• The best sector in ADRs is industrial goods.
• The top countries are Hong Kong, Norway, and Canada.

**Important** Scores have rolled to reflect first quarter historical seasonality.

The average score across our ADR universe is 48.49. The average score over the past 4 and 8 weeks is 51 and 50.86, respectively. The average ADR is trading -19.76% below its 52 week high, -0.44% below its 200 dma, has 2.86 days to cover short, and is expected to grow EPS by 13.05% next year.

The following are the best and worst scoring ADRs in our universe.

Over the past 10 years, the following baskets offer the best seasonal track record for upside in the first quarter.

The EFA has underperformed the SPY, historically, in the first three months of the year.

These ADRs are the top seasonal performers over the last decade, with each delivering gains in at least 8 of the past 10 Q1s.

The best sector in ADRs is industrial goods (CYD, WOSYY, TKPPY, FCAU). Financials (BMO, NABZY, ANZBY, RY, CS) and basics (RIO, MTL, BHP) also score above the universe average. Consumer goods score in line. Services, healthcare, technology, and utilities score below average.

The strongest zones are North America (BMO, RY, ECA) and Europe (GWPH, LUX, WOSYY, STM, MTL, RIO, CS, TKPPY, RYAAY, MBT). The top regions are North America, Central & Eastern Europe (MBT, MTL), and UK/Ireland (GWPH, RYAAY, RIO). Hong Kong (OIIM, SMI), Norway (PGSVY, NHYDY), Canada (BMO, RY), Bermuda (SIG, AXS), and Italy (LUX, STM) are the top countries.