quality investing
D/E < 0.5 and Piotroski F-Score >= 7 on JPX stocks across 25 years. 5.96% CAGR vs 3.31% Nikkei 225. +2.64% excess with 52.25% down capture. 116 avg qualifying stocks. Abenomics drove +48.2% in 2012 and +39.9% in 2014.
quality investing
D/E < 0.5 and Piotroski F-Score >= 7 on LSE stocks across 25 years. 6.91% CAGR vs 1.23% FTSE 100. +5.69% excess with 55.66% down capture. 2016 Brexit rally was the standout. 0 cash periods, 55 avg stocks.
quality investing
D/E < 0.5 + Piotroski F-Score >= 7 on SET-listed stocks, backtested 2000-2025. 3.85% CAGR vs 5.13% SET Index, trailing by 1.28% annually. Down capture of 67.48%, max drawdown -32.25% vs -35.59%. Defensive characteristics with reasonable upside participation.
quality investing
We screened XETRA-listed German equities for D/E < 0.5 and Piotroski F-Score >= 7 across 25 years. Result: 6.62% CAGR vs 5.04% for the DAX. +1.58% excess with 47.95% down capture. 0 cash periods, 42 avg stocks.
quality investing
D/E < 0.5 + Piotroski F-Score >= 7 on Chinese A-shares (SHH + SHZ), backtested 2000-2025. 5.39% CAGR vs 2.43% SSE Composite. +2.96% excess with 75.14% down capture. Two bubble events: +111.7% in 2006 and +74.9% in 2014. Volatility of 32.44% and max drawdown of -56.69%.
value investing
D/E < 0.5 + Piotroski F-Score >= 7 on NSE, backtested 2000-2025. 13.65% CAGR vs Sensex 12.06%, +1.60% annual excess. Max drawdown -16.45% vs Sensex -32.20%. India delivers sustained alpha with half the drawdown.
value-investing
The P/TBV strategy on the London Stock Exchange returned 10.46% annualised over 25 years against the FTSE 100's 1.23%, adding 9.24% per year with a maximum drawdown of -38.54%. It beat the FTSE in 20 out of 25 years.
value-investing
The P/TBV strategy on Germany's XETRA returned 6.90% annualised over 25 years, beating the DAX's 5.04% by 1.86% per year. Down capture of 34.4% means the portfolio absorbs about a third of the DAX's losses in down years.
value-investing
The P/TBV strategy on China's Shenzhen and Shanghai exchanges returned 9.84% annualised over 25 years against the SSE Composite's 2.43%, adding 7.41% per year. It beat the domestic benchmark in 18 of 25 years.
value investing
Swedish industrial companies, sorted by the ratio of market cap to tangible book value, returned 9.25% annually from 2000 to 2025, beating the OMX Stockholm 30 by 6.70 percentage points. The OMX returned just 2.55% annualised over the same period. The strategy spent four years in cash
value investing
Over 25 years on the Toronto Stock Exchange, a Price-to-Tangible-Book strategy returned 9.32% annually against the TSX Composite's 3.95%, a margin of 5.37 percentage points. That's a meaningful edge over the domestic benchmark, more than doubling the index return. The TSX Composite only
value investing
Fourteen of 15 exchanges beat their local benchmark over 25 years using a Price-to-Tangible-Book strategy. Only Korea underperformed. The strategy works where physical and financial assets are the primary value driver: manufacturing, banking, energy, materials. The one failure, Korea, reveals structural limits worth understanding. But the broad picture is clear: