Investing Outside the U.S.

Opportunities in overseas markets can be yours with the guidance of our expert panel of money managers

Ashanti Ltd. (NYSE: AU)

$31.90

$37.40

MISR International Bank (OTC: MIBRY)

3.50

4.25

Zambia Copper Investments Ltd. (OTC: ZMBBF.PK)

0.75

1.25

*AS OF JULY 20, 2004. SOURCE: YAHOO FINANCE, THOMAS MIMS

AngloGold: “AngloGold, in addition to mining, is involved in the manufacturing and marketing of gold products, as well as the development of gold markets. I’m seeing this as a company that knows what’s going to happen with currencies, vis-à-vis gold. Gold has been in a bear market for about 25 years now, you can never tell.”

MISR: “Its main activity is the provision of a broad range of lending depository-related financial services to the various business sectors. Its year-to-date change has been 46%.”

Zambia Copper: “I chose it for two reasons. Year to date, it’s up 120%. Also, once again, it’s a play on natural resources.”

CLIFFORD MPARE
Piedmont Investment Advisors

Stock (Exchange: Ticker)

Price at Recommendation*

12-Month Price Target

Medtronic Inc. (NYSE: MDT)

$50.06

$60.00

Doral Financial Corp. (NYSE: DRL)

37.19

50.00

Nucor Corp. (NYSE: NUE)

78.00

95.00

*AS OF JULY 20, 2004. SOURCE YAHOO FINANCE, CLIFFORD MPARE

Medtronic: “Medtronic fits the profile of a company that has superior products; they have consistently executed their plan and they have good management. When I look at a stock or a company, good management is very important. Return on investment is about 20% and return on equity is well above 20%.”

Doral Financial: “It’s been an exceptional company in terms of performance, both in terms of earnings growth and in terms of the share performance. It has certainly benefited from the boom in the housing market. There’s certainly a concern that perhaps there is a bubble brewing, but because it has its focus in Puerto Rico, we see less of a risk.”

Nucor: “It produces 20% of the steel production in the country. Nine months ago, the expectation for the company in earnings was $4.00 and now it’s about $9.00. There has been a dramatic improvement in earnings expectation. Most of the products they make are products for heavy equipment. These are the kinds of products that will be in high demand as the global economy expands.”

 The sideways gyrations of the stock market over the last year provided a challenge for our three stock pickers from last October’s Investment Roundtable. Only Raymond Stewart of Rasara Strategies excelled under the difficult conditions, scoring a 23.95% gain on the three selections that he offered our readers. Stewart’s focus on financial services firms was the right call in a low-interest-rate environment. Isaac Green of Piedmont Investment Advisors posted a 7.68% gain, and selections from Randall Eley of The Edgar Lomax Co. mustered only an increase of 2.78%. Mary Pugh of Pugh Capital Management suggested bonds that are best held until their maturity dates of 2011, 2013, and 2033.

2003 Stock Update

RANDALL ELEY

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