Green

1
Green Gold Fund

• Recommendation Sell Stryker (SYK)

2
Healthcare holdings

• Abbott Labs (ABT)
• Stryker Corp (SYK)
• Healthcare Select ETF (XLV)

3
Rationale for Sale

• Earnings revisions by analysts and management
• Recent recalls / FDA limitations / potential
  litigation
• Slower overseas adoption of products than
  anticipated

• New CEO, no full time CFO
• Better opportunities elsewhere
• Healthcare indices have rallied this year, with
  only modest gains by SYK
• Starting in 2013, the Affordable Care Act
  mandates a 2.9 tax on all revenue related to
  medical devices
• Volatility associated with the election
• Potential for investor backlash in lead up to
  2013

4
Investment Information
600 gain
Prev Close 52.64
1y Target Est 58.76
52wk Range 45.44 - 57.15
Avg Vol (3m) 1,990,200
Market Cap 20.06B
P/E (ttm) 14.15
EPS (ttm) 3.73
Div Yield 0.85 (1.60)
Forward P/E 12.24
1 Year Price Graph
5
Analyst revisions
Sales estimates
EPS estimates
Stryker CEO Kevin Lobo We expect market
conditions to remain challenging in Europe...
6
Recalls / FDA limitations

• Rejuvenate hip implant recall / potential
  litigation
• Wingspan stint for ischemic stroke recommended by
  the FDA only patients with no other options

7
Better opportunities in healthcare

• Healthcare indices have rallied this year, with
  only modest gains by SYK
• Starting in 2013, the Affordable Care Act
  mandates a 2.9 tax on all revenue related to
  medical devices
• Volatility associated with the election
• Potential for investor backlash in lead up to 2013

8
(No Transcript)
9
Management shuffle

• Kevin Lobo named CEO on Oct. 1
• Currently no CFO, but former CFO Dean Bergy
  remains an advisor
• Potential difficulties transitioning to new
  management

10

• Stryker manufactures medical technologies.
• Original thesis Stryker is a leading medical
  technology manufacturer with potential for
  expansion
• Rationale for sale
• Management shuffle
• Disappointing results
• Recalls, FDA notices, potential litigation
• Regulatory concerns make medical devices less
  appealing