analyst ratings
We tested analyst upgrade clusters on 14 exchanges with next-day MOC execution. No immediate alpha, and the US 3-week window fails the direction test: downgrades beat the index too. What survives is US T+63. UK, Canada and Taiwan look strong but have too few downgrades to test.
backtests
Germany produced the smallest excess return of the four European markets in our 13-exchange study: 9.41% CAGR, +4.22% vs DAX. What it does deliver is a beta of 0.693, a 59.70% down capture and a shallower drawdown than the index. Technology held a top-2 slot in 35 of 104 quarters.
GARP
We ran the GARP strategy on 17 stock exchanges from 2000 to 2025. Against local benchmarks, Germany (+4.40% vs DAX) and Hong Kong (+4.36% vs Hang Seng) clearly outperform. India barely beats the Sensex (+0.63%). Here's the full comparison.
momentum
We tested the 52-week high proximity strategy on Thai stocks (SET) from 2000 to 2025. 10.47% CAGR, +6.71% vs SET Index, 49.3% down capture. In 2022, the strategy returned +5.6% while the SET rose just 0.5%.
P/E mean reversion
We tested a sector-relative P/E mean reversion screen on 25 years of UK stock data. Stocks trading at a 40%+ discount to sector peers, filtered for quality, returned 10.87% CAGR vs 0.86% for the FTSE 100. The highest local excess return of any exchange tested: 10.00%. Win rate: 80%.
backtests
Canada ranked second for excess return in our 13-exchange sector momentum study: +11.51% annually over 26 years vs the TSX Composite, driven by Basic Materials (38q) and Energy (37q) in the top two. It also posts the study's highest Sharpe ratio at 0.591. C$10K grew to C$562,372.
ai
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value investing
We backtested Graham's net-net strategy on Japan's JPX exchange from 2006 to 2024. Japan net-nets returned 7.39% CAGR vs 4.32% for the Nikkei 225, a +3.1% annual excess with 45% down capture. Japan is the major developed market where the net-net premium shows up most clearly in the data.
backtests
We tested 52-week low stocks filtered by Piotroski F-score on US markets from 2002 to 2025. The strategy returned 6.64% annually vs 9.67% for the S&P 500. Down-capture of 112.6% explains the gap.
value investing
We screened JSE-listed stocks for low price-to-sales ratios with qualifying margins and profitability, then backtested the resulting portfolio from 2000 to 2025. After data-quality fixes (removing price-oscillation artifacts and capping extreme single-period returns from bad adjusted-close data), the strategy returned 6.24% annually vs 8.02% for the S&