The data and analysis contained herein are provided “as is” and without warranty of any kind, either expressed or implied. CCR is not adopting, making a recommendation for or endorsing any trading or investment strategy or particular security. All opinions expressed herein are subject to change without notice, and you should always obtain current information and perform due diligence before trading. The securities mentioned in this document may not be eligible for sale in some states or countries, nor be suitable for all types of investors; their value and the income they produce may fluctuate and/or be adversely affected by exchange rates, interest rates or other factors.

Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed income securities. Smaller company stocks are more volatile and less liquid than larger, more established company securities. Investors should note that investments in foreign securities involve additional risks due to currency fluctuations, economic and political conditions, and differences in financial reporting standards.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. An investor should consider an investment’s objectives, risks, charges and expenses carefully before investing. Mutual funds, ETFs and separate accounts are not FDIC insured, have no bank guarantee and may lose value.

This report was prepared by Champion Capital Research, Inc. (CCR), a federally registered investment adviser under the Investment Advisers Act of 1940, as amended, providing non-discretionary and discretionary investment advice to its clients on an individual basis. Registration as an investment adviser does not imply a certain level of skill or training. The oral and written communications of an adviser provide you with information about which you determine to hire or retain an adviser.  You may download Champion Capital Research’s Form ADV Part 2A and Privacy Notice or they can be obtained by written request directed to:  or by calling 713-974-8883. This report is intended for informational purposes only. It does not address specific investment objectives, or the financial situation and the particular needs of any person who may receive this report.

Champion Capital Research, Inc.
510 Bering Dr., Suite 300
Houston, TX 77057