Philippine Road Infrastructure VS Developed Nation Road Infrastructure

Roads lay a city's groundwork. Without roads and streets there would only be barren, empty land.

Let me just share an observation I had when I came back here:

Developed Nation road system:

- 2 lanes, going opposite directions

- 2 parking lanes on either side for street parking

- 1 bike lane , may include this feature

- gutters/strip of grass

- 1-2 sidewalks

Baranggay ** road system:

- 2 lanes, --- magsiksikan na kayo jan lahat!!!! Pedestrians, street parking, passing cars, no designated stops for public transportation, construction equipment

How Much Worth of Shares Do You Actually Need to Own to Sustain P5 Million worth of Dividends Per Year?

Making some computations...

To have P5M a year in dividends, for a security paying 5.50% dividend payout rate, you must own P100M worth of shares to get that P5M a year. For securities with less dividend rates, you need more than P100M to maintain that P5M a year. If you want to have a portion of it reinvested and inflation factored in, you have to even more than that to maintain P5M a year in cash dividend withdrawals.

How do you make P100M.

Lesson: Always have liquid cash ready for investment opportunities anytime.

Warren Buffett: We don't buy and sell stocks based upon what other people think the stock market is going to do (I never have an opinion) but rather upon what we think the company is going to do.

Warren Buffett: Stock market fluctuations are of little importance to us—except as they may provide buying opportunities—but business performance is of major importance.

Warren Buffett tells us he isn't a conformist: "A public opinion poll is no substitute for thought."

"Low wages are one sign of 'significant slack' in labor markets." -Janet Yellen, US Federal Reserve

A Rich Man's Wealth

"A rich man's fortune is rarely accessible to him because his wealth is tied up in land, buildings, equipment, machinery, inventories and anything invested in his business, contrary to popular belief, that he can spend his money as he pleases.

He knows that wealth which serves no constructive purpose has no real justification for its existence."

-J.Paul Getty

GDP = Best Economic Indicator? What could be? Lessons from Civilization Game

GDP: Total goods and services produced by a country in a period of time. 

I'm starting to think GDP is something like the #production output per city as represented by shields in the turn-based strategy game #Civilization

"Gross Domestic Product or GDP is the total market value of all goods and services produced in a country over a period of time. When an economy is healthy, you will see:

High GDP growth

Low unemployment

Wage increases 

As businesses demand the labor to meet the growing economy."

Well we certainly have high inflation and high unemployment and underemployment, low foreign direct investment.

Where then does this increase in productivity comes from?

Economists like Manuel Lopez says, our high GDP growth was due to:

Increased private consumption

Election spending

Low interest rates

Falling commodity prices, things that are not permanent.

Watch the entire report here by Melissa Gecolea On The Money:

https://anc.yahoo.com/video/does-gdp-truly-reflect-standard-104446208.html

Apparently, the Civilization game concept of shield is based on production capacity,

But GDP does not only focus on capacity, but how much goods and services were produced, as affected by DEMAND, and not necessarily reflecting an increase in productive capacity.

I think a good scale would be something that would measure, not only the output i.e. how much goods and services that were produced in a certain period of time but rather, the production capacity over a period of time.

And this measure of productive capacity is what will sustain GDP, as stated in the video as "sustainable GDP" as brought about by:

Increased MANUFACTURING

Increased SERVICES provision

Increased infrastructure spending to efficiently deliver goods and services.

Thus the growth of the economy boils down to not to GDP, or and definitely not wholly, but in part by infrastructure, but the bottom line is increasing our productive capacity and the DEMAND for this capacity, as in manufacturing, and provision of services and the Filipino people buying these goods and services.

And nothing increases productive capacity but successful LOCAL BUSINESS ENTERPRISES that people will buy and CAN buy, so wages must also increase.

I am now looking for the best economic indicator that indicates the bottom line mentioned above, or the productive capacity.

And I think it is the one of the most watched indicators in the US, since the "Great Recession" of 2008, and that is the

JOBS DATA REPORT. Have jobs incereased or decreased in the past year? I think that constitutes whether the POPULACE, and the nation as a whole is getting MORE PRODUCTIVE, or less. Are there new businesses? Are established businesses expanding to meet increased demand from foreign or local markets? After all, people, who are productive, are also the ones who spend and buy goods and services, and it is the regular, productive citizen who drives the economy and virtous cycle of money.

JOBS DATA REPORT and GDP in good part, offers the best measure of a nation's productivity.

Indeed, it is the people who have jobs who produce and also consume the country's GDP.

But the jobs report must also be related to population growth, because a healthy economy must have enough productivity to support the new members of the population. Whichever way you look at it though, an expansion in the jobs report, means an expansion or addition of new businesses, and more productive capacity or more production, and an expansion of the economy nonetheless.

Our goal to help the economy and the Filipino people: increase jobs. Increasing jobs will increase productivity. But we must also do so profitably, since: 

"It is not the employer who pays the wages -- he only handles the money. It is the product that pays wages." -Henry Ford

Unemployment rates do not show whether there are an increase in jobs or not, but rather it is indirect, and shows only a portion of the population who is employed. Although a boom in business expansion and new jobs will reduce unemployment rates, unemployment rates do not QUANTIFY the number of jobs created and the productive capacity or production of a nation.

The goal is to create jobs, that make members of the population productive, and make products that the average Filipino person will like to buy, making the nation more productive and expanding the economy. Jobs. Create. Jobs.

Such a central view of business, gives investment its entirely basic role, and that is for expansion of business, provide capital funds to initiate new jobs, and make more goods and services.

To what extent do you believe in the fundamentals of a company?

A trader once remarked in a popular stock market group in Facebook:

"Kasi ang stocks kahit gaano kaganda ang fundamentals kung wala namang gusto bumili, hindi yan aandar."

My arguments as follows...

1) Eh pag tumaas yung dividends, wala pa rin bibili? So akin na lang lahat ng mataas na dividend yields ganun? 

2) Pag maganda fundamentals, at tumaas ang book value or net cash position, at nagliquidate or na acquire ang company, hindi ba mas marami ka rin makukuha?

3) Kung maganda ang fundamentals, ibig sabihin, mabenta rin ang mga produkto nila sa taong bayan, at kung mabenta ito at maraming gumagamit ng kanilang produkto, hindi ba ito sisikat din sa merkado?

What do you think?

How Often Do You Want Interest Compounded: The sooner the cash, the better

How Often Do You Want Interest Compounded?

How does the schedule of interest payments affect your compounded returns?

Well according to this website, the sooner you get your interest payments and have it work for you, the better.

All credits to the owner of the article, featured below, which has been taken from:

 http://www.bankrate.com/finance/savings/how-often-interest-compounded.aspx

ARTICLE:

How often do I want interest compounded?

By Dr. Don Taylor, Ph.D., CFA, CFP • Bankrate.com

Dear Dr. Don,

Is it better to have interest compounded on your money daily, monthly or quarterly? Which gives you the most for your money invested?

Thanks, 

                -- Jan Juxtapose 

Dear Jan,

With all else being equal, the more frequent the compounding, the better the return on your savings. More frequent compounding has interest being credited to your principal balance more often, allowing the interest to start earning its own interest sooner. The miracle of compounding is all about interest earning interest. The "all else being equal" just means that we're comparing accounts with the same nominal yield and the same term, or time period, on the deposit.

The nominal yield is the stated yield on the deposit and is used to compute the interest earnings. It's not to be confused with the annual percentage yield, or APY, on the deposit, which takes into account how more frequent compounding increases the effective yield. By comparing APYs, you can find the financial institution offering the highest effective yield on the deposit. The Truth in Savings Act (Federal Reserve Regulation DD) requires that financial institutions provide the APY on deposits, so savers can make easy comparisons. You earn a yield on your investments, but you pay a rate on your loans. That's how you differentiate between an APY and an annual percentage rate, or APR, on a loan. You can sort deposit yields by APY using Bankrate's Compare Rates feature.

APYs assume you're reinvesting the interest earnings. If you have those earnings transferred to your checking account, you won't see the interest compounded there -- at least not at the yield on the original deposit.

Read more: http://www.bankrate.com/finance/savings/how-often-interest-compounded.aspx#ixzz34HL4i8ds 

Follow us: @Bankrate on Twitter | Bankrate on Facebook

On Earnings

Earnings: What they do not pay us in dividends should be reasonably expected to produce capital growth, hence, price / earnings ratio should summarize what we get in capital growth, and depending on dividend policy, what we get in dividends.

J. Paul Getty's Stock Market Investment Strategies

A couple of weeks ago I chanced upon J. Paul Getty's book "How to Be Rich" in his very own art museum in Los Angeles, California, USA.

J. Paul Getty is an American industrialist / oil magnate who was the founder of multinational oil company, Getty Oil. At one point, J. Paul Getty was the richest man in the world.

In his book, he shared his stock market "secrets" in Part Four: The Art of Investment in a chapter called "The Wall Street Investor".

And having the same investment style as he, I couldn't agree more with the points that he put forth. Getty is more of an investor, rather than a speculator or trader.

What is the difference, you may ask?

In Mr. Getty's own words: 

"For as long as I can remember, veteran businessmen and investors - I among them - have been warning about the dangers of irrational stock speculation and hammering away at the theme that stock ownership are deeds of ownership in business enterprises and not betting slips."

Mr. Getty believes that "Get-rich-quick" schemes just don't work, otherwise everyone else would be a millionaire. He adds that this is true for the stock market, as well as any form of business activity.

Getty believes in growing with the business by buying low and holding on. It is possible to make money and a great deal of money in the stock market but it can't be done overnight. In his words: 

"The big profits go to the intelligent, careful and patient investor, not to the reckless and overeager speculator. Conversely, it is the speculator who suffers losses when the market takes a sudden downturn."

"The seasoned investor buys his stocks when they are priced low, holds them for the long-pull rise and takes in-between dips and slumps in his stride."

Very much similar to the value investors of today, J. Paul Getty believes in finding bargain, low priced stocks relative to measurable values of the business, and holding on for the long-term. He warns of investors, not to be fearful of bargains.

"Sound stocks, purchased for investment when their prices are low, and held for the long pull, are very likely to produce high profits through dividends and increases in value."

Another of Mr. Getty's tips is that no investor should buy a stock without knowing as much as possible about the company. One should not bank into companies he does not understand, and in his example, Mr. Getty mostly invested in oil stocks, because he is after all an oilman and this is what he knows best.

Another important tip from Mr. Getty is that it is not only enough to look at "individual firms, but also entire industries must be judged as to their ability to keep pace with the needs of the future. The investor has to be certain that neither the products of the company in which he invests in, nor the particular industry itself will become obsolete in a few years."

Finally, as brushed upon earlier, Mr. Getty mentioned 3 important, measurable values that determine whether a company is cheap or not:

1. Net realizable assets (per share)

2. Earnings

3. Dividends

Many would consider these metrics antiquated, but these are the basics nontheless, indispensible to common stock investing. These big 3 metrics have also been discussed in detail by Benjamin Graham, the mentor to Warren Buffett.

In Getty's words, "There are innumerable fine buys on the market today. Among them are many stocks with net realizable assets two, three, four and even more times greater than the stock exchange value of their issued shares."

I think, Getty's "Net Realizable Assets" is synonymous to the book value or net worth of the shares. This means, all the business assets (land, machinery, cash, inventories etc.) less the liabilities (bank loans, bonds, late payments).

To learn more about the easy way of calculating a company's book value or net worth, visit this link in one of our older posts:

http://pilifinance.blogspot.com/2013/09/how-to-value-stocks-basic-ie-asset.html

Aside from these 3, J. Paul Getty mentioned other quantitative and qualitative questions and characteristics that an investor must satisfactorily answer before investing sums of his money, a copy of these questions reproduced here:

"1. What is the company's history: Is it a solid and reputable firm, and does it have able, efficient, and seasoned management?

2. Is the company producing or dealing in goods or services for which there will be a continuing demand in the forseeable future?

3. Is the company in a field that is not dangerously over-crowded, and is it in a good competitive position?

4. Are company policies and operations farsighted and aggressive without calling for unjustified and dangerous over expansion?

5. Will the corporate balance sheet stand up under the close scrutiny of a critical and impartial auditor?

6. Does the corporation have a satisfactory earnings record?

7. Have reasonable dividends been paid regularly to stockholders? If dividend payments were missed, were there good and sufficient reasons?

8. Is the company well within safe limits in so far as both long- and short-term borrowing are concerned?

9. Has the price of the stock been moved up or down over the past few years without violently wide and apparently inexplicable fluctuations?

10. Does the per share value of the company's net realizable assets exceed the stock exchange value of common stock share at the time the investor contemplates buying?"

To close, J. Paul Getty always believed that selected - and he emphasizes the word selected - common stocks are indeed, excellent investments.

 

Unilever PLC (ADS) DRIP

(All trademarks and logos are property of their respective owners.)

When choosing companies that will likely to be around 20-30-50 years later, first that comes to mind are consumer staples and big brands that we're all used to. Nothing screams this like P&G and Unilever.

Now Unilever is not an American company, and the company exists in two versions: one in London called Unilever PLC and the other in the Netherlands called Unilever NVD. 

In the US, foreign shares denominated in US dollars are traded in the US exchanges, and these are called American Depositary Shares or American Depositary Reciepts. The stock symbol of the Unilever ADRs traded in the NYSE is "UL:US". In this case of the ADRs, 1 Unilever PLC ADR = 1 Unilever PLC share.

The transfer agent for this is Citibank. Unilever PLC does not sponsor nor endorse this ADR.

As said earlier, these ADRs are deomonated in US dollars, as well as their dividends, which you can elect to reinvest fully or partially. Dividends are given QUARTERLY.

For people who do not hold Unilever PLC ADR shares yet, you may mail an enrollment form and an enclosed cheque to the transfer agent with a minimum investment of $250.

I believe these ADRs are available to foreign investors as well, but please call to make sure.

Here are useful links to the Unilever website, as well as the link to the official Unilever DRIP prospectus:

http://www.unilever.com/investorrelations/shareholder_info/plc_adrs/

http://www-us.computershare.com/Content/Download.asp?docId=%7B73ACB055-C5BB-49D6-8FAD-3C80B5152188%7D&cc=US&lang=en&bhjs=0&fla=0&theme=cpu

Construction Updates on Philippines' New Infrastructure

For stockholders of infrastructure companies, it is of special interest to monitor the progress of construction regarding their company's projects. These include San Miguel's Citra Metro Manila Tollways Corporation who is now constructing the NAIA Expressway and the Skyway Stage 3 Project that will link the North and South Luzon Expressways.

For Filipinos living abroad, you may visit Dmitrivalencia's Youtube Channel for videos and construction updates of these projects in SMC's pipeline, HERE:
https://www.youtube.com/user/dmitrivalencia

Here's one of his construction updates for the Manila Skyway Stage 3:

More Business Ideas and Overcoming Inertia

Recently I've read a book where it talks about inertia in nature and in business. Starting a business is like overcoming inertia at rest. In overcoming inertia, as in nature, greater energy must be spent to put forth an object at rest into motion. The same could be said in starting a new venture or small business. It is always hardest to start, especially when you are a novice player and there are many things you need to learn, and lack the skills, connections and experience that you may need.

This short article proovides some easy business ideas and a usefulnp resource that might assist you in setting up your first business.

Business ideas may include:

Cleaning jobs 

Clean buildings, neigbor's garages and basments

Foreclosure cleaning

Parking lot cleaning

Landscaping

Grass cutting

Pulling weeds

Selling crafts

Flea markets

Selling fixed junk from old garages

Check out the U.S. Small Busines Administration for more ideas and articles:

http://www.sba.gov/thinking-about-starting

Warren Buffett and Benjamin Graham's railroads, that "Move a Nation"

Railroads, one of the main catalysts of industrialization, once popular in the early 20th century, still proves to be the most economical choice for hauling large quantities of freight coast to coast.

No astute nation aspiring to be fully industrialized has overlooked going on rails and wheels.

Recently I have been acquinted with the Freight Railworks and Association of American Railroads through their TV ad, and realized that more than 100 years since Cornelius Vanderbilt, and as evidenced by railroads criscrossing the country, that railroads still move the world's largest economies.

Incidentally also, I have come across a recent article why Warren Buffett still loves railroad stocks.

Read about it here:

http://investorplace.com/2014/03/railroad-stocks-unp-cp-nsc/#.U6IRFRG9KK0

With my recent discovery of the DRIP investment vehicle to bypass stock brokers and commissions and reinvestment fees that utilizes fractional shares, it would be a good way to accumulate these railroads that have been around for more than a century.

Visit the Freight Rail Works Organization HERE: 

http://freightrailworks.org/spending/

One of my favorite and leading railways in Canada and the US are:

BNSF

Union Pacific

Canadian Pacific

Canadian National Railroad

Buy any two of these railroads and you're sure to have a substantial interest in North America's railroads.

Inflation

My understanding of inflation is that inflation is affected by the supply and demand of products. When there is too much money circulating in the system, people are inclined to spend, and demand for limited products go up, and prices are pushed up, hence higher inflation.

When there is lower demand, such as in developed nations where baby boomers are retiring, and demand for goods and services other than healthcare go down, and this thought to decrease the velocity of money in the system. The lower demand for goods and services result in lower prices and deflation.

This also correlates to the strategy of central banks to control the flow of money circulating in the system. Low interest rates cause more money to flow in the circulation. Hence, the Bangko Sentral ng Pilipinas watches inflation to guide it's interest rate policies. As long as inflation is down, the BSP can continue to keep rates low that causes more money to go into the system, which causes people to increase spending, and the demand for products should continue to go up or stay high. 

When there's too much money in the system, too much demand and too little products and services, prices begin to go up, and hence inflation goes up, and the BSP will start raising interest rates to tighten the money flow and reduce the flow of money in the system, and hence, reduce buying power, demand and reduce prices, and curb inflation.

However, there are other factors, that might influence inflation or the rate of increase of products. World crude oil price patterns may affect the cost of goods sold, and hence the prices could go up if crude oil prices go up. Natural calamities may also lower agricultural output, causing supply to go down relative to demand, causing prices to go up and hence inflationary pressures. When the economy slows down, lower output of goods might cause prices to go up hence higher inflation, or the populace may choose to be more conservative in their spending, and prices may plummet causing deflation.

Inflation is only the result of demdpand and supply of goods, products and services.

Refinancing versus Recapitalization and some tips in Value Investing

The term refinancing is usually used when a person or corporation wishes to replace an old debt with a new one, such as when a person refinances his or her house. The person still has a mortgage, but gets a new loan from one bank, usually with interest expense, to pay off the mortgage with the previous bank with a higher interest expense so the person can save on interest expenses.

Recapitalization is most oftenly used by businesses and corporations to change their debt or equity mixture, usually exchanging one security for another, such as preferred shares to debt. Or issue more stock to pay off debt increasing the proportion of equity capital to debt capital. This is done to provide more stability to the capital structure, or ward of hostile take-overs, minimize taxes or exit strategy for venture capitalists.

When a company decreases its debt in proportion to equity, it's leverage decreases, and so earnings would decrease but the company would be less risky since the shareholders will have fewer debt expenses before they see profits and less senior securities to pay in case of liquidation.

P.s. Thus in value investing, it is important to not only look at the stated book value of the company, but also take a look at the composition of the assets themselves, whether these assets actually have value when sold or liquidated, or look at the asset's market value.

Source: http://www.investopedia.com/terms/r/recapitalization.asp

Floating Rate Bank Loans

Floating rate bank loans adjust their coupon rates when prevailing interest rates change.

According to Ridgeworth Investments, floating rate bank loans have the following features:

> Protection against rising interest rates: Generally, fixed income securities will decrease in value if interest rates rise and vise versa, but since floating bank rate coupons reset as interest rates change, these generally hold their value when interest rates change. These are typically tied to a base rate such as the short-term benchmark London Interbank Offered Rate or LIBOR.

> Debt Obligation Seniority: "These bank loans typically hold higher position in the issuers' capital structure, hence it takes precedence over other debt claims if the borrower is unable to meet its obligations."

> high yield, high risk: Issued by investment or commercial banks to provide capital to companies with below investment-grade rating. These are short term, higher risk, high yield investments.

Source:

https://www.ridgeworth.com/includes/files/assets/files/1377803872_BankLoanWhitePaper_final.pdf

Bahay Bonds 2

I didn't know they sold CDOs or Collaterlized Debt Obligations to investors in the Philippines, particularly mortgage backed securities.

Choosing My First Foreign Investments through DSPPs (Direct Stock Purchase Plans) and DRIPs (Dividend Reinvestment Plans)

My criteria for picking:

Which brands do you buy? Which company has most of these brands?

What company will most likely still be around in 50 years?

Economic moat / durable competitive advantage

I discovered DRIPs in Canada, but I found out that more companies in the USA offer  more DRIPs! So I applied what I learned in Canada here!

And the good news is that almost all of these DRIPs are available to non-citizens or foreigners!

My chance and dream to invest in US companies have come true!

I can effectively become a shareholder with one share, and by this one share, it will multiply and yield more shares! It is cost-effective, and small foreign investors serious in their investing  could take advantage of this.

2 of my most favorite things in investing, has come together in this great invention:

1) compound interest - Customarily used in loans / bonds, compound interest is the most powerful force in the universe according to Albert Einstein.

2) equity - ownership in business corporations, yielding dividends and capital appreciation

They say stocks are hedged against inflation. If this is true, stocks, in the long run should be a better holding than money, which gets eroded in value due to inflation. Now, aside from being hedged from inflation, the percentages we get can actually be reinvested, like money, but better than money, to take advantage of compound interest! What a deal! So we save from commissions, taxes, and now inflation while taking advantage of compound interest!

I found a map of brands in the internet and found it very useful to decide which companies to invest in. As a foreign investor, I did recognize some of the brands but did not know which company they beloed to, so the "brand map" was a great overview and useful tool to select the company I'm interested in.

 

Our own PSE could use something like this.

The link to the brand map can be found here:

http://www.convergencealimentaire.info/map.jpg

Using this "brand map", the direct investing website, computershare and various transfer agent website, the various companies' corporate websites, plan brochures and prospectuses and the Bloomberg app to get quick historical price chart movement and fundamental values, I was able to come up with the following companies I am interested in investing in, as my FIRST foreign investment outside my country:

Unilever PLC

Reason: Dove, Vaseline, Selecta, Axe, Pond's (5)

DirectInvesting purchase: $108.862 

TransferAgent Purchase: $250 + $15 (Computershare)

P/E 18.95

P/BV 6.4173

Div Yield 3.86%

5 yr div growth 8.54%

Reinvestment Fee: 10c per share

JP Morgan and Chase BUY

Reason: JP Morgan brand and investment bank, Chase bank, but poor customer reviews, bailed out, dividends per quarter, highest paid investment bank in 2013 in the world

DirectInvesting purchase: $123

Transfer Agent Purchase: $250 (Computershare)

P/E 9.07

P/BV 1.054

Div Yield 2.81%

5yr div growth 5.02%

Reinvestment Fee: none

Procter and Gamble BUY

Reason: Head and Shoulders, Tide, Downy, Gillette, Bounce, Crest, Oral-B, Pantene, Crest, Vicks (10)

DirectInvesting purchase: $148.033

Transfer Agent Purchase: $250 (Computershare)

P/E 19.62

P/BV 3.1769

Div Yield 3.22%

5yr div growth 8.34%

Reinvestment Fee: none

Pepsico

Reason: Quaker, Aunt Jemima, Pizza Hut, Taco Bell, KFC,  Tropicana, Ocean Spray, Pepsi, Dole, Doritos (10)

DirectInvesting purchase: $156.767

Transfer Agent Purchase: $500 (Computershare)

P/E 19.86

P/BV 5.8743

Div Yield 2.98%

5yr div growth 6.45%

Reinvestment Fee: $0.03 first 100, more than 100 5% to $2 per share

CitiGroup BUY

Reason: one of the biggest banks in US, everybody uses Citibank, bailed out, price hasn't recovered 2009, virtually zero dividend, dividends per quarter

DirectInvesting purchase: $113.823

Transfer Agent Purchase: $ not available (Computershare)

P/E 9.87

P/BV 0.7386

Div Yield 0.08%

5 yr div growth -61.77%

Reinvestment Fee: none

Morgan Stanley

Reason: diversified investments across the globe, profitable as long as there is capitalism, bailed out, price hasn't recovered, dividends per quarter, MSCI divested from it :(

DirectInvesting purchase: $95.145

Transfer Agent Purchase: $ not available (Computershare)

P/E 14.91

P/BV 0.9866

Div Yield 1.25%

5yr div growth -22.19%

Reinvestment Fee: none

General Electric

Reason: bailed out

DirectInvesting purchase: $

Transfer Agent Purchase: $

P/E

P/BV

Div Yield

5 yr div growth

Reinvestment Fee:

Bank of America

Reason: turn around, very small dividends, bailed out

DirectInvesting purchase: $

Transfer Agent Purchase: $

P/E

P/BV

Div Yield

5 yr div growth

Reinvestment Fee:

General Mills

Reason: Haagen Dazs, Yoplait, Pillsbury

DirectInvesting purchase: $

Transfer Agent Purchase: $ 

P/E 

P/BV 

Div Yield 

5yr div growth 

Reinvestment Fee: 

Dividend Reinvestment Plans or DRIPs for Foreign Investors (US tax free! Broker commission free!)

A couple of months ago, we delved into dividend reinvestment plans of companies in the US and Canada that are available for investors.

Read about it here:

http://pilifinance.blogspot.com/2013/12/the-miracle-of-dividend-reinvestment.html

http://pilifinance.blogspot.com/2014/03/direct-investment-or-direct-share.html

Unfortunately, most of these firms offer the DRIP plans for US or Canadian citizens only. 

I have recently discovered that there are US companies that offer the DRIP plans to foreigners or non-US citizens. And these will be tax free from the US standpoint, this you will need a W-8 form so that taxes will not be withheld from dividend distributions.

Read more here:

http://www.directinvesting.com/foreign/

This is the list of companies that offer DRIPs to foreigners / foreign investors (source:http://www.directinvesting.com/foreign/):

Companies available to foreign investors:

Company Shares Company Shares 3M Company 1 51job Inc. 1 A.M. Castle & Co. 1 A.O. Smith Corp. 1 AAR Corp. 1 Abbott Laboratories 1 AbbVie Inc. 1 Aberdeen Asia-Pacific Income Fund, Inc. 1 Aberdeen Australia Equity Fund, Inc. 1 Aberdeen Chile Fund Inc. 1 Aberdeen Emerging Markets Telecomm. Fund Inc. 1 Aberdeen Global Income Fund 1 Aberdeen Indonesia Fund Inc. 1 Aberdeen Israel Fund Inc. 1 Aberdeen Latin America Equity Fund Inc. 1 ABM Industries Inc. 1 Acadia Realty Trust 1 ACE Limited 1 Acuity Brands, Inc. 1 Adams Express Co. 1 Advantest Corp. 1 AEGON N.V. 1 Aetna Inc. 1 AFLAC Incorporated 1 Agilent Technologies Inc 1 Agilysys Inc. 1 AGL Resources Inc. 1 Agnico-Eagle Mines Ltd. 1 Agree Realty Corporation 1 Air Products & Chemicals, Inc. 1 AirMedia Group Inc. 1 Aixtron AG 1 AK Steel Holding Corp. 1 Akzo Nobel NV 1 Albemarle Corp. 1 Alcoa Inc. 1 Allegheny Technologies Inc. 15 Allergan, Inc. 1 Allstate Corp. 1 Alon Holdings Blue Square-Israel Ltd. 1 Alto Palermo SA 1 Altria Group Inc. 1 Alumina Ltd 1 Aluminum Corp. of China Ltd. 1 AMCOL International 1 Ameren Corp. 1 America Movil SA de CV Series A 1 America Movil SA de CV Series L 1 American Capital Agency Corp. 1 American Electric Power 1 American Express Co. 1 American Water Works 1 Ameris Bancorp 1 AmeriServ Financial, Inc. 1 Ametek, Inc. 1 Amgen Inc. 1 Anadarko Petroleum Corp. 1 Anglogold Ashanti Limited 1 Anheuser-Busch InBev SA/NV 1 Annaly Capital Management Inc. 1 Anworth Mortgage Asset Corporation 1 Aon Corp. 1 Apache Corp. 1 Apollo Commercial Real Estate Finance Inc. 1 Apollo Residential Mortgage Inc. 1 Applied Industrial Technologies, Inc. 1 Aqua America Inc. 5 ARCADIS NV 1 Arcelor Mittal 1 Arch Coal, Inc. 1 Archer-Daniels-Midland Company 1 ARM Holdings plc 1 Arrow Financial Corp. 1 Artesian Resources Corp. A 1 ASA Gold & Precious Metals Limited 1 Ashland Inc. 1 ASML Holding N.V. 1 Associated Banc-Corp 1 Associated Estates Realty Corp. 1 Astoria Financial Corp. 1 AstraZeneca Group plc 1 AT&T Inc. 1 Atmos Energy Corp. 50 Avery Dennison Corp. 1 Avista Corp. 1 Avon Products, Inc. 1 AVX Corp. 1 AXA SA 1 Badger Meter Inc. 1 Baidu Inc. 1 Baker Hughes Inc. 1 Ball Corp. 1 Banco Bilbao Vizcaya Argentaria SA 1 Banco de Chile 1 Banco Santander (Brasil) S.A. 1 Banco Santander SA 1 Banco Santander-Chile 1 BanColombia SA 1 Bancorp Of New Jersey, Inc. 1 BancorpSouth, Inc. 1 Bancroft Fund Ltd. 1 Bank Mutual Corp. 50 Bank of America Corp. 1 Bank of Hawaii Corp. 1 Bank of Ireland 1 Bank of Montreal 1 Bank of New York Mellon Corp. 1 Bank of South Carolina Corp. 1 Barclays plc 1 Baxter International Inc. 1 BBVA Banco Frances SA 1 BE Semiconductor Industries 1 Beam Inc. 1 Becton Dickinson & Co. 1 Berkshire Hills Bancorp Inc. 1 Best Buy Company Inc. 1 BGC Partners, Inc. 1 BHP Billiton Limited 1 BHP Billiton plc 1 Black Hills Corp. 1 Block (H&R) Inc. 1 Blyth, Inc. 1 Bob Evans Farms 1 Boeing Co. (The) 1 BOK Financial Corp. 1 BorgWarner Inc. 1 Boston Beer Co. (The) 1 Boston Properties, Inc. 1 Brady Corp. 1 Brandywine Realty Trust 1 Braskem SA 1 BRF-Brazil Foods S/A 1 Briggs & Stratton Corp. 1 Bristol-Myers Squibb Co. 1 British Sky Broadcasting Group plc 1 Brookline Bancorp, Inc. 1 Brown Shoe Company Inc. 1 Brown-Forman Corp. A 1 Brown-Forman Corp. B 1 Brunswick Corp. 1 Bryn Mawr Bank Corp. 1 BT Group plc 1 Buckle Inc. 1 C & F Financial Corp. 1 CA Technologies Inc. 1 California Water Service Group 1 Callaway Golf Co. 1 Camco Financial Corp. 1 Camden Property Trust 1 Campbell Soup Co. 1 Canon Inc. 1 Capital City Bank Group 1 Capital One Financial Corp. 1 Capital Southwest Corp. 25 Carlisle Companies Inc. 1 Carnival plc 1 Carpenter Technology Corp. 1 Carver Bancorp, Inc. 1 Casey's General Stores Inc. 1 Caterpillar, Inc. 1 Cathay General Bancorp 1 CBL & Associates Properties, Inc. 1 CCFNB Bancorp, Inc. 1 Cecil Bancorp, Inc. 50 Cedar Fair L.P. 50 Cedar Shopping Centers Inc. 1 Cemex S.A.B. de C.V. 1 Center Bancorp, Inc. 1 CenterPoint Energy 1 Centrais Electricas Brasileiras S.A. 1 Central Europe and Russia Fund Inc. 1 CenturyLink, Inc. 1 CH Energy Group, Inc. 1 Charles Schwab Corp. 1 Chase Corp. 1 Chemed Corp. 25 ChemGenex Pharmaceuticals Ltd. 1 Chemical & Mining Co. of Chile Inc. 1 Chemical Financial Corp. 1 Chemung Financial Corp. 1 Chesapeake Utilities Corp. 1 Chevron Corp. 1 Chicago Bridge & Iron Co. N.V. 1 China Eastern Airlines Corp. 1 China Life Insurance Co. Ltd. 1 China Mobile Ltd. 1 China Southern Airlines Co. Ltd. 1 China Techfaith Wireless Communication Technology Ltd. 1 China Telecom Corp. Ltd. 1 China Unicom (Hong Kong) Ltd 1 Chubb Corp. 1 Chunghwa Telecom Co. Ltd. 1 Church & Dwight 1 CIGNA Corp. 1 Cincinnati Financial Corp. 1 Cisco Systems Inc. 1 Citigroup Inc. 1 Citizens Holding Company 1 Citizens Inc. Class A 1 Citizens Republic Bancorp 1 City Holding Co. 1 Clearwater Paper Corp. 1 Cliffs Natural Resources Inc. 1 Clorox Company (The) 1 CMS Energy 1 CNB Financial Corporation 1 CNH Global N.V. 1 Cninsure Inc. 1 CNOOC Ltd. 1 Coca-Cola Company (The) 1 Coca-Cola Enterprises Inc. 1 Coca-Cola Femsa S.A.B. de C.V. 1 Coca-Cola Hellenic Bottling Company SA 1 Codorus Valley Bancorp, Inc. 1 Colgate-Palmolive Company 1 Collectors Universe Inc. 1 Colony Financial Inc. 1 Columbus McKinnon Corp. 1 Comcast Corp. Class A 1 Comcast Corp. Special Class A 1 Commonwealth Bankshares, Inc. 1 CommonWealth REIT 1 Community Bank System, Inc. 1 Companhia Brasileira de Distribuicao 1 Companhia de Saneamento Basico do Estado de Sao Paulo 1 Companhia Paranaense de Energia 1 Compania Cervecerias Unida SA 1 Compania de Minas Buenaventura 1 Con-Way Inc. 1 ConAgra Foods, Inc. 1 Conoco Phillips 1 Consolidated Edison Inc. 1 Cooper Tire & Rubber Company 1 Core Laboratories NV 1 CoreLogic Inc. 1 Cornerstone Strategic Value Fund, Inc. 1 Corning Inc. 1 Corporate Office Properties Trust 1 Cracker Barrel Old Country Store Inc. 1 Credit Suisse Group 1 Cresud S.A.C.I.F. y A. 1 CRH plc 1 CSX Corp. 1 Ctrip.com International Ltd. 1 Cummins, Inc. 1 CVS Caremark Corp. 1 CYS Investments Inc. 1 DCB Financial Corp 1 Deere & Company 1 Delhaize Group 1 Delta Natural Gas Co., Inc. 1 Delta-Galil Industries 1 Desarrolladora Homex SA de CV 1 Deutsche Telekom AG 1 Diageo plc 1 Diebold, Inc. 1 Dollar General Corp. 1 Dominion Resources 5 Donaldson Company Inc. 1 Donegal Group Inc. A 1 Dover Corporation 1 Dover Motorsports Inc. 1 Dow Chemical 1 Dr Pepper Snapple Group, Inc. 1 Dr. Reddy's Laboratories Ltd. 1 DRDGOLD Limited 1 DTE Energy Co. 1 DTF Tax-Free Income Inc. 1 Duke Energy 1 Duke Realty Corporation 1 DuPont (E.I.) 1 E-House (China) Holdings Limited 1 E.W. Scripps Co. A 1 Eastern Company (The) 1 Eastern Virginia Bankshares 1 Eaton Corp. 1 Ecolab Inc. 1 Ecopetrol SA 1 EDAP TMS SA 1 Edison International 1 Education Realty Trust Inc. 1 ELAN Corp., plc 1 Eli Lilly & Company 1 Ellsworth Fund Inc. 1 Elmira Savings Bank, FSB 1 eLong Inc. 1 Embotelladora Andina S.A. Class A 1 Embotelladora Andina S.A. Class B 1 Embraer SA 1 EMC Insurance Group 1 Emerson Electric Co. 1 Empire District Electric Co. 1 Empresas ICA, SA de C.V. 1 Energen Corp. 1 ENI SpA 1 EQT Corp. 1 Equifax 1 Equity Residential Property Trust 1 ESB Financial Corp. 1 Essex Property Trust, Inc. 1 Estee Lauder Companies Inc. 1 European Equity Fund Inc. 1 Exelis Inc. 1 Exelon Corporation 1 Exxon Mobil Corp. 1 F&M Bank Corp. 1 Farmers National Banc Corp. 1 FBL Financial Group, Inc. A 1 Federal Realty Investment Trust 1 Federal Signal Corp. 50 FedEx Corp. 1 Female Health Company (The) 1 Ferro Corp. 1 Fiat SpA 1 Fibria Celulose SA 1 Fidelity Bancorp, Inc. 1 Fidelity D&D Bancorp Inc. 1 Fidelity Southern Corp. 1 Fifth & Pacific Companies Inc. 1 Fifth Third Bancorp 1 First American Financial Corp. 1 First Bancorp 1 First Business Financial Services, Inc. 1 First Commonwealth Financial 1 First Defiance Financial Corp. 1 First Financial Bancorp 25 First Financial Service Corp. 1 First M & F Corp. 100 First Merchants Corp. 1 First Midwest Bancorp, Inc. 1 First Niagara Financial Group, Inc. 1 First Niles Financial Inc. 1 FirstEnergy 1 FirstMerit Corp. 1 Flamel Technologies S.A. 1 Flowserve Corp. 1 Fomento Economico Mexicano SAB de CV 1 Ford Motor Company 1 Formula Systems (1985) Ltd. 1 Four Oaks Fincorp, Inc. 1 Franklin Resources, Inc. 1 Freeport-McMoRan Copper & Gold Inc. 1 Fresenius Medical Care AG 1 Fulton Financial Corporation 1 Gabelli Convertible & Income Securities Fund, Inc. 1 Gabelli Dividend & Income Fund 1 Gabelli Equity Trust Inc. 1 Gabelli Global Deal Fund 1 Gabelli Global Multimedia Trust 1 Gabelli Healthcare & WellnessRx Trust 1 Gabelli Utility & Income Trust 1 Gabelli Utility Trust 1 Gamco Global Gold Natural Resource & Income Trust 1 Gamco Natural Resources, Gold & Income Trust 1 Gannett Company Inc. 1 GATX Corp. 1 GenCorp Inc. 1 General Electric Company 1 General Mills 1 Genetic Technologies Ltd. 1 Genworth Financial Inc 1 Gerdau SA 1 German American Bancorp Inc. 1 Glacier Bancorp, Inc. 1 GlaxoSmithKline plc 1 Glimcher Realty Trust 1 Global Payments Inc. 1 Gol Linhas Aeras Inteligentes S.A. 1 Gold Fields Limited 1 Goodyear Tire & Rubber 1 Gorman-Rupp Company 1 Government Properties Income Trust 1 Graco, Inc. 1 Gray Television B 1 Great Plains Energy Inc. 1 Great Southern Bancorp, Inc. 1 Greene County Bancorp Inc. 25 Grupo Aeroportuario Del Centro Norte SA de CV 1 Grupo Aeroportuario Del Sureste SA de CV 1 Grupo Casa Saba SA de C.V. 1 Grupo Financiero Galicia S.A. 1 Grupo Televisa SA 1 Guangshen Railway Co. Ltd. 1 Guaranty Federal Bancshares Inc. 50 H.B. Fuller Company 1 Halliburton Company 1 Hanwha SolarOne Co. 1 Harford Bank 1 Harley-Davidson Inc. 1 Harleysville Savings Financial Corp. 1 Harmony Gold Mining Co. Ltd. 1 Harris Corp. 1 Harris Teeter Supermarkets Inc. 1 Harsco Corp. 1 Hartford Financial Services Group Inc 1 Hasbro Inc. 1 Hawaiian Electric Industries, Inc. 1 Hawthorn Bancshares Inc. 1 HCP Inc. 1 HDFC Bank Ltd. 1 Health Care REIT 1 Healthcare Realty Trust 1 Hellenic Telecommunication Organisation 1 Herman Miller, Inc. 1 Hershey Company (The) 1 Hewlett-Packard 1 Highwoods Properties Inc. 1 Hill-Rom Holdings Inc. 1 Hillshire Brands Company 1 HMN Financial, Inc. 1 HNI Corp. 1 Home Depot (The) Inc. 1 Home Inns & Hotels Management Inc. 1 Home Properties Inc. 1 Honda Motor Co. Ltd. 1 Horizon Bancorp 10 Hormel Foods Corp. 1 Hospitality Properties Trust 1 HSBC Holdings plc 1 Huaneng Power International Inc. 1 Hubbell, Inc. A 1 Hubbell, Inc. B 1 Huntington Bancshares Inc. 1 ICICI Bank Limited 1 ICON Plc 1 IDACORP, Inc. 1 Idaho Independent Bank 1 Illinois Tool Works, Inc. 1 Impala Platinum Holdings 1 Imperial Oil Ltd. 1 Independent Bank Corp. (MA) 1 Industrias Bachoco S.A.B. de C.V. 1 Infineon Technologies AG 1 Infosys Technologies Limited 1 ING Groep N.V. 1 Ingersoll-Rand 1 Ingredion Inc. 1 Integrys Energy Group Inc. 1 Intel Corp. 1 Intercontinental Hotels Group plc 1 International Business Machines 1 International Consolidated Airlines Group S.A. 1 International Flavors & Fragrances 1 International Paper 1 Internet Initiative Japan 1 Interpublic Group of Cos. 1 Invacare Corp. 1 INVESCO Ltd. 1 Invesco Mortgage Capital Inc. 1 Investors Real Estate Trust 1 IRSA Inversiones y Representaciones SA 1 iStar Financial Inc. 1 Itau Unibanco Holding S/A 1 ITC Holdings Corp. 1 ITT Corp. 1 J.C. Penney Company Inc. 1 J.M. Smucker Company (The) 1 Janus Capital Group Inc. 1 Jeffersonville Bancorp 1 Johnson & Johnson 1 Johnson Controls Inc. 1 Juniata Valley Financial Corp. 1 Kaman Corp. 10 KB Financial Group Inc. 1 Kearny Financial Corp. 100 Kelly Services, Inc. A 1 Kemper Corp. 1 Kennametal, Inc. 1 KeyCorp 1 Kilroy Realty Corp. 1 Kimberly-Clark Corp. 1 Kimco Realty Corp. 1 Kohl's Corp. 1 Komatsu Limited 1 Konami Corp. 1 Koninklijke Philips Electronics NV 1 Korea Electric Power Corp. 1 Korea Fund, Inc. (The) 1 Kraft Foods Group Inc. 1 Kubota Corp. 1 Kyocera Corp. 1 Laclede Group, Inc. 1 Lakeland Financial Corp. 1 Lancaster Colony Corp. 1 LATAM Airlines Group SA 1 LCNB Corp. 1 LDK Solar Co.Ltd. 1 Libbey Inc. 1 Liberty ALL-STAR Equity Fund 1 Liberty ALL-STAR Growth Fund, Inc. 1 Lincoln National Corp. 1 Linktone Ltd. 1 Lloyds TSB Group plc 1 LM Ericsson Telefon 1 LNB Bancorp, Inc. 1 Lockheed Martin Corporation 1 Louisiana-Pacific Corporation 1 Lowe's Companies, Inc. 1 LSI Industries Inc. 1 LTC Properties, Inc. 1 Luby's Inc. 1 Luxottica Grp. SpA 1 M & T Bank Corp. 1 Macerich Company 1 Mack-Cali Realty Corp. 1 MacQuarie Infrastructure Company LLC 1 Magyar Telekom Communications plc ADS 1 MainSource Financial Group, Inc. 1 Makita Corp. 1 Manitowoc Co. 1 ManpowerGroup Inc. 1 Marathon Oil Corporation 1 Marathon Petroleum Corporation 1 Marcus Corp. (The) 1 Marriott International, Inc. A 1 Martin Midstream Partners LP 1 Mattel Inc. 1 Maxcom Telecomunicaciones SAB. de CV 1 Mayflower Bancorp Inc. 1 MB Financial Inc. 1 McCormick & Company Inc. (Non-voting) 1 McCormick & Company Inc. (Voting) 1 McDermott International Inc. 1 McDonald's Corp. 10 McGraw Hill Financial Inc. 1 MDU Resources Group Inc. 1 Meadowbrook Insurance Group 1 MeadWestvaco Corp. 1 Medallion Financial Group 1 Media General, Inc. A 1 Medtronic, Inc. 1 Mercantile Bank Corp. 1 Merchants Bancshares, Inc. 1 Merck & Company, Inc. 1 Meridian Bioscience, Inc. 1 Meritor Inc. 1 Metso Oyj 1 MGE Energy Inc. 1 Microsoft Corporation 1 Mid Penn Bancorp Inc. 1 Middleburg Financial Corp. 1 Middlefield Banc Corp. 1 Middlesex Water Company 10 MidSouth Bancorp, Inc. 1 Mindray Medical International Limited 1 Mitsubishi UFJ Financial Group Inc. 1 Mobile Telesystems OJSC 1 MOCON Inc. 1 Modine Manufacturing Co. 1 Molex, Inc. A 1 Mondelez International Inc. 1 Morningstar Inc. 1 Motorola Solutions Inc. 1 MTS Systems Corporation 1 National Bank of Greece SA 1 National Fuel Gas Company 1 National Grid plc 1 National Health Investors 1 National Retail Properties Inc. 1 Natuzzi S.p.A. 1 NBT Bancorp 1 NCR Corp. 1 Nelnet Inc. 1 Nestle SA 1 NET Servicos de Comunicacao S.A. 1 Netease.com Inc 1 New America High Income Fund, Inc. 1 New Germany Fund (The) 1 New Jersey Resources Corp. 1 New York Community Bancorp Inc. 1 NewBridge Bancorp 1 Newport Corp. 1 NextEra Energy Inc. 1 Nice Systems Ltd. 1 Nidec Corp. 1 Nike, Inc. B 1 Ninetowns Internet Technology Group Co. Ltd. 1 Nippon Telephone & Telegraph Corp. 1 NiSource Inc. 1 Nokia Corp. 1 Nomura Holdings Inc 1 Nordson Corp. 1 Norfolk Southern Corp. 1 Nortel Inversora SA 1 Northeast Utilities 1 Northrop Grumman Corp. 1 Northwest Bancshares Inc. 5 Northwest Natural Gas Co. 1 Northwestern Corp. 1 Novartis AG 1 Novo Nordisk A/S B 1 Novogen Ltd. 1 NTT DoCoMo Inc. 1 Nucor Corp. 1 Nutraceutical International Corp. 1 NV Energy Inc. 1 OceanFirst Financial Corp. 1 OGE Energy Corp. 1 Old National Bancorp 1 Old Point Financial Corp. 1 Olin Corp. 1 Omega Healthcare Investors Inc. 1 Omnicare, Inc. 1 Omnicom Group, Inc. 1 Omnova Solutions Inc. 1 ONE Gas Inc. 1 ONEOK Inc. 1 Orange 1 Orrstown Financial Services, Inc. 1 Otter Tail Corporation 1 PAB Bankshares, Inc. 1 Pall Corp. 50 Panasonic Corporation 1 Parker-Hannifin Corporation 1 Parkway Properties Inc. 1 Partner Communications Company Ltd 1 Paychex, Inc. 1 Pearson plc 1 Penns Woods Bancorp, Inc. 1 Pennsylvania REIT 1 People's United Financial Inc. 1 Peoples Bancorp Inc. (OH) 1 Peoples Bancorp of NC 1 Pep Boys 1 Pepco Holdings Inc. 1 PepsiCo Inc. 1 PerkinElmer Inc. 1 PetroChina Company Ltd. 1 Petroleo Brasileiro 1 Petroleo Brasileiro Class A 1 Petroleum & Resources Corp. 1 Pfizer Inc. 1 Pharmaxis Ltd. 1 Philip Morris International 1 Philippine Long Distance Telephone Co. 1 Phillips 66 Company 1 Piedmont Natural Gas Company 1 Pier 1 Imports Inc. 1 Pinnacle West Capital Corp. 1 Pitney Bowes Inc. 1 PNC Financial Services Group 1 PNM Resources, Inc. 1 Polaris Industries Inc. 1 PolyOne Corp. 1 Popular, Inc. 1 Portland General Electric Co. 1 Portugal Telecom 1 Posco 1 Post Properties, Inc. 1 Potlatch Corp. 1 PPG Industries Inc. 1 PPL Corp. 1 Prana Biotechnology Ltd. 1 Praxair, Inc. 1 Procter & Gamble Company 1 Prosperity Bancshares Inc. 1 Protective Life Corp. 1 Prudential plc 1 PT Indosat Tbk 1 PT Telekomunikasi Indonesia 1 Public Service Enterprise Group 1 Quaker Chemical Corp. 1 Quanex Building Products Corp. 1 Questar Corp. 1 R.R. Donnelley & Sons Co. 1 RAIT Financial Trust Inc. 1 Randgold Resources Ltd. 1 Raven Industries, Inc. 1 Rayonier Inc. 1 Raytheon Company 1 Reed Elsevier NV 1 Reed Elsevier plc 1 Regency Centers Corp. 1 Regions Financial Corp. 1 Reliv International, Inc. 1 ReneSola Ltd. 1 Repsol YPF S.A. 1 Republic Bancorp Inc. 1 Resource Capital Corp. 1 Reynolds American Inc. 1 RGC Resources Inc. 1 Ricoh Company Ltd. 1 Rio Tinto plc 1 River Valley Bancorp Inc. 1 RMR Real Estate Income Fund 1 Robbins & Myers Inc. 1 Rockwell Automation 1 Rockwell Collins, Inc. 1 Rostelecom 1 Royal Dutch Shell Class A 1 Royal Dutch Shell Class B 1 Royce Focus Trust, Inc. 1 Royce Micro-Cap Trust, Inc. 1 Royce Value Trust, Inc. 1 RPM International Inc. 1 Ryanair Holdings plc 1 Ryder System, Inc. 1 S&T Bancorp, Inc. 1 Safeway Inc. 1 Sanderson Farms, Inc. 1 Sanofi-Aventis 1 Sappi Ltd. 1 Sasol Ltd. 1 SB Financial Group 1 SBT Bancorp Inc. 1 Schawk Inc. 1 Schnitzer Steel Industries, Inc. 1 Scripps Networks Interactive 1 Select Income REIT 1 Selective Insurance Group, Inc. 1 Semiconductor Manufacturing International Corp. 1 Sempra Energy 1 Senior Housing Properties Trust 1 Sensient Technologies Corp. 1 Sherwin Williams Company 1 Shire plc 1 Siemens AG 1 SIFCO Industries, Inc. 1 Silicon Motion Technology Corp. 1 Simcere Pharmaceutical Group 1 Simon Property Group 1 Sinopec Shanghai Petrochemical 1 SJW Corp. 1 SL Green Realty Corp. 1 Smith & Nephew plc 1 Sonoco Products Company 1 Sony Corp. 1 Sotheby's 1 Source Capital, Inc. 1 South Jersey Industries, Inc. 1 Southern Company 1 Southern Copper Corp. 1 Southwest Airlines Company 1 Southwest Bancorp Inc. 1