Belgian 20 Index BEL20

BEL20 Top 10: Value Investment Strategy

TOP 10 Value	INDUSTRY	VALUE	GROWTH	SAFETY	COMBINED
1. Groupe Bruxelles Lambert (M, BE) ☀	Multi-Sector Holdings	100	33	100	100
2. Solvay (XXL, BE) ☀	Diversified Chemicals	100	36	92	100
3. D'Ieteren (L, BE)	Distributors	100	69	50	93
4. ENGIE (XXL, FR) ☀	Multi-Utilities	87	74	96	100
5. Ageas (XXL, BE)	Multi-line Insurance	87	100	53	92
6. Anheuser-Busch InBev (XL, BE) ☀	Brewers	83	60	1	90
7. Umicore (XXL, BE) ☀	Specialty Chemicals	78	100	89	86
8. UCB (XXL, BE) ☀	Pharmaceuticals	75	100	57	75
9. Cofinimmo (M, BE)	Diversified REITs	75	80	20	60
10. Delhaize (L, BE)	Food Retail	73	100	83	90

September 11, 2015. Top 10s are published weekly by Top 10 schedule. (Obermatt Stock Update)

TOP 10 Growth	INDUSTRY	VALUE	GROWTH	SAFETY	COMBINED
1. Umicore (XXL, BE) ☀	Specialty Chemicals	78	100	89	86
2. Delhaize (L, BE)	Food Retail	73	100	83	90
3. Ageas (XXL, BE)	Multi-line Insurance	87	100	53	92
4. UCB (XXL, BE) ☀	Pharmaceuticals	75	100	57	75
5. Telenet (L, BE)	Cable & Satellite	8	100	85	64
6. Belgacom (XXL, BE) ☀	Integrated Telecommunication	18	88	74	53
7. Bekaert (L, BE) ☀	Steel	67	83	83	83
8. Cofinimmo (M, BE)	Diversified REITs	75	80	20	60
9. ENGIE (XXL, FR) ☀	Multi-Utilities	87	74	96	100
10. D'Ieteren (L, BE)	Distributors	100	69	50	93

September 11, 2015. Top 10s are published weekly by Top 10 schedule. (Obermatt Stock Update)

TOP 10 Safety	INDUSTRY	VALUE	GROWTH	SAFETY	COMBINED
1. Groupe Bruxelles Lambert (M, BE) ☀	Multi-Sector Holdings	100	33	100	100
2. ENGIE (XXL, FR) ☀	Multi-Utilities	87	74	96	100
3. Solvay (XXL, BE) ☀	Diversified Chemicals	100	36	92	100
4. Umicore (XXL, BE) ☀	Specialty Chemicals	78	100	89	86
5. Ackermans & van Haaren (XL, BE)	Multi-Sector Holdings	43	60	86	60
6. Telenet (L, BE)	Cable & Satellite	8	100	85	64
7. Delhaize (L, BE)	Food Retail	73	100	83	90
8. Bekaert (L, BE) ☀	Steel	67	83	83	83
9. Belgacom (XXL, BE) ☀	Integrated Telecommunication	18	88	74	53
10. bpost (L, BE) ☀	Air Freight & Logistics	50	43	63	57

September 11, 2015. Top 10s are published weekly by Top 10 schedule. (Obermatt Stock Update)

TOP 10 Combined	INDUSTRY	VALUE	GROWTH	SAFETY	COMBINED
1. ENGIE (XXL, FR) ☀	Multi-Utilities	87	74	96	100
2. Groupe Bruxelles Lambert (M, BE) ☀	Multi-Sector Holdings	100	33	100	100
3. Solvay (XXL, BE) ☀	Diversified Chemicals	100	36	92	100
4. D'Ieteren (L, BE)	Distributors	100	69	50	93
5. Ageas (XXL, BE)	Multi-line Insurance	87	100	53	92
6. Delhaize (L, BE)	Food Retail	73	100	83	90
7. Anheuser-Busch InBev (XL, BE) ☀	Brewers	83	60	1	90
8. Umicore (XXL, BE) ☀	Specialty Chemicals	78	100	89	86
9. Bekaert (L, BE) ☀	Steel	67	83	83	83
10. UCB (XXL, BE) ☀	Pharmaceuticals	75	100	57	75

September 11, 2015. Top 10s are published weekly by Top 10 schedule. (Obermatt Stock Update)

Top 10 Stocks from the purely finance fact-based Obermatt Method for the investment strategies Value, Growth and Safety in the stock index Belgian 20 Index BEL20 from September 11, 2015 (other Top 10 Stocks):

☀ This company has a special achievement which is documented on its stock research page.

Top 10 lists may contain fewer then 10 stocks due to Obermatt’s top 10 quality standards.