Belgian 20 Index BEL20

BEL20 Top 10: Value Investment Strategy

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

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

BEL20 Top 10: Growth Investment Strategy

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

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

BEL20 Top 10: Safety Investment Strategy

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

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

BEL20 Top 10: Combined Investment Strategy

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

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

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

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.