momentum investing
We backtested sector-adjusted momentum (12M-1M return minus sector average) on 14 exchanges from 2000 to 2025. Eleven beat their local benchmark. Only US, China, and Japan underperformed. The result maps to market efficiency and sector co-movement.
roic
We backtested sustained ROIC on 13 exchanges worldwide. India leads at 15.55% CAGR (+8.25% alpha). Clear geographic divide between emerging markets where quality works and Asian markets where it breaks down.
asset-light
We tested the asset-light composite score across 13 exchanges over 25 years. The light-heavy spread was positive on all 13 markets, ranging from +0.82% (Taiwan) to +16.22% (US). Capital efficiency separates winners from losers globally.
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).
altman z-score
We tested the Altman Z-Score across 14 exchanges with local benchmarks. India +7.6% spread, Brazil +6.4%, South Africa +6.6%. Switzerland +4.8% vs SMI, UK +2.9% vs FTSE. The pattern maps onto where distress destroys equity value and where local benchmarks are weak enough that safe stocks outperform.
low volatility
We tested low-vol quality on 14 exchanges worldwide using the same screen: ROE > 10%, OPM > 10%, lowest 252-day volatility. Compared to local benchmarks (Sensex, Nikkei, FTSE 100, etc.), the strategy beats its home market in 12 of 14 exchanges. China leads with +7.0% excess over the SSE...
value investing
We backtested value-momentum on 17 exchanges over 25 years with local benchmarks. 14 of 17 beat their local index. India leads at 15.69% CAGR. Hong Kong has the highest alpha (+8.03% vs Hang Seng). Only Korea, Thailand, and Norway underperformed.
global stocks
D/E reduction + ROE > 8% tested on 13 exchanges from 2001-2025. 8 of 13 beat local benchmarks. Sweden +5.11% vs OMX, Japan +4.27% vs Nikkei, Canada +3.75% vs TSX. Comparing to SPY missed real alpha.
cash conversion cycle
We ran the same CCC backtest across 13 global exchanges. Five showed positive spreads, six negative. Unlike Altman Z-Score, there's no clean geographic pattern. CCC is a sector proxy, not a quality signal. Hong Kong +5.8%, Canada +3.2%, Korea -6.3%. Full comparison with methodology.
owner earnings
We ran the same Owner Earnings Yield screen on 13 global exchanges over 25 years. Nine of 13 beat their local benchmark. India leads at 17.17% CAGR. The US delivers the best risk-adjusted result (0.432 Sharpe). Hong Kong, Sweden, and China each produced 7%+ alpha vs local indices.
dividend investing
We backtested a high dividend yield quality screen across 14 global exchanges from 2000-2025. 10 of 14 exchanges beat their local benchmark. India (NSE-only) is the exception -- 60% cash, underperforms Sensex. Germany, HK, UK, US, Canada all show strong alpha.
global stocks
We reran the R&D efficiency screen across 10 exchanges with local benchmarks. UK beats FTSE 100 (price return) by +7.22% annually — the strongest result globally. India, previously the standout vs SPY, now underperforms the Sensex by 4.65pp. Local benchmarks change everything. Pharma-heavy...