• The top-rated sector is healthcare.
• The best countries are Hong Kong, Bermuda, and Switzerland.

**Important** Scores have shifted to reflect Q1 seasonality.

The top-ranked sectors in ADR universe this week are healthcare (GLPG) (AZN) (ZLAB) (ARGX) (SNN), utilities (NGG) (SBS) (ELP) (CPL), industrial goods (HCMLY) (FERGY) (FCAU) (CRH), and services (UGP) (SIG) (SFL) (OMAB) (ICLR). Basic materials and consumer goods are neutral. Technology and financials score below average.

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ZONE, REGION, & COUNTRY RANKING

The best-ranked zones are Europe (UPMMY) (ICLR) (GLPG) (AZN) (BTI) (ADDYY) (LUKOY) and No. America (CNQ) (TU). UK/Ireland (ICLR) (AZN) (BTI) (NGG) (RYAAY) (FCAU) (CRH) (NGLOY), Central & Eastern Europe (LUKOY) (MBT), and No. America are the top regions. The highest-scoring countries are Hong Kong (OIIM) (MLCO), Bermuda (SIG) (SFL), and Switzerland (FERGY) (CS) (SCMWY) (ABB).

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ADR RANKING:

The following ADRs score best and worst in our universe.

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