dupont analysis
DuPont ROE decomposition on STO from 2000 to 2025. Quality ROE returned 5.82% CAGR vs OMX Stockholm 30 at 2.40%. Leverage-driven ROE at 8.76% best sub-portfolio. 68% win rate, 51.7% down capture. Wallenberg conglomerate model drives leverage returns.
dupont analysis
DuPont ROE decomposition on HKSE from 2000 to 2025. Quality ROE returned -1.15% CAGR vs Hang Seng 1.28%. Leverage-driven ROE at 2.45% was the only portfolio to beat the benchmark. Property-heavy market punishes the low-leverage quality filter.
dupont analysis
DuPont ROE decomposition on KSC from 2000 to 2025. Quality ROE returned 5.51% CAGR, beating KOSPI at 4.44%. Leverage-driven ROE lost 1.97% annually. Margin-to-leverage spread of +5.7%. Chaebol discount is measurable over 25 years.
dupont analysis
DuPont ROE decomposition on B3 (SAO) from 2000 to 2025. Quality ROE returned 19.28% CAGR vs Bovespa 8.58%, a +10.70% excess return. Down capture of 21.9% is the lowest of any market tested. Avg universe dropped to 12 stocks.
dupont analysis
DuPont ROE decomposition on NSE from 2000 to 2025. Quality ROE returned 9.56% CAGR but the Sensex returned 11.49%. Margin-driven stocks returned just 1.85%. Leverage premium is 10% per year, the widest of any market tested.
dupont analysis
DuPont ROE decomposition on XETRA from 2000 to 2025. Quality ROE returned 6.28% CAGR vs DAX 4.51%. Margin-driven (8.32%) and leverage-driven (8.60%) both beat the benchmark by roughly 4 percentage points. Germany rewards ROE quality.
dupont analysis
We decomposed ROE for 7,900+ US stocks over 25 years. Margin-driven ROE does NOT beat leverage-driven ROE. But filtering for quality ROE (high margin, low leverage) adds 1% annual alpha with 78% down capture.
dupont analysis
We tested DuPont ROE decomposition across 13 stock markets. Leverage-driven ROE beats margin-driven in 8 of 13 exchanges. Brazil leads with 19.1% Quality ROE CAGR. The margin advantage is market-dependent.