e.g. Hermes (RMS FP) – Long, Short

Long (1 May 08) and Short (1 Oct 08, 1 May 09)

Major movements in ranking between one poll and the next appear to be indicators of immediate 3 month performance.

Between the Apr and Sep 08 polls Hermes (RMS FP) moved 13 places higher in the rankings. This shift predicted a 3 month outperformance from Oct-Dec 08, during a very difficult market. The next poll in Apr 09 saw Hermes drop 27 places down the rankings. Again the stock immediately reflected this with three months underperformance from May-Jul 09.

The brand’s ranking continued to slide and dropped 59 places in the Jul 09 poll with a worsening underperformance of -15% for Aug-Oct 09,
in a rising market.