small cap
South African small-cap growth stocks returned 10.81% CAGR with +2.96%/yr excess over SPY across 25 years, turning $10K into $130,480. The frontier market size premium survives where analyst coverage is thin.
small cap
We ran a small-cap growth screen on the Stockholm Stock Exchange from 2000 to 2025. The result: 6.56% CAGR vs OMX Stockholm 30's 2.55%, with +4.01%/yr local excess despite a -45.5% drawdown in 2021.
small cap
Switzerland's small-cap growth screen returned 7.03% CAGR vs SMI's 1.74% over 25 years, beating the local benchmark by +5.29%/yr with a Sortino of 0.781.
small cap
Taiwan's small-cap growth screen returned 4.38% CAGR, barely ahead of TAIEX at 4.09% (+0.29%/yr) and well behind SPY at 7.85% (-3.47%/yr). 36% win rate versus both benchmarks. Semiconductor-cycle pattern of feast-or-famine annual returns.
small cap
Thailand's small-cap growth screen returned 2.60% CAGR, underperforming the SET Index (5.13%) by -2.53%/yr and SPY (7.85%) by -5.25%/yr. Near-zero Sharpe of 0.004 and -59.62% max drawdown. The emerging market premium thesis doesn't hold here.
small cap
UK small-cap growth stocks returned 5.26% CAGR over 25 years, beating the FTSE 100 by +4.04%/yr but lagging SPY by -2.59%/yr. The maximum drawdown of -23.15% was the lowest of all 14 exchanges. For investors prioritizing UK exposure with capital protection, that asymmetry matters.
small cap
25 years of data, 36% win rate against the S&P 500, and $10K that became $35,734 while the index turned it into $65,900. The small-cap growth premium in the US has effectively disappeared.
FCF growth
Canada is the only market in our 13-exchange FCF growth study where the strategy produces both positive alpha (+0.54% excess CAGR) and negative down capture (-15.44%) simultaneously. When SPY had a down year, this portfolio averaged a small gain.
FCF growth
We ran the same FCF growth screen across 13 exchanges over 25 years. Only 3 beat SPY on CAGR. The real story is in the down capture column — the signal works as a downside shield across most markets even where it fails to generate alpha.
FCF growth
German FCF growth stocks outperformed the S&P 500 over 25 years — the only European exchange in our 13-market study to do so. 8.33% CAGR vs 7.83% SPY, with 97% up capture and 60% down capture. Modest edge, consistent protection.
FCF growth
$10,000 grew to $327,183 over 25 years using a free cash flow growth screen on Indian stocks. 14.97% CAGR, +7.14% above SPY, and a 2.85% down capture ratio that barely moved during global bear markets.
FCF growth
We backtested FCF growth stocks across NYSE, NASDAQ, AMEX from 2000 to 2025. The strategy absorbs crashes at half the rate of SPY (50.6% down capture) but trails on absolute return (5.98% vs 7.83% CAGR). Honest results from a 25-year run.