Weekly ADR Report

The best scoring ADRs from one year ago (12/31/2012) returned 71.16% this past year, 50% more than the MSCI EAFE, with 0% turnover. The top performers from our list one year ago include HIMX up 497%, GENT up 403%, MPEL up 129%, GA up 124%, and CTRP up 123%.

IMPORTANT: Scores have rolled to reflect Q1 seasonality.

The average ADR score is 56.18, above the four week average score of 53.70. The average ADR is trading 7.11% above its 200 dma, has 3.73 days to cover short and is expected to grow EPS by 24.3% next year.

The following ADRs sport the best seasonality for the first quarter:

ADRS							12/30/2013	4 Week MA
Company Name	Symbol	Sector	INDUSTRY	REGION	COUNTRY	ZONE	SCORE	SCORE
BEST
Infosys Technologies	INFY	TECHNOLOGY	Software&ComputerSvc	South Asia	India	Asia	100	92.50
Netease.com	NTES	TECHNOLOGY	Software&ComputerSvc	North Asia	China	Asia	100	75.00
Royal Bank of Canada	RY	FINANCIALS	Money Center Banks	North America	Canada	North America	100	85.00
ARM	ARMH	TECHNOLOGY	Tech.Hardware&Equip.	United Kingdom & Ireland	United Kingdom	Europe	95	93.75
BG Group	BRGYY	BASIC MATERIALS	Oil & Gas Producers	United Kingdom & Ireland	United Kingdom	Europe	95	82.50
Giant Interactive Group	GA	SERVICES	Leisure Goods	North Asia	China	Asia	95	82.50
Melco Crown Entertainment	MPEL	SERVICES	Travel & Leisure	North Asia	Hong Kong	Asia	95	82.50
PSIVIDA LTD	PSDV	HEALTHCARE	Drug Delivery	North America	United States	North America	95	50.00
SIGNET GROUP PLC	SIG	SERVICES	Jewelry Stores		Bermuda		95	92.50
Grupo Aeroportuario del Sureste	ASR	SERVICES	IndustrialTransport.	Latin America	México	Latin America	90	87.50
Baidu	BIDU	TECHNOLOGY	Software&ComputerSvc	North Asia	China	Asia	90	66.25
Gentium	GENT	HEALTHCARE	Pharma. & Biotech.	Continental Europe	Italy	Europe	90	70.00
GLOBAL SOURCES	GSOL	TECHNOLOGY	Internet Information Providers		Bermuda		90	58.75
51job	JOBS	SERVICES	Support Services	North Asia	China	Asia	90	90.00
Nidec	NJ	INDUSTRIAL GOODS	Electron.&ElectricEq	North Asia	Japan	Asia	90	77.50
Novo Nordisk	NVO	HEALTHCARE	Pharma. & Biotech.	Continental Europe	Denmark	Europe	90	82.50
Rio Tinto	RIO	BASIC MATERIALS	Mining	United Kingdom & Ireland	United Kingdom	Europe	90	88.75
SAP	SAP	TECHNOLOGY	Software&ComputerSvc	Continental Europe	Germany	Europe	90	76.25
Siemens	SI	TECHNOLOGY	General Industrials	Continental Europe	Germany	Europe	90	77.50
ABB	ABB	INDUSTRIAL GOODS	Industrial Engineer.	Continental Europe	Switzerland	Europe	85	71.25
GRUMA - B Shares	GMK	CONSUMER GOODS	Food Producers	Latin America	México	Latin America	85	73.75
Himax Technologies	HIMX	TECHNOLOGY	Electron.&ElectricEq	North Asia	Taiwan	Asia	85	62.50
Honda Motor	HMC	CONSUMER GOODS	Automobiles & Parts	North Asia	Japan	Asia	85	80.00
JINPAN INT'L	JST	TECHNOLOGY	Diversified Electronics	North Asia	China	Asia	85	87.50
NICE Systems	NICE	TECHNOLOGY	Tech.Hardware&Equip.	Middle East/N. Africa/the Gulf	Israel	Middle East	85	75.00
Natuzzi	NTZ	CONSUMER GOODS	HouseGoods&HomeConst	Continental Europe	Italy	Europe	85	51.25
Companhia Siderurgica Nacional-CSN	SID	BASIC MATERIALS	Indust.Metals&Mining	Latin America	Brazil	Latin America	85	82.50
SORL AUTO PARTS	SORL	CONSUMER GOODS	Automobiles & Parts	North Asia	China	Asia	85	53.75
Spreadtrum Communications	SPRD	TECHNOLOGY	Tech.Hardware&Equip.	North Asia	China	Asia	85	72.50
Veolia Environnement	VE	UTILITIES	Gas,H20&Multiutility	Continental Europe	France	Europe	85	41.25
KNIGHTSBRIDGE TANKER	VLCCF	SERVICES	Shipping		Bermuda		85	48.75
Woori Finance	WF	FINANCIALS	Banks	North Asia	Korea	Asia	85	62.50
America Movil - Series L	AMX	TECHNOLOGY	Mobile Telecom.	Latin America	México	Latin America	80	73.75
AEGEAN MARINE PETRO	ANW	SERVICES	Shipping	Continental Europe	Greece	Europe	80	58.75
BP	BP	BASIC MATERIALS	Oil & Gas Producers	United Kingdom & Ireland	United Kingdom	Europe	80	78.75
CHINA AUTOMOTIVE SYS	CAAS	CONSUMER GOODS	Automobiles & Parts	North Asia	China	Asia	80	55.00
CTrip.com International	CTRP	SERVICES	Travel & Leisure	North Asia	China	Asia	80	67.50
Elan	ELN	HEALTHCARE	Pharma. & Biotech.	United Kingdom & Ireland	Ireland	Europe	80	55.00
Hong Kong Television Network	HKTV	TECHNOLOGY	Fixed Line Telecom.	North Asia	Hong Kong	Asia	80	60.00
China Finance Online	JRJC	SERVICES	Software&ComputerSvc	North Asia	China	Asia	80	56.25
SK Telecom	SKM	TECHNOLOGY	Mobile Telecom.	North Asia	Korea	Asia	80	71.25
Trinity Biotech	TRIB	HEALTHCARE	HealthCareEquip.&Ser	United Kingdom & Ireland	Ireland	Europe	80	81.25
VimpelCom - Com	VIP	TECHNOLOGY	Mobile Telecom.	Central & Eastern Europe	Russia	Europe	80	78.75
Wipro	WIT	TECHNOLOGY	Software&ComputerSvc	South Asia	India	Asia	80	82.50

WORST
Advantest	ATE	TECHNOLOGY	Tech.Hardware&Equip.	North Asia	Japan	Asia	15	12.50
Ecopetrol	EC	BASIC MATERIALS	Oil & Gas Producers	Latin America	Colombia	Latin America	15	30.00
The9	NCTY	SERVICES	Leisure Goods	North Asia	China	Asia	15	15.00
Perfect World	PWRD	TECHNOLOGY	Leisure Goods	North Asia	China	Asia	15	16.25
Soc. Quimica y Minera de Chile - B Shares	SQM	BASIC MATERIALS	Chemicals	Latin America	Chile	Latin America	15	20.00
Suntech Power	STP	TECHNOLOGY	Alternative Energy	North Asia	China	Asia	15	18.75
Turkcell Iletisim Hizmetleri	TKC	TECHNOLOGY	Mobile Telecom.	Middle East/N. Africa/the Gulf	Turkey	Middle East	15	32.50
AU Optronics	AUO	TECHNOLOGY	Tech.Hardware&Equip.	North Asia	Taiwan	Asia	20	30.00
Compania de Minas Buenaventura	BVN	BASIC MATERIALS	Mining	Latin America	Perú	Latin America	20	21.25
Gold Fields	GFI	BASIC MATERIALS	Mining	Sub-Saharan Africa	South Africa	Africa	20	16.25
KT	KT	TECHNOLOGY	Fixed Line Telecom.	North Asia	Korea	Asia	20	33.75
Nissan Motor	NSANY	CONSUMER GOODS	Automobiles & Parts	North Asia	Japan	Asia	20	42.50
Philippine Long Distance Telephone	PHI	TECHNOLOGY	Mobile Telecom.	South Asia	Philippines	Asia	20	21.25

Commentary:

The best scoring sector heading into 2014 is healthcare (PSDV, NVO, GENT, TRIB, SNN, RDY, NVS, FMS, AZN), followed by services (SIG, MPEL, GA, JOBS, ASR). Financials (RY, WF, RBS, IX, BMO) and industrial goods (NJ, ABB) score in line. Technology, consumer goods, utilities and basics score below average.

The best scoring zone is North America/Canada (RY, PSDV, BMO). Europe (ARMH, BRGYY, SI, SAP, NVO, GENT, RIO) also scores highly. The best regions are North America, UK/Ireland (ARMH, BRGYY, RIO, TRIB, BP), and MENA (NICE, BSI, GIVN). The top countries are Bermuda (SIG, GSOL, VLCCF), Hong Kong (MPEL, HKTV, OIIM), Israel, Ireland (TRIB, FLY), and Canada (RY, BMO).