The distribution of all recommendations relating to the 12 months prior to the publications date (column A), as well as the distribution of recommendations in the context of which services of investment firms set out in Sections A (investment services and activities) and B (ancillary services) of Annex I of Directive 2014/65/EU of the European Parliament and of the Council (“special services”) have been provided in the past 12 months (column B).
Investment recommendation
Column A Basis: All recommendations for all financial instruments (last 12 months)
Column B Basis: Recommendations for financial instruments of all issuers, for which special services were rendered in the last 12 months
Buy recommendations
52.2%
54.1%
Hold recommendations
34.4%
19.7%
Sell recommendations
13.3%
26.2%
A) The table above includes all of the categories of investment recommendations (defined in more detail in Points B) to D)) for the following types of financial analyses:
• Individual equities (recommendation horizon: 12 months)
• Equity indices (recommendation horizon: 12 months)
• Equity indices (recommendation horizon: last month of the current quarter (average), or during the last month of a quarter: last month of the following quarter (average))
• MCSI World Sector compared to the benchmark weighting (recommendation horizon: 3 months)
• Individual credits (recommendation horizon: 3 or 6 months)
• Credit indices (recommendation horizon: 3, 6, 9 or 12 months)
• Credit indices (recommendation horizon: last month of the following quarter (average))
• Individual government bonds (recommendation horizon: 3 months)
• Government bond spreads (recommendation horizon: 3 months)
• Government bond spreads (recommendation horizon: 12 months)
• Maturity segments / government bonds (recommendation horizon: 3 months)
• Maturity segments / government bonds (recommendation horizon: 12 months)
• Technical analysis (recommendation horizon: 3 months)
• Technical analysis (recommendation horizon: 12 months)
• Weighting of the Global and CEE portfolios
• Portfolio investment strategy

B) The investment recommendations “Buy” or “Bullish” or “Overweight” in the financial analyses fall into the investment recommendation category of Buy recommendations as listed in the table above.

C) The investment recommendations “Hold” or “Neutral” in the financial analyses fall into the investment recommendation category of Hold recommendations as listed in the table above.

D) The investment recommendations “Sell”, “Underweight” or “Bearish” in the financial analyses fall into the investment recommendation category of Sell recommendations as listed in the table above. More detailed definitions of the listed recommendation categories can be found at:
www.raiffeisenresearch.com/concept_and_methods