india stocks
The same D/E reduction + ROE > 8% screen that fails in the US adds 4.39% annually in India. CAGR 12.40%, down capture 40.66%, total return 1,927%. The signal works here because balance sheet discipline is genuinely scarce in India's growth economy.
value-investing
Brazil's B3 returned 16.12% CAGR on a low P/B screen over 25 years. 8.47% annual alpha over the S&P 500, the highest across all 18 exchanges tested. Down capture of just 7.5%. Returns in BRL; currency adjustment reduces but doesn't eliminate the alpha.
value-investing
Canada's TSX delivered 9.72% CAGR on a low P/B screen from 2000 to 2025. That's 2.08% annual excess return over the S&P 500. The number that stands out more is down capture: 8.02%. When the S&P 500 fell
backtests
We ran a low-debt + Piotroski F-Score screen on 13 exchanges over 25 years. India leads at 14.05% CAGR with -2.02% down capture. Canada is the biggest surprise. Switzerland has the best Sharpe. Here''s the full global breakdown.
value investing
We screened all US stocks (NYSE, NASDAQ, AMEX) for low leverage and high financial quality using D/E < 0.5 and a Piotroski F-Score of 7 or higher, then held the portfolio annually for 25 years. The result: 7.09% CAGR vs 7.83% for SPY. The strategy trailed
quality investing
D/E < 0.5 and Piotroski F-Score >= 7 on LSE stocks across 25 years. 6.14% CAGR vs 7.83% SPY. Down capture of 96.58% — near zero protection. 2016 Brexit rally (+31.4%) was the standout. 0 cash periods, 61 avg stocks.
quality investing
We screened all SET-listed stocks for D/E < 0.5 and Piotroski F-Score of 7 or higher, then held the portfolio annually from 2000 to 2025. The result: 3.30% CAGR vs 7.83% for SPY. The strategy trailed by 4.53% per year. Total return was 125.34%
quality investing
D/E < 0.5 + Piotroski F-Score >= 7 on the SIX Swiss Exchange produced the highest Sharpe ratio of any market tested (0.429), 8.14% CAGR, 69.27% down capture, and zero cash periods across 25 years.
quality investing
D/E < 0.5 + Piotroski F-Score >= 7 on the Stockholm exchange returned 8.97% CAGR vs 7.83% for SPY, with 106.29% up capture and 7 protective cash periods. A thin but effective universe of 22 stocks.
quality investing
D/E < 0.5 and Piotroski F-Score >= 7 on JPX stocks across 25 years. 6.00% CAGR vs 7.83% SPY. 112 avg qualifying stocks, 75.1% down capture. Abenomics drove +47.4% in 2012 and +38.9% in 2014. Japan's deflation era cost the strategy its 25-year edge.
value investing
D/E < 0.5 + Piotroski F-Score >= 7 on BSE and NSE, backtested 2000-2025. 14.05% CAGR in INR, +6.22% excess vs SPY, -2.02% down capture. When SPY fell -26.1% in 2008, this portfolio returned +16.4%.
quality investing
D/E < 0.5 + Piotroski F-Score >= 7 on HKSE-listed stocks, backtested 2000-2025. 3.67% CAGR vs 7.83% SPY. The strategy trailed by 4.17% annually, with max drawdown of -35.10% vs -36.27%. Down capture of 91.71% delivered little protection against Hong Kong's political and economic headwinds post-2019.