etf
Germany is the one market where quality stocks ignored by ETFs actually work. 9.23% CAGR, 0.460 Sharpe, -29.26% max drawdown over 20 years. The Mittelstand's structural ETF blind spot creates a genuine opportunity.
income quality
We tested the Sloan accrual anomaly on US stocks from 2000 to 2025. Companies generating 20%+ more cash than reported profit returned 8.7% annually vs 4.7% for accrual-heavy stocks. The 4.0% annual spread has survived 30 years of academic scrutiny.
value investing
Owner Earnings Yield on Shanghai + Shenzhen A-shares from 2000 to 2025. 6.76% CAGR vs SSE Composite 2.43%, +4.33% excess. Zero cash periods. 68% win rate vs local benchmark.
value investing
We screened HKSE stocks for high Owner Earnings yield from 2000 to 2025. The strategy returned 5.24% annually vs 1.64% for the Hang Seng Index, with zero cash periods across all 25 years. 60% win rate, 58.5% down capture.
roic
We screened US stocks for ROIC above 12% in 3+ of the last 5 fiscal years. Over 25 years, the sustained ROIC portfolio returned 9.27% annually vs 7.33% for the S&P 500. Modest alpha, but 74.2% down capture and -33.1% max drawdown tell the real story.
quality investing
We screened for companies that grew FCF in 4+ of the last 5 years with ROIC above 15% and backtested on US stocks from 2000-2025. 12.15% CAGR vs 7.85% for SPY. 68% win rate, 51.2% down capture, invested 23 of 25 years.
value investing
We screened for stocks with high Owner Earnings yield on Sweden's Stockholm exchange from 2000 to 2025. The strategy returned 9.51% annually vs 2.55% for the OMX Stockholm 30. 76% win rate, 36% down capture, 0.389 Sharpe.
value investing
Owner Earnings Yield screen on NSE, 2000-2025. 15.47% CAGR vs Sensex 12.06%. +3.4% annual excess with next-day close execution. All returns in INR against a local benchmark.
value investing
We screened for stocks with high Owner Earnings yield across all US exchanges from 2000 to 2025. The strategy returned 9.22% annually vs 7.85% for the S&P 500 with a down capture ratio of 42.1%.
quality investing
We screened XETRA for FCF compounders from 2000-2025. 8.84% CAGR vs 5.04% for the DAX with 20 invested years out of 25. Germany's industrial cash discipline beats the local benchmark by 3.80% annually.
India
Testing capital efficiency in India (NSE): companies spending <8% of revenue on capex while earning >15% ROIC delivered 21.44% CAGR from 2004-2025, beating the Sensex by 6.96%/year. Asset-light businesses thrive in India's growth economy.
US
Testing capital efficiency across NYSE, NASDAQ, AMEX: companies spending <8% of revenue on capex while earning >15% ROIC delivered 10.40% CAGR from 2000-2025. Asset-light businesses compound faster with less reinvestment drag.