value-investing
India's DCF Discount strategy returned 10.86% CAGR on NSE, trailing the Sensex at 11.49%. That is -0.63% annual excess. The drawdown was -58% vs the Sensex's -38%. The strategy lags the local market on every risk-adjusted metric.
backtests
We screened every German stock on XETRA for discount to intrinsic value using a Gordon Growth Model and backtested from 2000 to 2025. The strategy returned 12.40% CAGR vs 4.51% for the DAX (price index), +7.89% local excess (~+5pp after dividend adjustment).
value-investing
Canada's TSX delivered 11.45% CAGR with zero cash periods over 25 years. The portfolio captured 149.12% of upside and only 36.79% of downside vs the TSX Composite. Max drawdown stayed at -33.59%. 68% annual win rate.