Shareholder Confidence Forecast
Q3, 2015
Investors report their willingness to own…
Walgreens Boots Alliance Inc
for the year ahead
Brendan Wood International
BRENDAN WOOD INTERNATIONAL / FIRST INTELLIGENCE
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BRENDAN WOOD INTERNATIONAL / FIRST INTELLIGENCE
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The Brendan Wood Shareholder Confidence Panel
BWI Panel
Institutional
&
Private Wealth Investors
Secondary Markets
Professionals
Research, Sales & Trading
GLOBAL PANEL
2000+ Debriefs with Decision
Makers
$6-$7 Trillion in Assets
65% Sector Specialists
35% Generalists
Average 9 Yrs Professional
Experience, 25% more than 15
Years
+/- 650 Professionals, including... +/- 150 Professionals, including...
+/- 400 TopGuns
+/- 100 TopGuns
Geographic Breakdown of the BWI Panel 2015:
US
Canada
Europe/Middle East/Africa
Pacific Rim
Latin America
GLOBAL RESOURCES PANEL
400+ Debriefs with Decision
Makers
$900+ Billion in Assets
80% Sector Specialists
20% Generalists
Average 11 Yrs Professional
Experience, 35% more than 15
Years
Global Resources Panel:
37%
19%
28%
15%
1%+
BRENDAN WOOD INTERNATIONAL / FIRST INTELLIGENCE
26%
30%
24%
19%
1%+
4
CANADA, UNITED STATES - CONSUMER PRODUCTS, FOOD & BEVERAGE, RETAILING, HOSPITALITY
Year Ending September
30th,
2015
Walgreens Boots Alliance Inc ranks 41
amongst Consumer Products, Food &
Beverage, Retailing, Hospitality
companies in Canada, United States
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CANADA UNITED STATES - CONSUMER PRODUCTS FOOD & BEVERAGE HOSPITALITY RETAILING
Year Ending September 30th, 2015
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Typical Verbatim
Updated September 30th, 2015
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Typical Verbatim - Walgreens Boots Alliance Inc
Voice of the Shareholder
Updated September 30 , 2015
(WBA)
“We own Walgreens Boots Alliance because we owned the stock before the acquisition of
Boots Alliance. The stock has performed well lately. There are a lot of activist investors
involved in the stock. The stock price was cheap for a long time which is why we bought the
stock in the first place. The stock price doubled and then the company bought Alliance Boots.
Investors are very excited about the stock after the acquisition but the company missed
guidance badly.”
th
“We do not like the Walgreens’ management team because they are all arrogant. We really like
the Alliance Boots management team.”
“They are closing poor performing/inefficient stores and the push that they are doing with
Boots Alliance will generate some synergies, and there will be a potential for higher returns.”
“Their positioning internationally with Alliance Boots will generate great traction over the next
three years and EPS growth will accelerate significantly.”
“The CEO has a tough time selling his strategy but I believe in his strategy.”
“The driver for me on Walgreens is the synergies once they get the second phase of the
Alliance Boots deal done. There will be a broader global operating platform.”
“I have more confidence in Walgreens Boots Alliance based on their balance sheet and
strategic acquisition potential. Walgreen's has a better balance sheet than CVS.”
“I thought Walgreens’ acquisition of Boots was very accretive and will be a good growth driver
for them getting into Europe. The whole healthcare sector as a whole is very much in a growth
stage with demographics where they are. People are getting older and want to be healthier.
Walgreens will have a lot of synergies.”
“The strategy is pretty clear.”
“Investors are not in favour of the management team at the moment. Some shareholders are
entering the business for the short term to benefit from the free cash flow as the company
integrates other businesses.”
“Longer term the execution of management will really determine where the stock goes. We
need to see this management execute and it is crucial they do so.”
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Typical Verbatim - Walgreens Boots Alliance Inc
Voice of the Shareholder
Updated September 30 , 2015
(WBA)
“There is a lack of belief in the management after they shot themselves in the foot last year by
over egging the cake on synergies. There is a story regarding quality and I don’t think that it is
that well understood because of the way in which management conducted themselves.”
th
“Last year they guided the market to one level of synergy and they found out that they were
double counting. There is a belief that this company isn’t anywhere near as strong as it would
appear. I can’t see why, given the nature of Boots and its domicile, Walgreen is maintaining its
domicile in the US when they could get a much lower tax charge by being quoted either in
Switzerland or the UK.”
“We do not own Walgreens Boots Alliance Inc because we recently sold the stock to take
profits. The company has been disappointing operationally since the company bought Boots
but the stock has been a rocket ship. The company has industry tail winds but the merger with
Boots could have gone better. We are bullish short-term and bearish long-term. We view the
Boots management team in higher regard than the Walgreens management team; the
Walgreens management team had some serious egos. We see the merger as a half victory; we
hoped for more shareholder value.”
“The problem with Walgreens is that we don’t have visibility to what they are doing in Europe
and the analysts who cover the stock have no clue.”
“We need to identify what the CEO’s game plan is. I’m not so sure.”
“In the space, CVS is really the better company so we pick it over Walgreens. Potentially
Walgreens has more room to catch up which is good for them but I like CVS more.”
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Summary: Which Components of Walgreens Boots Alliance Inc are Most Influential on Investors'
Decision to Own the Stock?
Year Ending September 30 , 2015
th
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Institutional Investors Who Are Planning to Own/Not Own Walgreens Boots Alliance Inc
CANADA, UNITED STATES - CONSUMER PRODUCTS, FOOD & BEVERAGE, RETAILING, HOSPITALITY
Year Ending September 30th, 2015
% of Investors who Own One or More Stocks in This Peer Group. Please Note Choice of Peer Group Can be
Changed at Any Time. Results Fully Weighted to Reflect Current Market.
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Shareholder Confidence By Quarter - Consumer Products
Based on the Investment Quality Index Score, which aggregates the
11 key drivers of shareholder confidence into one score
Sector
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Rating Walgreens Boots Alliance Inc As An Investment Target: Buyer Ratings Vs. Non-Buyer Ratings
Year Ending September 30th, 2015
Shareholder Confidence Score
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Rating Walgreens Boots Alliance Inc As An Investment Target: Buyer Ratings Vs. Non-Buyer Ratings
Year Ending September 30th, 2015
Shareholder Confidence Score
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How Does Overall Investor Confidence in Retailing Companies Vary Per Region?
Year Ending September 30th, 2015
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CANADA, UNITED STATES - CONSUMER PRODUCTS, FOOD & BEVERAGE, RETAILING, HOSPITALITY
Year Ending September 30th, 2015
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CANADA, UNITED STATES - CONSUMER PRODUCTS, FOOD & BEVERAGE, RETAILING, HOSPITALITY
Year Ending September 30th, 2015
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CANADA, UNITED STATES - CONSUMER PRODUCTS, FOOD & BEVERAGE, RETAILING, HOSPITALITY
Year Ending September 30th, 2015
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Terminology
DECISION TO OWN - This is the key dependent variable. How do investors rank this stock as a future
investment target? (Response Range 0-10: “Will not ever be a buyer”…to….“Own it and Will Buy More”).
STRATEGY - How do investors rate the company’s Strategy? How does this influence investors’ decisions to
own the stock?
CEO (Execution of Strategy)- How do investors rate the CEO’s ability to execute the strategy? How does
this influence investors’ decisions to own the stock?
CFO - What is the quality of the company's CFO? How does this influence investors' decisions to own the
stock?
BOARD - How much does the company’s Board influence investors’ decisions to own the stock?
BOARD MEMBER - Are there individual board members visible to investors who influence their decisions
to own the stock.
Value Growth (Short Term) - How do investors rate the company’s Value Growth (Short Term)? How does
this influence investors’ decisions to own the stock?
Value Growth (Long Term) - How do investors rate the company’s Value Growth (Long Term)? How does
this influence investors’ decisions to own the stock?
REPORTING - How do investors rate the company’s Disclosure? How does this influence investors’
decisions to own the stock?
MOMENTUM IN DECISION TO OWN - How do investors rate the company’s Momentum*? How does
this influence investors’ decisions to own the stock?
BALANCE SHEET - How do investors rate the company’s Balance Sheet? How does this influence
investors’ decisions to own the stock?
* Rate of Accretion of Value
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Quarter by Quarter Ratings – Through 3Q 2015
Selected Peer Group
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Walgreens Boots Alliance Inc Shareholder Metrics vs Industry Leader
Corporate Strategy
Canada, United States - Consumer Products, Food & Beverage, Retailing, Hospitality
Walgreens Boots
Alliance Inc
Sector Leader:
Dollarama Inc
Sector Average
Peer Group Average
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Walgreens Boots Alliance Inc Shareholder Metrics vs Industry Leader
Short Term Growth
Canada, United States - Consumer Products, Food & Beverage, Retailing, Hospitality
Walgreens Boots
Alliance Inc
Sector Leader:
Dollarama Inc
Sector Average
Peer Group Average
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Walgreens Boots Alliance Inc Shareholder Metrics vs Industry Leader
Long Term Growth
Canada, United States - Consumer Products, Food & Beverage, Retailing, Hospitality
Walgreens Boots
Alliance Inc
Sector Leader:
Starbucks Corp.
Sector Average
Peer Group Average
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Walgreens Boots Alliance Inc Shareholder Metrics vs Industry Leader
CEO
Canada, United States - Consumer Products, Food & Beverage, Retailing, Hospitality
Walgreens Boots
Alliance Inc
Sector Leader:
Starbucks Corp.
Sector Average
Peer Group Average
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Walgreens Boots Alliance Inc Shareholder Metrics vs Industry Leader
CFO
Canada, United States - Consumer Products, Food & Beverage, Retailing, Hospitality
Walgreens Boots
Alliance Inc
Sector Leader:
Costco Wholesale
Corporation
Sector Average
Peer Group Average
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Walgreens Boots Alliance Inc Shareholder Metrics vs Industry Leader
Senior Management Team (excl. CEO)
Canada, United States - Consumer Products, Food & Beverage, Retailing, Hospitality
Walgreens Boots
Alliance Inc
Sector Leader:
Costco Wholesale
Corporation
Sector Average
Peer Group Average
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Walgreens Boots Alliance Inc Shareholder Metrics vs Industry Leader
Board
Canada, United States - Consumer Products, Food & Beverage, Retailing, Hospitality
Walgreens Boots
Alliance Inc
Sector Leader:
Costco Wholesale
Corporation
Sector Average
Peer Group Average
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Walgreens Boots Alliance Inc Shareholder Metrics vs Industry Leader
Reporting and Disclosure
Canada, United States - Consumer Products, Food & Beverage, Retailing, Hospitality
Walgreens Boots
Alliance Inc
Sector Leader:
Costco Wholesale
Corporation
Sector Average
Peer Group Average
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Walgreens Boots Alliance Inc Shareholder Metrics vs Industry Leader
Balance Sheet
Canada, United States - Consumer Products, Food & Beverage, Retailing, Hospitality
Walgreens Boots
Alliance Inc
Sector Leader:
Coca-Cola Co.
Sector Average
Peer Group Average
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Walgreens Boots Alliance Inc Shareholder Metrics vs Industry Leader
Commitment to Own
Canada, United States - Consumer Products, Food & Beverage, Retailing, Hospitality
Walgreens Boots
Alliance Inc
Sector Leader:
Alimentation
Couche-Tard Inc
Sector Average
Peer Group Average
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Walgreens Boots Alliance Inc Shareholder Metrics vs Industry Leader
Momentum of Investor Confidence
Canada, United States - Consumer Products, Food & Beverage, Retailing, Hospitality
Walgreens Boots
Alliance Inc
Sector Leader:
Dollarama Inc
Sector Average
Peer Group Average
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How does Walgreens Boots Alliance Inc compare with the
Consumer Products, Food & Beverage, Hospitality and
Retailing sectors as a Whole?
Year Ending September 30th, 2015
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Year Ending September 30th, 2015
CANADA, UNITED STATES - CONSUMER PRODUCTS, FOOD & BEVERAGE, RETAILING, HOSPITALITY
Walgreens Boots Alliance Inc ranks 44
amongst Consumer Products, Food &
Beverage, Retailing, Hospitality
companies
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Year Ending September 30th, 2015
CANADA, UNITED STATES - CONSUMER PRODUCTS, FOOD & BEVERAGE, RETAILING, HOSPITALITY
Walgreens Boots Alliance Inc ranks 23
amongst Consumer Products, Food &
Beverage, Retailing, Hospitality
companies
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Year Ending September 30th, 2015
CANADA, UNITED STATES - CONSUMER PRODUCTS, FOOD & BEVERAGE, RETAILING, HOSPITALITY
Walgreens Boots Alliance Inc ranks 21
amongst Consumer Products, Food &
Beverage, Retailing, Hospitality
companies
BRENDAN WOOD INTERNATIONAL / FIRST INTELLIGENCE
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Year Ending September 30th, 2015
CANADA, UNITED STATES - CONSUMER PRODUCTS, FOOD & BEVERAGE, RETAILING, HOSPITALITY
Walgreens Boots Alliance Inc ranks 41
amongst Consumer Products, Food &
Beverage, Retailing, Hospitality
companies
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Year Ending September 30th, 2015
CANADA, UNITED STATES - CONSUMER PRODUCTS, FOOD & BEVERAGE, RETAILING, HOSPITALITY
Walgreens Boots Alliance Inc ranks 43
amongst Consumer Products, Food &
Beverage, Retailing, Hospitality
companies
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Year Ending September 30th, 2015
CANADA, UNITED STATES - CONSUMER PRODUCTS, FOOD & BEVERAGE, RETAILING, HOSPITALITY
Walgreens Boots Alliance Inc ranks 44
amongst Consumer Products, Food &
Beverage, Retailing, Hospitality
companies
BRENDAN WOOD INTERNATIONAL / FIRST INTELLIGENCE
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Year Ending September 30th, 2015
CANADA, UNITED STATES - CONSUMER PRODUCTS, FOOD & BEVERAGE, RETAILING, HOSPITALITY
Walgreens Boots Alliance Inc ranks 31
amongst Consumer Products, Food &
Beverage, Retailing, Hospitality
companies
BRENDAN WOOD INTERNATIONAL / FIRST INTELLIGENCE
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Year Ending September 30th, 2015
CANADA, UNITED STATES - CONSUMER PRODUCTS, FOOD & BEVERAGE, RETAILING, HOSPITALITY
Walgreens Boots Alliance Inc ranks 40
amongst Consumer Products, Food &
Beverage, Retailing, Hospitality
companies
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Year Ending September 30th, 2015
CANADA, UNITED STATES - CONSUMER PRODUCTS, FOOD & BEVERAGE, RETAILING, HOSPITALITY
Walgreens Boots Alliance Inc ranks 49
amongst Consumer Products, Food &
Beverage, Retailing, Hospitality
companies
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Year Ending September 30th, 2015
CANADA, UNITED STATES - CONSUMER PRODUCTS, FOOD & BEVERAGE, RETAILING, HOSPITALITY
Walgreens Boots Alliance Inc ranks 42
amongst Consumer Products, Food &
Beverage, Retailing, Hospitality
companies
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Year Ending September 30th, 2015
CANADA, UNITED STATES - CONSUMER PRODUCTS, FOOD & BEVERAGE, RETAILING, HOSPITALITY
Walgreens Boots Alliance Inc ranks 27
amongst Consumer Products, Food &
Beverage, Retailing, Hospitality
companies
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Appendix
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Brendan Wood International Investor Panel* - US
AllianceBernstein
Amber Capital
Artisan Partners
Atlantic Investment Management
Balyasny Asset Management
Bessemer Holdings
BlackRock Advisors Inc.
Boston Company Inc,
Brandes Investment
Brookfield Asset Management
Brookside Capital Partners, LLC
Capital Group
Capital Group Companies
Carlson Capital LP
Caxton Associates, LLC
Citadel Group
Diamondback Capital Management LLC
Driehaus Capital Management, Inc.
Duquesne Capital Management LLC
Eaton Vance Corp
FAF Advisors
Fidelity Investments
First State investments
Forward Funds
Franklin Templeton Investments
Geologic Resource Partners
George Weiss Associates
GLG Partners LP
Goldman Sachs Asset Management
Government of Singapore
Harris Bank
Hetco Energy Trading Company
Hyundai Securities
Impala Asset Management
ING Investment Management
Invesco AIM
lnvestec Asset Management
J. & W. Seligman & Co. Incorporated
Janus Capital
Jennison Associates LLC
JP Morgan Asset Management
Legg Mason
Lombard, Odier & Cie
Loomis Sayles
Lord Abbett
Lucerne Capital Management, LLC.
Luminus Management, LLC
McCullough & Associates, LLC
Millennium Partners LP
Moore Capital Management
Neuberger Berman
Newton Investment Management
Norges Bank Investment Managemen
Northwestern Mutual Life
Nuveen Investments
NWQ Investment Management Co
Oppenheimer Funds
Passport Capital
Primecap Management Co.
Putnam Investments
RiverSource Investments
RoundRock Capital
RREEF America L.L.C.
SAC Capital Advisors
Sigma Capital Management
SIR Capital Management
Soros Fund Management LLC
Sound Energy Capital Management
Stark Investments
State of New Jersey
State of Wisconsin
T. Rowe Price
Talek Investments
Thrivent Financial
TIAA-CREF
TimeSquare Capital Management
Tocqueville Asset Manangment
TPH Asset Management
Tradewinds Global Investors
Turner Investment Partners
UBS Global Asset Management
Urdang
US Global Investors Inc.
Usaa Capital Corp.
Viking Global Investors
Vontobel Asset Management Inc.
Waddell & Reed
Wellington Management Co.
Westwood Holdings Group
Williams de Broe
Zimmer Lucas Partners, LLC.
*There are generally multiple BWI Panelists at most institutions. The BWI Broker Analyst Panel is available on request
BRENDAN WOOD INTERNATIONAL / FIRST INTELLIGENCE
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Brendan Wood International Investor Panel* - Europe and Pac Rim
Aberdeen Asset Management Inc
ABN AMRO Asset Management
AEW Capital Management LP
AIA Group Ltd
Ajia Partners
Alken Asset Management
Alliance Trust Companies
AllianceBernstein
Allianz Global Investors
AmBank Group
AMP Capital
Amundi Asset Management
APG Group
APN Property Group
Argos Investment Managers SA
Arnhem Investment Management
Arrowgrass Capital Partners LLP
ASR Investments Corp.
ATP International Group
Aviva Investors
AXA
AZ Fund Management SA
Azimut
Balyasny Asset Management
Banca Euromobilaire Suisse SA
Banco Popular Espanol SA
Bank CIC Schweiz AG
Bank Sarasin & CIE
Banque Bonhote & Cie SA
Banque Priv. Edmond de Rothschild
Banque Safdie SA
Barings Asset Management
Basinvest
BBVA Asset Management
Bellevue Asset Management
Bipiemme Gestioni S.G.R. S.p.A.
BlackRock Advisors Inc.
BNP Paribas
BOCHK Asset Management
BPE Finance International Ltd
Brummer & Partners
Caixa Banco de Investimento
Caledonia Investments PLC
Capital Group
Capital Investment Trust Corp
Carmignac Gestion
Cathay Securities Investment Trust
CD Capital
China Life Franklin Asset Mgt.
Citadel Asset Management
Clarion Capital Partners LLC
CM-CIC Asset Management
Cohen & Steers Inc
Colonial First State Global Asset Mgt.
Commerzbank
Constantia Privatbank
Convertinvest Financial Services
Credit Suisse Asset Management
CSOP Asset Management Limited
Cygnus Asset Management
Daiwa Asset Management Ltd.
Danske Andelskassers Bank A/S
DB RREEF Funds Management
DBS Asset Management
DE Shaw & Co.
Deka Investment GmbH
Deutsche Asset Management
Dexia Asset Management
Dieselgarden AS
Doric Asset Finance
DWS Investment
Eastspring Investments
Ecofin
Edmond de Rothschild Asset Mgt.
EIC Partners AG
Equigest
Eurizon Capital
Exane Asset Management
Farringdon Capital Management
Fidelity Investments
FIVV AG
FrontPoint Partners LLC
Fuh Hwa Securities IT
Fullerton Fund Management
Gartmore Investment Ltd.
GE Asset Management
GLG Partners LP
Governance for Owners
Government of Singapore IC
Greenwoods Asset Management
Gruppo Banca Leonardo SPA
Gutmann Kapitalanlagegesellscaft
Haitong Securities Co Ltd
Hamon Investment Group
Harvest Global Investments
HBK Europe Management
HealthCor Partners Management
Heitman International
Henderson Global Investors
Hillhouse Capital Management
Horizon Capital Advisors
HSBC Asset Management
IGM Financial Inc.
Impax Group PLC
Indus Capital Partners
ING Investment Management
ING Real Estate Asia
Insinger de Beaufort
Invesco AIM
Invesco Asset Management
Investec Asset Management
JP Morgan Asset Management
Julius Baer Holding AG
KBC Asset Management SA
Kempen & Co.
Keva
Keywise Capital Management (HK)
KLP Insurance
Lampe Asset Management
LBN Advisors
Lion Global Investors
Lodh & Cie SA
Lombard Asset Management
Lombard Odier Darier Hentsch
Malayan Banking Berhad
Marshall Wace Asset Management
Martin Currie
MEAG Munich Ergo
Meiji Yasuda Life Insurance
MFS Investment Management
Mirae Asset Management
Montrica Investment Management t
Morgan Stanley
Nan Shan Life Insurance Co. Ltd.
Natixis
Newton Investment Management
*There are generally multiple BWI Panelists at most institutions. The BWI Broker Analyst Panel is available on request
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Brendan Wood International Investor Panel* - Europe and Pac Rim
Nomura Asset Management
Norges Bank Investment Management
Nykredit Realkredit A/S
Och Ziff Capital Management Group
Odey Asset Management
OFI Asset Management
One Investments
Oppenheimer
Owl Creek Asset Management
OZ Bankers
Pedder Street Investment MG
Pengana Capital
Perpetual Investments
Petercam SA
PGGM
Pictet & Cie
PIMCO
PineBridge
Ping An InsuranceCompany of China
Pioneer Investment Management
PKB Privatbank Ag
Platinum Asset Management
Polygon Investment Partners LLP
Principal Global Investors
Provalor SA
Prudencial Investment Management
Putnam Investments
Pyramis Global Advisors
Rab Capital
Raiffeisen Capital Management
Reyl & Cie SA
Robeco Group
SAC Capital Advisors
Sam Group
Samsung Asset Management Co.
Santander Asset Management
Schroder Investment Management
Scottish Widows
SEB Asset Management AG
Security KAG/Austria
SG Hiscock & Company
SNS Asset Management
Societe Generale Asset Management
Soditic Asset Management
Solaris
Soros Fund Management LLC
Standard Chartered Bank
State Street
Swisscanto Asset Management
T Rowe Price Group
Thames River Capital
The Royal Bank of Scotland
Theodoor Gilissen Bankiers NV
Threadneedle Asset Management Ltd
Tiedemann Wealth Management
Tokio Marine Asset Management Co
TPG Capital
Trafalgar Asset Managers
UBI Pramerica SGR
UBS Global Asset Management
Unigestion Asset Management
Union Bancaire Privee
Union Investments
UOB Asset Management Co. Ltd.
Urdang
Urquijo Gestion
Value Partners Limited.
Vontobel Asset Management
Wallara Asset Management
Wellington Management Co.
Yinhua Fund Management Co., Ltd.
Zuercher Kantonalbank
*There are generally multiple BWI Panelists at most institutions. The BWI Broker Analyst Panel is available on request
BRENDAN WOOD INTERNATIONAL / FIRST INTELLIGENCE
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