Factor Changes: Europe ex. U.K. removing Interest Coverage; U.K. Replacing Earnings Revisions with Gross Profit/Assets. Favored Factors Include: Price Momentum and Cheaper Free Cash Flow Multiples. Favored Europe ex. U.K. Stocks Include: Michelin, ING Groep, DnB ASA, Koninklijke Philips, STMicroelectronics NV. Favored U.K. Stocks Include: Persimmon, Burberry Group, Relx, Ashtead Group, Intertek Group, Mondi.
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