backtests
A simple EV/EBITDA screen on Stockholm-listed stocks returned 10.03% CAGR over 25 years vs OMX Stockholm 30's 2.95%. The strategy outperformed in 80% of years, with 138.6% up capture and only 52.0% down capture against the local index.
backtests
EV/EBITDA below 10x on the TSX: 9.74% CAGR vs TSX Composite 4.44%, 76% win rate. Canada's commodity-heavy market is structurally suited to this screen, with 150.2% up capture and 5.28% alpha.
backtests
EV/EBITDA below 10x is how private equity prices acquisitions. We tested it as an equity screen on 22,000+ US stocks over 25 years.
backtests
EV/EBITDA below 10x on NSE equities: 11.97% CAGR over 20 invested years vs 11.40% for the Sensex. A modest edge with lower beta.
value-investing
Canada's TSX returned 9.79% CAGR on a low P/B screen over 25 years, +5.36% annual excess vs the TSX Composite. In 2022, the portfolio gained +32% while the TSX fell -8%, the largest annual spread across all 17 exchanges we tested.
dividend investing
Rising dividend yield on NSE returned 13.44% annually from 2000 to 2025 with a -11.71% max drawdown, +1.38% excess vs Sensex. The best risk-adjusted returns of any market we tested. Returns in INR.
dividend investing
We applied the rising dividend yield screen to 25 years of TSX data. 8.48% CAGR, +4.53% annual alpha vs TSX Composite, zero cash periods, and lower volatility than the US version. Canada's resource and financial sectors are natural dividend growers.
dividend investing
Japan produced the highest Sharpe (0.43) and Sortino (1.168) of any market we tested the rising yield strategy on. 8.94% CAGR, +5.63% annual alpha vs Nikkei 225, a 72% win rate, with explosive individual years and early cash periods.
dividend investing
Rising dividend yield on XETRA returned 8.94% annually from 2000 to 2025 with zero cash periods, +3.90% annual alpha vs the DAX. Germany's industrial economy consistently produced dividend growers across all 25 years.
dividend investing
We screened for stocks with 3 consecutive years of rising dividend yield driven by dividend growth, then backtested on all US exchanges from 2000 to 2025. 9.54% CAGR, +1.69% alpha, zero cash periods.
dividend investing
We ran the same rising dividend yield screen on 15 global exchanges from 2000 to 2025. India produced 13.44% CAGR with the lowest drawdown. Five exchanges beat SPY. The signal works where dividend growth is a deliberate management decision.
dividend investing
Rising dividend yield on LSE: 6.56% CAGR, +5.34% annual alpha vs FTSE 100. The strategy works as a UK stock selector. Sharpe of 0.139 and -40.80% max drawdown are the honest costs.