ADR report – summary                                                                                   

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

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

The top-ranked sectors in ADRs this week are utilities (NGG) (ELP), basic materials (LUKOY) (EC) (CNQ) (CEO), and healthcare (GLPG) (AZN) (ARGX). Technology, services, and industrial goods rank neutral. Consumer and financials score below average.

Zone, Region, & Country Ranking 

The best-ranked zones are North America (CNQ) (TU) and Europe (BTI) (LUKOY) (NGG) (ICLR) (ARCAY) (GLPG) (AZN) (ARGX) (ING) (CS) (ADDYY). Central & Eastern Europe (LUKOY) (MBT) and North America are the top regions. The best countries include Hong Kong (OIIM) (MLCO), Bermuda (SIG) (SFL), Switzerland (CS) (STM) (SCMWY) (FERGY) (ABB), Russia (LUKOY) (MBT), and Norway (EQNR).

ADR Ranking:

The following ADRs score best and worst in our universe.