Champions SharpPlot version is 2.43 Paint the paper ===== Border ===== Region ===== X-Axis Ticks ===== X-Axis tickmarks Y-Axis Ticks ===== Y-Axis tickmarks Axes ===== Y-axis labels 1 1.5 2 3 4 5 6 8 for X-axis labels 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Heading, subheading and footnotes ===== Heading Champions Subheading Gross Profit Margin vs Portfolio Performance Footnotes Comment Start of Line Chart =========== Points follow ... Line Y-Axis Ticks ===== Y-Axis tickmarks Axes ===== Y-axis labels 38 38.5 39 39.5 40 40.5 41 41.5 Start of Line Chart =========== Points follow ... Line bump key Key ===== Key - Line Key - Line Portfolio Relative Price Index Gross Profit Margin Champions portfolio

Monday, November 27, 2017: The share price index of the Champions portfolio has declined by 8% relative to the Otos Total Market index since the December, 2015 high. Current relative price to sales is about mid-range in the record of the portfolio.

We have collected third quarter sales data for all of the companies in the Champions portfolio.The portfolio weighted average sales growth rate is 3.4%. The proportion of portfolio weight accounted for by rising sales growth companies is down to 29.2%, compared to100.0% last quarter.

Currently, sales growth is low in the record of the Champions portfolio but higher than last quarter.

Third quarter gross margin data has been collected for all of the companies in the Champions portfolio.The proportion of total portfolio value accounted for by rising gross profit margin companies is down to 39.7% compared to 67.7% last quarter.

The portfolio is recording a falling gross profit margin. Inventories are up, diminishing the chance of a further increase in the gross profit margin. Fixed expenses are low in the record of the portfolio, but falling. Fixed expenses are falling at a more rapid rate than the gross profit margin, producing a rising bottom line profit. This is a poor quality growth trend to the extent that lower costs can insulate the bottom line from top line weakness for only a short time. Interest costs are high in the record of the portfolio and falling. That implies that the portfolio has further capability to accelerate earnings relative to sales with lower financing costs. Lower interest costs also diminish financial risk and are often associated with higher share valuation.

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