Centrais Elétricas Brasileiras SA - Eletrobrás (EBR.B) had the highest return in July 2004 by a large-cap US stock, returning 31.3%.

ASSET	MONTH	% RETURN
Centrais Elétricas Brasileiras SA - Eletrobrás (EBR.B)	July 2004	31.25%
Carpenter Technology (CRS)	July 2004	26.77%
Intuitive Surgical (ISRG)	July 2004	22.54%
ArcelorMittal SA ADR (MT)	July 2004	18.58%
Texas Pacific Land Trust (TPL)	July 2004	16.84%
Steel Dynamics (STLD)	July 2004	15.55%
Telus (TU)	July 2004	15.17%
MasTec (MTZ)	July 2004	14.5%
Vale SA ADR (VALE)	July 2004	12.87%
Suncor Energy (SU)	July 2004	12.11%
WESCO International (WCC)	July 2004	11.68%
Cummins (CMI)	July 2004	11.09%
Allegheny Technologies (ATI)	July 2004	11.02%
Nucor (NUE)	July 2004	10.8%
Telefonica Brasil SA ADR (VIV)	July 2004	10.46%
East West Bancorp (EWBC)	July 2004	10.37%
United Rentals (URI)	July 2004	10.28%
Canadian Natural Resources (CNQ)	July 2004	10.23%
Fastenal (FAST)	July 2004	10.23%
Centrais Electricas Brasileiras (EBR)	July 2004	8.89%
Teledyne Technologies (TDY)	July 2004	8.73%
Infosys Ltd ADR (INFY)	July 2004	8.41%
POSCO (PKX)	July 2004	8.27%
Humana (HUM)	July 2004	8.18%
Tenaris SA ADR (TS)	July 2004	8.15%

Large-cap stocks are treated as having a market cap of $10B+.