Ascendere Associates LLC Innovative Long/Short Equity Research · 06-07-2016 · Ranking Data as of July 1, 2016 Teck Resources Limited NYSE:TCK Ascendere Ranking Price 07/06/16

Ascendere Associates LLC [email protected] J. Stephen Castellano Page 1 July 6, 2016

Ascendere Associates LLC Innovative Long/Short Equity Research

Model Portfolio Monthly Update: July 1, 2016 There are limitations inherent in our theoretical model results, particularly with the fact that such results do not represent actual trading and they may not reflect the impact material economic and market factors might have had on our decision making if we were actually managing client money. Please see additional disclaimers and disclosures at the back of this report. We highlight stocks that demonstrate solid growth at a reasonable price (GARP). Stocks selected for our model portfolio strategies all rank highly for the following metrics, with an emphasis on proxies for cash flow growth and ROIC:

• Relative Value • Operating Momentum • Analyst Revision Momentum • Fundamental Quality

Pages 2-6 contain brief commentary and highlights of a few stocks that seem particularly attractive. Page 7 contains rebalancing actions for our long-only model portfolio. Page 8 contains rebalancing actions for our short-only model portfolio. Target and stop prices, as well as updated return data, to be provided in our daily reports that will follow.

http://www.ascenderellc.com/ascendere-associates-llc/


Notes: Readers that would like to follow our daily price target changes can follow us on our Seeking Alpha instablog or on Tumblr. This report is a follow-up to our July 1, 2016 model portfolio rebalancing note.

Commentary Once again high-quality stock returns outperformed low-quality stock returns for theoretical model portfolio returns, June 1 to July 1, 2016. The theoretical Core Long Model increased +1.07% for the June 1 – July 1 period versus a +0.33% return of the S&P 500 over the same period. The theoretical Core Short Model posted a short sale gain of +4.43% for the same period, with the majority of stock price targets being reached on June 24 and June 27. Volatility related to the United Kingdom’s June 23 vote to exit the European Union created enough volatility for the theoretical Opportunistic Long Model portfolio to assume a 100% cash position at the June 24 close. This long model will assume a 100% cash position for at least 20 trading days. This model posted a -2.00% loss for the June 1 – July 1, 2016 period. The Opportunistic Short Model portfolio assumed a 100% cash position at the June 27 close upon reaching a portfolio return target. This short model has assumed the reopening of short sale positions at the July 1, 2016 close. This model posted a short sale gain of +8.73% for the same period. (Both the theoretical “Core” and “Opportunistic” portfolios use the same basket of stocks but the Opportunistic model moves to 70% and 100% cash allocations during periods of high volatility or when portfolio return targets are met.) The theoretical Core Long/Short Model increased by +5.50% (1.07% +4.43% = 5.50%) and the Opportunistic Long/Short Model increased by +6.73% (-2.00% +8.73% = 6.73%). The best model portfolio stocks during June 1 – July 1, 2016 The best performing stock in the long model was Ultrapar Holdings Inc. (UGP), which was assumed closed a day after reaching its price target on June 23 for an assumed 10.12% return. The worst was Federated Investors Inc. (FII) down -11.17%.

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http://jstephencastellano.tumblr.com/post/131560500977/review-of-the-4-day-low-quality-stock-long


In the short model, the best performing stock was Melco Crown Entertainment Ltd. (MPEL), which assumed a theoretical short sale gain of +16.66% the next trading day after reaching a price target on June 24. The worst performer was Superior Energy Services Inc. (SPN) for a theoretical short sale loss of -10.15%. Last month our favorite long idea was McKesson Corp (MCK), which finished the month up +2.71%. Our favorite short idea was Southwestern Energy Co. (SWN), which finished the month with an assumed short sale gain of +4.83%. Our favorite pair trade idea last month was long Tallgrass Energy Partners (TEP) /short Southwestern Energy Company (SWN), which provided a theoretical return of +9.16% (long TEP +4.33% / short SWN +4.83% = +9.16%). Looking ahead to July 2016 As of the July 1, 2016 close, 11 stocks have left the long-only model, 11 have been added, and 10 have been assumed rebalanced.


Our favorite idea continues to be McKesson Corporation None of the additions to our long model portfolio particularly stand out, so we are maintaining McKesson as our favorite. Our models continue to indicate that economic profit and ROIC are likely to continue their improvement and it still trades at a reasonable relative value. Back in 2010 McKesson was, in our opinion, one of the best healthcare stocks to own.

Ranking Data as of July 1, 2016

McKesson CorporationNYSE:MCK

Ascendere Ranking Price 07/06/16 191.88 Cash (4,048) EV/LTM EBITDA 10.5 Shares 226 Debt 8,162 Price/Book 4.7 Market Cap 43,306 Other 1,490

5 = Best Rank Enterprise Value 48,910 Relative Value 4Operating Momentum 3 CY1 Consensus EPS Est. 13.27$ CY1 PE 14.5 Total Capital 18,576$ Analyst Revisions Mom 5 CY2 Consensus EPS Est. 14.18$ CY2 PE 13.5 Debt/Capital 22%Fundamental Quality 5 Latest Annualized Dividend 1.12$ Div Yield 0.6% Debt/Enterprise Value 17%

Source: Ascendere Associates assumptions and estimates, XBRL Analyst data and estimates.

Estimate Estimate Estimate EstimateNYSE:MCK LTM+4Q LTM+3Q LTM +2Q LTM +1Q Last LTM LTM-1 LTM-2 LTM -3 LTM -4NOPLAT 3,892 3,916 3,743 3,455 3,137 2,321 2,211 2,059 1,842 Economic Charge 1,404 1,406 1,409 1,424 1,479 1,459 1,321 1,412 1,326 Economic Profit 2,489 2,509 2,334 2,031 1,657 862 890 647 516 Y/Y change -0.8% 7.5% 14.9% 22.5% 92.3% -3.2% 37.6% 25.4% -30.5%

NOPLAT 3,892 3,916 3,743 3,455 3,137 2,321 2,211 2,059 1,842 Operating Capita l 21,563 21,598 21,641 21,872 22,725 21,458 20,388 20,676 19,927 ROIC (NOPLAT / Operating Capital) 18.1% 18.1% 17.3% 15.8% 13.8% 10.8% 10.8% 10.0% 9.2%

NOPLAT 3,892 3,916 3,743 3,455 3,137 2,321 2,211 2,059 1,842 5 Qtr Average Operating Capita l 21,669 21,959 21,924 21,611 21,035 21,080 21,569 22,318 22,826 ROIC (NOPLAT / Operating Capital) 18.0% 17.8% 17.1% 16.0% 14.9% 11.0% 10.3% 9.2% 8.1%

Source: Ascendere Associates assumptions, estimates and data, XBRLAnalyst data and consensus estimates.

http://seekingalpha.com/article/185067-mckesson-corporation-one-of-the-best-healthcare-stocks-to-own


Our favorite new short idea is Teck Resources Limited Southwestern Energy is one of the very few companies on our list which will likely show ongoing declines in ROIC over the next year. As a result, we would focus on TCK as a potential short idea.

Ranking Data as of July 1, 2016

Teck Resources LimitedNYSE:TCK

Ascendere Ranking Price 07/06/16 13.45 Cash (1,145) EV/LTM EBITDA 12.7 Shares 576 Debt 6,981 Price/Book 0.6 Market Cap 7,708 Other 143

5 = Best Rank Enterprise Value 13,687 Relative Value 1Operating Momentum 1 CY1 Consensus EPS Est. 0.21$ CY1 PE 65.4 Total Capital 19,803$ Analyst Revisions Mom 1 CY2 Consensus EPS Est. 0.43$ CY2 PE 31.0 Debt/Capital 29%Fundamental Quality 1 Latest Annualized Dividend 0.08$ Div Yield 1.2% Debt/Enterprise Value 51%

Source: Ascendere Associates assumptions and estimates, XBRL Analyst data and estimates.

Estimate Estimate Estimate EstimateNYSE:TCK LTM+4Q LTM+3Q LTM +2Q LTM +1Q Last LTM LTM-1 LTM-2 LTM -3 LTM -4NOPLAT (1,060) (1,045) (2,725) (2,440) (2,409) (2,512) (1,782) 456 460 Economic Charge 1,109 1,125 1,140 1,158 1,178 685 730 1,406 1,462 Economic Profit (2,169) (2,170) (3,865) (3,598) (3,586) (3,198) (2,512) (950) (1,002) Y/Y change 0.0% -43.9% 7.4% 0.3% 12.2% 27.3% 164.5% -5.2% -13.0%

NOPLAT (1,060) (1,045) (2,725) (2,440) (2,409) (2,512) (1,782) 456 460 Operating Capita l 23,191 23,532 23,845 24,209 24,632 28,498 29,818 34,142 33,870 ROIC (NOPLAT / Operating Capital) -4.6% -4.4% -11.4% -10.1% -9.8% -8.8% -6.0% 1.3% 1.4%

NOPLAT (1,060) (1,045) (2,725) (2,440) (2,409) (2,512) (1,782) 456 460 5 Qtr Average Operating Capita l 23,694 24,055 25,296 26,789 30,192 32,156 33,691 35,125 35,517 ROIC (NOPLAT / Operating Capital) -4.5% -4.3% -10.8% -9.1% -8.0% -7.8% -5.3% 1.3% 1.3%

Source: Ascendere Associates assumptions, estimates and data, XBRLAnalyst data and consensus estimates.


Long running advice regarding the use of our model portfolio report Wayne Gretzky said it best – “skate to where the puck is going to be, not where it has been.” Quantitative screens like the one in this report show where a stock has been and assume the trajectory is fixed. Of course, this is not always the case. The best investors will use this model portfolio as guidance, and not the end all. At the same time, the model does well enough on its own, often beating the indices with ease (though not this past month). With a little effort, we hope that active fundamental portfolio managers will do even better.


Long Model Portfolio -- Rebalancing Actions

7/1/2016 Rebalancing

Core and Opportunistic Long Portfolio:21 stocks in the model portfolio = 4.76% weight per position

Close Position Hold/Rebalance Open PositionBig Lots Inc. BIG American Eagle Outfitters, Inc. AEO Marriott International, Inc. MARCinemark Holdings, Inc. CNK Lowe's Companies, Inc. LOW The Interpublic Group of Companies, In IPGUltrapar Participações S.A. UGP ULTA Salon, Cosmetics & Frag ULTA Credicorp Ltd. BAPTallgrass Energy Partners, LP TEP Federated Investors, Inc. FII First Horizon National Corporation FHNMSCI Inc. MSCI McKesson Corporation MCK Eaton Vance Corp. EVMarketAxess Holdings Inc. MKTX Mettler-Toledo International Inc.MTD Northern Trust Corporation NTRSHenry Schein, Inc. HSIC Dycom Industries Inc. DY SunTrust Banks, Inc. STITexas Instruments Inc. TXN Manhattan Associates, Inc. MANH Cincinnati Financial Corp. CINFIntuit Inc. INTU NetEase, Inc. NTES EMCOR Group Inc. EMETech Data Corp. TECD Lam Research Corporation LRCX Logitech International SA LOGIComputer Sciences Corporation CSC NICE Ltd. NICE

Source: Ascendere Associates LLC


Short Model Portfolio -- Rebalancing Actions When the market anticipates an improving economy from low price levels, low-quality stocks will at times out-perform high-quality stocks as the expected improvements in fundamentals are discounted from a relatively more depressed price level.

7/1/2016 Rebalancing

Core and Opportunistic Short Portfolio:22 stocks in the model portfolio = 4.55% weight per position

Close Position Hold/Rebalance Open Short SaleQunar Cayman Islands Limited QUNR Melco Crown Entertainment LimMPEL Under Armour, Inc. UATesla Motors, Inc. TSLA Netflix, Inc. NFLX Ctrip.com International Ltd. CTRPCenovus Energy Inc. CVE EnLink Midstream, LLC ENLC Helmerich & Payne, Inc. HPSouthwestern Energy Company SWN Halliburton Company HAL Weyerhaeuser Co. WYWPX Energy, Inc. WPX Baker Hughes Incorporated BHI Deutsche Bank AG DBLeucadia National Corporation LUK ConocoPhillips COP Legg Mason Inc. LMJacobs Engineering Group Inc. JEC Superior Energy Services, Inc. SPN Ligand Pharmaceuticals Incorporated LGNDIcahn Enterprises, L.P. IEP Celgene Corporation CELG Tesaro, Inc. TSRONetApp, Inc. NTAP ACADIA Pharmaceuticals Inc. ACAD Galapagos NV GLPG

Yahoo! Inc. YHOO Olin Corp. OLNAutodesk, Inc. ADSK Teck Resources Limited TCK



Return Data

Core & Opportunistic Long Model MTD Theoretical Lo 5/31/2016 to 7/01/2016

Target/ Date+1 Sector Company Ticker 5/31/2016 7/1/2016 Performance Stop Date Sell Price ReturnEnergy Ultrapar Holdings Inc. UGP 18.97 21.59 13.81% 6/23/2016 20.89$ 10.12%Industrials Dycom Industries Inc. DY 84.89 89.11 4.97%Information Technology Intuit Inc. INTU 106.66 111.91 4.92%Consumer Discretionary Ulta Salon, Cosmetics & Fragrance, InULTA 233.01 243.74 4.60%Energy Tallgrass Energy Partners, LP TEP 45.26 47.22 4.33%Information Technology Netease.com Inc. NTES 177.84 184.57 3.78%Consumer Discretionary American Eagle Outfitters Inc. AEO 15.64 16.13 3.13%Health Care McKesson Corp. MCK 183.14 188.10 2.71%Financials MarketAxess Holdings Inc. MKTX 139.94 143.59 2.61%Information Technology Texas Instruments Inc. TXN 60.60 62.11 2.49%Health Care Henry Schein Inc. HSIC 173.73 177.21 2.00%Information Technology Computer Sciences Corp. CSC 49.20 49.43 0.47%Consumer Discretionary Cinemark Holdings Inc. CNK 36.18 36.32 0.39%Information Technology LAM Research Corp. LRCX 82.81 82.98 0.21%Consumer Discretionary Lowe's Companies Inc. LOW 80.13 79.60 -0.66%Healthcare Mettler-Toledo International Inc. MTD 375.32 368.96 -1.69%Information Technology Manhattan Associates, Inc. MANH 65.93 64.34 -2.41%Financials MSCI Inc. MSCI 79.79 76.93 -3.58%Consumer Discretionary Big Lots Inc. BIG 52.30 50.09 -4.23%Information Technology Tech Data Corp. TECD 75.57 70.89 -6.19%Financials Federated Investors Inc. FII 32.32 28.71 -11.17%

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Core & Opportunistic Short Model MTD shorts hit target 8/4/2011 for 14.84% gain5/31/2016 to 7/01/2016

Target/ Date+1 Sector Company Ticker 5/31/2016 7/1/2016 Performance Stop Date Sell Price ReturnConsumer Discretionary Melco Crown Entertainment Ltd. MPEL 14.47 12.90 -10.85% 6/24/2016 12.06$ -16.66%Consumer Discretionary Qunar Cayman Islands Limited QUNR 32.48 29.76 -8.37% 6/10/2016 29.16$ -10.22%Energy Cenovus Energy Inc. CVE 15.08 14.05 -6.83% 6/27/2016 13.32$ -11.67%Information Technology Autodesk, Inc. ADSK 58.27 54.34 -6.74% 6/27/2016 51.48$ -11.65%Energy WPX Energy, Inc. WPX 10.29 9.64 -6.32% 6/27/2016 8.95$ -13.02%Consumer Discretionary Netflix, Inc. NFLX 102.57 96.67 -5.75% 6/22/2016 91.66$ -10.64%Information Technology NetApp, Inc. NTAP 25.53 24.29 -4.86% 6/27/2016 23.18$ -9.20%Energy Southwestern Energy Co. SWN 13.67 13.01 -4.83%Health Care Celgene Corporation CELG 105.52 100.70 -4.57% 6/21/2016 99.23$ -5.96%Financials Leucadia National Corp. LUK 18.10 17.47 -3.48% 6/24/2016 15.65$ -13.54%Health Care Acadia Pharmaceuticals Inc. ACAD 35.43 34.25 -3.33%Consumer Discretionary Tesla Motors, Inc. TSLA 223.23 216.50 -3.01% 6/23/2016 193.15$ -13.47%Industrials Jacobs Engineering Group, Inc. JEC 50.69 49.74 -1.87%Energy Baker Hughes Inc. BHI 46.38 45.83 -1.19%Industrials Icahn Enterprises, L.P. IEP 54.32 53.93 -0.72%Energy ConocoPhillips COP 43.79 43.51 -0.64%Information Technology Yahoo! Inc. YHOO 37.94 37.99 0.13%Energy EnLink Midstream, LLC ENLC 15.67 16.48 5.17%Energy Halliburton Company HAL 42.18 45.56 8.01% 6/7/2016 46.29$ 9.74%Energy Superior Energy Services Inc. SPN 17.24 18.99 10.15%

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* Return figures are calculated using cumulative simple returns. This table represents returns of several theoretical portfolios that do not assume any costs. This table is not to be construed as advertising for any investment service. Real portfolios that attempt to exactly replicate these theoretical strategies will generate lower returns relative to these models due to slippage, transaction costs, tax expenses and other costs. There are limitations inherent in our theoretical results, particularly with the fact that such results do not represent actual trading and they may not reflect the impact material economic and market factors might have had on our decision making if we were actually managing client money. We do our best to provide accurate information, but do not guarantee this. Please see additional disclosures and disclaimers.

Theoretical Model Portfolio* 07/01/16 MTD YTDSince

03/31/09 SharpeSimple Returns (No Compounding)

Stock Targets Core ModelLong -0.44% 1.07% 1.80% 161.9% 0.97 Short 0.12% -4.43% -7.75% 56.5% 0.37 Core Long/Short -0.56% 5.50% 9.55% 105.4% 0.90

Stock Targets and Opportunistic ModelPortfolio Targets Long -0.44% -2.00% -2.70% 144.5% 1.11

Short 0.00% -8.73% -17.32% -14.9% (0.11) Opportunistic Long/Short -0.44% 6.73% 14.62% 159.4% 1.43

Stock Targets and Opportunistic Model IIIPortfolio Targets Long Stocks -0.44% -2.00% -2.70% 144.5% 1.11

Long Inverse ETF ^SH 0.00% -0.59% 1.08% 25.0% 0.09 Opportunistic Long/Short III -0.44% -2.59% -1.62% 169.6% 0.59

S&P 500 Index -0.60% 0.33% 3.49% 106.72% 0.89






Core Opportunistic"Dollar

Neutral" 1"Dollar

Neutral" 2

Inception March 31, 2009Long , Stock

Targets

Long, Stock and Portfolio Targets

Long/Short, Stock Targets and Portfolio

Targets

Long, Stock and Portfolio

Targets / Long ^SH ETF S&P 500

7/1/2016 Theoretical Theoretical Theoretical TheoreticalSimple ReturnsToday -0.20% 0.00% 0.00% -0.23% 0.20%MTD 1.07% -2.00% 6.73% -2.59% 0.33%YTD 1.80% -2.70% 14.62% -1.62% 3.49%Cumulative from 3/31/2009 161.89% 144.52% 159.41% 72.63% 106.72%

Absolute RiskDaily Average 0.09% 0.08% 0.09% 0.04% 0.06%Daily Range 16.86% 15.84% 11.84% 12.00% 11.40%Daily Standard Deviation 1.45% 1.12% 0.97% 0.82% 1.03%Daily Return/Standard Deviation 6.12% 7.05% 9.02% 4.84% 5.65%

Average 90-Day T-bill 1.24% 1.24% 1.24% 1.24% 1.24% Annualized Daily Returns 22.33% 19.93% 21.99% 10.02% 14.72% Annualized Standard Deviation 23.0% 17.8% 15.4% 13.0% 16.4%Sharpe Ratio 0.92 1.05 1.35 0.67 0.82

Percentage Down Days 45.4% 35.2% 42.5% 44.6% 45.0%Average Daily Downside Value -1.03% -0.91% -0.66% -0.55% -0.75%Daily Downside Deviation -1.08% -0.91% -0.63% -0.57% -0.78%Daily VAR of 1000 at 95% Conf -23 -18 -15 -13 -16

Benchmark Relative RiskCorrelation 0.91 0.70 (0.04) 0.05R-Squared 0.82 0.49 0.00 0.00Daily Tracking Error 0.67% 0.84% 1.44% 1.29%

RegressionBeta 1.27 0.76 -0.04 0.04Daily Alpha 0.030% 0.021% 0.029% -0.019%Jensen's Daily Alpha 0.038% 0.016% -0.001% -0.001%

Trading Days 1827 1827 1827 1827*Returns calculated by the simple return method (not compounded).

* Portfolio models are theoretical and assume no costs.

* Data collected in real time since 3/31/2009



DISCLOSURES Ascendere is in the business of providing equity research and related consulting services to investors and their advisors. The equity research it provides includes basic quantitative model portfolios and more detailed fundamental research with respect to individual stocks. In addition, the firm manages stock portfolios for itself and clients. Ascendere does not rate stocks on any scale, but does offer individual stock commentary and valuation opinions. With regard to Ascendere's portfolio strategies, "long" or "high-quality" baskets should generally be considered buys, unless otherwise noted. Stocks in our "short" or "low-quality" baskets should generally be considered sells, unless otherwise noted. While exceptions may occasionally occur, typically stocks in the high-quality basket are expected to outperform the S&P 500 over a month's time and stocks in the low-quality basket are expected to underperform. A more relevant benchmark would comprise of all stocks and ADRs that trade on major U.S. stock exchanges with a market cap above $2 billion. Ascendere adheres to professional standards and abides by codes of ethics that put the interests of clients ahead of its own. The following are specific disclosures made by Ascendere: 1) Ascendere may have a financial interest in the companies referred to in this report ("the Companies"). The research analyst covering the Companies and members of the analyst's immediate family have a financial interest in one or more of the Companies. 2) Ascendere generates revenue from research subscription revenue and portfolio management fees. At any given time it may be long or short any of the Companies. 3) Ascendere does not make a market in the securities of any of the Companies. 4) Ascendere has not received compensation from the Companies. 5) Ascendere has not managed or co-managed a public offering for any of the Companies. 6) Neither Ascendere nor any of its officers or any family member of the covering analyst serve as an officer, director or advisory board member of any of the Companies. 7) Neither Ascendere nor any of its officers or any family member of the covering analyst beneficially own 1% or more of any class of securities of any of the Companies. DISCLAIMERS This report is intended for informational purposes only and does not constitute a recommendation, or an offer, to buy or sell any securities or related financial instruments. The report is not intended to be in furtherance of the specific investment objectives, financial situation, or particular needs of any individual recipient. Investment decisions should be based on an individual's own goals, time horizon and tolerance for risk. The information contained herein accurately reflects the opinion of Ascendere at the time the report was released. The opinions of Ascendere are subject to change at any time without notice and without obligation or notification. The officers, affiliates or family members of Ascendere Associates may hold positions in the securities of the Companies. No warranty is made as to the accuracy of the information contained herein. The views and opinions expressed in the market commentary reflect the opinions of the author and may be based upon information obtained from third-party sources believed to be reliable but not guaranteed. These opinions are subject to change at any time based upon market or other conditions. Ascendere disclaims any responsibility to update such views. This information is intended for the sole use of clients of Ascendere. Any other use, distribution or reproduction is strictly prohibited. Investing in stocks includes a high degree of risk, including the risk of total loss. This is for informational purposes only and is not intended to constitute a current or past recommendation, investment advice of any kind, or a solicitation of an offer to buy or sell any securities or investment services. All information, opinions and estimates are current as of original distribution by author and are subject to change at any time without notice. Any companies, securities and/or markets referenced are solely for illustrative purposes. Past performance is not indicative of future performance, and no representation or warranty, express or implied, is made regarding future performance. For Investment Professional use only. NOT FOR FURTHER DISTRIBUTION. Any dissemination or copying of this commentary is strictly prohibited.


J. Stephen Castellano – founded Ascendere Associates LLC to provide innovative equity research and investment advisory services that blends fundamental and quantitative approaches. In general, our approach is quite simple -- we believe that return on invested capital and long-term earnings growth are key to stock valuation. More specifically, we use powerful and unique financial models that combine publicly available data, consensus estimates and our own inputs to generate consistent and actionable stock recommendations.

Among the services that Ascendere provides are: 1) detailed custom equity research analysis; 2) valuation scenario analysis studies; 3) supply /demand studies; 4) long and short stock idea generation; 5) portfolio feedback; 6) detailed fundamental financial modeling services; and 7) additional analytical consulting services. Additional information is available at jstephencastellano.tumblr.com. Mr. Castellano is currently on the Board of Advisors to GovBrain, and is a consultant to two other financial technology startups. Mr. Castellano has over 15 years of experience in equity research and related consulting work. At PaineWebber, Warburg Dillon Read and Credit Lyonnais Securities he developed fundamental equity valuation models and conducted in-depth research on the steel and telecom services industries. At Boston Private Value Investors, he developed quantitative models for stock idea generation and also provided general fundamental equity research coverage. Steve received a MBA from the F. W. Olin School of Business at Babson College (2005) and a BA from Oberlin College (1993). Mr. Castellano's career history is highlighted below:

• Ascendere Associates, LLC (2009-Present) • Boston Private Value Investors , Equity Research, Equity Research Analyst (2005-2009) • Pyramid Research, Contract Consultant, Telecom Services (2002-2003) • Credit Lyonnais Securities (USA), Equity Research, Telecom Services, Vice President (2000-2001) • Warburg Dillon Read, Equity Research, Telecom Services, Research Associate (1999-2000) • PaineWebber, Equity Research, Steel and Nonferrous Metals, Research Associate, Editor (1995-1999)

http://www.jstephencastellano.tumblr.com/

Documents

Ascendere Associates LLC Innovative Long/Short Equity Research · 06-07-2016 · Ranking Data as of July 1, 2016 Teck Resources Limited NYSE:TCK Ascendere Ranking Price 07/06/16