系统性单个名称筛选-更新

Restricted - External Soren Willemann+44 (0) 20 7773 9983soren.willemann@barclays.comBarclays, UKKhush Patel+44 (0) 20 7773 4647khush.patel@barclays.comBarclays, UK FIGURE 3. Cheap names hedged with Main-15-10-5051015202530May-24Cheap names-1.4 x MainSource: Barclays ResearchUpdating the screensThe result of our cheap and rich names screens is shown in Figure 1. Among the cheap names,the most represented sectors are Financial, TMT with three tickers each. There are five tickerspresent out of 10 from the previous update. Among the rich names, the most represented sectoris Industrial with four tickers. There are five tickers present out of 10 from the previous update.The cheap names screenWe show the regression of our cheap names screen versus Main in Figure 2 and the beta-hedgedscreen over the past year in Figure 3. Jul-24Sep-24Nov-24Jan-25Mar-25Now 21, range-10-> 242 The rich names screenWe show the regression of our rich names screen versus Main in Figure 4 and the beta-hedgedscreen over the past year in Figure 5.Performance of previous cheap and rich screensWith four weeks having passed (the holding period for our screening framework), we take a lookat the performance of the cheap and rich screens identified in our previous update (Figure 6).The names in the cheap names screen tightened by -8.3bp over the past four weeks while theindex tightened by -8.9bp, thus underperforming the index on a beta-adjusted basis (with theapplied beta of 1.1).Afteradjusting for carry of 0.1bp, the hedged cheap names screenproduced a return of -6.6bp. The names in the rich names screen tightened by -10.6bp,outperforming the index on a beta-adjusted basis (with the applied beta of 1.1).Afteradjustingfor carry of -0.9bp, the hedged rich names screen produced a return of -4.4bp. In total, theprevious screens produced a return of -11.0bp.FIGURE 6. Performance of cheap and rich names screens identified four weeks ago (bp)25-Apr21-MayChgBetaPredicted chgRelative performanceTotal CarryTotal P&LSource: Barclays Research FIGURE 5. Rich names hedged with Main-6-4-20246810May-24Jul-24Sep-24Nov-24Jan-25Mar-25Now 2, range-4-> 8Rich names-1.2 x MainSource: Barclays ResearchIndexCheap namesRich names65.974.185.157.065.874.5-8.9-8.3-10.61.11.1-9.8-9.81.5-0.80.1-0.9-6.6-4.4 3 Analyst(s) Certification(s):We, Soren Willemann and Khush Patel, hereby certify (1) that the views expressed in this research report accurately reflect our personal views aboutany or all of the subject securities or issuers referred to in this research report and (2) no part of our compensation was, is or will be directly orindirectly related to the specific recommendations or views expressed in this research report.Important Disclosures:Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays").All authors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflectsthe local time where the report was produced and maydifferfrom the release date provided in GMT.Availability of Disclosures:For current important disclosures regarding any issuers which are the subject of this research report please refer to https://publicresearch.barclays.com or alternatively send a written request to: Barclays Research Compliance, 745 Seventh Avenue, 13th Floor, New York, NY10019 or call +1-212-526-1072.Barclays Capital Inc. and/or one of itsaffiliatesdoes and seeks to do business with companies covered in its research reports. As a result, investorsshould be aware that Barclays may have a conflict of interest that couldaffectthe objectivity of this report. Barclays Capital Inc. and/or one of itsaffiliatesregularly trades, generally deals as principal and generally provides liquidity (as market maker or otherwise) in the debt securities that are thesubject of this research report (and related derivatives thereof). Barclays trading desks may have either a long and / or short position in such securities,other financial instruments and / or derivatives, which may pose a conflict with the interests of investing customers. Where permitted and subject toappropriate information barrier restrictions, Barclays fixed income research analysts regularly interact with its trading desk personnel regardingcurrent market conditions and prices. Barclays fixed income research analysts receive compensation based on various factors including, but notlimited to, the quality of their work, the overall performance of the firm (including the profitability of the Investment Banking Department), theprofitability and revenues of the Markets business and the potential interest of the firm's investing clients in research with respect to the asset classcovered by the analyst. To the extent that any historical pricing information was obtained from Barclays trading desks, the firm makes norepresentation that it is accurate or complete. All levels, prices