5 5.6 0.8 1.1 6 18.5 3.3 5.5 3.5 3.4 13.2 17.7 16 19 2.1 3.5 13 11
SWK Stanley Black & Decker 0.10 199.67 14.6 12.2 1.0 10.05 10.21 10.85 11.30 12.8 14.2 10.6 0.7 0.6 10 19.6 1.9 7.3 7.4 2.6 15.4 10.5 64 19 1.4 3.7 32 14
XYL Xylem Inc. 0.06 105.18 5.6 3.6 1.0 2.39 2.55 2.90 3.06 (31.7) 24.0 19.9 0.0 0.6 17 41.1 2.5 6.3 5.5 4.2 27.5 8.9 126 16 1.1 6.6 19 15
Railroads 0.93 7.7 9.4 1.0 (9.0) 18.4 13.0 0.2 0.6 12 23.4 3.1 8.7 5.4 8.7 16.4 29.0 237 28 1.5 6.5 313 17
CSX CSX Corp. 0.22 96.42 5.3 6.6 1.0 4.30 4.36 4.80 4.93 (13.9) 19.2 12.9 (0.6) (0.2) 13 22.1 1.7 8.5 5.0 8.3 15.1 29.0 260 27 1.2 5.9 74 19
KSU Kansas City Southern 0.07 263.92 24.6 29.6 0.9 9.01 10.65 (5.3) 25.7 18.1 (0.3) (0.0) 15 29.4 1.9 12.7 7.2 10.5 20.3 27.6 285 19 0.8 5.5 24 13
NSC Norfolk Southern 0.20 268.52 6.5 13.5 0.9 11.15 11.26 12.90 12.80 (12.1) 20.7 13.7 0.0 0.1 13 23.9 1.9 10.0 5.3 8.1 16.6 26.3 235 19 1.4 4.5 68 16
UNP Union Pacific Corp. 0.44 220.41 7.0 6.3 1.0 9.35 9.57 10.65 10.73 (5.2) 16.2 12.1 0.7 1.3 12 23.1 2.0 7.7 5.4 9.0 16.6 30.5 223 38 1.8 8.9 148 17
Research & Consulting Services 0.37 9.5 (1.8) 1.0 9.0 4.3 14.1 (0.5) (0.4) 11 24.9 3.1 (0.1) 5.5 3.6 17.4 11.9 50 21 0.8 5.2 129 20
EFX Equifax Inc. 0.07 181.13 11.9 (5.9) 1.0 6.32 6.43 7.17 7.90 23.0 (6.3) 22.9 (0.9) (0.4) 11 28.2 2.5 7.5 6.0 6.1 17.0 17.7 (260) 28 0.9 7.9 22 17
INFO IHS Markit Ltd. 0.11 96.78 7.3 8.0 NM 3.18 3.57 6.8 12.1 12.1 0.3 0.6 12 29.8 2.5 7.9 6.3 10.1 27.0 27.3 102 15 0.8 4.5 38 13
NLSN Nielsen Holdings 0.03 25.15 12.5 20.8 NM 2.00 1.55 2.13 1.75 (7.5) (6.4) 12.7 (4.5) (4.3) 5 16.2 3.1 (44.9) 3.9 2.8 10.0 16.0 657 27 1.0 4.4 9 53
VRSK Verisk Analytics 0.09 176.69 8.0 (14.7) 1.1 5.18 5.34 5.70 5.92 14.4 5.9 10.9 (0.0) 0.1 10 33.1 3.2 6.8 6.6 11.5 23.1 29.2 (25) 37 0.7 12.3 29 11
Trading Companies & Distributors 0.21 9.0 12.4 1.0 (6.7) 6.8 13.3 (0.1) 0.1 9 23.2 3.1 4.4 6.5 3.5 12.9 12.1 27 36 1.3 8.3 74 17
FAST Fastenal Co. 0.09 50.28 8.4 3.6 1.0 1.56 1.72 8.1 4.9 10.0 (0.6) (0.5) 9 32.2 3.5 4.7 8.6 5.2 22.5 15.2 3 32 2.2 10.4 29 2
URI United Rentals Inc. 0.07 329.31 10.7 42.0 1.0 18.60 18.27 24.44 20.97 (14.5) 4.7 14.8 (0.0) 0.2 6 18.2 3.0 3.6 5.0 4.1 8.9 14.9 16 32 0.0 5.9 24 32
GWW W.W. Grainger Inc. 0.05 400.93 7.6 (1.4) 0.9 18.64 21.32 (6.8) 12.5 14.4 0.2 0.5 14 21.6 1.6 4.9 6.5 2.0 15.1 7.9 53 51 1.5 10.9 21 13
Trucking 0.11 12.9 23.3 0.9 0.9 27.2 15.7 0.1 0.4 15 30.8 3.1 13.3 8.8 3.5 19.1 9.8 107 27 0.5 8.3 46 3
JBHT J.B. Hunt Transport Svc. 0.04 168.07 14.4 23.2 0.9 6.20 6.17 7.00 7.23 (9.8) 30.2 17.2 (0.2) 0.5 16 27.3 1.7 12.3 8.5 2.0 15.0 6.0 83 27 0.7 7.3 18 7
ODFL Old Dominion Freight Line 0.07 240.41 12.0 23.3 1.0 7.15 7.21 8.20 8.26 10.3 25.1 14.6 0.2 0.4 15 33.3 2.2 15.7 9.6 6.9 23.4 18.1 137 27 0.3 9.0 28 1
Median 0.08 5.8 8.9 1.0 1.0 11.1 10.6 0.1 0.2 10 21.5 2.3 9.3 5.9 4.1 16.5 12.7 55 18 1.4 4.2 29 18
S&P 500 (Top-down) 165.01 185.53 (19.6) 24.6 12.4 24.8
e1121846f22311dcbd010014c2408514
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EPS Estimates
INFORMATION TECHNOLOGY 26.65 1.7 2.0 1.2 8.1 % 14.4 % 12.5 % 0.8 % 1.1 % 15 % 26.6x 1.7x 9.5 % 7.0 % 7.0x 20.9x 22.9 % 98 bp 40 % 0.9 % 10.7x 9,237 8%
Application Software 2.22 (0.0) (4.4) 1.1 32.4 2.4 16.5 1.3 0.6 17 46.3 3.1 17.3 15.2 12.4 38.4 23.3 (339) 23 0.1 10.6 749 3
ADBE Adobe Inc. 0.68 475.37 3.4 (4.9) 1.1 10.03 11.93 11.82 13.85 27.1 18.9 16.0 4.5 3.0 17 39.7 2.4 21.7 14.5 16.6 40.8 36.5 (86) 46 0.0 18.4 228 2
ANSS ANSYS Inc. 0.09 339.56 (0.4) (6.7) 1.2 6.74 7.69 2.5 1.6 14.0 (2.1) (2.1) 11 50.3 4.5 8.6 9.9 17.4 47.5 31.8 (217) 16 0.0 8.2 29 2
ADSK Autodesk Inc. 0.18 277.15 0.4 (9.2) 1.1 2.78 4.88 4.35 6.69 44.5 20.6 37.0 (2.8) (3.6) 31 55.8 1.8 12.5 18.4 16.2 88.8 25.2 169 NM 0.0 NM 61 3
CDNS Cadence Design Systems 0.11 136.99 (2.9) 0.4 1.0 3.01 3.32 26.6 7.9 10.3 0.1 0.0 12 45.5 3.8 8.0 7.8 14.1 45.4 29.0 (4) 36 0.0 16.4 38 2
CRM salesforce.com, inc. 0.58 211.87 (2.1) (4.8) 1.1 0.01 3.54 0.41 4.02 69.2 (27.8) 13.3 (0.0) (0.1) 15 61.7 4.0 19.4 18.9 9.0 28.3 12.8 (836) 8 0.0 5.0 194 3
CTXS Citrix Systems Inc. 0.05 140.36 5.4 8.2 0.9 6.36 7.20 1.0 4.2 13.2 (0.2) (0.7) 10 22.1 2.1 4.0 7.3 5.7 21.2 23.2 4 NM 1.1 NM 17 11
INTU Intuit Inc. 0.31 383.06 (1.8) 1.0 1.0 6.00 8.82 7.32 10.31 13.7 16.0 16.9 0.1 0.0 13 41.9 3.1 23.6 13.8 13.3 41.6 25.3 (166) 42 0.6 17.5 105 2
PAYC Paycom Software 0.05 370.06 (1.1) (18.2) 1.2 4.18 5.45 (0.3) 20.1 30.3 0.0 0.0 23 88.8 3.9 20.0 23.5 25.3 87.7 23.9 2 39 0.0 34.6 21 0
SNPS Synopsys Inc. 0.11 247.78 1.0 (4.4) 1.2 6.43 7.34 36.7 5.9 14.3 (0.3) (0.4) 13 38.6 2.9 7.0 8.8 9.8 36.7 23.9 (26) 21 0.0 8.1 38 2
TYL Tyler Technologies 0.05 424.53 (8.4) (2.7) 1.0 5.84 6.55 7.7 6.4 12.2 0.0 0.0 20 74.1 3.7 9.5 11.6 15.0 65.1 19.4 (57) 13 0.0 9.3 17 0
Communications Equipment 0.86 13.5 15.1 1.0 (3.6) 6.1 6.9 0.2 0.3 7 16.7 3.1 5.0 4.1 4.3 13.9 25.5 27 38 2.4 6.3 294 9
ANET Arista Networks 0.05 301.89 7.9 3.9 1.2 9.95 10.10 11.18 11.29 (8.0) 12.7 11.8 0.1 0.0 6 30.9 5.1 15.6 12.3 8.8 25.5 28.8 (75) 24 0.0 7.5 23 0
CSCO Cisco Systems Inc. 0.65 51.71 15.2 16.5 1.0 3.40 3.30 3.68 3.49 (2.9) 5.1 5.7 0.2 0.4 6 15.5 2.6 4.2 3.4 4.3 12.7 27.9 25 37 2.9 5.8 218 8
FFIV F5 Networks Inc. 0.04 208.62 9.8 18.6 0.9 10.50 10.56 11.26 12.03 (6.6) 12.0 14.0 0.0 0.0 14 20.2 1.4 7.7 6.8 5.2 21.9 25.0 97 29 0.0 5.9 13 6
JNPR Juniper Networks 0.02 25.33 8.8 13.5 1.0 1.68 1.65 1.98 1.84 (10.6) 5.2 11.8 0.0 0.0 9 15.4 1.7 3.6 3.1 1.9 11.9 11.7 17 12 3.2 1.9 8 24
MSI Motorola Solutions 0.09 188.05 7.6 11.0 0.9 8.62 9.58 (4.3) 11.8 11.1 0.0 (0.2) 7 21.8 3.0 7.9 6.0 4.9 18.9 18.2 62 NM 1.5 NM 32 17
Data Processing & Outsourced Services 4.00 (0.3) 0.3 1.1 (4.2) 16.2 21.0 0.0 0.1 17 35.4 3.1 12.0 12.9 11.6 23.0 28.5 105 22 0.6 7.8 1,399 7
ADP Automatic Data Processing 0.24 188.47 8.9 7.5 0.8 6.16 6.21 6.74 6.86 2.9 3.5 10.4 0.2 0.2 10 30.7 3.2 5.2 6.5 5.6 16.7 17.3 (29) 46 2.0 14.1 81 3
BR Broadridge Financial Solutions 0.05 153.10 7.9 0.3 0.9 5.80 6.32 23.4 5.1 8.9 0.5 1.2 11 27.4 2.6 4.5 5.5 4.2 19.4 13.7 9 48 1.5 13.1 18 11
FIS Fidelity National Info Svc. 0.26 140.61 2.2 (0.3) 1.1 6.34 6.35 7.38 7.36 (14.0) 16.2 15.8 (0.4) (0.4) 14 22.2 1.6 8.7 7.8 8.3 19.7 28.9 187 8 1.1 1.8 87 19
FISV Fiserv Inc. 0.20 119.04 3.2 4.5 1.0 5.41 5.40 6.56 6.32 8.7 22.3 17.1 0.0 0.0 18 22.0 1.2 8.9 7.3 6.8 19.9 23.9 261 11 0.0 2.5 80 21
FLT FLEETCOR Technologies 0.07 268.63 (3.1) (1.5) 1.0 12.66 12.45 15.07 14.57 (9.6) 12.2 17.1 (0.2) 0.3 13 21.6 1.6 11.3 11.5 10.7 18.8 39.0 32 34 0.0 7.4 22 18
GPN Global Payments 0.18 201.58 1.9 (6.3) 1.1 8.02 7.96 9.85 9.17 3.3 22.6 15.2 (0.1) (0.1) 15 25.3 1.7 12.2 9.6 9.1 22.0 31.0 264 9 0.4 2.2 60 15
JKHY Jack Henry & Associates 0.03 151.72 2.5 (6.1) 1.0 4.16 4.68 5.4 6.7 12.5 0.4 0.0 11 36.1 3.3 6.2 7.4 6.7 20.5 17.4 8 21 1.2 7.5 12 1
MA Mastercard Inc. 0.93 356.05 0.6 (0.1) 1.1 8.00 8.02 10.58 10.42 (18.1) 24.3 30.0 0.1 0.2 17 44.6 2.7 18.2 18.2 23.0 35.7 43.7 215 NM 0.5 58.3 351 4
PAYX Paychex Inc. 0.09 98.02 7.6 5.9 0.9 3.07 3.07 3.28 3.31 0.8 4.6 7.9 0.2 0.5 7 32.1 4.6 3.9 5.9 8.9 19.6 26.8 19 39 2.5 12.6 35 3
PYPL PayPal Holdings 0.85 242.84 (6.5) 3.7 1.3 4.56 5.68 29.9 12.5 24.5 0.0 0.0 23 53.3 2.3 19.8 20.7 13.1 40.4 20.8 (134) 30 0.0 15.8 284 3
V Visa Inc. 1.07 211.73 (0.3) (3.1) 1.0 5.85 5.84 7.32 7.24 (11.9) 17.0 23.9 0.1 0.2 18 36.8 2.1 13.3 17.0 17.0 16.8 40.7 131 31 0.6 11.5 359 6
WU Western Union 0.03 24.66 7.2 13.5 0.9 2.04 2.05 2.26 2.27 6.0 9.7 10.7 (0.1) 0.2 8 12.0 1.6 5.6 3.1 2.5 9.8 16.5 63 NM 3.8 NM 10 27
Electronic Components 0.22 9.0 9.6 1.1 (10.9) 25.8 9.1 (1.6) (1.7) 13 26.5 3.1 12.3 5.6 4.2 17.5 12.2 131 18 1.5 4.8 73 15
APH Amphenol Corp. 0.12 65.97 5.2 1.1 1.1 2.15 2.06 2.27 2.20 0.9 10.6 6.5 (4.1) (4.3) 11 31.8 2.8 9.4 6.1 4.9 21.4 13.2 14 25 0.9 8.1 40 10
GLW Corning Inc. 0.10 43.51 13.8 21.6 1.2 2.08 1.97 2.30 2.19 (20.5) 41.8 11.2 0.5 0.4 14 22.1 1.6 14.5 5.2 3.7 14.8 11.6 222 15 2.2 3.3 33 20
Electronic Equipment & Instruments 0.24 1.6 17.2 1.1 2.0 13.5 10.0 0.1 (0.0) 11 28.5 3.1 10.4 5.5 6.0 26.1 18.5 51 27 0.1 7.7 80 7
FLIR FLIR Systems Inc. 0.02 56.47 6.1 29.3 1.0 2.41 2.58 8.7 (2.8) 7.3 0.5 0.5 6 23.5 3.7 1.1 4.1 4.1 16.5 16.3 (65) 18 1.2 4.1 7 10
KEYS Keysight Technologies 0.08 143.40 1.3 8.6 1.1 5.33 5.85 5.86 6.44 (2.4) 17.4 10.1 0.2 0.7 12 25.2 2.0 13.4 5.4 6.2 22.8 22.3 77 32 0.0 8.0 27 7
TRMB Trimble Inc. 0.06 77.79 4.9 16.5 1.2 2.52 2.36 2.92 2.65 12.0 6.5 12.4 0.0 0.0 10 32.9 3.3 7.4 7.5 6.7 29.8 17.5 (15) 18 0.0 5.9 20 9
ZBRA Zebra Technologies 0.08 485.18 (2.9) 26.2 0.9 15.54 16.97 (2.0) 21.6 9.2 0.0 (1.2) 13 31.3 2.4 13.6 4.8 6.1 33.1 16.4 109 44 0.0 13.6 26 5
Electronic Manufacturing Services 0.15 (1.7) 4.9 1.1 (19.7) 38.2 11.3 0.0 (0.8) 17 23.3 3.1 14.0 5.8 4.0 18.8 14.4 253 20 1.3 4.6 54 9
IPGP IPG Photonics Corp. 0.02 210.94 (7.2) (5.7) 1.3 5.30 6.61 (36.1) 96.3 24.8 0.3 0.0 46 40.7 0.9 19.8 13.7 8.4 29.1 19.7 767 11 0.0 4.6 11 0
TEL TE Connectivity 0.13 129.11 (0.7) 7.0 1.1 6.15 6.06 6.43 6.66 (18.3) 34.4 10.0 (0.0) (0.9) 12 21.6 1.8 13.6 5.3 3.7 17.9 14.1 218 21 1.5 4.6 43 10
Median 0.08 5.8 8.9 1.0 1.0 11.1 10.6 0.1 0.2 10 21.5 2.3 9.3 5.9 4.1 16.5 12.7 55 18 1.4 4.2 29 18
S&P 500 (Top-down) 165.01 185.53 (19.6) 24.6 12.4 24.8
e1121846f22311dcbd010014c2408514
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EPS Estimates
INFORMATION TECHNOLOGY 26.65 1.7 2.0 1.2 8.1 % 14.4 % 12.5 % 0.8 % 1.1 % 15 % 26.6x 1.7x 9.5 % 7.0 % 7.0x 20.9x 22.9 % 98 bp 40 % 0.9 % 10.7x 9,237 8%
IT Consulting & Other Services 1.07 10.2 5.2 1.0 (22.8) 19.6 10.3 1.1 1.2 10 19.2 3.1 4.3 3.8 2.7 14.6 11.4 147 34 2.4 6.6 360 21
ACN Accenture Plc 0.52 276.25 10.1 6.1 1.0 8.80 8.84 9.88 9.78 4.3 13.0 10.6 3.6 4.0 10 31.1 3.1 12.8 7.3 3.7 21.9 11.1 3 33 1.3 10.1 175 2
CTSH Cognizant Tech Solutions 0.12 78.12 6.3 (4.4) 0.9 3.99 3.98 4.63 4.38 (16.5) 15.4 10.2 0.4 0.1 9 19.7 2.3 7.2 5.9 2.4 13.7 11.8 83 19 1.2 3.8 41 7
DXC DXC Technology 0.02 31.26 23.9 21.4 1.2 3.09 3.93 (56.2) 7.2 26.9 0.2 0.2 (10) 10.0 NM (5.8) (0.6) 0.8 5.7 4.6 56 16 0.0 1.6 8 72
IBM International Bus. Machines 0.35 133.26 12.0 7.3 1.0 11.07 11.98 (31.9) 28.0 8.3 0.0 0.0 13 12.0 0.9 0.8 1.2 2.4 12.1 13.3 283 48 4.9 5.8 119 40
IT Gartner Inc. 0.05 182.55 2.0 14.0 1.0 4.10 4.19 5.37 5.23 25.1 (15.1) 25.0 0.0 0.0 10 43.6 4.4 7.5 13.7 4.5 23.5 8.4 (224) 37 0.0 16.2 16 16
Semiconductor Equipment 0.89 6.5 29.7 1.4 39.7 26.8 9.5 0.4 1.1 20 23.8 3.1 19.2 7.0 7.5 23.8 26.1 157 62 0.7 14.8 300 5
AMAT Applied Materials 0.36 133.60 13.0 55.1 1.4 6.34 6.08 7.15 6.59 40.9 33.0 8.4 0.3 1.4 19 21.7 1.1 20.3 6.1 6.8 23.0 25.5 244 56 0.7 12.1 123 5
ENPH Enphase Energy Inc. 0.06 162.16 (7.9) (7.6) 1.9 2.28 2.03 3.11 2.64 47.8 52.8 29.8 0.3 1.3 38 83.5 2.2 73.6 33.3 26.7 127.9 19.5 (265) 63 0.0 52.7 21 2
KLAC KLA Corp. 0.15 330.40 6.2 28.0 1.3 14.14 13.91 15.82 15.09 28.8 21.0 8.5 0.5 0.8 13 23.1 1.7 13.7 5.7 8.6 22.7 31.0 187 83 1.1 19.1 51 7
LRCX Lam Research Corp. 0.25 595.24 5.2 26.3 1.4 27.32 25.92 31.64 28.62 40.0 25.7 10.4 0.5 1.1 21 23.0 1.1 20.2 6.6 7.1 22.5 25.8 113 72 0.9 16.5 85 7
TER Teradyne Inc. 0.06 121.68 (5.4) 1.6 1.6 4.65 4.82 5.02 5.24 60.3 4.9 8.8 0.0 0.8 15 25.2 1.7 6.2 6.5 6.3 18.9 24.2 (30) 43 0.3 10.8 20 2
Semiconductors 4.68 0.2 6.3 1.4 13.9 16.8 12.5 1.9 2.7 16 20.9 3.1 12.0 6.8 7.3 17.1 29.4 122 35 1.3 7.4 1,575 9
AMD Advanced Micro Devices 0.28 78.50 (7.1) (14.4) 1.5 2.17 1.95 3.43 2.52 117.7 52.1 29.6 (0.0) (0.1) 27 40.2 1.5 38.3 15.8 9.6 53.3 17.5 159 59 0.0 23.7 95 1
ADI Analog Devices Inc. 0.17 155.08 (0.5) 5.4 1.3 6.35 6.17 7.19 6.83 10.3 15.8 10.7 0.2 0.1 12 25.2 2.2 12.9 7.8 10.6 23.8 34.4 86 19 1.8 4.8 57 9
AVGO Broadcom Inc. 0.56 463.66 (0.6) 6.7 1.3 24.47 27.26 27.44 29.29 14.1 17.1 7.4 1.9 2.2 9 17.0 2.0 9.7 5.1 9.1 17.8 41.1 259 47 3.1 7.9 189 19
INTC Intel Corp. 0.77 64.00 5.3 29.2 1.4 5.05 4.60 4.74 4.69 2.3 (14.2) 2.1 (1.4) (1.7) 5 13.8 2.7 (7.2) (0.4) 3.5 7.2 25.8 (210) 24 2.2 3.3 260 14
MXIM Maxim Integrated Products 0.07 91.37 (1.9) 3.1 1.2 3.10 3.43 20.2 17.6 11.0 0.0 0.0 16 29.4 1.9 11.3 6.5 10.1 25.3 31.7 168 48 0.0 14.2 24 4
MCHP Microchip Technology 0.12 155.22 1.7 12.7 1.4 7.06 7.18 8.37 7.90 19.8 19.7 10.1 0.1 0.0 13 21.2 1.7 12.4 7.2 9.6 24.1 32.5 200 36 1.0 7.7 42 18
MU Micron Technology 0.29 88.21 (3.6) 17.3 1.3 7.76 6.62 13.03 10.17 (17.2) 112.5 53.7 23.4 23.3 28 11.1 0.4 31.4 19.9 4.2 9.7 25.5 975 23 0.0 2.5 99 7
MPWR Monolithic Power Systems 0.05 353.21 (5.5) (3.4) 1.4 5.65 6.69 34.6 13.7 18.4 0.0 0.0 19 61.3 3.3 20.3 14.2 18.4 82.6 25.4 (148) 30 0.7 18.2 16 0
NVDA NVIDIA Corp. 0.98 533.93 (2.6) 2.3 1.5 12.84 14.40 74.5 28.7 12.2 0.0 0.0 20 40.2 2.0 29.9 12.6 19.6 54.8 36.7 (34) 56 0.1 22.4 331 2
NXPI NXP Semiconductors 0.17 201.34 10.6 27.0 NM 9.12 9.30 10.58 10.35 (18.7) 49.4 11.3 0.8 0.9 22 21.5 1.0 21.2 5.4 7.2 25.6 24.7 465 29 1.1 6.2 56 14
QRVO Qorvo Inc. 0.06 182.70 4.6 9.9 1.3 10.25 10.22 13.70 11.35 41.3 18.3 11.1 0.4 0.7 17 17.4 1.0 15.0 7.5 5.7 16.5 27.0 75 27 0.0 4.7 21 9
QCOM Qualcomm Inc. 0.45 132.59 (2.2) (12.5) 1.4 5.56 7.42 5.64 7.93 59.0 39.0 6.9 (0.1) (0.0) 25 18.0 0.7 27.0 6.0 6.3 19.9 26.7 231 NM 2.0 30.4 151 10
SWKS Skyworks Solutions 0.09 183.48 3.2 20.3 1.3 9.44 10.32 10.23 10.94 26.3 31.4 6.0 0.1 (0.1) 14 19.1 1.4 25.0 5.5 7.4 18.6 34.3 168 37 1.1 7.2 30 1
TXN Texas Instruments 0.52 188.99 9.7 15.9 1.2 6.86 6.69 6.87 7.24 9.9 15.4 8.3 0.5 0.7 10 28.1 2.8 14.8 4.8 12.1 24.3 37.1 17 75 2.2 21.2 174 4
XLNX Xilinx Inc. 0.09 123.90 (4.9) (12.6) 1.4 3.23 3.81 (25.6) 24.0 18.0 0.0 0.0 8 38.8 5.0 10.4 9.9 9.6 28.9 23.5 258 32 0.0 12.6 30 6
Systems Software 6.08 1.6 5.7 0.9 20.1 14.5 12.7 0.3 0.4 17 29.9 3.1 12.3 11.1 10.7 22.5 33.1 64 52 1.0 15.7 2,125 7
FTNT Fortinet Inc. 0.07 184.42 9.2 24.2 0.9 3.68 3.69 4.28 4.25 29.1 10.5 15.2 0.2 0.5 16 50.2 3.1 18.2 15.2 11.0 40.3 19.7 (138) 91 0.0 45.4 30 0
MSFT Microsoft Corp. 5.29 235.77 1.5 6.2 1.0 7.87 7.76 9.30 8.78 23.1 15.3 13.1 0.0 0.0 17 31.1 1.8 13.2 11.9 11.3 22.9 33.7 61 47 1.0 14.6 1,778 5
NLOK NortonLifeLock Inc. 0.04 21.26 9.0 2.9 0.8 1.57 1.72 15.2 17.8 9.3 0.0 0.0 21 13.6 0.7 6.7 4.7 6.0 11.1 34.3 323 NM 2.4 NM 12 26
NOW ServiceNow Inc. 0.29 500.11 (6.3) (9.1) 1.1 0.73 5.45 1.50 7.05 44.8 17.5 29.5 0.0 0.0 25 91.8 3.7 27.1 24.9 21.5 118.3 18.6 (153) 42 0.0 38.3 98 2
ORCL Oracle Corp. 0.39 70.17 8.8 8.9 0.7 4.22 4.63 4.24 5.01 2.0 8.9 8.1 2.5 2.9 12 14.9 1.2 3.9 2.8 6.0 13.0 33.3 154 NM 1.8 21.5 207 30
Technology Distributors 0.07 5.6 26.1 1.1 7.3 6.0 10.4 0.0 0.0 11.6 23.4 2.0 5.6 5.3 1.4 16.3 5.1 2.2 89.2 1.0 20.9 23.4 15.0
CDW CDW Corp. 0.07 165.75 5.6 26.1 1.1 7.09 7.82 7.3 6.0 10.4 0.0 0.0 12 23.4 2.0 5.6 5.3 1.4 16.3 5.1 2 89 1.0 20.9 23 15
Technology Hardware Storage & Peripherals 6.07 1.1 (6.4) 1.3 10.6 20.3 6.4 0.7 1.3 13 25.5 3.1 11.8 4.0 5.3 21.5 18.5 131 87 0.8 22.2 2,165 7
AAPL Apple Inc. 5.73 122.15 0.7 (7.8) 1.3 4.06 4.50 3.77 4.74 11.7 20.1 5.2 0.2 0.7 13 27.6 2.1 14.7 4.7 7.1 23.5 22.4 102 NM 0.7 29.1 2,051 6
HPE Hewlett Packard Enterprise 0.06 15.74 9.0 33.9 1.1 1.82 1.83 1.84 1.91 (21.0) 29.7 4.3 7.9 5.4 14 8.7 0.6 3.1 1.3 1.2 7.7 8.6 177 15 3.0 1.3 20 55
HPQ HP Inc. 0.12 31.75 10.3 29.9 0.9 3.08 3.29 2.56 3.36 (0.2) 18.1 2.1 2.4 2.1 15 10.0 0.7 5.4 (0.5) 0.7 8.1 6.8 73 NM 2.4 NM 40 17
NTAP NetApp Inc. 0.05 72.67 16.1 10.5 1.1 4.23 4.30 4.65 4.81 (3.3) 5.2 11.8 (0.6) (0.3) 8 17.0 2.2 4.8 4.5 2.7 13.3 16.3 6 NM 2.6 47.1 16 17
STX Seagate Technology 0.05 76.75 5.8 24.6 1.0 4.87 5.48 5.74 6.24 15.3 2.6 13.8 0.9 2.2 5 13.1 2.5 4.9 3.0 2.0 12.0 11.9 (26) 84 3.5 11.1 18 22
WDC Western Digital 0.06 66.75 (2.6) 20.5 1.2 5.18 5.24 9.85 8.69 169.1 54.1 65.9 9.2 17.1 6 12.3 2.1 7.1 12.8 1.7 11.9 9.2 279 17 0.0 2.1 20 36
Median 0.08 5.8 8.9 1.0 1.0 11.1 10.6 0.1 0.2 10 21.5 2.3 9.3 5.9 4.1 16.5 12.7 55 18 1.4 4.2 29 18
S&P 500 (Top-down) 165.01 185.53 (19.6) 24.6 12.4 24.8
e1121846f22311dcbd010014c2408514
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EPS Estimates
MATERIALS 2.70 7.6 9.1 1.0 (1.8)% 53.4 % 5.5 % (0.3)% (2.5)% 13 % 19.3x 1.5x 10.9 % 2.7 % 3.1x 14.5x 13.0 % 360 bp 17 % 1.9 % 3.4x 930 19 %
Commodity Chemicals 0.22 5.6 15.8 1.0 (47.3) 115.7 (3.0) 9.8 5.6 5 12.1 3.1 18.8 2.7 1.7 11.6 8.1 365 33 4.3 4.1 82 32
DOW Dow Inc. 0.14 63.94 7.8 16.5 1.0 3.63 4.00 3.82 3.81 (53.5) 145.1 (4.7) 10.5 4.9 3 15.3 5.0 14.3 1.8 1.6 11.3 6.8 361 25 4.4 3.8 48 31
LYB LyondellBasell Industries 0.08 104.05 1.9 14.6 0.9 10.64 10.86 10.96 10.72 (40.6) 91.3 (1.3) 9.1 6.2 8 8.8 1.1 26.8 4.0 1.7 12.2 10.3 347 52 4.0 4.6 35 33
Construction Materials 0.13 0.4 16.1 1.0 2.4 1.7 5.8 (4.8) 0.1 13 16.5 3.1 3.9 7.1 5.1 18.5 26.7 (58) 23 0.8 3.8 43 14
MLM Martin Marietta Materials 0.06 335.82 (0.3) 18.5 1.0 10.62 11.25 11.36 12.84 9.5 5.4 14.1 0.6 0.1 11 29.9 2.8 4.8 7.6 5.1 17.9 15.1 9 12 0.7 3.7 21 14
Copper 0.14 (2.9) 26.6 1.1 2603.6 362.4 17.8 10.3 7.5 34 13.6 3.1 45.6 9.0 4.5 13.5 17.6 1203 38 0.9 5.2 48 16
FCX Freeport-McMoRan 0.14 32.93 (2.9) 26.6 1.1 2.90 2.49 3.90 2.93 2603.6 362.4 17.8 10.3 7.5 34 13.6 0.4 45.6 9.0 4.5 13.5 17.6 1203 38 0.9 5.2 48 16
Diversified Chemicals 0.04 1.4 10.5 0.9 (14.1) 28.3 7.4 (0.1) (0.7) 7 13.9 3.1 7.5 4.0 2.4 13.2 11.7 190 18 2.5 2.5 15 30
EMN Eastman Chemical 0.04 110.12 1.4 10.5 0.9 7.75 7.85 8.40 8.43 (14.1) 28.3 7.4 (0.1) (0.7) 7 13.9 1.9 7.5 4.0 2.4 13.2 11.7 190 18 2.5 2.5 15 30
Fertilizers & Agricultural Chemicals 0.21 4.7 16.6 1.1 5.3 48.7 9.8 3.3 0.2 26 18.1 3.1 9.5 2.6 2.7 13.1 11.2 294 10 1.4 1.8 71 18
CF CF Industries Holdings 0.03 45.38 0.2 18.0 1.0 2.87 2.33 2.55 2.14 (28.9) 54.4 (8.3) 6.0 (2.1) 14 19.5 1.4 13.8 (0.9) 3.9 10.6 10.6 279 18 2.6 3.4 10 27
CTVA Corteva Inc. 0.10 46.62 3.3 20.7 1.1 1.94 1.93 2.30 2.29 4.4 28.7 18.7 0.2 (0.2) 17 24.1 1.4 3.4 4.8 2.4 15.0 9.8 192 6 1.1 1.4 35 7
FMC FMC Corp. 0.04 110.61 9.2 (3.3) 1.1 7.38 7.12 8.58 8.11 2.1 14.4 13.9 0.0 0.0 33 15.5 0.5 7.3 5.7 3.8 14.6 18.5 114 32 1.7 5.0 14 21
MOS Mosaic Co. 0.03 31.61 7.7 37.6 1.0 4.47 2.66 2.98 2.70 202.8 212.9 1.5 10.8 2.3 59 11.0 0.2 19.5 (0.8) 1.9 11.5 9.7 601 12 0.6 1.4 12 32
Gold 0.14 11.9 1.6 1.1 98.2 51.9 3.6 (3.2) (3.3) 3 14.8 3.1 18.5 (3.8) 4.5 7.6 23.7 522 15 3.7 2.2 48 13
NEM Newmont Corp. 0.14 60.27 11.9 1.6 1.1 4.04 4.19 98.2 51.9 3.6 (3.2) (3.3) 3 14.8 5.5 18.5 (3.8) 4.5 7.6 23.7 522 15 3.7 2.2 48 13
Industrial Gases 0.62 13.8 5.8 1.0 6.7 12.0 11.3 (0.0) (0.2) 10 29.9 3.1 6.3 5.7 6.2 18.1 18.1 92 12 1.7 3.6 209 11
APD Air Products & Chemicals 0.19 281.34 10.6 3.5 1.0 9.37 9.39 10.14 10.71 0.6 10.2 14.0 0.1 0.4 11 29.9 2.8 9.4 7.9 7.2 17.2 21.2 15 17 2.1 5.2 62 11
LIN Linde plc 0.44 280.14 15.2 6.8 1.0 9.35 9.33 10.15 10.27 9.5 12.7 10.1 (0.0) (0.4) 10 29.9 3.0 5.2 4.9 5.9 18.5 17.0 113 11 1.5 3.2 146 11
Metal & Glass Containers 0.08 (0.8) (8.9) 1.0 16.5 15.2 13.8 0.0 0.0 10 25.0 3.1 11.3 7.6 3.0 19.4 8.5 29 38 0.7 9.6 28 23
BLL Ball Corp. 0.08 84.74 (0.8) (8.9) 1.0 3.40 3.87 16.5 15.2 13.8 0.0 0.0 10 25.0 2.4 11.3 7.6 3.0 19.4 8.5 29 38 0.7 9.6 28 23
Paper Packaging 0.26 8.4 7.9 0.9 (16.6) 20.4 11.0 0.4 1.7 9 15.9 3.1 5.1 2.0 1.7 10.5 7.5 95 20 2.7 3.2 88 30
AMCR Amcor PLC 0.05 11.68 6.8 0.3 0.9 0.74 0.77 4.5 9.0 3.9 0.0 0.0 8 15.4 2.0 2.8 1.1 2.0 12.4 9.1 51 25 4.0 3.9 18 28
AVY Avery Dennison 0.05 183.65 5.2 18.8 0.9 7.97 8.54 7.8 11.5 7.2 0.4 0.8 7 23.0 3.5 7.6 3.8 2.5 16.2 8.8 31 51 1.4 11.7 15 14
IP International Paper 0.06 54.07 8.9 9.9 0.8 3.86 4.36 (36.8) 37.8 13.0 2.3 3.8 11 13.9 1.2 5.8 1.4 1.5 8.9 7.0 162 21 3.8 2.9 21 32
PKG Packaging of America 0.04 134.48 2.6 (1.8) 0.9 6.74 7.23 (24.3) 16.6 7.3 (0.3) 0.7 3 20.1 6.1 5.4 1.2 2.2 11.7 9.1 87 20 3.0 4.0 13 19
SEE Sealed Air Corp. 0.02 45.82 9.8 0.4 0.9 3.33 3.64 14.3 4.0 9.2 (0.3) 0.0 6 13.6 2.4 5.8 2.5 2.2 10.1 9.9 (18) NM 1.4 NM 7 36
WRK WestRock Co. 0.04 52.05 19.4 20.1 1.0 3.65 4.48 (24.4) 32.2 22.7 (1.0) 2.5 19 13.5 0.7 4.7 2.6 1.4 8.4 5.2 109 9 1.5 1.2 14 44
Specialty Chemicals 0.77 6.0 5.7 1.1 (4.8) (19.2) 14.1 (13.7) (14.0) 13 24.5 3.1 7.8 5.2 4.1 19.3 12.7 (425) 16 1.3 4.0 273 18
ALB Albemarle Corp. 0.05 146.11 (6.8) (0.7) 1.4 3.74 3.56 5.19 5.14 (31.5) (5.2) 44.3 (1.7) 0.1 13 41.9 3.2 2.5 15.7 6.4 23.7 13.0 (106) 10 1.1 4.2 17 18
CE Celanese Corp. 0.05 149.81 7.8 15.9 0.8 11.33 11.19 12.45 12.03 (22.5) 43.2 7.5 11.4 8.7 15 13.4 0.9 17.1 3.8 3.7 15.5 19.3 351 47 1.8 6.2 17 20
DD DuPont 0.12 77.28 9.9 9.1 1.2 2.79 3.42 3.24 3.93 (11.7) (25.7) 15.0 0.0 1.6 9 21.9 2.3 (21.7) (0.5) 3.0 12.0 11.5 (62) 5 1.6 1.1 42 35
ECL Ecolab Inc. 0.16 214.07 2.5 (0.8) 1.1 5.25 5.18 6.20 6.16 (31.4) 28.8 18.8 (1.0) (0.6) 17 41.4 2.4 1.3 6.6 5.7 26.3 11.8 252 22 0.9 9.1 61 11
IFF International Flav/Frag 0.10 139.61 3.6 29.0 1.2 6.19 5.53 7.34 6.28 (7.5) 125.8 13.5 2.8 0.8 14 24.3 1.7 118.0 9.0 7.6 36.7 12.4 43 24 2.2 5.7 35 11
PPG PPG Industries Inc. 0.11 150.26 11.5 4.6 0.9 7.61 7.41 8.31 8.30 (8.3) 30.3 12.1 0.8 0.6 16 19.9 1.3 15.3 6.4 2.9 17.4 11.0 127 35 1.4 6.9 36 17
SHW Sherwin-Williams 0.18 246.00 8.5 0.7 1.0 9.20 9.83 9.98 10.91 14.6 (60.5) 11.1 (43.1) (44.1) 10 24.0 2.5 6.1 4.6 4.2 22.0 13.6 (2288) 74 0.9 17.7 66 14
Steel 0.07 34.9 51.7 0.9 (22.3) 115.7 (46.6) 51.8 11.3 10 10.2 3.1 37.6 (12.7) 1.3 11.2 7.8 281 23 2.0 2.3 24 19
NUE Nucor Corp. 0.07 80.27 34.9 51.7 0.9 7.21 3.85 (22.3) 115.7 (46.6) 51.8 11.3 10 10.2 1.0 37.6 (12.7) 1.3 11.2 7.8 281 23 2.0 2.3 24 19
SS&P 500 (Bottom-up) 100.00% 3972.89 4.4 6.2 1.0 176.26 202.57 (13.2)% 23.3 % 14.9 % 1.1 % 0.8 % 15 % 22.6x 1.5x 10.0 % 7.2 % 3.3x 17.7x 11.0 % 131 bp 20 % 1.5 % 4.5x 35,374 17 %
SMedian 0.08 5.8 8.9 1.0 1.0 11.1 10.6 0.1 0.2 10 21.5 2.3 9.3 5.9 4.1 16.5 12.7 55 18 1.4 4.2 29 18
SS&P 500 (Top-down) 165.01 185.53 (19.6) 24.6 12.4 24.8
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EPS Estimates
REAL ESTATE 2.46 6.8 9.0 1.0 0.5 % (1.1)% 9.6 % (0.6)% 0.0 % 8% 25.1x 3.1x NM NM NM NM NM NM 15 % 2.8 % 3.8x 842 NM
Health Care REITs 0.20 5.2 9.7 1.0 (0.9) (20.4) 11.5 (2.9) (3.1) (1) 26.8 3.1 NM NM NM NM NM NM 7 3.5 2.0 67 NM
PEAK Healthpeak Properties 0.05 31.74 9.1 6.1 1.0 0.30 0.41 748.4 (62.1) 38.6 NM NM NA 107.3 NM NM NM NM NM NM NM 2 3.8 2.4 17 NM
VTR Ventas Inc. 0.06 53.34 1.7 9.7 0.9 2.89 3.06 (13.3) (12.8) 5.7 (2.4) (3.2) (1) 18.4 NM NM NM NM NM NM NM 10 3.4 1.9 20 NM
WELL Welltower Inc. 0.09 71.63 5.5 11.8 0.9 3.03 3.42 (12.2) (14.9) 13.1 (3.3) (3.1) (1) 23.8 NM NM NM NM NM NM NM 8 3.4 1.9 30 NM
Hotel & Resort REITs 0.04 1.6 15.2 1.1 (108.9) NM NM NM 0.8 NM NM 3.1 NM NM NM NM NM NM (1) 0.0 1.8 12 NM
HST Host Hotels & Resorts 0.04 16.85 1.6 15.2 1.1 (1.12) (0.02) 0.07 1.06 (108.9) NM NM NM 0.8 NA NM NM NM NM NM NM NM NM (1) 0.0 1.8 12 NM
Industrial REITs 0.28 7.5 6.8 1.0 28.5 5.1 9.8 0.4 1.0 7 26.6 3.1 NM NM NM NM NM NM 10 2.4 2.5 94 NM
DRE Duke Realty Corp. 0.05 41.93 6.8 5.5 0.9 1.65 1.66 1.75 1.77 6.8 9.8 6.5 0.3 0.4 7 25.3 3.5 NM NM NM NM NM NM 12 2.4 3.1 16 NM
PLD Prologis Inc. 0.23 106.00 7.7 7.0 1.0 3.95 3.95 4.34 4.36 34.0 4.2 10.5 0.4 1.2 6 26.9 4.2 NM NM NM NM NM NM 9 2.4 2.4 78 NM
Office REITs 0.13 3.9 3.7 1.0 (3.7) (3.5) 8.3 (0.1) 0.0 4 17.9 3.1 NM NM NM NM NM NM 12 3.4 2.2 47 NM
ARE Alexandria Real Estate Equities 0.06 164.30 3.6 (7.2) 0.9 7.72 8.29 21.3 8.6 7.4 0.2 0.4 6 21.3 3.7 NM NM NM NM NM NM 10 2.7 2.2 22 NM
BXP Boston Properties 0.04 101.26 3.1 8.1 1.0 6.58 6.65 7.11 7.17 (4.6) 0.2 7.9 (0.7) (0.8) 5 15.3 3.1 NM NM NM NM NM NM 17 3.9 2.7 16 NM
VNO Vornado Realty Trust 0.02 45.39 5.7 23.2 1.0 3.41 2.86 3.43 3.18 (25.2) (26.9) 11.1 0.4 0.9 (1) 15.8 NM NM NM NM NM NM NM 10 4.7 1.5 9 NM
Real Estate Services 0.08 4.4 26.1 0.9 (11.4) 12.5 13.5 2.3 0.9 11 21.5 3.1 NM NM NM NM NM NM 19 0.0 4.1 27 NM
CBRE CBRE Group Inc. 0.08 79.11 4.4 26.1 0.9 3.68 3.69 4.44 4.19 (11.4) 12.5 13.5 2.3 0.9 11 21.5 2.0 NM NM NM NM NM NM 19 0.0 4.1 27 NM
Residential REITs 0.29 7.6 17.0 1.0 (5.3) (6.5) 6.6 (1.0) (1.1) 2 23.5 3.1 NM NM NM NM NM NM 12 3.2 2.7 100 NM
AVB AvalonBay Communities 0.08 184.51 5.9 16.0 0.9 7.87 7.89 9.06 8.43 (8.0) (6.7) 6.8 (2.0) (1.9) 2 23.8 11.3 NM NM NM NM NM NM 10 3.4 2.4 26 NM
EQR Equity Residential 0.07 71.63 10.4 21.8 1.0 2.72 2.80 3.10 2.98 (6.6) (13.9) 6.3 (2.0) (2.3) 1 25.9 19.9 NM NM NM NM NM NM 10 3.4 2.5 27 NM
ESS Essex Property Trust 0.05 271.84 7.5 15.4 1.0 11.98 12.27 12.92 13.07 (5.4) (4.5) 6.4 (0.0) 0.0 4 22.3 6.0 NM NM NM NM NM NM 13 3.1 2.9 18 NM
MAA Mid-America Apt. Communities 0.05 144.36 7.1 14.9 0.9 6.45 6.51 6.88 6.92 (1.6) 1.3 6.3 0.0 (0.4) NA 22.2 NM NM NM NM NM NM NM 13 2.8 2.8 17 NM
UDR UDR Inc. 0.04 43.86 6.5 15.2 1.0 1.86 1.93 2.09 2.07 (1.4) (4.5) 7.1 (0.2) (0.2) 4 22.7 5.8 NM NM NM NM NM NM 17 3.3 3.9 13 NM
Retail REITs 0.25 2.8 21.4 0.9 (15.3) 6.3 6.3 (0.3) (0.2) 4 14.7 3.1 NM NM NM NM NM NM 22 4.4 3.3 87 NM
FRT Federal Realty Investment Trust 0.02 101.45 1.2 20.3 0.9 4.52 5.09 (28.3) 1.2 12.7 (2.3) (0.3) NA 22.4 NM NM NM NM NM NM NM 15 4.2 3.4 8 NM
KIM Kimco Realty Corp. 0.02 18.75 3.2 26.0 1.0 1.24 1.23 1.36 1.34 (17.3) 5.0 8.7 (0.3) 0.0 NA 15.2 NM NM NM NM NM NM NM 10 3.6 1.5 8 NM
O Realty Income Corp. 0.07 63.50 5.8 3.3 0.9 3.34 3.39 3.76 3.66 8.3 8.9 8.0 (0.5) (0.8) 5 18.7 4.2 NM NM NM NM NM NM 12 4.4 2.2 24 NM
REG Regency Centers 0.03 56.71 4.6 25.6 0.8 3.16 3.43 (23.2) 7.1 8.7 (1.3) (0.3) 1 17.9 13.8 NM NM NM NM NM NM 9 4.2 1.6 10 NM
SPG Simon Property Group 0.11 113.77 0.8 33.4 1.0 9.67 9.64 10.17 10.05 (19.1) 5.9 4.3 0.2 (0.0) 4 11.8 3.1 NM NM NM NM NM NM NM 4.6 16.9 37 NM
Specialized REITs 1.20 8.2 5.0 1.0 15.6 10.2 4.4 (0.8) 0.7 13 29.9 3.1 NM NM NM NM NM NM 26 2.5 7.9 409 NM
AMT American Tower 0.32 239.06 10.6 6.5 1.0 4.96 5.40 5.35 5.93 (10.1) 42.5 9.9 (2.3) (1.9) 17 45.9 2.7 NM NM NM NM NM NM 61 2.0 28.2 106 NM
CCI Crown Castle Intl 0.22 172.13 11.4 9.0 0.9 6.24 6.72 19.7 (7.7) 7.7 (7.0) 0.2 NA 27.8 NM NM NM NM NM NM NM 27 3.1 7.6 74 NM
DLR Digital Realty Trust 0.12 140.84 5.4 1.8 1.0 6.48 6.96 25.4 4.5 7.4 (0.0) 0.1 7 21.8 3.3 NM NM NM NM NM NM 11 3.3 2.5 40 NM
EQIX Equinix Inc. 0.18 679.59 4.8 (4.4) 1.1 24.88 27.69 13.4 0.5 11.3 1.1 1.6 NA 27.6 NM NM NM NM NM NM NM 22 1.7 6.0 61 NM
EXR Extra Space Storage 0.05 132.55 6.3 15.3 0.8 6.03 5.92 6.29 6.23 7.3 14.9 5.2 4.0 4.1 5 22.4 4.6 NM NM NM NM NM NM 32 3.0 7.2 18 NM
IRM Iron Mountain Inc. 0.03 37.01 8.2 27.6 0.9 1.26 1.29 1.49 1.51 6.2 18.1 17.3 7.8 6.4 2 31.2 18.3 NM NM NM NM NM NM 32 6.7 10.1 11 NM
PSA Public Storage 0.11 246.76 6.4 7.7 0.8 11.39 11.23 12.00 11.82 (1.2) 5.9 5.2 1.2 1.3 5 21.9 4.3 NM NM NM NM NM NM 41 3.2 8.9 43 NM
SBAC SBA Communications 0.09 277.55 9.0 (1.4) 0.9 1.59 1.84 3.28 2.92 20.1 15.4 58.6 (4.2) 4.1 39 152.6 3.9 NM NM NM NM NM NM NM 0.8 NM 30 NM
WY Weyerhaeuser 0.08 35.60 5.7 6.7 1.0 1.81 1.08 240.1 40.3 (40.3) 4.7 0.0 2 18.5 9.8 NM NM NM NM NM NM 17 1.9 3.2 27 NM
Median 0.08 5.8 8.9 1.0 1.0 11.1 10.6 0.1 0.2 10 21.5 2.3 9.3 5.9 4.1 16.5 12.7 55 18 1.4 4.2 29 18
S&P 500 (Top-down) 165.01 185.53 (19.6) 24.6 12.4 24.8
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EPS Estimates
UTILITIES 2.67 10.5 2.8 0.8 3.3 % 5.4 % 4.6 % (1.0)% (0.5)% 5% 19.0x 3.7x NM NM NM 12.1x NM NM 12 % 3.2 % 2.3x 898 41 %
Electric Utilities 1.69 9.3 2.0 0.9 3.1 4.4 6.9 (1.6) (0.7) 5 18.8 3.1 NM NM NM 11.9 NM NM 12 3.3 2.2 567 41
AEP American Electric Power 0.13 84.70 13.2 2.7 0.8 4.59 4.66 4.82 4.98 5.0 5.1 6.8 0.1 (0.2) 6 18.2 2.9 NM NM NM 11.9 NM NM 11 3.5 2.1 42 45
DUK Duke Energy Corp. 0.22 96.53 12.8 6.6 0.8 5.05 5.20 5.34 5.45 2.1 6.0 4.9 (0.2) (0.2) 4 18.6 4.1 NM NM NM 12.1 NM NM 9 4.0 1.7 74 46
EIX Edison Intl 0.07 58.60 9.7 (5.7) 0.8 4.50 4.51 4.66 4.72 0.8 0.6 4.7 (0.5) 0.6 4 13.1 3.5 NM NM NM 9.6 NM NM 12 4.5 1.6 22 49
ETR Entergy Corp. 0.06 99.47 14.6 0.6 0.9 6.05 5.94 6.36 6.32 6.0 5.1 6.3 1.3 (0.1) 4 16.7 4.3 NM NM NM 9.4 NM NM 11 3.8 1.9 20 54
ES Eversource Energy 0.09 86.59 9.8 0.9 0.9 3.90 3.89 4.19 4.13 12.0 6.5 6.3 (0.2) (0.1) 7 22.3 3.3 NM NM NM 13.9 NM NM 10 2.8 2.2 30 36
EVRG Evergy Inc. 0.04 59.53 12.1 8.3 0.7 3.26 3.27 3.51 3.50 7.9 5.6 6.9 0.6 1.5 8 18.1 2.3 NM NM NM 10.9 NM NM 9 3.6 1.6 14 44
EXC Exelon Corp. 0.13 43.74 14.4 4.6 0.9 2.60 2.77 2.99 2.96 0.4 (13.9) 7.0 (1.7) 3.5 2 15.5 10.1 NM NM NM 6.7 NM NM 8 3.5 1.3 43 48
FE FirstEnergy Corp. 0.06 34.69 4.7 14.7 0.8 2.54 2.52 2.72 2.63 (7.3) 5.6 4.3 (0.9) (1.1) (2) 13.6 NM NM NM NM 12.1 NM NM 20 4.5 2.7 19 56
LNT Alliant Energy 0.04 54.16 17.3 6.0 0.7 2.56 2.75 7.9 6.0 7.1 (0.6) (0.1) 6 21.2 3.7 NM NM NM 14.1 NM NM 11 3.0 2.4 14 33
NEE NextEra Energy Inc. 0.44 75.61 2.9 (1.5) 1.0 2.49 2.51 2.76 2.73 11.0 8.3 8.5 0.2 (0.1) 9 30.2 3.5 NM NM NM 19.5 NM NM 13 2.0 4.0 148 23
NRG NRG Energy Inc. 0.03 37.73 3.3 1.3 1.0 2.61 4.35 5.19 5.78 (38.9) 106.5 32.8 (24.6) (5.3) (14) 5.5 NM NM NM NM 8.4 NM NM 98 3.4 5.4 9 48
PNW Pinnacle West Capital 0.03 81.35 16.3 2.9 0.8 4.89 4.93 5.01 5.12 2.3 1.1 3.8 (0.5) (0.7) 4 16.5 4.6 NM NM NM 10.3 NM NM 10 4.1 1.6 9 42
PPL PPL Corp. 0.07 28.84 11.8 3.8 0.7 2.28 2.19 3.3 (4.8) (3.9) (4.6) (11.9) (3) 12.6 NM NM NM NM 10.3 NM NM 13 5.8 1.7 22 53
SO Southern Co. 0.20 62.16 9.6 2.3 0.8 3.26 3.32 3.57 3.57 5.2 2.1 7.5 0.3 0.0 5 18.0 3.6 NM NM NM 12.2 NM NM 13 4.1 2.4 66 43
XEL Xcel Energy Inc. 0.11 66.51 14.4 0.5 0.8 2.97 2.97 3.21 3.18 5.5 9.4 6.9 (0.2) 0.1 6 22.4 3.6 NM NM NM 13.1 NM NM 12 2.8 2.6 36 39
Gas Utilities 0.04 16.8 4.3 0.7 17.8 5.0 6.8 0.1 0.1 8 19.4 3.1 NM NM NM 13.0 NM NM 10 2.5 1.9 13 28
ATO Atmos Energy Corp. 0.04 98.85 16.8 4.3 0.7 5.13 5.14 5.51 5.48 17.8 5.0 6.8 0.1 0.1 8 19.4 2.6 NM NM NM 13.0 NM NM 10 2.5 1.9 13 28
Independent Power Producers & Energy Traders 0.05 0.9 14.8 1.0 5.3 8.5 8.3 0.2 (0.1) 7 17.2 3.1 NM NM NM 14.8 NM NM 43 2.2 7.4 18 53
AES AES Corp. 0.05 26.81 0.9 14.8 1.0 1.56 1.68 5.3 8.5 8.3 0.2 (0.1) 7 17.2 2.3 NM NM NM 14.8 NM NM 43 2.2 7.4 18 53
Multi-Utilities 0.81 14.0 4.2 0.8 3.9 2.8 5.3 0.0 (0.1) 5 18.8 3.1 NM NM NM 12.1 NM NM 11 3.3 2.2 273 41
AEE Ameren Corp. 0.06 81.36 16.6 5.0 0.7 3.79 3.76 4.10 4.05 5.0 10.2 7.5 0.2 0.3 8 21.6 2.9 NM NM NM 12.0 NM NM 11 2.7 2.4 21 34
CNP CenterPoint Energy 0.04 22.65 16.5 5.4 0.9 1.40 1.41 1.45 1.46 (9.7) (4.3) 3.3 1.7 (1.6) (1) 15.8 NM NM NM NM 10.3 NM NM 14 2.8 2.2 12 50
CMS CMS Energy Corp. 0.05 61.22 13.1 1.1 0.8 2.86 2.85 3.06 3.07 8.6 7.4 7.4 0.0 0.1 7 21.3 3.0 NM NM NM 12.8 NM NM 16 2.8 3.3 18 47
ED Consolidated Edison 0.08 74.80 13.9 4.6 0.8 4.21 4.25 4.43 4.53 (1.8) 1.7 6.7 (0.8) (0.2) 3 17.6 5.4 NM NM NM 10.8 NM NM 8 4.1 1.4 26 49
D Dominion Energy 0.18 75.96 12.2 1.9 0.8 4.00 3.88 4.11 4.12 (11.0) 0.9 6.2 0.1 0.2 4 19.5 4.4 NM NM NM 13.5 NM NM 12 3.3 2.4 61 38
DTE DTE Energy Co. 0.08 133.14 14.1 10.6 0.7 7.24 7.14 7.61 7.26 15.0 (0.5) 1.7 (0.0) (1.5) 6 18.6 3.2 NM NM NM 11.7 NM NM 11 3.3 2.1 26 43
NI NiSource Inc. 0.03 24.11 11.6 6.1 0.8 1.32 1.34 1.40 1.41 2.6 3.6 5.7 0.0 (0.0) 5 17.7 3.3 NM NM NM 11.4 NM NM 11 3.6 2.0 9 49
PEG Public Service Enterprise Grp 0.09 60.21 12.9 4.2 0.7 3.36 3.42 3.69 3.50 4.6 (0.4) 2.3 (0.1) 0.7 4 17.7 5.0 NM NM NM 10.8 NM NM 11 3.4 1.9 30 37
SRE Sempra Energy 0.12 132.58 15.3 4.9 0.8 8.15 8.06 8.44 8.56 33.9 6.5 6.1 (0.1) (0.2) 5 16.5 3.3 NM NM NM 12.0 NM NM 12 3.3 2.0 40 39
WEC WEC Energy Group 0.09 93.59 16.1 2.5 0.7 4.05 4.03 4.21 4.29 5.9 6.2 6.5 0.0 0.2 6 23.2 3.7 NM NM NM 14.6 NM NM 12 2.9 2.8 30 31
Water Utilities 0.08 5.7 (2.0) 1.0 8.3 9.2 8.2 0.4 0.8 8 35.3 3.1 NM NM NM 19.4 NM NM 12 1.5 4.3 27 29
AWK American Water Works 0.08 149.92 5.7 (2.0) 1.0 4.24 4.25 4.60 4.60 8.3 9.2 8.2 0.4 0.8 8 35.3 4.3 NM NM NM 19.4 NM NM 12 1.5 4.3 27 29
Median 0.08 5.8 8.9 1.0 1.0 11.1 10.6 0.1 0.2 10 21.5 2.3 9.3 5.9 4.1 16.5 12.7 55 18 1.4 4.2 29 18
S&P 500 (Top-down) 165.01 185.53 (19.6) 24.6 12.4 24.8
e1121846f22311dcbd010014c2408514
5 April 2021 47
The Bottom Line
Exhibit 61: Our key forecasts for the S&P 500 index and recommended sector positioning
S&P 500 Index Forecasts

S&P 500 Price Targets Current Level 3 Month 6 Month 12 Month
3973 4100 (+3%) 4100 (+3%) 4300 (+8%)
S&P 500 Adjusted EPS estimates 2019A 2020A 2021E 2022E
GS Portfolio Strategy top-down $165 $143 $181 $197
Growth (% year/year) 1 (13) 27 9
Recommended Sector Positioning
Recommended GS Overweight / S&P 500 Total Return
S&P 500 Sector Positioning Underweight Weight 1Q 2021
Information Technology 100 bp 27% 2%

Health Care 100 13 3
Overweight
Industrials 100 9 11
Materials 100 3 9
Consumer Discretionary 0 12 3
Financials Neutral 0 11 16
Energy 0 3 31
Communication Services (100) 11 8
Consumer Staples (100) 6 1
Underweight
e1121846f22311dcbd010014c2408514
Utilities (100) 3 3
Real Estate (100) 2 9
S&P 500 0 bp 100% 6%
Sector weightings last rebalanced on November 11, 2020
5 April 2021 48
Goldman Sachs
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Rates, Rotation, and Re Ation: Taking Stock of 1Q 2021: US Quarterly Chartbook

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5 April 2021 | 8:33PM EDT

Rates, rotation, and reﬂation: Taking stock of 1Q 2021

and Russell 1000 Value outperformed Growth by 10 pp Ben Snider

bp from 0.91% to 1.75%. Optimism around economic Ryan Hammond

growth: BKNG, DIS, GE, MU, TSLA

13 charts tell the story of the 1Q 2021 US Equity Market 6

Where to ﬁnd Sales and EPS growth in 2022 10

Sector Analysis: Communication Services 17

Appendix: Sector, sub-sector and company valuation 28

as of March 31, 2021

Crude Oil (S&P GSCI)

Russell 1000 Value

Lipper Large-Cap Core

Russell 1000 Growth

Fundamental Hedge Funds

Source: Goldman Sachs Global Investment Research

13 charts tell the story of the 1Q 2021 US Equity Market

110 S&P 500:

0.5 Year-end GSTHLDUR:

13 charts tell the US equity market story in 1Q 2021 (continued)

13 charts tell the US equity market story in 1Q 2021 (continued)

$210 Comm Services

% of population vaccinated daily

13 charts tell the US equity market story in 1Q 2021 (continued)

Exhibit 15: 1Q Performance of our Thematic baskets

Dual Beta GSTHBETA 4.7 % 3% 12 % 16x 4.2x 0.0 %

High Tax 15 BRICs Sales GSTHBRIC 3.9 3 10 25 4.7 0.6

Dividend Growth 14 Western Europe Sales GSTHWEUR 4.4 4 13 20 3.3 0.4

High Quality Stock 3

Hedge Fund Very Important Shorts GSTHVISP 2.2 5 6 20 5.8 2.0

Source: Goldman Sachs Global Investment Research

Where to ﬁnd Sales and EPS growth in 2022

Where to ﬁnd Sales growth in 2022

2022E Sales Growth

Source: FactSet; compiled by Goldman Sachs Global Investment Research

5 April 2021 <0

Where to ﬁnd EPS growth in 2022

2022E Earnings Growth

Source: FactSet; compiled by Goldman Sachs Global Investment Research

5 April 2021 <<

Company Ticker GS Consensus % Diff Company Ticker GS Consensus % Diff

Source: FactSet, Goldman Sachs Global Investment Research

5 April 2021 <2

Source: FactSet, Goldman Sachs Global Investment Research

5 April 2021 <3

Health Care 13%

Consumer Discretionary 12%

Energy Communication Services 11%

Source: Compustat, FactSet, Goldman Sachs Global Investment Research

5 April 2021 <4

Exhibit 21: Net Income contribution by sector to S&P 500, 1976-2021

50% Health Care 14%

30% Consumer Discretionary 8%

Source: Compustat, FactSet, Goldman Sachs Global Investment Research

5 April 2021 <5

Exhibit 22: Comparative sector composition of major US equity market indices

Source: FactSet, Goldman Sachs Global Investment Research

5 April 2021 <6

Sector Analysis: Communication Services

Broadcasting Advertising Publishing

Cable & Satellite Interactive Media & Svcs 14.1

Movies & Entertainment (0.1)

Interactive Home Entertainment (4.2)