asset-light
We tested the asset-light composite score on Indian stocks (BSE + NSE) over 25 years. Asset-light returned 5.39% annually vs 1.60% for asset-heavy: a 3.79% spread. Smaller than the US, and India's capex-led growth cycle creates a headwind.
asset-light
We scored US stocks on asset turnover, capex intensity, and gross margin over 25 years. Asset-light companies (top 20%) returned 2.82% annually. Asset-heavy (bottom 20%) returned -13.40%. The 16% annual spread is consistent across every decade, but the signal works better as a filter than a...
free cash flow
We ran the same FCF yield screen across 8 stock exchanges from 2000 to 2025. Three beat SPY. UK beat FTSE 100 by 8.81% annually, Hong Kong beat Hang Seng by 8.58%. Japan beat Nikkei by 4.43%. Most markets work vs local benchmarks. Only three beat SPY because SPY was exceptional (7.85% CAGR).
free cash flow
We screened for high FCF yield on Hong Kong Stock Exchange stocks from 2000 to 2025. 10.22% CAGR, +8.58% excess over Hang Seng. In 2008, the portfolio lost only 5.5% while Hang Seng fell 16%. 72% win rate, 27% down capture. Hang Seng returned just 1.64% annually over the same 25 years.
free cash flow
We screened for high FCF yield on London Stock Exchange stocks from 2000 to 2025. 10.04% CAGR, +8.81% excess over FTSE 100. In 2008, the portfolio fell only 5.2% while FTSE 100 dropped 22%. Down capture of 21% with 193% up capture. Quality-filtered cash generators dominate flat UK markets.
free cash flow
We screened for high FCF yield on US stocks from 2000 to 2025. 10.70% CAGR vs 7.85% for the S&P 500. The portfolio only captured 36% of the market's downside while following up with 113% of its recoveries. FCF yield measures what a company actually earns after paying for everything it takes to...
sector rotation
Korea sector momentum rotation delivered 24.44% CAGR over 26 years with a down capture of just 16.46% — the lowest across all 14 exchanges we tested. $10,000 grew to $2.94 million. Healthcare and Consumer Defensive drove the rotation through Korea's aging demographics.
backtests
We ran a low-debt + Piotroski F-Score screen on 15 exchanges over 25 years. India leads at 13.65% CAGR. Canada has the best downside protection (9.32% down capture). Switzerland has the best Sharpe. Here''s the full global breakdown.
sector rotation
We ran sector momentum rotation on US markets from 2000-2025. Top 2 sectors by 12-month equal-weighted return, held quarterly. Result: 10.42% CAGR vs 8.02% SPY, -1.0% in 2022 while SPY fell 19%. Full methodology and SQL included.
working capital
We tested working capital efficiency on 14 exchanges worldwide. 10 beat their local benchmark. Sweden: +6.51% vs OMX30. Canada: +5.99% vs TSX. US: +3.44% vs SPY. Benchmark choice matters more than we thought.
momentum
We tested the 52-week high proximity strategy on NSE stocks from 2000 to 2025 with next-day execution. 18.96% CAGR vs 11.12% Sensex, +7.84% excess return. ₹1 grew to ₹87.35 vs ₹15.11 for Sensex. The anchoring effect persists in India's retail-dominated market.
defensive investing
We ran the defensive quality screen (Consumer Defensive, Utilities, Healthcare) across BSE and NSE from 2004 to 2024. 17.23% CAGR, +9.40% excess vs S&P 500, and a max drawdown of just -6.61%. India''s FMCG compounders and pharma exporters passed every quality filter and delivered exceptional...