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Deutsche Bank
Markets Research
North America Synthetic Equity & Index Strategy
United States US Index Change
Predictions


Predictions - Final Strategist
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Russell 2014 Annual Reconstitution

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In this report we present our latest predictions for the upcoming Russell Annual Reconstitution. Our analysis uses market data as of the close Friday, which is the official Russell ranking date. In addition to constituent changes, we have included our anticipated Growth / Value style and float factor changes that will be implemented at the Reconstitution.

Reconstitution Schedule
The Russell 2014 Annual Reconstitution changes will be announced on Friday, June 13, and will become effective after market close on Friday, June 27.

May 30 Ranking date
June 13 Preliminary results released (incl. additions and deletions)
June 20 Final results released
June 27 Reconstitution effective at the close

Predictions for Russell 3000 Index Changes
We estimate that on net about $46 billion will trade (buy and sell, including the Style, Top 200, Midcap, and 2500 indices).
Shan Lan
Strategist
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Yue Zhao
Strategist
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Ari Rajendra
Strategist
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Anil Gademsetty, CFA
Strategist
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Russell Predictions Update
For the Russell 1000, we have identified 7 potential additions and 5 potential deletions.


For the Russell 2000, we currently anticipate 147 additions and 169 deletions. We forecast that 34 stocks will migrate from the Russell 1000 to 2000, while 29 stocks will migrate from the Russell 2000 to 1000. Please see within for our full lists of constituent changes, including expected flows and sector weight changes. We also present the top expected trades by notional and by liquidity.

Performance
The Russell 1000 adds vs deletes trade has returned -0.52% in May, while the Russell 2000 adds vs deletes trade has returned +13.7% in May. Please see Figures 29 and 30 within for performance charts of this year’s anticipated changes.


________________________________________________________________________________________________________________ Deutsche Bank Securities Inc.
Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1.MCI (P) 148/04/2014.

Russell 2014 Annual Reconstitution Predictions

Schedule for June 2014 Annual Reconstitution
The official results of the 2014 Russell Reconstitution will be announced on Friday, June 13 and become effective after market close on Friday, June 27. The full schedule is detailed below.
Figure 1: Russell Annual Reconstitution Schedule
Schedule for 2014 Russell Annual Reconstitution
Universe Ranking Date May 30
Preliminary Membership Lists (Adds & Deletes) June 13
Updates to Membership Lists June 20
Reconstitution Final after Market Close June 27


Russell Annual Reconstitution Trade Summary
We estimate that on net more than $46 billion will trade (buy and sell, including the Style indices). This analysis includes changes to the constituents’ style factors and free float shares outstanding, which are also part of the Annual Reconstitution.
As a comparison, the 2013 Reconstitution traded around $37.2 billion on the effective day. Last year’s index turnovers for the Russell 1000 and 2000 indices were 4.7% and 18.0% respectively.
This year we anticipate turnovers of 4.5% and 20.4% in the same indices, respectively.
Trading is anticipated to contribute most positively to Technology names, while Financials and Consumer Discretionary sectors will see the largest outflows.
Figure 2: Russell Reconstitution 2014 - Trade Summary Projection
Index Buy ($mm) Buy (mm Shares) Sell ($mm) Sell (mm Shares) Total ($mm) Total (mm Shares) Index Turnover
(bps)
R3000 $4,025.5 149.19 ($4,025.5) (131.35) $8,051.0 280.54 434.6
R3000G $119.3 2.72 ($119.3) (3.13) $238.5 5.85 2204.0
R3000V $138.1 3.87 ($138.1) (3.52) $276.2 7.39 2212.5
R1000 $4,100.7 104.23 ($4,100.7) (98.09) $8,201.5 202.31 448.6
R1000G $9,054.8 153.29 ($9,054.8) (195.61) $18,109.7 348.90 2181.4
R1000V $7,528.1 173.78 ($7,528.1) (153.56) $15,056.3 327.34 2165.4
R2000 $8,832.7 592.02 ($8,832.7) (554.19) $17,665.4 1,146.21 2043.0
R2000G $3,173.3 174.09 ($3,173.3) (175.39) $6,346.6 349.48 4318.2
R2000V $3,038.6 214.36 ($3,038.6) (199.65) $6,077.2 414.01 4010.4
TOP 200 $830.5 12.36 ($830.5) (22.61) $1,660.9 34.97 529.4
TOP 200G $133.9 1.40 ($133.9) (2.72) $267.9 4.12 1958.1
TOP 200V $60.5 1.15 ($60.5) (1.02) $121.0 2.17 1779.2
MIDCAP $1,218.4 41.68 ($1,218.4) (27.36) $2,436.8 69.04 1306.1
MIDCAPG $1,611.5 39.48 ($1,611.5) (34.02) $3,223.1 73.50 3920.4
MIDCAPV $1,376.3 38.21 ($1,376.3) (37.53) $2,752.5 75.74 3568.7
R2500 $492.0 25.33 ($492.0) (22.26) $984.0 47.59 1365.1
R2500G $175.2 7.13 ($175.2) (6.83) $350.4 13.96 3827.7
R2500V $171.9 7.92 ($171.9) (7.80) $343.7 15.72 3501.9
Net $23,434.76 1,086.50 ($23,434.76) (1,020.94) $46,869.53 2,107.44 654.3



Sector Buy ($) Sell ($) Net($) Total ($)
Information Technology $6,129.03 ($3,074.78) $3,054.25 $9,203.80
Energy $1,362.61 ($1,973.52) ($610.91) $3,336.13
Financials $4,081.70 ($5,707.27) ($1,625.56) $9,788.97
Health Care $2,842.79 ($3,008.62) ($165.84) $5,851.41
Industrials $3,210.58 ($2,805.13) $405.45 $6,015.71
Consumer Staples $1,188.54 ($1,719.45) ($530.91) $2,907.99
Telecommunication Services $305.13 ($345.65) ($40.52) $650.79
Consumer Discretionary $2,901.37 ($3,998.33) ($1,096.95) $6,899.70
Materials $1,127.86 ($511.91) $615.96 $1,639.77
Utilities $285.14 ($290.11) ($4.97) $575.25
Total $23,434.76 ($23,434.76) ($0.00) $46,869.53



Russell 1000 Additions
We anticipate seven additions to the Russell 1000 index:
Figure 4: Predicted Russell 1000 Additions
Ticker New R1000
Company Name
Weight New R3000 Weight Net Buy Value Net Buy Shares Days to Trade
TYC Tyco International Ltd 0.1020% 0.0941% $529,938,165 12,143,404 4.4
ALLY Ally Financial 0.0311% 0.0287% $187,563,525 7,961,100 3.3
FWLT Foster Wheeler AG 0.0171% 0.0158% $97,400,538 2,876,566 5.5
PAH Platform Specialty Products Corp 0.0168% 0.0155% $94,161,261 3,456,728 5.4
IMS IMS Health Holdings 0.0092% 0.0085% $58,794,521 2,427,519 5.0
SABR Sabre Corp 0.0043% 0.0040% $29,889,279 1,556,733 1.6
CBSO CBS Outdoor America 0.0033% 0.0030% $18,396,687 566,575 0.8
Source: Deutsche Bank , Russell, Bloomberg
Tyco (TYC) and Foster Wheeler (FWLT) should qualify as US companies, using the latest company filings.
ALLY was recently relisted on the NYSE. IMS, SABR, CBSO, are recent IPOs that are large enough to qualify for the Russell 1000 at this year’s Reconstitution.
PAH has been added to our projected list of R1000 additions since our last publication. Previously, PAH was a candidate for the R2000, but recent market cap gains have moved the company above the R1000 cutoff.
We have also removed King Digital Entertainment (KING) from our previous list of anticipated R1000 additions, as it will likely be classified as a non-US company.


Russell 1000 Deletions
We expect five outright deletions from the Russell 1000 index.
Figure 5: Predicted Russell 1000 Deletions
Ticker Current R1000
Company Name
Weight Current R3000 Weight Net Sell Value Net Sell Shares Days to Trade
DLPH Delphi Automotive PLC 0.1098% 0.1014% ($693,081,782) (10,035,937) (7.6)
LBTYA Liberty Global PLC 0.0897% 0.0828% ($506,563,371) (11,251,963) (3.3)
LBTYK Liberty Global PLC 0.0853% 0.0787% ($481,584,013) (11,251,963) (3.1)
ARCC Ares Capital Corp 0.0259% 0.0239% ($170,787,822) (9,906,486) (4.4)
ACAS American Capital Ltd 0.0201% 0.0186% ($132,572,211) (8,981,857) (2.7)
Source: Deutsche Bank, Russell, Bloomberg
Delphi Automotive (DLPH) will likely be classified as a UK company based on most recent company filings, making it ineligible for the Russell 1000.
Liberty Global (LBTYA & LBTYK) redomiciled to the UK in 2013. Given that the company’s asset and revenue base are also substantially based in Europe, we believe Russell will delete both share classes from the Russell 1000.
Ares Capital Corporation (ARCC) and American Capital Ltd (ACAS) are both classified as business development companies (BDCs). As such, they will likely be removed from the index as a result of a Russell methodology change this year.
Russell will keep both share classes of Google in the index
Please note that Russell has announced they will keep both share classes of Google in the Russell indexes indefinitely until further notice.

Russell 2000 Additions
We currently anticipate 147 additions to the Russell 2000.
Many of the companies featured in the tables below are highly illiquid. As we approach the Reconstitution, the trading volumes of these companies will increase, thus partially reducing the magnitude of the comparison against the estimated passive index flows.
Figure 6: Predicted Russell 2000 Additions
Ticker Company Name New R2000 Weight New R3000 Weight Net Buy Value Net Buy Shares Days to Trade
NYRT New York REIT Inc 0.1149% 0.0089% $155,592,854 14,380,116 17.0
HCT American Realty Capital Health 0.1015% 0.0079% $137,371,911 13,806,222 11.9
TROX Tronox Ltd 0.1001% 0.0078% $135,437,549 5,097,386 4.8
ASPS Altisource Portfolio Solutions SA 0.1003% 0.0078% $134,505,025 1,220,443 6.7
DOOR Masonite International Corp 0.0934% 0.0072% $126,269,228 2,397,365 9.6
GSAT Global Star Inc 0.0801% 0.0062% $108,462,217 31,347,461 9.8
ARTC ArthroCare Corp 0.0802% 0.0062% $107,701,076 2,216,072 3.7
PE Parsley Energy Inc-Class A 0.0716% 0.0056% $96,789,837 4,071,933 0.7
LPG DorianLPG Ltd 0.0696% 0.0054% $94,085,513 4,632,472 45.1
TSLX TPG Specialty Lending Inc 0.0681% 0.0053% $92,185,206 4,350,411 52.6
KODK Eastman Kodak Co 0.0525% 0.0041% $71,001,634 2,475,650 11.4
CPS Cooper-Standard Holding Inc 0.0513% 0.0040% $69,442,956 1,085,046 43.1
LQ La Quinta Holdings Inc 0.0475% 0.0037% $63,774,003 3,531,229 6.4
PLUG Plug Power Inc 0.0438% 0.0034% $59,246,871 13,619,970 0.6
NM Navios Maritime Holdings Inc 0.0427% 0.0033% $57,801,551 6,386,912 11.5
ZLC Zale Corp 0.0407% 0.0032% $54,561,385 2,595,689 1.9
ARWR Arrowhead Research Corp 0.0393% 0.0030% $52,939,375 4,208,217 3.0
NMIH NMI Holdings Inc 0.0384% 0.0030% $51,949,083 4,748,545 42.7
BCRX BioCryst Pharmaceuticals Inc 0.0375% 0.0029% $50,534,111 5,073,706 4.0
KFX Kofax Ltd 0.0363% 0.0028% $48,987,777 5,974,119 16.1
NGHC National General Holdings Corp 0.0351% 0.0027% $47,300,303 2,884,165 7.7
INO Inovio Pharmaceuticals Inc 0.0326% 0.0025% $43,739,796 19,439,909 4.3
TNET TriNet Group Inc 0.0272% 0.0021% $36,631,380 1,459,418 4.4
DHT DHT Holdings Inc 0.0266% 0.0021% $35,979,635 4,921,975 13.8
ONVO Organovo Holdings Inc 0.0260% 0.0020% $34,825,962 4,891,287 4.8
NEWM New Media Investment Group Inc 0.0253% 0.0020% $34,194,824 2,447,733 11.7
NNA Navios Maritime Acq Corp 0.0229% 0.0018% $31,017,870 8,688,479 56.0
MPAA Motorcar Parts of America Inc 0.0216% 0.0017% $29,024,466 1,218,491 6.4
COUP Coupons.com Inc 0.0215% 0.0017% $28,799,061 1,115,378 3.0
REI Ring Energy Inc 0.0214% 0.0017% $28,722,347 1,483,592 21.4
CUR Neuralstem Inc 0.0201% 0.0016% $27,020,172 6,283,761 6.7
BALT Baltic Trading Ltd 0.0198% 0.0015% $26,766,123 4,175,682 8.0
PFIS Peoples Financial Services Cor 0.0197% 0.0015% $26,728,181 545,473 50.7
IBCP Independent Bank Corp/MI 0.0182% 0.0014% $24,658,250 1,869,465 28.1
GRUB Grubhub Inc 0.0182% 0.0014% $24,428,961 716,812 1.7
UIHC United Insurance Holdings Corp 0.0176% 0.0014% $23,796,778 1,348,259 4.4
SB Safe Bulkers Inc 0.0176% 0.0014% $23,763,732 2,933,794 8.6
SNMX Senomyx Inc 0.0176% 0.0014% $23,564,139 3,435,006 6.2
PAHC Phibro Animal Health Corp 0.0168% 0.0013% $22,524,584 1,183,636 10.7
SGBK Stonegate Bank 0.0158% 0.0012% $21,339,068 821,049 34.0
HILL Dot Hill Systems Corp 0.0155% 0.0012% $20,791,237 4,846,442 10.9
ATNM Actinium Pharmaceuticals Inc 0.0145% 0.0011% $19,510,469 1,604,479 44.3
Source: Deutsche Bank, Russell, Bloomberg


Figure 7: Predicted Russell 2000 Additions (continued)
Ticker New R2000
Company Name
Weight New R3000 Weight Net Buy Value Net Buy Shares Days to Trade
NWBO Northwest Biotherapeutics Inc 0.0145% 0.0011% $19,403,078 3,244,662 4.6
ASC Ardmore Shipping Corp 0.0142% 0.0011% $19,283,642 1,386,315 7.7
GALT Galectin Therapeutics Inc 0.0143% 0.0011% $19,159,278 1,481,769 6.5
MC Moelis & Co 0.0142% 0.0011% $19,104,153 607,252 5.8
QUIK QuickLogic Corp 0.0142% 0.0011% $18,978,022 4,454,935 4.2
FNHC Federated National Holding Co 0.0141% 0.0011% $18,963,550 809,025 5.5
PEIX Pacific Ethanol Inc 0.0140% 0.0011% $18,826,273 1,444,841 1.0
STRT Strattec Security Corp 0.0138% 0.0011% $18,534,961 280,833 13.2
VTSS Vitesse Semiconductor Corp 0.0133% 0.0010% $17,835,545 4,743,496 20.3
LEE Lee Enterprises Inc/IA 0.0132% 0.0010% $17,832,240 4,370,647 11.4
HNR Harvest Natural Resources Inc 0.0124% 0.0010% $16,751,371 3,432,658 18.3
HRTX Heron Therapeutics Inc 0.0124% 0.0010% $16,646,974 1,394,219 17.5
RDNT RadNet Inc 0.0124% 0.0010% $16,580,818 2,607,047 2.4
ONTY Oncothyreon Inc 0.0123% 0.0010% $16,488,413 5,725,144 16.6
NBS NeoStem Inc 0.0123% 0.0010% $16,471,659 2,418,746 7.9
IDRA Idera Pharmaceuticals Inc 0.0122% 0.0009% $16,393,002 5,652,759 3.0
OCLR Oclaro Inc 0.0118% 0.0009% $16,038,991 7,565,562 5.9
TAT TransAtlantic Petroleum Ltd 0.0119% 0.0009% $16,004,304 1,824,892 44.7
BPTH Bio-Path Holdings Inc 0.0119% 0.0009% $15,939,149 6,060,513 47.6
VSAR Versartis Inc 0.0117% 0.0009% $15,760,587 527,286 8.8
CSLT Castlight Health Inc 0.0117% 0.0009% $15,654,436 1,031,254 0.9
ANIP ANI Pharmaceuticals Inc 0.0117% 0.0009% $15,648,857 491,330 3.0
AGEN Agenus Inc 0.0113% 0.0009% $15,297,096 5,065,264 14.8
PTIE Pain Therapeutics Inc 0.0114% 0.0009% $15,284,018 3,087,680 10.9
GTT GTT Communications Inc 0.0112% 0.0009% $15,064,491 1,407,896 9.2
FBIZ First Business Financial Services Inc 0.0109% 0.0008% $14,784,850 321,690 17.9
CYTR CytRx Corp 0.0110% 0.0009% $14,781,088 3,536,145 2.4
FBMI Firstbank Corp/Alma MI 0.0105% 0.0008% $14,239,755 659,553 51.3
BEAT BioTelemetry Inc 0.0104% 0.0008% $13,980,628 1,904,718 4.0
CUI CUI Global Inc 0.0103% 0.0008% $13,962,324 1,682,208 8.2
BBW Build-A-Bear Workshop Inc 0.0104% 0.0008% $13,946,498 991,927 4.4
ITCI Intra-Cellular Therapies Inc 0.0104% 0.0008% $13,926,781 919,259 16.2
ZOES Zoe's Kitchen Inc 0.0103% 0.0008% $13,807,952 471,261 3.0
CLFD Clearfield Inc 0.0103% 0.0008% $13,762,941 809,585 6.1
HIL Hill International Inc 0.0102% 0.0008% $13,714,915 2,159,829 6.6
OPB Opus Bank 0.0101% 0.0008% $13,700,858 456,695 13.7
ZEN Zendesk Inc 0.0102% 0.0008% $13,640,706 853,611 1.4
MRTX Mirati Therapeutics Inc 0.0101% 0.0008% $13,531,917 632,628 21.1
BLMT BSB Bancorp Inc/MA 0.0097% 0.0008% $13,104,430 738,694 75.8
CIDM Cinedigm Corp 0.0095% 0.0007% $12,775,346 5,235,797 38.6
FRBK Republic First Bancorp Inc 0.0094% 0.0007% $12,773,886 2,554,777 17.4
IVAC Intevac Inc 0.0094% 0.0007% $12,735,956 1,728,081 27.4
AMZG American Eagle Energy Corp 0.0094% 0.0007% $12,659,106 2,075,263 8.0
AKBA Akebia Therapeutics Inc 0.0094% 0.0007% $12,580,198 517,704 5.8
PCTY Paylocity Holding Corp 0.0092% 0.0007% $12,392,357 636,485 2.4
SQBG Sequential Brands Group Inc 0.0091% 0.0007% $12,210,463 1,320,764 39.3
ESCA Escalade Inc 0.0089% 0.0007% $12,097,497 757,040 41.9
NSTG NanoString Technologies Inc 0.0090% 0.0007% $12,092,862 812,147 7.7
TWOU 2U Inc 0.0088% 0.0007% $11,880,412 822,743 4.4
ATEN A10 Networks Inc 0.0086% 0.0007% $11,572,281 1,011,563 2.6
ENZ Enzo Biochem Inc 0.0086% 0.0007% $11,524,903 2,804,113 16.0
NNVC NanoViricides Inc 0.0086% 0.0007% $11,523,650 3,255,268 15.8
Source: Deutsche Bank, Russell, Bloomberg


Figure 8: Predicted Russell 2000 Additions (continued)
Ticker New R2000
Company Name
Weight New R3000
Net Buy Value
Weight Days to
Net Buy Shares
Trade
OHRP Ohr Pharmaceutical Inc 0.0085% 0.0007% $11,410,793 1,339,295 4.9
OLBK Old Line Bancshares Inc 0.0083% 0.0006% $11,167,623 661,197 45.5
RGDO Regado Biosciences Inc 0.0083% 0.0006% $11,100,612 1,770,433 8.9
III Information Services Group Inc 0.0082% 0.0006% $11,019,333 2,148,018 20.3
DAVE Famous Dave's of America Inc 0.0082% 0.0006% $10,995,430 342,857 5.1
EVDY Everyday Health Inc 0.0081% 0.0006% $10,886,146 612,269 4.0
DXYN Dixie Group Inc/The 0.0081% 0.0006% $10,886,082 924,116 4.2
CLCT Collectors Universe Inc 0.0081% 0.0006% $10,809,160 522,687 7.9
KTWO K2M Group Holdings Inc 0.0079% 0.0006% $10,758,927 719,661 6.4
VTNR Vertex Energy Inc 0.0080% 0.0006% $10,702,633 1,090,992 2.4
BWEN Broadwind Energy Inc 0.0079% 0.0006% $10,680,002 958,708 4.6
OPWR OPOWER Inc 0.0078% 0.0006% $10,463,685 628,450 4.8
QTWO Q2 Holdings Inc 0.0078% 0.0006% $10,455,854 795,122 4.6
PCYG Park City Group Inc 0.0077% 0.0006% $10,342,338 850,521 10.7
SPWH Sportsman's Warehouse Holdings 0.0075% 0.0006% $10,143,245 1,098,943 5.2
AFH Atlas Financial Holdings Inc 0.0073% 0.0006% $9,763,861 661,508 5.9
ROIAK Radio One Inc 0.0073% 0.0006% $9,727,528 2,185,961 16.6
LBMH Liberator Medical Holdings Inc 0.0071% 0.0006% $9,582,513 2,596,887 19.8
DWCH Datawatch Corp 0.0070% 0.0005% $9,531,104 630,781 2.8
CSCD Cascade Microtech Inc 0.0069% 0.0005% $9,267,634 774,238 22.4
HNSN Hansen Medical Inc 0.0068% 0.0005% $9,220,087 6,272,168 7.8
KONA Kona Grill Inc 0.0066% 0.0005% $8,865,565 453,018 9.2
AMBR Amber Road Inc 0.0065% 0.0005% $8,736,793 638,654 5.4
XXII 22nd Century Group Inc 0.0064% 0.0005% $8,604,428 2,821,124 6.2
CMFN CM Finance Inc 0.0063% 0.0005% $8,528,065 610,019 8.1
IG IGI Laboratories Inc 0.0062% 0.0005% $8,290,191 1,573,091 7.7
RUBI Rubicon Project Inc/The 0.0061% 0.0005% $8,208,988 646,886 2.2
TRXC TransEnterix Inc 0.0060% 0.0005% $8,060,773 1,919,232 14.8
AKAO Achaogen Inc 0.0058% 0.0005% $7,820,808 557,435 7.2
BSTC BioSpecifics Technologies Corp 0.0058% 0.0004% $7,720,805 286,168 9.3
NYNY Empire Resorts Inc 0.0056% 0.0004% $7,506,453 1,191,501 10.0
HIVE Aerohive Networks Inc 0.0055% 0.0004% $7,412,710 744,248 5.7
FIVN Five9 Inc 0.0054% 0.0004% $7,224,171 964,509 6.8
BRDR Borderfree Inc 0.0054% 0.0004% $7,204,671 482,887 2.9
TRIV TriVascular Technologies Inc 0.0053% 0.0004% $7,127,402 445,741 17.2
USAK USA Truck Inc 0.0051% 0.0004% $6,953,796 411,467 5.9
TRUE Truecar Inc 0.0051% 0.0004% $6,884,240 628,124 1.4
PTSI PAM Transportation Services Inc 0.0050% 0.0004% $6,786,198 261,712 14.2
ALDR Alder Biopharmaceuticals Inc 0.0041% 0.0003% $5,556,903 517,403 12.7
SQBK Square 1 Financial Inc 0.0040% 0.0003% $5,422,693 287,067 4.2
QRHC Quest Resource Holding Corp 0.0039% 0.0003% $5,287,103 1,113,074 26.8
FRSH Papa Murphy's Holdings Inc 0.0038% 0.0003% $5,080,367 463,960 0.9
VTL Vital Therapies Inc 0.0037% 0.0003% $5,020,505 418,375 9.3
AGTC Applied Genetic Technologies C 0.0037% 0.0003% $4,900,156 357,676 25.5
SIF SIFCO Industries Inc 0.0036% 0.0003% $4,888,066 153,087 28.9
HEAR Parametric Sound Corp 0.0036% 0.0003% $4,776,389 464,629 2.0
PAYC Paycom Software Inc 0.0035% 0.0003% $4,741,239 355,149 3.5
SFBS Servisfirst Bancshares Inc 0.0032% 0.0002% $4,356,315 50,808 1.7
ADMS Adamas Pharmaceuticals Inc 0.0030% 0.0002% $3,965,866 222,177 3.1
HRTG Heritage Insurance Holdings 0.0026% 0.0002% $3,532,110 284,160 0.5
PFIE Profire Energy Inc 0.0025% 0.0002% $3,319,240 829,810 12.3
ARCW ARC Group Worldwide Inc 0.0018% 0.0001% $2,467,280 197,857 3.1
CRRS Corporate Resource Services Inc 0.0017% 0.0001% $2,331,222 959,351 9.5
Source: Deutsch e Bank, Russell, Bloomberg

Russell 2000 Deletions
We currently anticipate 169 deletions from the Russell 2000.
Figure 9: Predicted Russell 2000 Deletions
Ticker Company Name Current R2000 Weight Current R3000 Weight Net Sell Value Net Sell Shares Days to Trade
PSEC Prospect Capital Corp 0.1900% 0.0146% ($257,086,639) (25,863,847) (3.5)
AINV Apollo Investment Corp 0.1154% 0.0088% ($156,164,314) (18,635,360) (7.9)
FSC Fifth Street Finance Corp 0.0779% 0.0060% ($105,351,277) (11,340,288) (7.3)
MAIN Main Street Capital Corp 0.0743% 0.0057% ($100,384,837) (3,235,090) (8.6)
HTGC Hercules Technology Growth Capital Inc 0.0575% 0.0044% ($77,785,154) (5,104,013) (9.0)
SLRC Solar Capital Ltd 0.0575% 0.0044% ($77,772,060) (3,731,865) (13.0)
PNNT PennantPark Investment Corp 0.0450% 0.0034% ($60,885,340) (5,509,985) (10.4)
TCAP Triangle Capital Corp 0.0443% 0.0034% ($59,994,476) (2,285,504) (9.0)
NMFC New Mountain Finance Corp 0.0417% 0.0032% ($56,475,928) (3,971,584) (8.0)
BKCC BlackRock Kelso Capital Corp 0.0394% 0.0030% ($53,269,798) (6,144,152) (6.5)
GBDC Golub Capital BDC Inc 0.0389% 0.0030% ($52,648,023) (3,093,303) (9.2)
TCPC TCP Capital Corp 0.0374% 0.0029% ($50,548,333) (2,945,707) (9.0)
MCC Medley Capital Corp 0.0358% 0.0027% ($48,389,115) (3,905,498) (5.6)
TICC TICC Capital Corp 0.0312% 0.0024% ($42,216,852) (4,356,744) (8.0)
CSWC Capital Southwest Corp 0.0298% 0.0023% ($40,334,785) (1,115,762) (15.1)
TCRD THL Credit Inc 0.0276% 0.0021% ($37,391,325) (2,811,378) (10.0)
SFE Safeguard Scientifics Inc 0.0245% 0.0019% ($33,187,705) (1,739,398) (15.4)
MVC MVC Capital Inc 0.0177% 0.0014% ($23,949,727) (1,875,468) (17.3)
TAXI Medallion Financial Corp 0.0176% 0.0014% ($23,854,376) (1,765,683) (7.9)
FDUS Fidus Investment Corp 0.0154% 0.0012% ($20,878,046) (1,135,911) (11.1)
MCGC MCG Capital Corp 0.0149% 0.0011% ($20,135,528) (5,904,847) (6.6)
KCAP KCAP Financial Inc 0.0138% 0.0011% ($18,683,359) (2,344,211) (9.9)
GLAD Gladstone Capital Corp 0.0128% 0.0010% ($17,308,568) (1,741,305) (13.6)
PFLT PennantPark Floating Rate Capital Ltd 0.0126% 0.0010% ($17,070,590) (1,219,328) (20.8)
GAIN Gladstone Investment Corp 0.0125% 0.0010% ($16,970,215) (2,195,371) (11.4)
SUNS Solar Senior Capital Ltd 0.0118% 0.0009% ($16,002,706) (954,815) (19.9)
SVVC Firsthand Technology Value Fund Inc 0.0116% 0.0009% ($15,654,190) (752,244) (10.0)
GSVC GSV Capital Corp 0.0110% 0.0008% ($14,850,543) (1,602,000) (7.3)
SCM Stellus Capital Investment Corp 0.0104% 0.0008% ($14,068,415) (999,177) (14.6)
BOLT Bolt Technology Corp 0.0095% 0.0007% ($12,903,320) (715,262) (15.0)
CRRC Courier Corp 0.0095% 0.0007% ($12,890,948) (949,260) (21.5)
HOFT Hooker Furniture Corp 0.0094% 0.0007% ($12,742,022) (891,050) (28.6)
CRIS Curis Inc 0.0094% 0.0007% ($12,568,627) (7,061,026) (14.4)
BHB Bar Harbor Bankshares 0.0092% 0.0007% ($12,409,433) (488,560) (20.6)
RSH RadioShack Corp 0.0092% 0.0007% ($12,398,587) (8,265,725) (2.4)
CWCO Consolidated Water Co Ltd 0.0091% 0.0007% ($12,364,960) (1,213,441) (8.9)
UEC Uranium Energy Corp 0.0092% 0.0007% ($12,283,494) (7,019,140) (3.2)
BSET Bassett Furniture Industries Inc 0.0090% 0.0007% ($12,207,452) (899,591) (25.9)
CLUB Town Sports International Holdings Inc 0.0089% 0.0007% ($12,089,242) (1,991,638) (10.8)
CUTR Cutera Inc 0.0089% 0.0007% ($12,010,214) (1,216,840) (11.3)
UNTD United Online Inc 0.0088% 0.0007% ($11,965,897) (1,095,778) (3.2)
FFKT Farmers Capital Bank Corp 0.0088% 0.0007% ($11,841,621) (619,656) (25.0)
FLWS 1-800-Flowers.com Inc 0.0088% 0.0007% ($11,835,881) (2,121,126) (9.4)


Source: Deutsche Bank, Russell, Bloomberg

Figure 10: Predicted Russell 2000 Deletions (continued)
Current R2000
Ticker Company Name
Weight Current R30 Weig 00
Net Sell Value
ht Net Sell Shares Days to Trade
ZAGG ZAGG Inc 0.0086% 0.0007% ($11,573,686) (2,549,270) (6.9)
FSGI First Security Group Inc/TN 0.0084% 0.0006% ($11,376,705) (5,522,672) (15.7)
JGW JGWPT Holdings Inc 0.0084% 0.0006% ($11,336,501) (1,063,462) (2.2)
DGAS Delta Natural Gas Co Inc 0.0083% 0.0006% ($11,205,027) (568,495) (25.2)
NGPC NGP Capital Resources Co 0.0083% 0.0006% ($11,189,823) (1,742,963) (14.3)
LFVN Lifevantage Corp 0.0083% 0.0006% ($11,105,963) (8,413,608) (17.5)
HBCP Home Bancorp Inc 0.0082% 0.0006% ($11,093,881) (537,234) (32.0)
PCTI PC-Tel Inc 0.0079% 0.0006% ($10,700,165) (1,528,595) (20.6)
APAGF Apco Oil and Gas International Inc 0.0079% 0.0006% ($10,636,869) (756,534) (19.5)
TWER Towerstream Corp 0.0079% 0.0006% ($10,598,999) (5,463,402) (10.8)
DVR Cal Dive International Inc 0.0077% 0.0006% ($10,474,739) (8,119,952) (12.5)
PZG Paramount Gold and Silver Corp 0.0078% 0.0006% ($10,427,936) (11,319,948) (16.2)
PROV Provident Financial Holdings Inc 0.0077% 0.0006% ($10,402,554) (717,418) (14.7)
WFD Westfield Financial Inc 0.0076% 0.0006% ($10,231,392) (1,417,090) (27.2)
TWGP Tower Group International Ltd 0.0076% 0.0006% ($10,231,185) (4,758,691) (2.8)
STSI Star Scientific Inc 0.0075% 0.0006% ($10,003,573) (14,930,706) (22.9)
SPRT support.com Inc 0.0074% 0.0006% ($9,965,503) (4,332,828) (8.5)
PLPM Planet Payment Inc 0.0073% 0.0006% ($9,840,843) (3,489,661) (11.6)
IMN Imation Corp 0.0071% 0.0005% ($9,646,723) (2,812,456) (16.3)
RELL Richardson Electronics Ltd/United State 0.0071% 0.0005% ($9,602,688) (943,290) (25.2)
GSIT GSI Technology Inc 0.0071% 0.0005% ($9,583,666) (1,702,250) (32.4)
PZN Pzena Investment Management Inc 0.0071% 0.0005% ($9,570,789) (931,917) (13.6)
PENX Penford Corp 0.0071% 0.0005% ($9,530,943) (795,571) (28.7)
OMEX Odyssey Marine Exploration Inc 0.0071% 0.0005% ($9,476,855) (6,867,286) (5.6)
CFFI C&F Financial Corp 0.0070% 0.0005% ($9,449,259) (271,063) (18.1)
MSO Martha Stewart Living Omnimedia Inc 0.0070% 0.0005% ($9,423,616) (2,022,235) (7.6)
CNBKA Century Bancorp Inc/MA 0.0069% 0.0005% ($9,396,632) (281,843) (48.2)
LCNB LCNB Corp 0.0069% 0.0005% ($9,385,707) (611,447) (40.3)
IFT Imperial Holdings Inc 0.0069% 0.0005% ($9,313,246) (1,430,606) (14.9)
BCRH Blue Capital Reinsurance Holdings Ltd 0.0069% 0.0005% ($9,282,728) (517,432) (15.3)
EARN Ellington Residential Mortgage REIT 0.0069% 0.0005% ($9,279,288) (534,829) (7.9)
HRZN Horizon Technology Finance Corp 0.0068% 0.0005% ($9,258,265) (682,260) (9.6)
HBIO Harvard Bioscience Inc 0.0068% 0.0005% ($9,166,529) (2,224,886) (21.6)
WSTL Westell Technologies Inc 0.0067% 0.0005% ($9,068,809) (3,686,508) (10.2)
ANCX Access National Corp 0.0067% 0.0005% ($9,064,131) (605,891) (21.2)
PMFG PMFG Inc 0.0065% 0.0005% ($8,777,436) (1,734,671) (7.8)
SIGM Sigma Designs Inc 0.0065% 0.0005% ($8,736,686) (2,539,734) (8.3)
TRGT Targacept Inc 0.0064% 0.0005% ($8,679,160) (2,314,443) (13.9)
CHMG Chemung Financial Corp 0.0063% 0.0005% ($8,580,333) (298,758) (24.6)
UCP UCP Inc 0.0063% 0.0005% ($8,484,222) (640,802) (28.1)
JMP JMP Group Inc 0.0063% 0.0005% ($8,462,989) (1,301,998) (23.7)
GNE Genie Energy Ltd 0.0062% 0.0005% ($8,391,974) (1,070,405) (13.1)
END Endeavour International Corp 0.0062% 0.0005% ($8,374,846) (4,187,423) (4.0)
LUB Luby's Inc 0.0062% 0.0005% ($8,319,990) (1,654,074) (25.5)
MDCI Medical Action Industries Inc 0.0062% 0.0005% ($8,290,805) (1,201,566) (15.0)
PCYO Pure Cycle Corp 0.0060% 0.0005% ($8,085,779) (1,413,598) (22.0)
SIGA SIGA Technologies Inc 0.0060% 0.0005% ($8,063,025) (3,019,860) (20.4)
MBRG Middleburg Financial Corp 0.0060% 0.0005% ($8,049,119) (441,048) (13.3)
HMTV Hemisphere Media Group Inc 0.0060% 0.0005% ($8,024,572) (706,388) (31.4)
SAMG Silvercrest Asset Management Group In 0.0059% 0.0005% ($7,939,491) (456,031) (19.6)
WHF WhiteHorse Finance Inc 0.0059% 0.0004% ($7,928,774) (572,475) (10.7)
NEON Neonode Inc 0.0059% 0.0005% ($7,885,232) (2,233,777) (2.2)
Source: Deutsche Bank , Russell, Bloomberg


Figure 11: Predicted Russell 2000 Deletions (continued)
Ticker Current R2000
Company Name
Weight Current R3000
Net Sell Value
Weight Days to
Net Sell Shares
Trade
NPTN NeoPhotonics Corp 0.0058% 0.0004% ($7,798,788) (1,673,560) (9.6)
HIFS Hingham Institution for Savings 0.0057% 0.0004% ($7,737,759) (106,303) (25.8)
ATEC Alphatec Holdings Inc 0.0057% 0.0004% ($7,710,746) (5,140,497) (17.3)
RSYS Radisys Corp 0.0057% 0.0004% ($7,670,780) (2,353,000) (12.2)
MDW Midway Gold Corp 0.0057% 0.0004% ($7,654,398) (9,222,166) (19.7)
ZFC ZAIS Financial Corp 0.0057% 0.0004% ($7,618,935) (464,286) (6.2)
LINC Lincoln Educational Services Corp 0.0056% 0.0004% ($7,599,530) (1,984,212) (14.7)
ITIC Investors Title Co 0.0056% 0.0004% ($7,532,585) (109,453) (13.1)
ESSA ESSA Bancorp Inc 0.0055% 0.0004% ($7,500,948) (706,970) (29.4)
ATNY API Technologies Corp 0.0055% 0.0004% ($7,493,647) (2,676,302) (9.5)
VICL Vical Inc 0.0056% 0.0004% ($7,490,174) (6,241,812) (8.1)
TECU Tecumseh Products Co 0.0055% 0.0004% ($7,462,535) (1,532,348) (19.4)
ANAD ANADIGICS Inc 0.0054% 0.0004% ($7,369,301) (6,823,427) (6.1)
GARS Garrison Capital Inc 0.0054% 0.0004% ($7,280,952) (498,013) (11.8)
TLYS Tilly's Inc 0.0053% 0.0004% ($7,146,087) (812,979) (5.7)
TRR TRC Cos Inc 0.0053% 0.0004% ($7,111,099) (1,341,717) (41.5)
ARQL Arqule Inc 0.0052% 0.0004% ($6,970,373) (4,874,387) (5.3)
ISSC Innovative Solutions & Support Inc 0.0052% 0.0004% ($6,911,200) (1,033,064) (24.2)
MITK Mitek Systems Inc 0.0050% 0.0004% ($6,671,879) (2,046,589) (6.2)
BTH Blyth Inc 0.0050% 0.0004% ($6,667,767) (763,776) (9.1)
LOV Spark Networks Inc 0.0049% 0.0004% ($6,595,213) (1,443,154) (11.1)
AMSC American Superconductor Corp 0.0045% 0.0003% ($6,124,749) (4,374,821) (8.0)
GRIF Griffin Land & Nurseries Inc 0.0045% 0.0003% ($6,116,485) (217,746) (26.8)
MEIP MEI Pharma Inc 0.0045% 0.0003% ($6,090,790) (990,372) (4.5)
CPTA Capitala Finance Corp 0.0045% 0.0003% ($6,085,925) (331,117) (7.5)
NSPH Nanosphere Inc 0.0045% 0.0003% ($6,048,820) (4,480,608) (6.1)
STRP Straight Path Communications Inc 0.0045% 0.0003% ($5,981,969) (631,676) (10.0)
TGE TGC Industries Inc 0.0044% 0.0003% ($5,915,749) (1,305,905) (25.0)
FOLD Amicus Therapeutics Inc 0.0044% 0.0003% ($5,915,335) (2,495,922) (3.6)
WTSL Wet Seal Inc/The 0.0044% 0.0003% ($5,826,837) (6,936,711) (4.8)
FCSC Fibrocell Science Inc 0.0041% 0.0003% ($5,522,046) (1,840,682) (15.4)
COCO Corinthian Colleges Inc 0.0041% 0.0003% ($5,501,055) (6,572,347) (4.5)
AVNW Aviat Networks Inc 0.0040% 0.0003% ($5,382,830) (5,078,142) (5.3)
BIOL Biolase Inc 0.0040% 0.0003% ($5,296,872) (2,832,552) (13.9)
CNDO Coronado Biosciences Inc 0.0038% 0.0003% ($5,123,385) (2,846,325) (11.4)
APP American Apparel Inc 0.0037% 0.0003% ($4,948,304) (7,731,724) (4.4)
GMO General Moly Inc 0.0036% 0.0003% ($4,857,210) (4,761,971) (12.6)
CNCE Concert Pharmaceuticals Inc 0.0036% 0.0003% ($4,833,262) (546,749) (4.8)
AVEO AVEO Pharmaceuticals Inc 0.0035% 0.0003% ($4,775,608) (4,302,349) (6.9)
GLYC GlycoMimetics Inc 0.0035% 0.0003% ($4,738,878) (661,855) (5.6)
OGXI OncoGenex Pharmaceutical Inc 0.0034% 0.0003% ($4,564,703) (1,204,407) (4.2)
UNXL Uni-Pixel Inc 0.0033% 0.0002% ($4,356,370) (829,785) (3.6)
HART Harvard Apparatus Regenerative Techn 0.0030% 0.0002% ($4,069,451) (528,500) (6.1)
HTCH Hutchinson Technology Inc 0.0030% 0.0002% ($4,056,636) (1,940,974) (9.4)
BAGR Diversified Restaurant Holdings Inc 0.0030% 0.0002% ($3,961,243) (880,276) (18.3)
FRF Fortegra Financial Corp 0.0028% 0.0002% ($3,808,022) (532,590) (18.5)
HIIQ Health Insurance Innovations Inc 0.0028% 0.0002% ($3,806,693) (378,399) (12.0)
BIND BIND Therapeutics Inc 0.0028% 0.0002% ($3,697,624) (435,015) (5.0)
IMI Intermolecular Inc 0.0027% 0.0002% ($3,649,703) (1,495,780) (1.8)
BXC BlueLinx Holdings Inc 0.0027% 0.0002% ($3,605,553) (2,773,502) (15.7)
GTXI GTx Inc 0.0027% 0.0002% ($3,574,509) (2,153,319) (5.5)
SWSH Swisher Hygiene Inc 0.0026% 0.0002% ($3,491,460) (9,436,379) (15.0)
INTX Intersections Inc 0.0026% 0.0002% ($3,474,230) (784,250) (5.8)
FMD First Marblehead Corp/The 0.0024% 0.0002% ($3,226,105) (757,302) (13.8)
GMAN Gordmans Stores Inc 0.0023% 0.0002% ($3,156,653) (734,105) (4.4)
TWMC Trans World Entertainment Corp 0.0023% 0.0002% ($3,064,043) (877,949) (21.4)
CNAT Conatus Pharmaceuticals Inc 0.0023% 0.0002% ($3,053,062) (493,225) (2.1)
ENZN Enzon Pharmaceuticals Inc 0.0021% 0.0002% ($2,807,961) (3,115,111) (12.2)
ARGS Argos Therapeutics Inc 0.0021% 0.0002% ($2,767,077) (344,164) (21.8)
TRVN Trevena Inc 0.0020% 0.0002% ($2,662,631) (606,522) (13.5)
ACFN Acorn Energy Inc 0.0020% 0.0002% ($2,633,990) (1,816,545) (7.5)
BBGI Beasley Broadcasting Group Inc 0.0019% 0.0001% ($2,537,144) (362,968) (34.7)
ONTX Onconova Therapeutics Inc 0.0018% 0.0001% ($2,369,014) (488,457) (3.1)
ZAZA ZaZa Energy Corp 0.0016% 0.0001% ($2,142,776) (3,060,671) (8.7)
DRL Doral Financial Corp 0.0016% 0.0001% ($2,127,949) (541,463) (0.3)
KBIO KaloBios Pharmaceuticals Inc 0.0014% 0.0001% ($1,838,285) (977,811) (4.3)
KIOR KiOR Inc 0.0012% 0.0001% ($1,574,457) (3,602,876) (4.6)
TLOG TetraLogic Pharmaceuticals Corp 0.0010% 0.0001% ($1,321,221) (294,915) (3.6)
BODY Body Central Corp 0.0009% 0.0001% ($1,219,736) (1,370,490) (3.1)
CIX Compx International Inc 0.0008% 0.0001% ($1,106,164) (95,772) (11.3)
USMD USMD Holdings Inc 0.0008% 0.0001% ($1,096,362) (89,719) (29.2)
EVRY EveryWare Global Inc 0.0006% 0.0000% ($837,445) (761,313) (2.9)
Source: Deutsche Bank , Russell, Bloomberg
Migrations from Russell 1000 to Russell 2000
We currently anticipate 34 migrations from the Russell 1000 to 2000.
The net flows from passive index funds for these companies will be to buy, even though the stocks are moving membership from the large cap to small cap index. This is because while there are more nominal assets under management in the Russell 1000 index funds, the passive assets of the Russell 2000 funds are larger relative to the size of the companies in the index. Furthermore, these migrating companies will have a bigger index weight, relative to their new small cap membership, than in their current large cap setting.

Figure 12: Predicted Russell 1000 to Russell 2000 Migrations
Ticker Current
Company Name R1000
Weight New
R2000
Weight Current
R3000
Weight New
Net Buy
R3000
Value Weight Net Buy Shares Days to Trade
APAM Artisan Partners Asset Management In c 0.0040% 0.1009% 0.0037% 0.0078% $ 108,880,106 1,892,909 5.0
DSW DSW Inc 0.0091% 0.1250% 0.0084% 0.0097% $ 107,404,409 4,287,601 1.2
DLB Dolby Laboratories Inc 0.0095% 0.1243% 0.0088% 0.0096% $ 103,140,488 2,482,920 4.5
VSH Vishay Intertechnology Inc 0.0100% 0.1216% 0.0092% 0.0094% $ 98,894,082 6,628,290 7.0
OGS ONE Gas Inc 0.0096% 0.1147% 0.0089% 0.0089% $ 94,778,979 2,587,469 14.1
VLY Valley National Bancorp 0.0098% 0.1170% 0.0091% 0.0091% $ 93,697,871 9,669,543 4.6
CLI Mack-Cali Realty Corp 0.0097% 0.1162% 0.0090% 0.0090% $ 93,148,301 4,282,681 4.8
SLAB Silicon Laboratories Inc 0.0097% 0.1181% 0.0090% 0.0092% $ 92,568,604 2,051,609 4.9
HTS Hatteras Financial Corp 0.0102% 0.1180% 0.0094% 0.0092% $ 92,479,650 4,557,893 8.5
FCS Fairchild Semiconductor International I n 0.0095% 0.1104% 0.0088% 0.0086% $ 86,898,457 5,923,549 4.8
PLCM Polycom Inc 0.0089% 0.1061% 0.0082% 0.0082% $ 84,287,960 6,610,820 5.7
MDR McDermott International Inc 0.0087% 0.1039% 0.0081% 0.0081% $ 83,093,723 11,445,416 2.9
AEO American Eagle Outfitters Inc 0.0105% 0.1099% 0.0097% 0.0085% $ 78,151,825 7,283,488 1.3
DF Dean Foods Co 0.0082% 0.0979% 0.0076% 0.0076% $ 78,139,726 4,495,957 1.6
NSR NeuStar Inc 0.0087% 0.1017% 0.0081% 0.0079% $ 77,200,978 2,755,210 1.7
SAIC Science Applications International Corp 0.0082% 0.0949% 0.0076% 0.0074% $ 73,004,945 1,884,971 10.4
IBKR Interactive Brokers Group Inc 0.0055% 0.0758% 0.0051% 0.0059% $ 69,086,478 3,001,150 9.1
KMPR Kemper Corp 0.0085% 0.0902% 0.0078% 0.0070% $ 66,302,443 1,897,066 7.0
COTY Coty Inc 0.0048% 0.0728% 0.0045% 0.0057% $ 65,127,774 3,904,543 4.4
FCNCA First Citizens BancShares Inc/NC 0.0085% 0.0874% 0.0078% 0.0068% $ 62,603,077 284,844 18.2
ARIA ARIAD Pharmaceuticals Inc 0.0061% 0.0727% 0.0056% 0.0056% $ 56,325,715 8,719,151 1.0
TFM Fresh Market Inc/The 0.0064% 0.0732% 0.0059% 0.0057% $ 54,758,160 1,786,563 1.4
VEEV Veeva Systems Inc 0.0016% 0.0475% 0.0015% 0.0037% $ 52,949,204 2,526,202 2.5
SWAY Starwood Waypoint Residential Trust 0.0054% 0.0643% 0.0050% 0.0050% $ 51,346,978 1,881,531 8.3
PINC Premier Inc 0.0049% 0.0578% 0.0045% 0.0045% $ 45,479,668 1,534,402 6.6
LE LANDS' END INC 0.0018% 0.0408% 0.0017% 0.0032% $ 42,575,248 1,533,690 5.0
PENN Penn National Gaming Inc 0.0040% 0.0490% 0.0037% 0.0038% $ 39,760,642 3,410,004 3.4
ZU zulily Inc 0.0023% 0.0405% 0.0022% 0.0031% $ 38,662,569 1,113,233 0.6
TMHC Taylor Morrison Home Corp 0.0034% 0.0422% 0.0032% 0.0033% $ 33,292,680 1,563,037 4.2
WTW Weight Watchers International Inc 0.0029% 0.0348% 0.0026% 0.0027% $ 27,758,766 1,332,634 1.3
I Intelsat SA 0.0022% 0.0275% 0.0020% 0.0021% $ 22,442,497 1,157,426 8.4
CCO Clear Channel Outdoor Holdings Inc 0.0018% 0.0218% 0.0016% 0.0017% $ 17,571,285 2,153,344 11.3
KRO Kronos Worldwide Inc 0.0016% 0.0187% 0.0015% 0.0015% $ 14,839,729 983,415 3.1
NMBL Nimble Storage Inc 0.0012% 0.0130% 0.0011% 0.0010% $ 9,478,506 373,611 0.5
Source: Deutsche Bank, Russell, Bloomberg



Migrations from Russell 2000 to Russell 1000
We currently anticipate 29 migrations from the Russell 2000 to 1000.
The net flows from passive index funds for these companies will be to sell, even though the stocks are moving membership from the small cap to large cap index. This is because while there are more nominal assets under management in the Russell 1000 index funds, the passive assets of the Russell 2000 funds are larger relative to the size of the companies in the index. Furthermore, these migrating companies will have a smaller index weight, relative to their new large cap membership, than in their current small cap setting. Note that we have ATHL as a small predicted net buy – this is because we anticipate a share increase in this name at the Recon, which should be large enough to offset the expected selling flow from the migration.
Figure 13: Predicted Russell 2000 to Russell 1000 Migrations
Ticker Company Name New
R1000 Weight Current
R2000
Weight Current
R3000
Weight New
R3000 Net Sell Value Weight Net Sell Shares Days to Trade
NRF NorthStar Realty Finance Corp 0.0308% 0.3724% 0.0285% 0.0284% $ (303,625,883) (18,345,975) (2.5)
SUNE SunEdison Inc 0.0267% 0.3216% 0.0246% 0.0246% $ (256,008,228) (13,001,941) (1.1)
AYI Acuity Brands Inc 0.0275% 0.3295% 0.0253% 0.0253% $ (252,610,781) (2,012,675) (5.4)
ARCP American Realty Capital Properties In c 0.0571% 0.4304% 0.0330% 0.0527% $ (237,553,421) (19,142,097) (1.0)
RAD Rite Aid Corp 0.0413% 0.3742% 0.0287% 0.0381% $ (225,721,807) (27,000,216) (1.2)
KATE Kate Spade & Co 0.0233% 0.2824% 0.0216% 0.0215% $ (221,569,448) (6,085,401) (3.3)
ATHN athenahealth Inc 0.0243% 0.2858% 0.0219% 0.0224% $ (215,897,875) (1,701,189) (1.3)
CSGP CoStar Group Inc 0.0231% 0.2774% 0.0213% 0.0213% $ (212,733,183) (1,341,742) (6.4)
MIDD Middleby Corp/The 0.0231% 0.2751% 0.0211% 0.0213% $ (209,791,013) (878,448) (3.9)
PTC PTC Inc 0.0221% 0.2698% 0.0207% 0.0204% $ (209,449,943) (5,691,575) (9.0)
ALGN Align Technology Inc 0.0191% 0.2448% 0.0188% 0.0177% $ (196,404,617) (3,596,495) (4.0)
QCOR Questcor Pharmaceuticals Inc 0.0278% 0.2866% 0.0220% 0.0257% $ (192,604,703) (2,136,966) (1.4)
CNC Centene Corp 0.0218% 0.2486% 0.0190% 0.0201% $ (183,320,971) (2,460,024) (4.3)
PACW PacWest Bancorp 0.0209% 0.2317% 0.0178% 0.0192% $ (178,292,265) (4,410,991) (5.4)
PB Prosperity Bancshares Inc 0.0205% 0.2264% 0.0173% 0.0189% $ (173,201,940) (2,979,562) (8.5)
ARRS ARRIS Group Inc 0.0215% 0.2364% 0.0181% 0.0198% $ (169,290,159) (5,112,962) (2.1)
ALNY Alnylam Pharmaceuticals Inc 0.0170% 0.2112% 0.0162% 0.0157% $ (166,040,043) (2,800,473) (2.7)
LYV Live Nation Entertainment Inc 0.0172% 0.2046% 0.0157% 0.0159% $ (164,226,001) (6,923,524) (4.1)
TRGP Targa Resources Corp 0.0220% 0.2318% 0.0178% 0.0203% $ (159,297,799) (1,385,680) (5.3)
SAVE Spirit Airlines Inc 0.0218% 0.2183% 0.0167% 0.0201% $ (142,838,928) (2,417,925) (3.4)
HAIN Hain Celestial Group Inc/The 0.0230% 0.2135% 0.0164% 0.0212% $ (129,038,814) (1,422,386) (2.8)
PAG Penske Automotive Group Inc 0.0100% 0.1205% 0.0092% 0.0092% $ (96,998,705) (2,085,097) (6.0)
SPB Spectrum Brands Holdings Inc 0.0084% 0.1026% 0.0079% 0.0077% $ (79,917,080) (1,026,288) (4.5)
PPC Pilgrim's Pride Corp 0.0082% 0.0945% 0.0072% 0.0076% $ (72,859,456) (2,863,972) (1.9)
SPWR SunPower Corp 0.0086% 0.0911% 0.0070% 0.0079% $ (66,302,763) (1,988,685) (0.9)
USG USG Corp 0.0184% 0.1409% 0.0108% 0.0170% $ (62,206,647) (2,074,938) (1.4)
ICPT Intercept Pharmaceuticals Inc 0.0140% 0.1096% 0.0084% 0.0130% $ (50,226,171) (212,274) (0.4)
YELP Yelp Inc 0.0205% 0.1316% 0.0101% 0.0189% $ (35,706,430) (539,780) (0.1)
ATHL Athlon Energy Inc 0.0113% 0.0555% 0.0043% 0.0104% $ 2,553,163 58,747 0.1
Source: Deutsche Bank , Russell, Bloomberg

Largest Reconstitution Buy Trades

Figure 14: Largest Expected Buy Trades by Notional
Ticker Change
Company Name
Type Current
R1000
Weight New
R1000 Weight Current
R2000
Weight New
R2000 Weight Current
R3000
Weight New
R3000 Weight Net Buy Value Net Buy Shares Days to Trade
AAL American Airlines Group Inc Stay in R1 0.0402% 0.1465% 0.0000% 0.0000% 0.0372% 0.1352% $590,644,339 14,707,279 1.6
FB Facebook Inc Stay in R1 0.5486% 0.6394% 0.0000% 0.0000% 0.5065% 0.5898% $554,361,105 8,757,679 0.2
TYC Tyco International Ltd New to R1 0.0000% 0.1020% 0.0000% 0.0000% 0.0000% 0.0941% $529,938,165 12,143,404 4.4
TWTR Twitter Inc Stay in R1 0.0133% 0.0791% 0.0000% 0.0000% 0.0123% 0.0729% $431,869,054 13,312,856 0.4
GOOG Google Inc Stay in R1 0.7680% 0.8246% 0.0000% 0.0000% 0.7092% 0.7606% $371,015,234 662,657 0.4
BRK/B Berkshire Hathaway Inc Stay in R1 1.1748% 1.2422% 0.0000% 0.0000% 1.0848% 1.1459% $304,514,368 2,372,716 0.9
AAPL Apple Inc Stay in R1 2.7735% 2.7623% 0.0000% 0.0000% 2.5610% 2.5480% $259,197,602 409,475 0.0
KO Coca-Cola Co/The Stay in R1 0.7959% 0.8280% 0.0000% 0.0000% 0.7349% 0.7638% $232,178,858 5,675,357 0.6
GOOGL Google Inc Stay in R1 0.7841% 0.8157% 0.0000% 0.0000% 0.7241% 0.7524% $228,506,250 399,731 0.2
ITW Illinois Tool Works Inc Stay in R1 0.1568% 0.1863% 0.0000% 0.0000% 0.1448% 0.1718% $201,380,386 2,326,752 1.5
IBM International Business Machin Stay in R1 0.9168% 0.9454% 0.0000% 0.0000% 0.8466% 0.8720% $198,229,680 1,075,232 0.3
ALLY Ally Financial New to R1 0.0000% 0.0311% 0.0000% 0.0000% 0.0000% 0.0287% $187,563,525 7,961,100 3.3
LYB LyondellBasell Industries NV Stay in R1 0.1953% 0.2247% 0.0000% 0.0000% 0.1803% 0.2073% $181,001,234 1,817,829 0.7
NYRT New York REIT Inc New to R2 0.0000% 0.0000% 0.0000% 0.1149% 0.0000% 0.0089% $155,592,854 14,380,116 17.0
ATVI Activision Blizzard Inc Stay in R1 0.0281% 0.0522% 0.0000% 0.0000% 0.0260% 0.0482% $147,768,896 7,111,111 0.9
NADL North Atlantic Drilling Ltd Stay in R2 0.0000% 0.0000% 0.0460% 0.1524% 0.0035% 0.0118% $143,978,986 13,725,356 15.2
WDAY Workday Inc Stay in R1 0.0161% 0.0376% 0.0000% 0.0000% 0.0149% 0.0347% $139,417,108 1,778,960 0.6
NFLX Netflix Inc Stay in R1 0.1068% 0.1269% 0.0000% 0.0000% 0.0986% 0.1171% $139,334,574 333,472 0.1
HCT American Realty Capital Healt hNew to R2 0.0000% 0.0000% 0.0000% 0.1015% 0.0000% 0.0079% $137,371,911 13,806,222 11.9
TROX Tronox Ltd New to R2 0.0000% 0.0000% 0.0000% 0.1001% 0.0000% 0.0078% $135,437,549 5,097,386 4.8
ASPS Altisource Portfolio Solutions S New to R2 0.0000% 0.0000% 0.0000% 0.1003% 0.0000% 0.0078% $134,505,025 1,220,443 6.7
SLCA US Silica Holdings Inc Stay in R2 0.0000% 0.0000% 0.0665% 0.1637% 0.0051% 0.0127% $130,487,492 2,580,334 1.9
DOOR Masonite International Corp New to R2 0.0000% 0.0000% 0.0000% 0.0934% 0.0000% 0.0072% $126,269,228 2,397,365 9.6
HMHC Houghton Mifflin Harcourt Co Stay in R2 0.0000% 0.0000% 0.0234% 0.1147% 0.0018% 0.0089% $123,830,834 6,796,423 14.6
HRG Harbinger Group Inc Stay in R2 0.0000% 0.0000% 0.0240% 0.1132% 0.0018% 0.0088% $120,054,284 10,139,720 29.8
Source: Deutsche Bank, Russell, Bloomberg



Largest Reconstitution Sell Trades

Figure 15: Largest Expected Sell Trades by Notional
Ticker Change
Company Name
Type Current
R1000
Weight New
R1000 Weight Current
R2000
Weight New
R2000 Weight Current
R3000
Weight New
R3000 Weight Net Sell Value Net Sell Shares Days to Trade
DLPH Delphi Automotive PLC R1 to Out 0.1098% 0.0000% 0.0000% 0.0000% 0.1014% 0.0000% ($693,081,782) (10,035,937) (7.6)
XOM Exxon Mobil Corp Stay in R1 2.2737% 2.1871% 0.0000% 0.0000% 2.0995% 2.0175% ($582,269,983) (5,792,002) (0.7)
LBTYA Liberty Global PLC R1 to Out 0.0897% 0.0000% 0.0000% 0.0000% 0.0828% 0.0000% ($506,563,371) (11,251,963) (3.3)
LBTYK Liberty Global PLC R1 to Out 0.0853% 0.0000% 0.0000% 0.0000% 0.0787% 0.0000% ($481,584,013) (11,251,963) (3.1)
MA MasterCard Inc Stay in R1 0.4544% 0.3888% 0.0000% 0.0000% 0.4196% 0.3586% ($349,560,500) (4,572,407) (1.1)
PFE Pfizer Inc Stay in R1 1.0080% 0.9561% 0.0000% 0.0000% 0.9308% 0.8820% ($330,957,212) (11,169,666) (0.3)
GE General Electric Co Stay in R1 1.4091% 1.3610% 0.0000% 0.0000% 1.3011% 1.2554% ($330,706,470) (12,344,400) (0.6)
NRF NorthStar Realty Finance Corp R2 to R1 0.0000% 0.0308% 0.3724% 0.0000% 0.0285% 0.0284% ($303,625,883) (18,345,975) (2.5)
PSEC Prospect Capital Corp R2 to Out 0.0000% 0.0000% 0.1900% 0.0000% 0.0146% 0.0000% ($257,086,639) (25,863,847) (3.5)
SUNE SunEdison Inc R2 to R1 0.0000% 0.0267% 0.3216% 0.0000% 0.0246% 0.0246% ($256,008,228) (13,001,941) (1.1)
MSFT Microsoft Corp Stay in R1 1.7391% 1.7133% 0.0000% 0.0000% 1.6058% 1.5804% ($255,697,801) (6,245,672) (0.2)
T AT&T Inc Stay in R1 0.9707% 0.9326% 0.0000% 0.0000% 0.8963% 0.8603% ($254,481,127) (7,174,545) (0.3)
AYI Acuity Brands Inc R2 to R1 0.0000% 0.0275% 0.3295% 0.0000% 0.0253% 0.0253% ($252,610,781) (2,012,675) (5.4)
PM Philip Morris International Inc Stay in R1 0.7366% 0.7055% 0.0000% 0.0000% 0.6801% 0.6508% ($250,186,838) (2,825,693) (0.7)
ARCP American Realty Capital Prope R2 to R1 0.0000% 0.0571% 0.4304% 0.0000% 0.0330% 0.0527% ($237,553,421) (19,142,097) (1.0)
RAD Rite Aid Corp R2 to R1 0.0000% 0.0413% 0.3742% 0.0000% 0.0287% 0.0381% ($225,721,807) (27,000,216) (1.2)
KATE Kate Spade & Co R2 to R1 0.0000% 0.0233% 0.2824% 0.0000% 0.0216% 0.0215% ($221,569,448) (6,085,401) (3.3)
ATHN athenahealth Inc R2 to R1 0.0000% 0.0243% 0.2858% 0.0000% 0.0219% 0.0224% ($215,897,875) (1,701,189) (1.3)
CSGP CoStar Group Inc R2 to R1 0.0000% 0.0231% 0.2774% 0.0000% 0.0213% 0.0213% ($212,733,183) (1,341,742) (6.4)
MIDD Middleby Corp/The R2 to R1 0.0000% 0.0231% 0.2751% 0.0000% 0.0211% 0.0213% ($209,791,013) (878,448) (3.9)
PTC PTC Inc R2 to R1 0.0000% 0.0221% 0.2698% 0.0000% 0.0207% 0.0204% ($209,449,943) (5,691,575) (9.0)
CVX Chevron Corp Stay in R1 1.2108% 1.1842% 0.0000% 0.0000% 1.1180% 1.0923% ($204,515,135) (1,665,568) (0.3)
CSCO Cisco Systems Inc Stay in R1 0.6693% 0.6389% 0.0000% 0.0000% 0.6180% 0.5894% ($197,624,882) (8,027,006) (0.2)
ALGN Align Technology Inc R2 to R1 0.0000% 0.0191% 0.2448% 0.0000% 0.0188% 0.0177% ($196,404,617) (3,596,495) (4.0)
QCOR Questcor Pharmaceuticals Inc R2 to R1 0.0000% 0.0278% 0.2866% 0.0000% 0.0220% 0.0257% ($192,604,703) (2,136,966) (1.4)
Source: Deutsche Bank , Russell, Bloomberg


Most Illiquid Buy Trades

Figure 16: Most Illiquid Expected Buy Trades
Ticker Change
Company Name
Type Current
R1000
Weight New
R1000
Weight Current
R2000
Weight New
R2000
Weight Current
R3000
Weight New
R3000
Weight Net Buy/Sell Value Net
Buy/Sell
Shares Days to Trade
BLMT BSB Bancorp Inc/MA New to R2 0.0000% 0.0000% 0.0000% 0.0097% 0.0000% 0.0008% $13,104,430 738,694 75.8
NNA Navios Maritime Acq Corp New to R2 0.0000% 0.0000% 0.0000% 0.0229% 0.0000% 0.0018% $31,017,870 8,688,479 56.0
TSLX TPG Specialty Lending Inc New to R2 0.0000% 0.0000% 0.0000% 0.0681% 0.0000% 0.0053% $92,185,206 4,350,411 52.6
FBMI Firstbank Corp/Alma MI New to R2 0.0000% 0.0000% 0.0000% 0.0105% 0.0000% 0.0008% $14,239,755 659,553 51.3
PFIS Peoples Financial Services Cor New to R2 0.0000% 0.0000% 0.0000% 0.0197% 0.0000% 0.0015% $26,728,181 545,473 50.7
BPTH Bio-Path Holdings Inc New to R2 0.0000% 0.0000% 0.0000% 0.0119% 0.0000% 0.0009% $15,939,149 6,060,513 47.6
OLBK Old Line Bancshares Inc New to R2 0.0000% 0.0000% 0.0000% 0.0083% 0.0000% 0.0006% $11,167,623 661,197 45.5
LPG DorianLPG Ltd New to R2 0.0000% 0.0000% 0.0000% 0.0696% 0.0000% 0.0054% $94,085,513 4,632,472 45.1
TAT TransAtlantic Petroleum Ltd New to R2 0.0000% 0.0000% 0.0000% 0.0119% 0.0000% 0.0009% $16,004,304 1,824,892 44.7
ATNM Actinium Pharmaceuticals Inc New to R2 0.0000% 0.0000% 0.0000% 0.0145% 0.0000% 0.0011% $19,510,469 1,604,479 44.3
CPS Cooper-Standard Holding Inc New to R2 0.0000% 0.0000% 0.0000% 0.0513% 0.0000% 0.0040% $69,442,956 1,085,046 43.1
NMIH NMI Holdings Inc New to R2 0.0000% 0.0000% 0.0000% 0.0384% 0.0000% 0.0030% $51,949,083 4,748,545 42.7
ESCA Escalade Inc New to R2 0.0000% 0.0000% 0.0000% 0.0089% 0.0000% 0.0007% $12,097,497 757,040 41.9
SQBG Sequential Brands Group Inc New to R2 0.0000% 0.0000% 0.0000% 0.0091% 0.0000% 0.0007% $12,210,463 1,320,764 39.3
CIDM Cinedigm Corp New to R2 0.0000% 0.0000% 0.0000% 0.0095% 0.0000% 0.0007% $12,775,346 5,235,797 38.6
SGBK Stonegate Bank New to R2 0.0000% 0.0000% 0.0000% 0.0158% 0.0000% 0.0012% $21,339,068 821,049 34.0
TSC Tristate Capital Holdings Inc Stay in R2 0.0000% 0.0000% 0.0053% 0.0167% 0.0004% 0.0013% $15,490,491 1,175,303 30.1
HRG Harbinger Group Inc Stay in R2 0.0000% 0.0000% 0.0240% 0.1132% 0.0018% 0.0088% $120,054,284 10,139,720 29.8
CNOB ConnectOne Bancorp Inc Stay in R2 0.0000% 0.0000% 0.0052% 0.0128% 0.0004% 0.0010% $10,371,204 215,797 29.1
SIF SIFCO Industries Inc New to R2 0.0000% 0.0000% 0.0000% 0.0036% 0.0000% 0.0003% $4,888,066 153,087 28.9
IBCP Independent Bank Corp/MI New to R2 0.0000% 0.0000% 0.0000% 0.0182% 0.0000% 0.0014% $24,658,250 1,869,465 28.1
IVAC Intevac Inc New to R2 0.0000% 0.0000% 0.0000% 0.0094% 0.0000% 0.0007% $12,735,956 1,728,081 27.4
QRHC Quest Resource Holding Corp New to R2 0.0000% 0.0000% 0.0000% 0.0039% 0.0000% 0.0003% $5,287,103 1,113,074 26.8
AGTC Applied Genetic Technologies C New to R2 0.0000% 0.0000% 0.0000% 0.0037% 0.0000% 0.0003% $4,900,156 357,676 25.5
VSB VantageSouth Bancshares Inc Stay in R2 0.0000% 0.0000% 0.0045% 0.0078% 0.0003% 0.0006% $4,500,536 739,004 24.8
ANAT American National Insurance Co Stay in R1 0.0042% 0.0116% 0.0000% 0.0000% 0.0039% 0.0107% $47,061,579 411,018 23.4
CSCD Cascade Microtech Inc New to R2 0.0000% 0.0000% 0.0000% 0.0069% 0.0000% 0.0005% $9,267,634 774,238 22.4
REI Ring Energy Inc New to R2 0.0000% 0.0000% 0.0000% 0.0214% 0.0000% 0.0017% $28,722,347 1,483,592 21.4
MRTX Mirati Therapeutics Inc New to R2 0.0000% 0.0000% 0.0000% 0.0101% 0.0000% 0.0008% $13,531,917 632,628 21.1
VTSS Vitesse Semiconductor Corp New to R2 0.0000% 0.0000% 0.0000% 0.0133% 0.0000% 0.0010% $17,835,545 4,743,496 20.3
III Information Services Group Inc New to R2 0.0000% 0.0000% 0.0000% 0.0082% 0.0000% 0.0006% $11,019,333 2,148,018 20.3
LBMH Liberator Medical Holdings Inc New to R2 0.0000% 0.0000% 0.0000% 0.0071% 0.0000% 0.0006% $9,582,513 2,596,887 19.8
HNR Harvest Natural Resources Inc New to R2 0.0000% 0.0000% 0.0000% 0.0124% 0.0000% 0.0010% $16,751,371 3,432,658 18.3
FCNCA First Citizens BancShares Inc/NC R1 to R2 0.0085% 0.0000% 0.0000% 0.0874% 0.0078% 0.0068% $62,603,077 284,844 18.2
FBIZ First Business Financial Services I nNew to R2 0.0000% 0.0000% 0.0000% 0.0109% 0.0000% 0.0008% $14,784,850 321,690 17.9
HRTX Heron Therapeutics Inc New to R2 0.0000% 0.0000% 0.0000% 0.0124% 0.0000% 0.0010% $16,646,974 1,394,219 17.5
FRBK Republic First Bancorp Inc New to R2 0.0000% 0.0000% 0.0000% 0.0094% 0.0000% 0.0007% $12,773,886 2,554,777 17.4
TRIV TriVascular Technologies Inc New to R2 0.0000% 0.0000% 0.0000% 0.0053% 0.0000% 0.0004% $7,127,402 445,741 17.2
NYRT New York REIT Inc New to R2 0.0000% 0.0000% 0.0000% 0.1149% 0.0000% 0.0089% $155,592,854 14,380,116 17.0
Source: Deutsche Bank , Russell, Bloomberg

Most Illiquid Sell Trades

Figure 17: Most Illiquid Expected Sell Trades
Ticker Change
Company Name
Type Current
R1000
Weight New
R1000
Weight Current
R2000
Weight New
R2000
Weight Current
R3000
Weight New
R3000
Weight Net Buy/Sell Value Net
Buy/Sell
Shares Days to Trade
CNBKA Century Bancorp Inc/MA R2 to Out 0.0000% 0.0000% 0.0069% 0.0000% 0.0005% 0.0000% ($9,396,632) (281,843) (48.2)
TRR TRC Cos Inc R2 to Out 0.0000% 0.0000% 0.0053% 0.0000% 0.0004% 0.0000% ($7,111,099) (1,341,717) (41.5)
LCNB LCNB Corp R2 to Out 0.0000% 0.0000% 0.0069% 0.0000% 0.0005% 0.0000% ($9,385,707) (611,447) (40.3)
BBGI Beasley Broadcasting Group Inc R2 to Out 0.0000% 0.0000% 0.0019% 0.0000% 0.0001% 0.0000% ($2,537,144) (362,968) (34.7)
GSIT GSI Technology Inc R2 to Out 0.0000% 0.0000% 0.0071% 0.0000% 0.0005% 0.0000% ($9,583,666) (1,702,250) (32.4)
HBCP Home Bancorp Inc R2 to Out 0.0000% 0.0000% 0.0082% 0.0000% 0.0006% 0.0000% ($11,093,881) (537,234) (32.0)
HMTV Hemisphere Media Group Inc R2 to Out 0.0000% 0.0000% 0.0060% 0.0000% 0.0005% 0.0000% ($8,024,572) (706,388) (31.4)
ESSA ESSA Bancorp Inc R2 to Out 0.0000% 0.0000% 0.0055% 0.0000% 0.0004% 0.0000% ($7,500,948) (706,970) (29.4)
USMD USMD Holdings Inc R2 to Out 0.0000% 0.0000% 0.0008% 0.0000% 0.0001% 0.0000% ($1,096,362) (89,719) (29.2)
PENX Penford Corp R2 to Out 0.0000% 0.0000% 0.0071% 0.0000% 0.0005% 0.0000% ($9,530,943) (795,571) (28.7)
HOFT Hooker Furniture Corp R2 to Out 0.0000% 0.0000% 0.0094% 0.0000% 0.0007% 0.0000% ($12,742,022) (891,050) (28.6)
UCP UCP Inc R2 to Out 0.0000% 0.0000% 0.0063% 0.0000% 0.0005% 0.0000% ($8,484,222) (640,802) (28.1)
WFD Westfield Financial Inc R2 to Out 0.0000% 0.0000% 0.0076% 0.0000% 0.0006% 0.0000% ($10,231,392) (1,417,090) (27.2)
GRIF Griffin Land & Nurseries Inc R2 to Out 0.0000% 0.0000% 0.0045% 0.0000% 0.0003% 0.0000% ($6,116,485) (217,746) (26.8)
BSET Bassett Furniture Industries Inc R2 to Out 0.0000% 0.0000% 0.0090% 0.0000% 0.0007% 0.0000% ($12,207,452) (899,591) (25.9)
HIFS Hingham Institution for Savings R2 to Out 0.0000% 0.0000% 0.0057% 0.0000% 0.0004% 0.0000% ($7,737,759) (106,303) (25.8)
LUB Luby's Inc R2 to Out 0.0000% 0.0000% 0.0062% 0.0000% 0.0005% 0.0000% ($8,319,990) (1,654,074) (25.5)
RELL Richardson Electronics Ltd/United R2 to Out 0.0000% 0.0000% 0.0071% 0.0000% 0.0005% 0.0000% ($9,602,688) (943,290) (25.2)
DGAS Delta Natural Gas Co Inc R2 to Out 0.0000% 0.0000% 0.0083% 0.0000% 0.0006% 0.0000% ($11,205,027) (568,495) (25.2)
FFKT Farmers Capital Bank Corp R2 to Out 0.0000% 0.0000% 0.0088% 0.0000% 0.0007% 0.0000% ($11,841,621) (619,656) (25.0)
TGE TGC Industries Inc R2 to Out 0.0000% 0.0000% 0.0044% 0.0000% 0.0003% 0.0000% ($5,915,749) (1,305,905) (25.0)
CHMG Chemung Financial Corp R2 to Out 0.0000% 0.0000% 0.0063% 0.0000% 0.0005% 0.0000% ($8,580,333) (298,758) (24.6)
ISSC Innovative Solutions & Support In cR2 to Out 0.0000% 0.0000% 0.0052% 0.0000% 0.0004% 0.0000% ($6,911,200) (1,033,064) (24.2)
JMP JMP Group Inc R2 to Out 0.0000% 0.0000% 0.0063% 0.0000% 0.0005% 0.0000% ($8,462,989) (1,301,998) (23.7)
STSI Star Scientific Inc R2 to Out 0.0000% 0.0000% 0.0075% 0.0000% 0.0006% 0.0000% ($10,003,573) (14,930,706) (22.9)
PCYO Pure Cycle Corp R2 to Out 0.0000% 0.0000% 0.0060% 0.0000% 0.0005% 0.0000% ($8,085,779) (1,413,598) (22.0)
ARGS Argos Therapeutics Inc R2 to Out 0.0000% 0.0000% 0.0021% 0.0000% 0.0002% 0.0000% ($2,767,077) (344,164) (21.8)
HBIO Harvard Bioscience Inc R2 to Out 0.0000% 0.0000% 0.0068% 0.0000% 0.0005% 0.0000% ($9,166,529) (2,224,886) (21.6)
CRRC Courier Corp R2 to Out 0.0000% 0.0000% 0.0095% 0.0000% 0.0007% 0.0000% ($12,890,948) (949,260) (21.5)
TWMC Trans World Entertainment Corp R2 to Out 0.0000% 0.0000% 0.0023% 0.0000% 0.0002% 0.0000% ($3,064,043) (877,949) (21.4)
ANCX Access National Corp R2 to Out 0.0000% 0.0000% 0.0067% 0.0000% 0.0005% 0.0000% ($9,064,131) (605,891) (21.2)
PFLT PennantPark Floating Rate Capita lR2 to Out 0.0000% 0.0000% 0.0126% 0.0000% 0.0010% 0.0000% ($17,070,590) (1,219,328) (20.8)
NASB NASB Financial Inc Stay in R2 0.0000% 0.0000% 0.0060% 0.0038% 0.0005% 0.0003% ($2,969,474) (128,105) (20.8)
BHB Bar Harbor Bankshares R2 to Out 0.0000% 0.0000% 0.0092% 0.0000% 0.0007% 0.0000% ($12,409,433) (488,560) (20.6)
PCTI PC-Tel Inc R2 to Out 0.0000% 0.0000% 0.0079% 0.0000% 0.0006% 0.0000% ($10,700,165) (1,528,595) (20.6)
SIGA SIGA Technologies Inc R2 to Out 0.0000% 0.0000% 0.0060% 0.0000% 0.0005% 0.0000% ($8,063,025) (3,019,860) (20.4)
SUNS Solar Senior Capital Ltd R2 to Out 0.0000% 0.0000% 0.0118% 0.0000% 0.0009% 0.0000% ($16,002,706) (954,815) (19.9)
MDW Midway Gold Corp R2 to Out 0.0000% 0.0000% 0.0057% 0.0000% 0.0004% 0.0000% ($7,654,398) (9,222,166) (19.7)
SAMG Silvercrest Asset Management Gr oR2 to Out 0.0000% 0.0000% 0.0059% 0.0000% 0.0005% 0.0000% ($7,939,491) (456,031) (19.6)
Source: Deutsche Bank, Russell, Bloomberg


Russell Sector Weight Changes
Figure 18: Russell 1000 Sector Weight Changes
Sector Current Weight New Weight Change
(bps)
Information Technology 18.039% 18.280% 24.06
Energy 10.012% 9.864% (14.74)
Financials 16.771% 16.827% 5.59
Health Care 12.928% 12.920% (0.82)
Industrials 11.335% 11.578% 24.30
Consumer Staples 8.956% 8.943% (1.26)
Telecommunication Services 2.409% 2.378% (3.05)
Consumer Discretionary 12.665% 12.279% (38.59)
Utilities 3.092% 3.113% 2.06
Materials 3.794% 3.819% 2.44
Total 100.000% 100.000%

Sector Current Weight New Weight Change
(bps)
Information Technology 17.276% 17.882% 60.63
Energy 6.006% 6.397% 39.17
Financials 23.721% 22.939% (78.27)
Health Care 13.115% 12.890% (22.57)
Industrials 14.444% 13.829% (61.48)
Consumer Staples 3.851% 3.382% (46.90)
Telecommunication Services 0.704% 0.808% 10.39
Consumer Discretionary 12.831% 13.386% 55.42
Utilities 3.309% 3.398% 8.88
Materials 4.742% 5.090% 34.73
Total 100.000% 100.000%
Figure 20: Russell 3000 Sector Weight Changes
Sector Current Weight New Weight Change
(bps)
Information Technology 17.981% 18.249% 26.83
Energy 9.705% 9.595% (10.93)
Financials 17.303% 17.301% (0.25)
Health Care 12.942% 12.917% (2.49)
Industrials 11.573% 11.752% 17.94
Consumer Staples 8.564% 8.512% (5.29)
Telecommunication Services 2.278% 2.257% (2.17)
Consumer Discretionary 12.678% 12.365% (31.28)
Utilities 3.109% 3.135% 2.61
Materials 3.867% 3.917% 5.04
Total 100.000% 100.000%
Source: Deutsche Bank , Russell, Bloomberg
Russell 1000 Growth / Value Style Sector Shifts

Figure 21: Russell 1000 Growth – Estimated Sector Weight Shifts
Sector Current Weight New Weight Change
(bps)
Information Technology 26.663% 28.320% 165.73
Energy 5.050% 5.243% 19.31
Financials 5.582% 4.704% (87.88)
Health Care 12.493% 13.563% 107.01
Industrials 12.385% 11.938% (44.71)
Consumer Staples 12.058% 11.006% (105.25)
Telecommunication Services 2.331% 2.489% 15.85
Consumer Discretionary 18.675% 18.329% (34.64)
Utilities 0.130% 0.066% (6.33)
Materials 4.633% 4.342% (29.09)
Total 100.000% 100.000%



Figure 22: Russell 1000 Value – Estimated Sector Weight Shifts
Sector Current Weight New Weight Change
(bps)
Information Technology 9.107% 8.593% (51.46)
Energy 15.150% 14.323% (82.77)
Financials 28.359% 28.523% 16.44
Health Care 13.379% 12.299% (107.95)
Industrials 10.247% 11.230% 98.33
Consumer Staples 5.742% 6.953% 121.07
Telecommunication Services 2.490% 2.271% (21.84)
Consumer Discretionary 6.441% 6.443% 0.21
Utilities 6.160% 6.052% (10.85)
Materials 2.926% 3.314% 38.81
Total 100.000% 100.000%


Russell 2000 Growth / Value Style Sector Shifts

Figure 23: Russell 2000 Growth – Estimated Sector Weight Shifts
Sector Current Weight New Weight Change
(bps)
Information Technology 24.363% 25.711% 134.75
Energy 4.224% 4.827% 60.25
Financials 7.560% 7.989% 42.90
Health Care 21.395% 19.986% (140.92)
Industrials 15.533% 14.549% (98.48)
Consumer Staples 5.125% 4.005% (111.97)
Telecommunication Services 0.880% 0.861% (1.89)
Consumer Discretionary 15.631% 16.496% 86.44
Utilities 0.123% 0.306% 18.31
Materials 5.165% 5.271% 10.62
Total 100.000% 100.000%



Figure 24: Russell 2000 Value – Estimated Sector Weight Shifts
Sector Current Weight New Weight Change
(bps)
Information Technology 10.095% 9.950% (14.50)
Energy 7.811% 7.989% 17.80
Financials 40.097% 38.087% (201.00)
Health Care 4.726% 5.699% 97.34
Industrials 13.339% 13.099% (23.99)
Consumer Staples 2.560% 2.751% 19.03
Telecommunication Services 0.526% 0.755% 22.85
Consumer Discretionary 9.995% 10.234% 23.97
Utilities 6.538% 6.531% (0.66)
Materials 4.314% 4.905% 59.15
Total 100.000% 100.000%


Russell 1000 Growth / Value – Largest Weight Changes

Figure 25: Top 15 Russell 1000 Growth Upweights / Value Downweights
Ticker Company Name Change Type Current R1000G Weight New
R1000G Weight Current
R1000V Weight New
R1000V Weight R1000G
Weight Change R1000V
Weight Change Net Buy/Sell Value Net
Buy/Sell
Shares Days to Trade
AAPL Apple Inc R1 Both to R1 Growth 4.1267% 5.6255% 1.3720% 0.0000% 1.4988% -1.3720% $259,197,602 409,475 0.0
DIS Walt Disney Co/The R1 Both to R1 Both 0.3358% 1.0759% 1.2189% 0.4102% 0.7401% -0.8087% ($72,923,679) (868,036) (0.1)
ITW Illinois Tool Works Inc R1 Both to R1 Growth 0.1147% 0.3794% 0.2005% 0.0000% 0.2647% -0.2005% $201,380,386 2,326,752 1.5
AAL American Airlines Group Inc R1 Both to R1 Growth 0.0460% 0.2984% 0.0343% 0.0000% 0.2525% -0.0343% $590,644,339 14,707,279 1.6
FRX Forest Laboratories Inc R1 Value to R1 Growth 0.0000% 0.2366% 0.2617% 0.0000% 0.2366% -0.2617% ($42,158,276) (444,801) (0.3)
FB Facebook Inc R1 Growth to R1 Growth 1.0782% 1.3021% 0.0000% 0.0000% 0.2238% 0.0000% $554,361,105 8,757,679 0.2
ADBE Adobe Systems Inc R1 Both to R1 Growth 0.1263% 0.3314% 0.2046% 0.0000% 0.2051% -0.2046% $21,541,797 333,774 0.1
MRK Merck & Co Inc R1 Value to R1 Both 0.0000% 0.1827% 1.8091% 1.5068% 0.1827% -0.3023% ($187,351,310) (3,238,011) (0.3)
TYC Tyco International Ltd Neither Both to R1 Both 0.0000% 0.1745% 0.0000% 0.0320% 0.1745% 0.0320% $529,938,165 12,143,404 4.4
MMM 3M Co R1 Both to R1 Growth 0.7889% 0.9623% 0.1487% 0.0000% 0.1734% -0.1487% $34,537,114 242,281 0.1
TMO Thermo Fisher Scientific Inc R1 Value to R1 Both 0.0000% 0.1710% 0.4733% 0.2992% 0.1710% -0.1741% $37,508,926 320,836 0.2
GOOG Google Inc R1 Growth to R1 Growth 1.5095% 1.6793% 0.0000% 0.0000% 0.1697% 0.0000% $371,015,234 662,657 0.4
WMB Williams Cos Inc/The R1 Both to R1 Growth 0.1760% 0.3321% 0.1497% 0.0000% 0.1562% -0.1497% $26,973,124 574,385 0.1
FOXA Twenty-First Century Fox Inc R1 Both to R1 Both 0.5185% 0.6702% 0.1916% 0.0496% 0.1516% -0.1421% $13,825,004 390,427 0.0
TWTR Twitter Inc R1 Both to R1 Growth 0.0195% 0.1610% 0.0068% 0.0000% 0.1415% -0.0068% $431,869,054 13,312,856 0.4
Source: Deutsche Bank , Russell, Bloomberg


Figure 26: Top 15 Russell 1000 Value Upweights / Growth Downweights
Ticker Company Name Change Type Current R1000G
Weight New
R1000G
Weight Current R1000V
Weight New
R1000V
Weight R1000G
Weight
Change R1000V
Weight
Change Net Buy/Sell Value Net
Buy/Sell
Shares Days to Trade
MSFT Microsoft Corp R1 Growth to R1 Both 3.4182% 2.2290% 0.0000% 1.2157% -1.1892% 1.2157% ($255,697,801) (6,245,672) (0.2)
UTX United Technologies Corp R1 Both to R1 Both 1.0009% 0.1232% 0.0697% 0.9417% -0.8777% 0.8720% ($144,910,616) (1,246,865) (0.4)
PM Philip Morris International Inc R1 Growth to R1 Both 1.4478% 0.7467% 0.0000% 0.6658% -0.7011% 0.6658% ($250,186,838) (2,825,693) (0.7)
DE Deere & Co R1 Growth to R1 Both 0.3537% 0.0306% 0.0000% 0.3006% -0.3231% 0.3006% ($110,091,652) (1,207,543) (0.5)
TGT Target Corp R1 Both to R1 Value 0.2855% 0.0000% 0.0815% 0.3580% -0.2855% 0.2766% ($59,523,675) (1,048,691) (0.1)
F Ford Motor Co R1 Both to R1 Value 0.2227% 0.0000% 0.4265% 0.6355% -0.2227% 0.2090% ($39,249,554) (2,387,442) (0.1)
WY Weyerhaeuser Co R1 Growth to R1 Both 0.1829% 0.0161% 0.0000% 0.1674% -0.1668% 0.1674% ($23,472,384) (747,052) (0.2)
KMI Kinder Morgan Inc/DE R1 Both to R1 Both 0.2025% 0.0518% 0.0192% 0.1673% -0.1507% 0.1481% ($31,077,651) (930,747) (0.2)
IP International Paper Co R1 Both to R1 Both 0.1822% 0.0293% 0.0307% 0.1771% -0.1529% 0.1464% ($42,240,652) (886,850) (0.4)
DAL Delta Air Lines Inc R1 Both to R1 Value 0.1565% 0.0000% 0.1918% 0.3368% -0.1565% 0.1450% ($153,400,886) (3,843,670) (0.4)
CSX CSX Corp R1 Both to R1 Value 0.1499% 0.0000% 0.1559% 0.2939% -0.1499% 0.1381% ($42,898,658) (1,459,138) (0.3)
PRU Prudential Financial Inc R1 Both to R1 Value 0.1464% 0.0000% 0.2432% 0.3762% -0.1464% 0.1330% ($40,299,000) (490,494) (0.2)
WMT Wal-Mart Stores Inc R1 Both to R1 Both 0.8195% 0.6761% 0.4314% 0.5614% -0.1434% 0.1300% ($74,764,074) (973,871) (0.2)
CAG ConAgra Foods Inc R1 Both to R1 Value 0.1245% 0.0000% 0.0105% 0.1354% -0.1245% 0.1250% ($16,174,750) (500,766) (0.2)
IBM International Business Machines R1 Growth to R1 Both 1.8021% 1.8022% 0.0000% 0.1187% 0.0002% 0.1187% $198,229,680 1,075,232 0.3
Source: Deutsche Bank , Russell, Bloomberg

Russell 2000 Growth / Value – Largest Weight Changes

Figure 27: Top 15 Russell 2000 Growth Upweights / Value Downweights
Ticker Company Name Change Type Current R2000G
Weight New
R2000G
Weight Current R2000V
Weight New
R2000V
Weight R2000G
Weight
Change R2000V
Weight
Change Net Buy/Sell Value Net
Buy/Sell
Shares Days to Trade
TQNT TriQuint Semiconductor Inc R2 Both to R2 Growth 0.0306% 0.3191% 0.2825% 0.0000% 0.2885% -0.2825% $4,927,843 316,699 0.1
MW Men's Wearhouse Inc/The R2 Value to R2 Growth 0.0000% 0.2858% 0.2916% 0.0000% 0.2858% -0.2916% ($3,049,318) (61,256) (0.1)
DLB Dolby Laboratories Inc R1 Both to R2 Growth 0.0000% 0.2469% 0.0000% 0.0000% 0.2469% 0.0000% $103,140,488 2,482,920 4.5
SLAB Silicon Laboratories Inc R1 Both to R2 Growth 0.0000% 0.2347% 0.0000% 0.0000% 0.2347% 0.0000% $92,568,604 2,051,609 4.9
NSR NeuStar Inc R1 Growth to R2 Growth 0.0000% 0.2020% 0.0000% 0.0000% 0.2020% 0.0000% $77,200,978 2,755,210 1.7
SKX Skechers U.S.A. Inc R2 Value to R2 Both 0.0000% 0.2012% 0.2124% 0.0118% 0.2012% -0.2006% $1,009,220 22,679 0.0
APAM Artisan Partners Asset Manage mR1 Both to R2 Growth 0.0000% 0.2006% 0.0000% 0.0000% 0.2006% 0.0000% $108,880,106 1,892,909 5.0
ASPS Altisource Portfolio Solutions SA Neither Both to R2 Growth 0.0000% 0.1993% 0.0000% 0.0000% 0.1993% 0.0000% $134,505,025 1,220,443 6.7
DAN Dana Holding Corp R2 Both to R2 Both 0.0353% 0.2326% 0.3956% 0.1852% 0.1973% -0.2104% ($8,092,696) (365,524) (0.2)
ENS EnerSys Inc R2 Both to R2 Both 0.1323% 0.3275% 0.2759% 0.0610% 0.1952% -0.2149% ($12,513,769) (181,254) (0.5)
FNSR Finisar Corp R2 Value to R2 Both 0.0000% 0.1945% 0.2738% 0.0816% 0.1945% -0.1922% $2,183,421 91,934 0.0
SLCA US Silica Holdings Inc R2 Growth to R2 Growth 0.1321% 0.3252% 0.0000% 0.0000% 0.1932% 0.0000% $130,487,492 2,580,334 1.9
SWC Stillwater Mining Co R2 Value to R2 Both 0.0000% 0.1901% 0.2450% 0.0516% 0.1901% -0.1934% ($1,593,055) (94,768) (0.0)
SAIC Science Applications Internation R1 Value to R2 Growth 0.0000% 0.1885% 0.0000% 0.0000% 0.1885% 0.0000% $73,004,945 1,884,971 10.4
MTDR Matador Resources Co R2 Value to R2 Growth 0.0000% 0.1860% 0.1995% 0.0000% 0.1860% -0.1995% ($8,555,484) (343,870) (0.2)
Source: Deutsche Bank , Russell, Bloomberg


Figure 28: Top 15 Russell 2000 Value Upweights / Growth Downweights
Ticker Company Name Change Type Current R2000G
Weight New
R2000G
Weight Current
R2000V
Weight New
R2000V
Weight R2000G
Weight
Change R2000V
Weight
Change Net Buy/Sell Value Net
Buy/Sell
Shares Days to Trade
ROSE Rosetta Resources Inc R2 Growth to R2 Both 0.3506% 0.0238% 0.0000% 0.3270% -0.3268% 0.3270% ($405,654) (8,607) (0.0)
VSH Vishay Intertechnology Inc R1 Value to R2 Value 0.0000% 0.0000% 0.0000% 0.2449% 0.0000% 0.2449% $98,894,082 6,628,290 7.0
HTS Hatteras Financial Corp R1 Value to R2 Value 0.0000% 0.0000% 0.0000% 0.2375% 0.0000% 0.2375% $92,479,650 4,557,893 8.5
VLY Valley National Bancorp R1 Value to R2 Value 0.0000% 0.0000% 0.0000% 0.2356% 0.0000% 0.2356% $93,697,871 9,669,543 4.6
CLI Mack-Cali Realty Corp R1 Value to R2 Value 0.0000% 0.0000% 0.0000% 0.2339% 0.0000% 0.2339% $93,148,301 4,282,681 4.8
NYRT New York REIT Inc Neither Both to R2 Value 0.0000% 0.0000% 0.0000% 0.2314% 0.0000% 0.2314% $155,592,854 14,380,116 17.0
OGS ONE Gas Inc R1 Both to R2 Value 0.0000% 0.0000% 0.0000% 0.2309% 0.0000% 0.2309% $94,778,979 2,587,469 14.1
FCS Fairchild Semiconductor Interna R1 Value to R2 Value 0.0000% 0.0000% 0.0000% 0.2223% 0.0000% 0.2223% $86,898,457 5,923,549 4.8
AEO American Eagle Outfitters Inc R1 Both to R2 Value 0.0000% 0.0000% 0.0000% 0.2212% 0.0000% 0.2212% $78,151,825 7,283,488 1.3
BC Brunswick Corp/DE R2 Both to R2 Both 0.4492% 0.2388% 0.0260% 0.2427% -0.2104% 0.2168% $4,128,337 95,785 0.1
HMHC Houghton Mifflin Harcourt Co R2 Both to R2 Value 0.0319% 0.0000% 0.0148% 0.2310% -0.0319% 0.2162% $123,830,834 6,796,423 14.6
RYL Ryland Group Inc/The R2 Growth to R2 Value 0.2118% 0.0000% 0.0000% 0.2145% -0.2118% 0.2145% $1,479,746 39,251 0.0
MDR McDermott International Inc R1 Value to R2 Value 0.0000% 0.0000% 0.0000% 0.2092% 0.0000% 0.2092% $83,093,723 11,445,416 2.9
HCT American Realty Capital Health Neither Both to R2 Value 0.0000% 0.0000% 0.0000% 0.2043% 0.0000% 0.2043% $137,371,911 13,806,222 11.9
DF Dean Foods Co R1 Value to R2 Value 0.0000% 0.0000% 0.0000% 0.1970% 0.0000% 0.1970% $78,139,726 4,495,957 1.6
Source: Deutsche Bank , Russell, Bloomberg


Russell Methodology Changes from Previous Years

Business Development Companies no longer eligible for Russell
Business Development Companies (“BDCs”) will no longer be eligible for Russell Indexes. Current regulations require index funds to include acquired fund fees as a part of reported index fund fees. Since these acquired fund fees are generally not directly paid by index fund investors, the inclusion of BDCs in index portfolios causes issues in the calculation and reporting of fund fee structures. After consulting with its internal advisory board and market participants, Russell has decided to remove BDCs from it indexes to avoid issues with reporting these acquired fund fees. S&P enacted a similar methodology change this year.

Trade Performance







Appendix 1

Important Disclosures

Additional information available upon request

For disclosures pertaining to recommendations or estimates made on securities other than the primary subject of this research, please see the most recently published company report or visit our global disclosure look-up page on our website at http://gm.db.com/ger/disclosure/DisclosureDirectory.eqsr

Analyst Certification
The views expressed in this report accurately reflect the personal views of the undersigned lead analyst(s). In addition, the undersigned lead analyst(s) has not and will not receive any compensation for providing a specific recommendation or view in this report. Ryan Talbot

Equity rating key Equity rating dispersion and banking relationships
Buy: Based on a current 12- month view of total
500 share-holder return (TSR = percentage change in 450 49 % 49 % share price from current price to projected target price 400
350 plus pro-jected dividend yield ) , we recommend that 300 54 %
investors buy the stock. 250 40 %
200
Sell: Based on a current 12-month view of total share- 150
holder return, we recommend that investors sell the 10050 2 %39 %
stock 0
Hold: We take a neutral view on the stock 12-months out and, based on this time horizon, do not Buy Hold Sell
Companies Covered Cos. w/ Banking Relationship
recommend either a Buy or Sell. Notes:
1. Newly issued research recommendations and target prices always supersede previously published research.
2. Ratings definitions prior to 27 January, 2007 were: North American Universe

Buy: Expected total return (including dividends) of 10% or more over a 12-month period
Hold: Expected total return (including dividends) between -10% and 10% over a 12month period
Sell: Expected total return (including dividends) of -10% or worse over a 12-month period

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David Folkerts-Landau
Group Chief Economist
Member of the Group Executive Committee

Guy Ashton
Global Chief Operating Officer Research Marcel Cassard
Global Head
FICC Research & Global Macro Economics Richard Smith and Steve Pollard
Co-Global Heads
Equity Research

Michael Spencer Ralf Hoffmann Andreas Neubauer Steve Pollard
Regional Head Regional Head Regional Head Regional Head
Asia Pacific Research Deutsche Bank Research, Germany Equity Research, Germany Americas Research

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