Oct 20, 2023

Emerging Markets - Americas

TCR
Overall TCR® Rating weights Securities Alerts

B- A

C
50.00%

2.65%

7.20%
274
▲ Upgrades

▼ Downgrades
0

D 40.15%

All cap. 1 Week

PERFORMANCE DISPERSION
max: +24.46%

64 stocks avg.
Top 25% +4.65%
min: +0.14%

142 stocks avg.

Mid 50% -4.73%

max: -9.42%

68 stocks avg.
Bottom 25% -17.45%
min: -82.84%

Average returns represent the dispersion of performance across the selected peer group over the last 1 Month. The greater the dispersion, the higher the
potential to gain meaningful returns above the average return of the peer group. In periods of high dispersion, active managers have more opportunities to
generate excess returns through positive stock selection.

TODAY'S TRENDS
Sector Securities TCR AB%

Communication Services 11 C 33.33%

Consumer Discretionary 40 C+ 35.89%

Consumer Staples 43 B- 55.00%

Energy 9 A- 88.89%

Financials 33 B- 53.13%

Health Care 12 C 33.33%

Industrials 39 B 61.54%

Information Technology 4 B- 50.00%

Materials 32 C 37.51%

Real Estate 20 B 68.42%

Utilities 30 B 68.97%

Page 1 of 3
 Oct 20, 2023

TCR CHANGES
Sector TCR 1 Week

Communication Services C -

Consumer Discretionary C+ -

Consumer Staples B- -

Energy A- -

Financials B- -

Health Care C Downgraded to C from C+

Industrials B -

Information Technology B- -

Materials C -

Real Estate B -

Utilities B -

AB% CHANGES
Sector Change Current 1 Week

Communication Services ↔ 33.33% 0.00%

Consumer Discretionary ↓ 35.89% -5.13%

Consumer Staples ↓ 55.00% -5.00%

Energy ↔ 88.89% 0.00%

Financials ↔ 53.13% 0.00%

Health Care ↓ 33.33% -8.34%

Industrials ↓ 61.54% -2.56%

Information Technology ↔ 50.00% 0.00%

Materials ↔ 37.51% 0.00%

Real Estate ↔ 68.42% 0.00%

Utilities ↔ 68.97% 0.00%

UPGRADES / DOWNGRADES 1 WEEK

Sector Upgrades Downgrades Ratio

Communication Services 0 0

Consumer Discretionary 0 2

Consumer Staples 0 4

Energy 0 0

Financials 0 0

Health Care 0 1

Industrials 0 1

Information Technology 0 0

Materials 0 0

Real Estate 0 0

Utilities 0 1

The up and down refer to the number of upgraded and downgraded securities over the last 1 Week.

Page 2 of 3
 Oct 20, 2023

Important Information: The evaluations, rankings and information provided by Trendrating (the "Services") are provided solely for the use of finance
professionals (the "Users") who have been issued a license to use the Services by Trendrating and who, by nature of their status as investment professions
understand, or are expected to understand, the complexity of finance products, the functioning of the markets and the risks inherent in them. The Services
are not offered for use by persons not employed or actively working as professionals in the finance and investment industry. The Services are to be used
entirely at the risk of the Users. Included in the Services are forward-looking statements that are based on observations, assumptions and calculations that
reflect Trendrating’s expectations. Forward-looking statements are subject to numerous risks and uncertainties that could cause actual results to materially
differ from those expectations. The Services are not intended to constitute a recommendation of any specific security or financial product and are to be
implemented solely in conjunction with or as part of a complete investment evaluation conducted by the Users. Under no circumstances shall Trendrating,
its officers, directors, employees or agents be liable for any damages, lost profits or investment losses that result in any way from use of the Services or any
interruptions, errors or delays in the Services. © Trendrating S.A. All rights reserved.

Page 3 of 3