small cap
Chinese small-cap growth beat the SSE Composite by 7.03 points a year, the largest local excess in our 14-market study. It also drew down 72% and the benchmark it beat returned 2.43%.
income quality
Income quality tested on XETRA from 2003 to 2025. High IQ returned 7.0% CAGR with a +4.1% spread over low IQ stocks. The signal works as a risk filter, not a return amplifier. Down capture 85.2%, beta 0.892.
small cap
NSE small-cap growth stocks returned 12.46% CAGR over 25 years. The Sensex returned 12.06%. The premium is +0.41%/yr, thin but real, and it comes with a -39% down capture.
DuPont analysis
DuPont ROE decomposition on LSE from 2000-2025. FTSE 100 returned just 1.15% CAGR. Quality ROE at 6.45% beat FTSE 100 by +5.30% annually. Leverage-driven led at 7.70%. Every DuPont track outperformed the passive alternative.
sector rotation
We ran sector momentum rotation on 13 stock exchanges. All 13 beat their local benchmark, and all 13 survive a risk adjustment. Korea leads on alpha at +14.29%, Canada on Sharpe at 0.591, India on raw return at 21.45% CAGR. Switzerland was never a failure.
value investing
We backtested Graham's net-net strategy on all US exchanges (NYSE, NASDAQ, AMEX) from 2001 to 2024. The result is 5.55% CAGR vs 8.86% for the S&P 500. The premium that Oppenheimer documented in 1986 has largely disappeared. Here's what the data shows.
backtests
Graham Number strategy on Nasdaq Stockholm returned 13.04% annually from 2000-2024, beating the OMX Stockholm 30 in 20 of 25 years. The 80% win rate ties Japan for the highest in the study. Up capture: 151.9%. Down capture: 30.5%.
working capital
Canada produced the most defensive working capital efficiency portfolio across all 14 exchanges we tested. Max drawdown was -21.0% vs -28.80% for the TSX Composite. 10.05% CAGR beats the TSX by 5.99% per year.
value-investing
Canada is the most consistently investable PEG ratio market we tested. Zero cash periods across 103 quarters. The portfolio always had 25+ qualifying stocks. 9.03% CAGR vs the TSX Composite's 5.08%, a +3.94%/yr advantage over 25 years. Contents 1. Why Canada Works for GARP
altman z-score
We tested the Altman Z-Score across 13 exchanges with local benchmarks. India +7.8% spread, South Africa +4.0%. UK +4.8% vs FTSE, Switzerland +4.6% vs SMI. The pattern maps onto where distress destroys equity value and where local benchmarks are weak enough that safe stocks outperform.
working capital
Sweden produced strong excess returns for working capital efficiency. 8.70% CAGR vs 2.19% for the OMX Stockholm 30. +6.51% annual excess and a 76% win rate. Best excess return across all exchanges tested.
value investing
We backtested value-momentum on 17 exchanges over 25 years with local benchmarks. 12 of 17 beat their reference benchmark. India leads at 15.87% CAGR. Hong Kong has the highest alpha (+8.57% vs Hang Seng).