P/E mean reversion
A sector-relative P/E mean reversion screen on 25 years of Nasdaq Stockholm data returned 6.68% annually vs 2.95% for the OMX Stockholm 30, with 42% down-capture and a shallower drawdown than the index. The catch: it holds cash in 10 of 25 years.
small cap
We ran the same small-cap value screen across 14 stock exchanges and 25 years of data. All 14 beat their local benchmark. UK produced the best risk-adjusted result (0.750 Sharpe, -10.89% MaxDD). India led on absolute return (20.89% CAGR).
small cap
We backtested small-cap value on Thailand's SET from 2000 to 2025. 12.25% CAGR, just -23.54% max drawdown, +7.11% excess over the SET Index. The cleanest emerging market result in our 14-exchange comparison.
value investing
Owner Earnings Yield screen on LSE-listed stocks from 2000 to 2025. 8.72% CAGR vs FTSE 100 1.23%. +7.5% annual excess, the largest local-benchmark alpha of any exchange in our 14-market comparison. 18.4% down capture, 76% win rate.
small cap
We backtested small-cap value on Nasdaq Stockholm from 2000 to 2025. 11.70% CAGR, +9.15% over the OMX Stockholm 30. Post-crisis recoveries are explosive, but the -40.95% max drawdown is real.
small cap
We backtested small-cap value on China's A-share market (Shanghai + Shenzhen) from 2000 to 2025. 12.62% CAGR, +10.19% excess over the SSE Composite. But the path includes -57.63% max drawdown and individual years of +132% and -29%.
small cap
We backtested small-cap value on XETRA from 2000 to 2025. 11.42% CAGR, +6.38% excess over the DAX, with a 0.396 Sharpe ratio. Germany's Mittelstand small industrials are a natural fit for P/B screening.
value investing
We ran the same P/S value screen (P/S < 1, quality filters) on 15 exchanges globally. Compared against local benchmarks, 11 of 15 outperform. Against SPY, only 6 do. Sweden now ranks first on Sharpe (0.452). Hong Kong is the biggest re-rating after data-quality fixes: +7.75% vs Hang Seng.
small cap
We backtested small-cap value on Japanese stocks (JPX) from 2000 to 2025. 8.13% CAGR vs 3.31% for the Nikkei 225. Japan was the original Fama-French value market, and the premium still shows up: +4.82% annual excess, 0.364 Sharpe.
value investing
We screened JPX for stocks with P/S below 1 and quality margin filters, then ran 25 years of backtests. The strategy returned 7.71% annually, beating the Nikkei 225 by 4.31 percentage points, with a Sharpe ratio of 0.379 that ranks third globally after Sweden and the US.
Japan stocks
We backtested sector-relative EV/EBITDA on 19 years of Japanese stocks (JPX, 2006-2025). 2.73% CAGR vs 2.95% Nikkei 225, an excess of -0.22%. Over the invested years alone it trails by 1.11 points a year. Even Abenomics in 2013 lifted the index faster than the discount names.
small cap
We backtested small-cap value on Indian exchanges (BSE + NSE) from 2000 to 2025. 22.48% CAGR, beating the Sensex by 10.42% per year. The highest absolute return of any exchange in our 14-market comparison.