Energy
Q4 2025
-
The Energy metatheme gained +1.29% QoQ in Q4 2025, shifting into a consolidation
phase after the prior run-up while holding its longer-term uptrend.
-
Leadership was narrow and rotational, with Solar Energy (+21.68% QoQ) and
US Listed Oil Services 25 (+21.34%) leading the quarter.
-
Global Clean Energy Transition ESG (+15.96%) also contributed positively to
performance.
-
Weakness in Global Nuclear Innovators (-12.60%), Hydrogen Economy (-4.19%),
and North America Energy Infrastructure (-2.18%) capped the headline return.
-
On a one-year basis, the barbell trend persisted, led by Global Nuclear Innovators
(+130.30%), Uranium & Nuclear Energy Infrastructure (+88.25%), and Solar Energy
(+67.76%).
-
These segments remain standout long-term winners despite the quarter’s pullback
in select nuclear and hydrogen-related names.
Top 10 Stocks by Quarterly Return
| Security Name |
QTLY |
| T1 ENERGY INC |
206.42% |
| DORAL GROUP RENEWABLE ENERGY |
124.29% |
| FLUENCE ENERGY INC |
83.15% |
| CANADIAN SOLAR INC |
82.29% |
| PROPETRO HOLDING CORP |
81.49% |
| KGHM POLSKA MIEDZ SA |
77.51% |
| SMA SOLAR TECHNOLOGY AG |
58.54% |
| VESTAS WIND SYSTEMS A/S |
44.86% |
| NORDEX SE |
33.73% |
| SILEX SYSTEMS LTD |
32.57% |
Bottom 10 Stocks by Quarterly Return
| Security Name |
QTLY |
| NUSCALE POWER CORP |
-60.64% |
| REFIRE ORD H |
-58.19% |
| LUCID GROUP INC |
-55.57% |
| GUOFUHEE ORD H |
-55.15% |
| VENTURE GLOBAL INC |
-51.94% |
| NANO NUCLEAR ENERGY ORD |
-37.73% |
| OKLO INC |
-35.72% |
| ENCORE ENERGY CORP |
-26.13% |
| NORTHLAND POWER INC |
-22.30% |
| CENTRUS ENERGY CORP |
-21.71% |
Top 10 Stocks by Unusual Volume
| Security Name |
3m/12m Vol |
| AXIA ENERGIA ADR PFD C |
4.01 |
| DOOSAN FUEL CELL CO LTD |
2.52 |
| CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD CLASS H |
1.90 |
| CADELER AS SPON ADR |
1.87 |
| NUSCALE POWER CORP |
1.75 |
| SILEX SYSTEMS LTD |
1.54 |
| BLOOM ENERGY CORP |
1.35 |
| ENPHASE ENERGY INC |
1.27 |
| ENCORE ENERGY CORP |
1.27 |
| CENTRUS ENERGY CORP |
1.24 |
Fundamentals
Cash Flow Metrics
|
Security Name
|
1 Yr. Price Return
|
Operating CF Growth
|
FCF Growth
|
FCF Margin
|
FCF Yield
|
FCF:IC
|
Overall Rank
|
|
MINMETALS RESOURCES LTD
|
241.89%
|
65.91%
|
256.19%
|
21.20%
|
8.34%
|
14.51%
|
4
|
| TIDEWATER INC |
-7.68% |
15.92% |
18.69% |
21.48% |
11.68% |
16.31% |
5 |
| TECHNIPFMC PLC |
53.97% |
96.66% |
126.82% |
15.72% |
8.55% |
34.58% |
13 |
| DRAX GROUP PLC |
38.72% |
0.98% |
11.50% |
9.07% |
17.21% |
16.17% |
16 |
| ANTERO MIDSTREAM CORP |
17.89% |
7.78% |
14.33% |
55.05% |
8.12% |
13.56% |
17 |
| SOUTHERN COPPER CORP |
63.15% |
4.45% |
2.53% |
28.22% |
2.96% |
19.56% |
20 |
| ENERSYS |
58.77% |
66.20% |
127.42% |
8.77% |
6.03% |
10.72% |
21 |
| TOPBUILD CORP |
34.00% |
8.99% |
11.96% |
15.11% |
6.76% |
15.29% |
22 |
| HESS MIDSTREAM PARTNERS LP |
-6.83% |
6.00% |
12.38% |
44.18% |
15.97% |
16.43% |
25 |
| WESTERN MIDSTREAM PARTNERS LP |
2.78% |
3.74% |
12.80% |
40.23% |
9.34% |
14.89% |
26 |
Income Statement Metrics
|
Security Name
|
1 Yr. Price Return
|
Revenue Growth
|
Gross Margin
|
EBITDA Margin
|
Earnings Yield
|
Overall Rank
|
| XINYI ENERGY HOLDINGS LTD |
38.96% |
3.26% |
64.30% |
91.46% |
10.33% |
3 |
| HESS MIDSTREAM PARTNERS LP |
-6.83% |
7.86% |
63.94% |
75.06% |
8.22% |
4 |
| VENTURE GLOBAL INC |
0.00% |
118.18% |
52.39% |
43.65% |
12.43% |
5 |
| WESTERN MIDSTREAM PARTNERS LP |
2.78% |
3.75% |
53.34% |
62.24% |
8.55% |
6 |
| ANTERO MIDSTREAM CORP |
17.89% |
6.18% |
64.96% |
74.18% |
5.48% |
12 |
| GRUPO MEXICO SAB DE CV |
98.76% |
4.42% |
46.78% |
53.19% |
6.07% |
13 |
| ARCHROCK INC |
4.54% |
24.32% |
46.70% |
53.87% |
5.82% |
14 |
| DT MIDSTREAM INC |
20.37% |
19.78% |
52.26% |
70.89% |
3.30% |
15 |
| CHINA DATANG CORP RENEWABL-H |
-1.16% |
0.13% |
41.55% |
78.75% |
13.90% |
16 |
| MPLX LP |
11.51% |
4.32% |
44.66% |
51.05% |
8.83% |
17 |
Balance Sheet Ratio
Top Stocks by P:Net Working Capital
| Security Name |
1 Yr. Price Return |
ROA |
P:B |
Total Debt:Total Assets |
FCF Yield |
FCF:IC |
Earnings Yield |
P:Net Working Capital |
| HD HYUNDAI |
143.23% |
0.00% |
1.35 |
0.00 |
55.10% |
70.19% |
5.51% |
0.37 |
| IDEMITSU KOSAN CO LTD ORD |
14.88% |
4.56% |
0.79 |
0.27 |
14.34% |
9.08% |
3.04% |
0.61 |
| MITSUBISHI CHEMICAL GROUP |
15.06% |
2.70% |
0.65 |
0.33 |
12.28% |
4.57% |
9.45% |
0.62 |
| COSMO ENERGY HOLDINGS COMPANY LTD |
21.17% |
6.70% |
1.10 |
0.27 |
21.75% |
16.08% |
6.10% |
0.63 |
| PLAINS GP HOLDINGS LP-CL A |
4.13% |
7.56% |
2.82 |
0.33 |
58.40% |
22.18% |
4.15% |
0.68 |
| ACCIONA SA |
93.97% |
0.60% |
2.23 |
0.37 |
2.03% |
1.40% |
7.61% |
0.70 |
| ENEOS HOLDINGS INC |
34.71% |
5.38% |
0.90 |
0.30 |
16.56% |
9.18% |
7.63% |
0.70 |
| THAI OIL PCL |
37.91% |
7.02% |
0.48 |
0.35 |
33.47% |
9.13% |
17.50% |
0.82 |
| PAR PACIFIC HOLDINGS INC |
114.40% |
2.24% |
1.26 |
0.41 |
5.18% |
3.38% |
13.23% |
0.89 |
| MOL HUNGARIAN OIL AND GAS PLC |
30.14% |
5.76% |
0.46 |
0.12 |
19.41% |
9.67% |
11.01% |
0.91 |
Top 10 Stocks by P:B Ratio
|
Security Name
|
1 Yr. Price Return
|
ROA
|
Total Debt:Total Assets
|
FCF Yield
|
FCF:IC
|
Earnings Yield
|
P:B
|
| MOL HUNGARIAN OIL AND GAS PLC |
30.14% |
5.76% |
0.12 |
19.41% |
9.67% |
11.01% |
0.46 |
| THAI OIL PCL |
37.91% |
7.02% |
0.35 |
33.47% |
9.13% |
17.50% |
0.48 |
| TRANSOCEAN LTD |
10.13% |
2.98% |
0.38 |
10.60% |
3.73% |
-80.61% |
0.56 |
| CHINA EVERBRIGHT ENVIRONMENT GROUP LTD |
48.60% |
1.38% |
0.52 |
8.87% |
2.06% |
10.56% |
0.58 |
| ORLEN SA |
133.94% |
5.24% |
0.14 |
12.07% |
7.54% |
5.36% |
0.76 |
| IDEMITSU KOSAN CO LTD ORD |
14.88% |
4.56% |
0.27 |
14.34% |
9.08% |
3.04% |
0.79 |
| HF SINCLAIR CORP |
31.47% |
3.91% |
0.19 |
7.97% |
5.37% |
4.10% |
0.80 |
| MITSUBISHI CHEMICAL GROUP |
15.06% |
2.70% |
0.33 |
12.28% |
4.57% |
9.45% |
0.65 |
| ENEOS HOLDINGS INC |
34.71% |
5.38% |
0.30 |
16.56% |
9.18% |
7.63% |
0.90 |
| ACCIONA SA |
93.97% |
0.60% |
0.37 |
2.03% |
1.40% |
7.61% |
2.23 |
Cash Flow and Income Statement Items tables only show companies with at least three years of positive FCF or Net Income, P:Networking Capital Table only shows companies with positive net working capital and free cash flow.
The MarketVector™ Global Clean Energy Transition ESG Index (MVCET) tracks the performance of global companies involved in providing technologies and materials contributing to the global transition to clean energy. This is a modified market cap-weighted index that adheres to ESG criteria.
The MarketVector™ Global Nuclear Innovators Index is a thematic index tracking the performance of companies involved in nuclear energy technology and infrastructure.
The MVIS® Global Oil Refiners Index (MVCRAK) tracks the performance of the largest and most liquid companies in the global oil refining industry. This is a modified market cap-weighted index, and only includes companies that generate at least 50% of their revenue from refining crude oil products such as gasoline, diesel, jet fuel, fuel oil, naphtha, and other petrochemicals. Companies that market and distribute such products are included in the index as long as refining is performed in company-owned refineries. MVCRAK covers at least 90% of the investable universe.
The MVIS® Global Uranium & Nuclear Energy Index (MVNLR) tracks the performance of the largest and most liquid companies in the global uranium and nuclear energy industries. This is a modified market cap-weighted index, and only includes companies that generate at least 50% of their revenue from uranium and nuclear energy. MVNLR covers at least 90% of the investable universe.
The MVIS® Global Hydrogen Economy ESG Index (MVHTWO) tracks the performance of the largest and most liquid companies in the global hydrogren industry. This is a modified market cap-weighted index, and only includes companies that generate at least 50% of their revenue from hydrogen or hydrogen-related projects, fuel cells, or the industrial gases projects. MVHTWO covers at least 90% of the investable universe.
The MVIS® Global Low Carbon Energy Index (MVSMOG) tracks the performance of the largest and most liquid companies in the global low carbon energy industry. This is a modified market cap-weighted index, and only includes companies that generate at least 50% of their revenue from renewable sources of energy, the development of related technologies, or sustainable building products that reduce energy consumption. MVSMOG covers at least 95% of the investable universe.
The MVIS® North American Energy Infrastructure Index (MVEINC) tracks the performance of the largest and most liquid companies in the energy infrastructure industry located in North America. This is a modified market cap-weighted index, and only includes companies that generate at least 50% of their revenue from energy infrastructure related activities, such as storage facilities, and the storing and gathering of natural gas, natural gas liquids, crude oil, or refined products. The index also includes midstream companies, including MLPs that are involved in oil and gas pipelines. MVEINC covers at least 90% of the investable universe.
The BlueStar® Solar Energy Industry Index (BSOLR) tracks the performance of the largest and most liquid companies in the global solar energy industry. This is a modified market cap-weighted index, and only includes companies that generate at least 75% of their revenue from products and services related to solar energy, such as solar energy technology, solar field operations or ownership, or solar panel installation services.
The MarketVector™ Global Uranium and Nuclear Energy Infrastructure Index provides exposure to companies operating in the global uranium and nuclear energy infrastructure sector.
The MVIS® US Listed Oil Services 25 Index (MVOIH) tracks the performance of the largest and most liquid companies in the oil services industry that are listed in the US. This is a modified market cap-weighted index, and only includes companies that generate 50% of their revenue from oil equipment, oil services, or oil drilling. MVOIH tracks the 25 largest and most heavily-traded oil service companies.
The BlueStar® Wind Energy Industry Index tracks the performance of the largest and most liquid companies in the global wind energy industry. This is a modified market cap-weighted index, and only includes companies that generate at least 50% of their revenue, operating assets, or real estate assets from wind technology, wind farm operations, or wind farm construction services.
Consumer Trends
Q4 2025
-
The Consumer Trends metatheme fell -6.86% QoQ in Q4 2025, giving back part of its
mid-year gains as performance rotated away from higher-beta digital leisure.
-
Within the theme, defensive segments held up better, with Travel and Vacation
(+6.31% QoQ) and US Profitable Consumer Discretionary (+1.71%) remaining positive.
-
Online Gambling, Video Gaming, and eSports (-13.13%) led downside pressure
during the quarter.
-
Additional weakness was seen in Video Gaming & eSports (-12.32%) and
Metaverse and e-Games (-9.30%).
Top 10 Stocks by Quarterly Return
| Security Name |
QTLY |
| HERBALIFE LTD |
52.73% |
| THE REALREAL INC |
48.45% |
| ON24 INC |
39.16% |
| AMERICAN AIRLINES GROUP INC |
36.39% |
| EXPEDIA GROUP INC |
32.54% |
| LAS VEGAS SANDS CORP |
21.01% |
| MARRIOTT INTERNATIONAL - CL A |
19.12% |
| CHURCHILL DOWNS INC |
17.29% |
| AIRBNB INC |
11.78% |
| AIRBNB INC - CLASS A |
11.78% |
Bottom 10 Stocks by Quarterly Return
| Security Name |
QTLY |
| GEMINI SPACE STATION INC |
-58.60% |
| EVOKE PLC |
-57.29% |
| BEYOND MEAT INC |
-56.61% |
| ROBLOX CORP |
-41.50% |
| GAMESTOP CORP |
-26.39% |
| CHINA RUYI HOLDINGS LTD |
-26.26% |
| NINTENDO CO LTD |
-21.75% |
| XD INC |
-20.18% |
| MICRO-STAR INTERNATIONAL CO LTD |
-19.50% |
| KRAFTON INC |
-17.91% |
Top 10 Stocks by Unusual Volume
| Security Name |
3m/12m Vol |
| GEMINI SPACE STATION INC |
4.01 |
| BEYOND MEAT INC |
3.61 |
| SUPER GROUP SGHC LTD |
1.78 |
| KOEI TECMO HOLDINGS CO LTD |
1.59 |
| MICRO-STAR INTERNATIONAL CO LTD |
1.42 |
| KINGSOFT CORP LTD |
1.22 |
| NCSOFT CORP ORD |
1.20 |
| BOOKING HOLDINGS INC |
1.18 |
| CHINA RUYI HOLDINGS LTD |
1.12 |
| BOOKING HOLDINGS INC |
0.96 |
Fundamentals
Cash Flow Metrics
|
Security Name
|
1 Yr. Price Return
|
Operating CF Growth
|
FCF Growth
|
FCF Margin
|
FCF Yield
|
FCF:IC
|
Overall Rank
|
| HACKSAW ORD |
0.00% |
56.84% |
57.08% |
80.16% |
8.22% |
124.19% |
1 |
| DOORDASH INC - A |
35.01% |
18.57% |
10.54% |
15.77% |
2.16% |
15.72% |
2 |
| NVIDIA CORP |
38.88% |
41.05% |
36.75% |
41.32% |
1.71% |
60.23% |
2 |
| AIRBNB INC-CLASS A |
3.28% |
1.51% |
1.20% |
37.87% |
7.86% |
51.43% |
3 |
| DOMINO'S PIZZA INC |
-0.70% |
16.86% |
23.34% |
13.03% |
4.48% |
60.78% |
5 |
| YUM! BRANDS INC |
12.76% |
12.85% |
9.22% |
19.40% |
3.72% |
31.74% |
6 |
| HILTON WORLDWIDE HOLDINGS INC |
16.22% |
24.59% |
26.50% |
19.57% |
3.44% |
31.09% |
7 |
| MCDONALD'S CORP |
5.43% |
10.99% |
10.49% |
28.07% |
3.39% |
14.41% |
8 |
| ROSS STORES INC |
19.09% |
15.04% |
16.40% |
8.91% |
3.37% |
19.93% |
9 |
| CHIPOTLE MEXICAN GRILL INC |
-38.64% |
5.21% |
4.08% |
13.35% |
3.22% |
19.89% |
11 |
Income Statement Metrics
|
Security Name
|
1 Yr. Price Return
|
Revenue Growth
|
Gross Margin
|
EBITDA Margin
|
Earnings Yield
|
Overall Rank
|
| DECKERS OUTDOOR CORP |
-48.95% |
6.40% |
56.14% |
24.97% |
6.49% |
1 |
| LULULEMON ATHLETICA INC |
-45.66% |
8.76% |
58.35% |
26.55% |
6.92% |
2 |
| TRIP.COM GROUP LTD |
4.73% |
12.47% |
80.72% |
27.87% |
8.38% |
5 |
| AIRBNB INC-CLASS A |
3.28% |
7.94% |
72.33% |
23.66% |
3.09% |
7 |
| MCDONALD'S CORP |
5.43% |
1.33% |
57.63% |
54.40% |
3.84% |
8 |
| AUTOZONE INC |
5.92% |
3.81% |
52.15% |
21.68% |
4.23% |
10 |
| HACKSAW ORD |
0.00% |
38.48% |
81.46% |
83.65% |
6.38% |
11 |
| YUM! BRANDS INC |
12.76% |
6.78% |
46.17% |
33.64% |
3.39% |
11 |
| IMMERSION CORPORATION |
-22.11% |
56.77% |
24.29% |
10.13% |
38.38% |
12 |
| ULTA BEAUTY INC |
39.11% |
5.45% |
39.19% |
15.65% |
4.31% |
12 |
Balance Sheet Ratio
Top Stocks by P:Net Working Capital
| Security Name |
1 Yr. Price Return |
ROA |
P:B |
Total Debt:Total Assets |
FCF Yield |
FCF:IC |
Earnings Yield |
P:Net Working Capital |
| PAYONEER GLOBAL INC |
-44.02% |
1.85% |
2.69 |
0.01 |
7.59% |
19.04% |
3.23% |
0.27 |
| FORD MOTOR CO |
32.53% |
3.95% |
1.16 |
0.55 |
23.17% |
7.75% |
8.91% |
0.39 |
| UNITED NATURAL FOODS INC |
23.29% |
4.55% |
1.33 |
0.46 |
16.77% |
7.08% |
-4.97% |
0.59 |
| MICRO-STAR INTERNATIONAL CO LTD |
-45.36% |
4.10% |
1.51 |
0.06 |
6.39% |
8.54% |
5.62% |
0.71 |
| OISIX RA DAICHI INC |
19.15% |
4.89% |
1.80 |
0.40 |
12.54% |
11.70% |
4.43% |
0.91 |
| TRAVEL LEISURE CO |
39.80% |
7.34% |
-5.53 |
0.83 |
11.15% |
12.69% |
8.56% |
0.97 |
| ARCHER-DANIELS-MIDLAND CO |
13.80% |
9.06% |
1.23 |
0.18 |
17.02% |
15.60% |
4.27% |
1.05 |
| TRIPADVISOR INC |
-1.42% |
9.10% |
2.41 |
0.44 |
15.22% |
16.22% |
4.11% |
1.12 |
| HIMAX TECHNOLOGIES INC |
1.87% |
8.21% |
1.63 |
0.35 |
9.72% |
15.48% |
4.36% |
1.16 |
Top 10 Stocks by P:B Ratio
|
Security Name
|
1 Yr. Price Return
|
ROA
|
Total Debt:Total Assets
|
FCF Yield
|
FCF:IC
|
Earnings Yield
|
P:B
|
| NETMARBLE CORP |
-4.63% |
3.71% |
0.18 |
7.34% |
5.10% |
2.78% |
0.71 |
| FORD MOTOR CO |
32.53% |
3.95% |
0.55 |
23.17% |
7.75% |
8.91% |
1.16 |
| DR HORTON INC |
3.01% |
9.12% |
0.17 |
7.81% |
11.16% |
8.03% |
1.75 |
| PULTEGROUP INC |
7.68% |
8.95% |
0.12 |
6.99% |
10.97% |
11.06% |
1.78 |
| YUM CHINA HOLDINGS INC |
-0.89% |
8.58% |
0.21 |
5.49% |
12.62% |
5.09% |
3.05 |
| BEST BUY CO INC |
-21.99% |
9.02% |
0.24 |
10.80% |
24.75% |
4.53% |
5.30 |
| AIRBNB INC-CLASS A |
3.28% |
19.68% |
0.10 |
7.86% |
51.43% |
3.09% |
9.58 |
| ROSS STORES INC |
19.09% |
12.74% |
0.34 |
3.37% |
19.93% |
3.55% |
9.91 |
| ULTA BEAUTY INC |
39.11% |
14.84% |
0.37 |
3.88% |
23.84% |
4.31% |
10.23 |
| DOORDASH INC - A |
35.01% |
11.08% |
0.18 |
2.16% |
15.72% |
0.87% |
10.28 |
Cash Flow and Income Statement Items tables only show companies with at least three years of positive FCF or Net Income, P:Networking Capital Table only shows companies with positive net working capital and free cash flow.
The BlueStar® E-Commerce US Leaders Index (BECOM) tracks the perforamce of the largest and most liquid US-incorporated and US-listed companies in the E-Commerce industry. This is a modified market cap-weighted index, and only includes companies that generate at least 50% of their revenue from e-commerce services, such as internet market places and market place platforms, internet-based payment services, internet booking and streaming services, or e-commerce optimization and fullfillment software.
The MVIS® Global Future of Food ESG index (MVFOF) tracks the performance of the largest and most liquid companies offering products and services related to meat and dairy alternatives, organic foods, food flavors, or innovative agriculture technologies. MVFOF covers at least 90% of the investable universe and adheres to ESG criteria.
The MVIS® Global Gaming Index (MVBJK) tracks the performance of the largest and most liquid companies in the global gaming industry. This is a modified market cap-weighted index, and only includes companies that generate at least 50% of their revenue from casino and casino hotels, sport betting (incl. Internet gambling and racetracks) and lottery services as well as gaming services, gaming technology, and gaming equipment. MVBJK covers at least 90% of the investable universe.
The MarketVector™ Global Metaverse and e-Games ESG Index (MVMETV) tracks the performance of global companies involved in technologies and services related to the metaverse, e-gaming and eSports. This is a modified market cap-weighted index, and includes companies that generate at least 50% of their revenue from video gaming, eSports, smart phone manufacturing or metaverse-related products and service. MVMETV adheres to ESG criteria.
The BlueStar® Global Online Gambling, Video Gaming, and eSports Index (BVGOG) tracks the performance of the largest and most liquid companies involved in the online gambling, video gaming and eSports industries. This is a modified market cap-weighted index, and only includes companies that generate at least 50% of their revenue from online gambling, video gaming and/or eSports. BVGOG covers at least 90% of the investable universe of each the online gambling and video gaming/eSports segments.
The BlueStar® Travel and Vacation Index (BTOUR) tracks the performance of the largest and most liquid US Exchange-listed companies in the travel and vacation industries. This is a modified market cap-weighted index, and only includes companies that generate at least 50% of their revenue from travel and vacation products and services, such as hotel accommodations, commercial airlines, casino resorts, hotel time shares, or cruises, amongst other types of services.
The MVIS® Global Video Gaming & eSports Index (MVESPO) tracks the performance of the largest and more liquid companies in the global video gaming and eSports industries. This is a modified market cap-weighted index, and only includes companies that generate at least 50% of their revenue from video gaming and/or eSports, such as video games development and related software/hardware, streaming services, and eSports events companies. MVESPO covers at least 90% of the investable universe.
Financials 2.0
Q4 2025
-
The Financials 2.0 metatheme declined -11.73% QoQ in Q4 2025, as the quarter was
dominated by broad crypto and fintech de-risking following prior strength.
-
Drawdowns were concentrated in Stablecoin Technology (-20.59% QoQ) and
Digital Assets Equity (-11.45%), with additional pressure from Fintech (-5.25%)
and Tokenization Technology (-4.27%).
-
Pockets of resilience included Alternative Asset Managers (+3.38%), while
E-Brokers & Digital Capital Markets (-2.37%) held up relatively better than
crypto-native segments.
-
Dispersion remained high at the single-name level, with winners led by BREAD
Financial (+32.74%), Hut 8 (+31.97%), flatexDEGIRO (+31.93%), and DigitalBridge
(+31.11%).
-
The steepest declines were seen in higher-beta crypto-linked equities, including
Bakkt (-70.16%), MARA (-50.82%), and Coinbase (-32.99%).
Top 10 Stocks by Quarterly Return
| Security Name |
QTLY |
| BREAD FINANCIAL HOLDINGS INC |
32.74% |
| HUT 8 CORP |
31.97% |
| FLATEX AG |
31.93% |
| DIGITALBRIDGE GROUP INC |
31.11% |
| TEL AVIV STOCK EXCHANGE LTD |
29.16% |
| ALPHABET INC - CL A |
28.75% |
| CMC MARKETS PLC |
25.14% |
| TEMENOS AG |
24.72% |
| CAPITAL ONE FINANCIAL CORP |
14.01% |
| OSL GROUP LTD |
13.34% |
Bottom 10 Stocks by Quarterly Return
| Security Name |
QTLY |
| BAKKT HOLDINGS INC |
-70.16% |
| GEMINI SPACE STATION INC |
-58.60% |
| STRATEGY INC - CL A |
-52.84% |
| MARA HOLDINGS INC |
-50.82% |
| FISERV INC |
-47.90% |
| BULLISH |
-40.47% |
| CIRCLE INTERNET GROUP INC |
-40.19% |
| GALAXY DIGITAL INC |
-33.87% |
| COINBASE GLOBAL INC - CLASS A |
-32.99% |
| ISHARES ETHEREUM TRUST ETF |
-28.82% |
Top 10 Stocks by Unusual Volume
| Security Name |
3m/12m Vol |
| GRAYSCALE CHAINLINK TRUST |
4.01 |
| BITWISE XRP ETF |
4.01 |
| FIGURE TECHNOLOGY SOLUTIONS INC |
4.01 |
| BITWISE SOLANA STAKING ETF |
4.01 |
| GEMINI SPACE STATION INC |
4.01 |
| BULLISH |
2.71 |
| GALAXY DIGITAL INC |
2.48 |
| CIRCLE INTERNET GROUP INC |
2.27 |
| ETORO GROUP LTD |
2.16 |
| OSL GROUP LTD |
1.21 |
Fundamentals
Cash Flow Metrics
|
Security Name
|
1 Yr. Price Return
|
Operating CF Growth
|
FCF Growth
|
FCF Margin
|
FCF Yield
|
FCF:IC
|
Overall Rank
|
| INTERACTIVE BROKERS GROUP INC |
45.60% |
1128.39% |
1153.31% |
269.32% |
95.13% |
522.57% |
1 |
| ADYEN NV |
8.53% |
127.41% |
135.11% |
156.31% |
8.01% |
71.39% |
2 |
| FLOW TRADERS LTD |
32.15% |
82.04% |
82.62% |
203.69% |
144.61% |
191.69% |
3 |
| KASPI.KZ JSC SPONSORED ADS |
-17.51% |
159.55% |
170.77% |
85.01% |
40.00% |
125.24% |
7 |
| FLATEX AG |
181.67% |
67.44% |
71.43% |
279.25% |
32.97% |
157.75% |
8 |
| X-TRADE BROKERS DOM MAKLERSK |
17.21% |
29.29% |
29.39% |
140.12% |
33.25% |
154.82% |
11 |
| NU HOLDINGS LTD |
61.58% |
81.90% |
80.81% |
71.22% |
14.57% |
76.24% |
12 |
| BROOKFIELD ASSET MANAGEMENT LTD CLASS A |
-3.24% |
164.40% |
169.34% |
47.39% |
1.96% |
16.95% |
13 |
| WISE PLC - A |
-10.23% |
44.38% |
43.03% |
31.81% |
6.34% |
33.69% |
14 |
| FLOW TRADERS LTD |
32.15% |
82.04% |
82.62% |
203.69% |
144.61% |
191.69% |
999 |
Income Statement Metrics
|
Security Name
|
1 Yr. Price Return
|
Revenue Growth
|
Gross Margin
|
EBITDA Margin
|
Earnings Yield
|
Overall Rank
|
| NH INVESTMENT & SECURITIES CO LTD |
54.57% |
6.74% |
86.82% |
65.37% |
11.14% |
1 |
| ICG PLC |
6.77% |
31.13% |
98.46% |
65.40% |
9.82% |
2 |
| X-TRADE BROKERS DOM MAKLERSK |
17.21% |
12.64% |
86.35% |
38.40% |
7.19% |
3 |
| UP FINTECH HOLDING LTD - ADR |
47.99% |
43.37% |
95.51% |
47.06% |
4.45% |
4 |
| BRIGHT SMART SECURITIES AND COMMODITIES GROUP |
253.24% |
11.51% |
89.82% |
67.61% |
4.61% |
5 |
| APOLLO GLOBAL MANAGEMENT INC |
-12.35% |
5.85% |
56.17% |
29.12% |
4.63% |
14 |
| IG GROUP HOLDINGS PLC |
42.58% |
4.87% |
89.01% |
48.52% |
7.74% |
19 |
| SINGAPORE EXCHANGE (SGX) LTD ORD |
41.22% |
4.61% |
88.52% |
63.49% |
3.47% |
20 |
| PLUS500 LTD |
43.96% |
2.13% |
97.64% |
43.73% |
7.62% |
21 |
| EXODUS MOVEMENT INC |
-51.79% |
17.79% |
56.31% |
14.29% |
22.93% |
24 |
Balance Sheet Ratio
Top Stocks by P:Net Working Capital
| Security Name |
1 Yr. Price Return |
ROA |
P:B |
Total Debt:Total Assets |
FCF Yield |
FCF:IC |
Earnings Yield |
P:Net Working Capital |
| EURONEXT NV |
34.05% |
0.21% |
2.93 |
0.01 |
5.80% |
11.52% |
4.74% |
0.04 |
| LONDON STOCK EXCHANGE GROUP ORD |
-14.81% |
0.31% |
2.25 |
0.01 |
5.61% |
8.79% |
2.01% |
0.06 |
| FLOW TRADERS LTD |
32.15% |
10.55% |
1.33 |
0.20 |
144.61% |
191.69% |
16.01% |
0.07 |
| INTERACTIVE BROKERS GROUP INC |
45.60% |
13.61% |
5.61 |
0.14 |
95.13% |
522.57% |
-2.54% |
0.15 |
| CITIGROUP INC |
65.78% |
0.97% |
1.08 |
0.27 |
12.28% |
4.82% |
6.10% |
0.16 |
| BANK OF AMERICA CORP |
25.14% |
1.25% |
1.45 |
0.21 |
10.61% |
6.86% |
6.67% |
0.40 |
| WISE PLC - A |
-10.23% |
2.62% |
6.21 |
0.01 |
6.34% |
33.69% |
4.08% |
0.42 |
| WEX INC |
-15.02% |
4.45% |
4.57 |
0.35 |
12.58% |
13.28% |
5.15% |
0.53 |
| DEUTSCHE BOERSE AG |
13.94% |
0.65% |
3.89 |
0.10 |
4.54% |
11.41% |
4.47% |
0.53 |
| WELLS FARGO & CO |
32.69% |
1.74% |
1.78 |
0.20 |
12.24% |
9.89% |
6.51% |
0.54 |
Top 10 Stocks by P:B Ratio
|
Security Name
|
1 Yr. Price Return
|
ROA
|
Total Debt:Total Assets
|
FCF Yield
|
FCF:IC
|
Earnings Yield
|
P:B
|
| BREAD FINANCIAL HOLDINGS INC |
21.24% |
9.10% |
0.17 |
58.46% |
34.25% |
13.20% |
1.03 |
| CITIGROUP INC |
65.78% |
0.97% |
0.27 |
12.28% |
4.82% |
6.10% |
1.08 |
| FLOW TRADERS LTD |
32.15% |
10.55% |
0.20 |
144.61% |
191.69% |
16.01% |
1.33 |
| OPERA LTD |
-25.24% |
8.36% |
0.01 |
6.99% |
9.30% |
6.44% |
1.34 |
| CAPITAL ONE FINANCIAL CORP |
35.91% |
3.15% |
0.08 |
13.53% |
12.66% |
1.19% |
1.35 |
| BILL HOLDINGS INC |
-35.62% |
3.06% |
0.19 |
5.68% |
5.38% |
0.22% |
1.43 |
| BANK OF AMERICA CORP |
25.14% |
1.25% |
0.21 |
10.61% |
6.86% |
6.67% |
1.45 |
| WELLS FARGO & CO |
32.69% |
1.74% |
0.20 |
12.24% |
9.89% |
6.51% |
1.78 |
| CMC MARKETS PLC |
29.48% |
15.30% |
0.03 |
14.04% |
26.62% |
7.49% |
1.92 |
| DIGITALBRIDGE GROUP INC |
35.99% |
6.04% |
0.10 |
7.53% |
8.74% |
0.45% |
2.23 |
Cash Flow and Income Statement Items tables only show companies with at least three years of positive FCF or Net Income, P:Networking Capital Table only shows companies with positive net working capital and free cash flow.
The MarketVector™ Alternative Asset Managers Index (MVAALT) is a thematic index tracking the performance of US and Canadian companies involved in the alternative asset management industry.
The MVIS® Global Digital Assets Equity Index (MVDAPP) tracks the performance of the largest and most liquid companies in the digital assets industry. This is a modified market cap-weighted index, and only includes companies that generate at least 50% of their revenue from digital asset services and products, such as exchanges, payment gateways, mining operations, software services, equipment and technology, digital asset infrastructure, or the facilitation of commerce with the use of digital assets. MVDAPP covers at least 90% of the investable universe.
The BlueStar® Global E-Brokers and Digital Capital Markets index (BBIDS) tracks the performance of the largest and most liquid companies in the global online brokerage industry. This is a modified market cap-weighted index, and only includes companies that generate at least 50% of their revenue from online brokerage.
The BlueStar® Fintech Index (BFNQ) tracks the performance of the largest and most liquid companies in the global fintech industry. This is a modified market cap-weighted index, and only includes companies that generate at least 50% of their revenue from fintech related products or services, such as banking or credit card software, enterprise transaction and accounting software, point-of-sale hardware and transaction processing software, internet-based and peer-to-peer transaction apps, electronic payment processing or transaction recording, or securities and asset trading software.
The MarketVector™ Stablecoin Technology Index (MVSTBQ) is a thematic index tracking the performance of companies and digital assets involved in the issuance of or technology related to stablecoins and stablecoinrelated payments technology.
The MarketVector™ Tokenization Technology Index (MVTKNQ) is a thematic index tracking the performance of companies and digital assets involved in the tokenization of real world assets (”RWAs”).
Healthcare innovation
Q4 2025
-
Healthcare Innovation gained +7.06% QoQ in Q4 2025, extending its rebound as the
group pushed back toward prior highs.
-
Performance breadth improved, led by Bioproduction Tech & Tools (+16.89% QoQ),
with Future Healthcare (+5.85%) and Bionic Healthcare (+5.10%) also contributing.
-
On a one-year view, Future Healthcare remains the clearest structural leader
(+19.65% YoY), while other sleeves posted more modest gains.
-
Single-name dispersion remained wide, with winners led by Arrowhead (+92.49%),
Exact Sciences (+85.63%), and Tandem Diabetes (+81.05%).
-
Weakness centered in select prior leaders and “story” names, including Intellia
(-47.94%), Hims & Hers (-42.75%), and Doximity (-39.47%).
-
Unusual-volume activity skewed toward diagnostics and sequencing names such as
NeoGenomics, Twist, Exact Sciences, 10x Genomics, and Guardant, consistent with
event-driven positioning into year-end.
Top 10 Stocks by Quarterly Return
| Security Name |
QTLY |
| ARROWHEAD PHARMACEUTICALS INC |
92.49% |
| EXACT SCIENCES CORP |
85.63% |
| TANDEM DIABETES CARE INC |
81.05% |
| AMICUS THERAPEUTICS INC |
80.71% |
| GUARDANT HEALTH INC |
63.48% |
| NEOGENOMICS INC |
52.33% |
| GRAIL INC |
44.75% |
| NATERA INC |
42.32% |
| 10X GENOMICS INC |
39.52% |
| ILLUMINA INC |
38.11% |
Bottom 10 Stocks by Quarterly Return
| Security Name |
QTLY |
| INTELLIA THERAPEUTICS INC |
-47.94% |
| HIMS & HERS HEALTH INC |
-42.75% |
| DOXIMITY INC - CLASS A |
-39.47% |
| SCHOTT PHARMA AG & CO KGAA |
-28.36% |
| PHREESIA INC |
-28.06% |
| CERTARA INC |
-27.91% |
| PRO MEDICUS LTD |
-27.70% |
| TEMPUS AI INC |
-26.84% |
| GENSCRIPT BIOTECH CORP |
-25.71% |
| OXFORD NANOPORE TECHNOLOGIES PLC |
-15.49% |
Top 10 Stocks by Unusual Volume
| Security Name |
3m/12m Vol |
| NEOGENOMICS INC |
1.48 |
| TWIST BIOSCIENCE CORP |
1.30 |
| EXACT SCIENCES CORP |
1.24 |
| DEXCOM INC |
1.23 |
| 10X GENOMICS INC |
1.04 |
| GUARDANT HEALTH INC |
1.00 |
| QIAGEN NV |
1.00 |
| GRAIL INC |
0.96 |
| NATERA INC |
0.93 |
| INSULET CORP |
0.93 |
Fundamentals
Cash Flow Metrics
|
Security Name
|
1 Yr. Price Return
|
Operating CF Growth
|
FCF Growth
|
FCF Margin
|
FCF Yield
|
FCF:IC
|
Overall Rank
|
| PRO MEDICUS LTD |
-4.89% |
8.18% |
8.64% |
52.35% |
0.47% |
42.61% |
1 |
| DOXIMITY INC-CLASS A |
-17.06% |
33.93% |
34.49% |
50.23% |
5.13% |
28.25% |
2 |
| MEDPACE HOLDINGS INC |
69.05% |
16.82% |
18.26% |
28.70% |
4.28% |
163.98% |
3 |
| VEEVA SYSTEMS INC |
6.17% |
27.79% |
28.10% |
43.86% |
3.68% |
18.98% |
4 |
| LEMAITRE VASCULAR INC |
-11.98% |
66.07% |
78.21% |
27.49% |
3.60% |
11.79% |
7 |
| SECTRA AB-B SHS |
8.97% |
106.56% |
145.99% |
25.23% |
1.71% |
43.25% |
8 |
| CHEMOMETEC A/S |
59.97% |
18.31% |
11.88% |
28.80% |
1.10% |
19.54% |
9 |
| GLOBUS MEDICAL INC |
5.56% |
37.37% |
40.65% |
20.58% |
5.82% |
12.65% |
10 |
| LIFETECH SCIENTIFIC CORP |
12.01% |
83.85% |
593.28% |
39.63% |
7.85% |
13.85% |
11 |
| INTUITIVE SURGICAL INC |
8.51% |
22.59% |
74.21% |
23.63% |
1.13% |
13.42% |
14 |
Income Statement Metrics
|
Security Name
|
1 Yr. Price Return
|
Revenue Growth
|
Gross Margin
|
EBITDA Margin
|
Earnings Yield
|
Overall Rank
|
| DOXIMITY INC-CLASS A |
-17.06% |
12.93% |
90.20% |
42.43% |
2.84% |
1 |
| REGENERON PHARMACEUTICALS |
8.36% |
0.32% |
81.72% |
30.98% |
5.40% |
2 |
| PRO MEDICUS LTD |
-4.89% |
13.29% |
79.42% |
77.44% |
0.48% |
3 |
| LEMAITRE VASCULAR INC |
-11.98% |
9.55% |
68.61% |
29.99% |
2.87% |
4 |
| ZIMMER BIOMET HOLDINGS INC |
-14.87% |
4.33% |
62.61% |
31.72% |
4.49% |
5 |
| DEMANT A/S |
-7.85% |
1.32% |
70.10% |
25.01% |
4.62% |
6 |
| INTUITIVE SURGICAL INC |
8.51% |
15.08% |
66.38% |
35.28% |
1.33% |
7 |
| SONOVA HOLDING AG |
-19.88% |
7.51% |
70.19% |
25.38% |
3.92% |
8 |
| VEEVA SYSTEMS INC |
6.17% |
15.96% |
74.95% |
31.01% |
2.30% |
9 |
| EDWARDS LIFESCIENCES CORP |
15.16% |
8.17% |
77.90% |
29.89% |
2.75% |
10 |
Balance Sheet Ratio
Top Stocks by P:Net Working Capital
| Security Name |
1 Yr. Price Return |
ROA |
P:B |
Total Debt:Total Assets |
FCF Yield |
FCF:IC |
Earnings Yield |
P:Net Working Capital |
| TELADOC HEALTH INC |
-22.99% |
4.73% |
0.89 |
0.36 |
10.95% |
5.61% |
-17.95% |
1.17 |
| ENVISTA HOLDINGS CORP |
12.55% |
4.65% |
1.16 |
0.28 |
7.35% |
5.64% |
0.43% |
1.83 |
Top 10 Stocks by P:B Ratio
|
Security Name
|
1 Yr. Price Return
|
ROA
|
Total Debt:Total Assets
|
FCF Yield
|
FCF:IC
|
Earnings Yield
|
P:B
|
| AZENTA INC |
-33.48% |
1.86% |
0.03 |
2.51% |
2.15% |
-3.67% |
0.88 |
| BIO-RAD LABORATORIES INC |
-7.77% |
3.47% |
0.14 |
4.12% |
4.16% |
-7.93% |
1.21 |
| TECAN GROUP AG-REG |
-27.30% |
6.49% |
0.17 |
7.59% |
9.37% |
3.52% |
1.28 |
| CERTARA INC |
-17.28% |
5.96% |
0.20 |
6.52% |
6.71% |
0.77% |
1.32 |
| ZIMMER BIOMET HOLDINGS INC |
-14.87% |
4.81% |
0.35 |
6.35% |
5.58% |
4.49% |
1.40 |
| INTEGER HOLDINGS CORP |
-40.82% |
3.57% |
0.39 |
4.41% |
3.98% |
3.12% |
1.57 |
| LIFETECH SCIENTIFIC CORP |
12.01% |
9.79% |
0.00 |
7.85% |
13.85% |
1.15% |
1.68 |
| LABCORP HOLDINGS INC |
9.40% |
7.56% |
0.36 |
6.64% |
9.50% |
4.06% |
2.39 |
| SMITH & NEPHEW PLC - SPON ADR |
33.48% |
7.48% |
0.32 |
5.65% |
9.06% |
3.44% |
2.59 |
| REGENERON PHARMACEUTICALS |
8.36% |
9.66% |
0.07 |
4.87% |
11.53% |
5.40% |
2.63 |
Cash Flow and Income Statement Items tables only show companies with at least three years of positive FCF or Net Income, P:Networking Capital Table only shows companies with positive net working capital and free cash flow.
The MVIS® Global Bionic Healthcare ESG Index (MVBION) tracks the performance of the largest and most liquid companies in medical/dental or vision-related implants, bioprinting, prosthesis or medical robotics. MVBION covers at least 90% of the investable universe.
The MarketVector™ Bioproduction Tech and Tools ESG Index tracks the performance of the largest and most liquid global companies involved in the development of technologies, tools, materials, and processes related to the development or manufacture of biopharmaceuticals. This is a modified market cap-weighted index, and includes companies that generate at least 50% of their revenue from bioproduction and the following products and services related to the bioproduction industry: laboratory technologies, contract research, contract manufacturing, and clinical diagnostics. MVBIOP covers at least 98% of the investable universe and adheres to ESG criteria.
The MVIS® Global Future Healthcare ESG Index (MVFHC) is a global index that tracks the performance of companies that are involved in the genomic health care and electronic healthcare industries. The index is a modified market cap-weighted index with pure-play exposure. MVFHC covers at least 90% of the investable universe.
Materials
Q4 2025
-
The Materials metatheme gained +12.68% QoQ, extending its sharp uptrend and
building on the strong momentum visible in the three-year chart.
-
Leadership skewed toward precious metals and energy-transition inputs, with
Clean-Tech Metals (+24.99% QoQ), Junior Gold Miners (+21.57%), Rare Earth /
Strategic Metals (+21.33%), and Global Gold Miners (+16.70%) outperforming.
-
Cyclical breadth improved as Global Steel (+15.34%) and Global Natural Resources
(+10.20%) participated, while Agribusiness (+2.58%) lagged.
-
Stock-level dispersion remained wide, with winners strongly aligned to the theme,
led by lithium and battery metals such as Sigma Lithium (+105.77%), Albemarle
(+74.44%), Pilbara (+69.01%), Liontown (+61.37%), and SQM (+60.07%).
-
Fertilizer and ag-chem exposures were among the weakest performers, including
FMC (-58.76%) and Mosaic (-30.54%).
Top 10 Stocks by Quarterly Return
| Security Name |
QTLY |
| SIGMA LITHIUM CORP |
105.77% |
| ALBEMARLE CORP |
74.44% |
| PILBARA MINERALS LTD |
69.01% |
| DISCOVERY SILVER CORP |
64.72% |
| LIONTOWN RESOURCES LTD |
61.37% |
| QUIMICA Y MINERA CHIL-SP ADR |
60.07% |
| HECLA MINING CO |
58.60% |
| G MINING VENTURES CORP |
52.20% |
| WESTGOLD RESOURCES PTY LTD |
45.08% |
| PAN AMERICAN SILVER CORP |
33.83% |
Bottom 10 Stocks by Quarterly Return
| Security Name |
QTLY |
| BLUE GOLD CL A ORD |
-79.31% |
| FMC CORP |
-58.76% |
| MOSAIC CO / THE |
-30.54% |
| CALEDONIA MINING CORP PLC |
-27.73% |
| IPERIONX LTD - ADR |
-26.68% |
| LYNAS RARE EARTHS LTD |
-25.31% |
| MP MATERIALS CORP |
-24.68% |
| LITHIUM AMERICAS CORP |
-23.64% |
| CNH INDUSTRIAL NV |
-15.02% |
| CF INDUSTRIES HOLDINGS INC |
-13.78% |
Top 10 Stocks by Unusual Volume
| Security Name |
3m/12m Vol |
| AXIA ENERGIA ADR PFD C |
4.01 |
| LITHIUM AMERICAS CORP |
2.51 |
| ORLA MINING LTD |
1.93 |
| EQUINOX GOLD CORP |
1.91 |
| ROYAL GOLD INC |
1.69 |
| LUNDIN GOLD INC |
1.57 |
| INDUSTRIAS PENOLES SAB DE CV |
1.29 |
| PAN AMERICAN SILVER CORP |
1.27 |
| HARMONY GOLD MNG - SPON ADR |
1.26 |
| COEUR MINING INC |
1.25 |
Fundamentals
Cash Flow Metrics
|
Security Name
|
1 Yr. Price Return
|
Operating CF Growth
|
FCF Growth
|
FCF Margin
|
FCF Yield
|
FCF:IC
|
Overall Rank
|
| ORLA MINING LTD |
143.32% |
287.03% |
312.04% |
74.32% |
12.54% |
60.42% |
1 |
| RAMELIUS RESOURCES LTD |
116.45% |
14.44% |
13.65% |
50.59% |
7.38% |
30.75% |
3 |
| INNER MONGOLIA XINGYE MINI-A |
234.40% |
81.53% |
146.62% |
59.21% |
4.64% |
24.11% |
5 |
| ZANGGE MINING CO LTD |
217.91% |
243.26% |
294.72% |
93.39% |
2.25% |
19.80% |
8 |
| REGIS RESOURCES LTD |
218.89% |
15.70% |
12.03% |
33.07% |
9.25% |
31.39% |
12 |
| CAL-MAINE FOODS INC |
-22.69% |
123.59% |
156.82% |
27.72% |
31.59% |
45.21% |
15 |
| MINMETALS RESOURCES LTD |
241.89% |
65.91% |
256.19% |
21.20% |
8.34% |
14.51% |
16 |
| CAMECO CORP |
78.41% |
44.40% |
48.23% |
26.42% |
1.64% |
11.69% |
21 |
Income Statement Metrics
|
Security Name
|
1 Yr. Price Return
|
Revenue Growth
|
Gross Margin
|
EBITDA Margin
|
Earnings Yield
|
Overall Rank
|
| DIAMONDBACK ENERGY INC |
-8.24% |
38.81% |
39.14% |
67.63% |
9.47% |
1 |
| WANGUO INTERNATIONAL MINING GROUP LTD |
165.79% |
16.27% |
62.72% |
57.56% |
3.18% |
11 |
| WEST AFRICAN RESOURCES LTD |
125.17% |
16.05% |
51.75% |
58.75% |
9.40% |
12 |
| CAL-MAINE FOODS INC |
-22.69% |
42.61% |
43.54% |
38.88% |
32.68% |
28 |
| PAN AFRICAN RESOURCES PLC |
278.32% |
46.32% |
41.33% |
42.40% |
4.40% |
32 |
| FIRST SOLAR INC |
48.22% |
20.07% |
40.30% |
41.86% |
4.99% |
42 |
| SILVERCORP METALS INC |
178.82% |
21.27% |
40.43% |
46.59% |
1.32% |
43 |
| WOODSIDE ENERGY GROUP LTD |
-0.06% |
4.31% |
37.62% |
73.27% |
9.97% |
49 |
| DRDGOLD LTD |
259.33% |
12.30% |
38.98% |
42.97% |
4.62% |
52 |
| WILLIAMS COS INC |
11.07% |
7.71% |
40.42% |
57.47% |
3.22% |
57 |
Balance Sheet Ratio
Top Stocks by P:Net Working Capital
| Security Name |
1 Yr. Price Return |
ROA |
P:B |
Total Debt:Total Assets |
FCF Yield |
FCF:IC |
Earnings Yield |
P:Net Working Capital |
| MITSUBISHI MATERIALS CORP |
53.41% |
4.84% |
0.67 |
0.23 |
27.06% |
13.45% |
3.25% |
0.28 |
| HANWA CO LTD ORD |
44.77% |
4.25% |
0.69 |
0.32 |
16.72% |
7.18% |
15.25% |
0.33 |
| CNH INDUSTRIAL NV |
-18.62% |
4.68% |
1.49 |
0.63 |
17.61% |
5.76% |
5.17% |
0.36 |
| HYUNDAI STEEL CO |
50.74% |
2.52% |
0.21 |
0.30 |
20.90% |
3.32% |
-0.56% |
0.38 |
| MARUHA NICHIRO CORP |
27.74% |
2.36% |
0.79 |
0.41 |
9.16% |
4.50% |
10.35% |
0.42 |
| JFE HOLDINGS INC |
12.87% |
1.97% |
0.48 |
0.33 |
9.22% |
2.80% |
6.27% |
0.51 |
| CHAROEN POKPHAND FOODS PCL |
3.47% |
5.34% |
0.83 |
0.63 |
24.57% |
8.72% |
15.25% |
0.96 |
Top 10 Stocks by P:B Ratio
|
Security Name
|
1 Yr. Price Return
|
ROA
|
Total Debt:Total Assets
|
FCF Yield
|
FCF:IC
|
Earnings Yield
|
P:B
|
| HYUNDAI STEEL CO |
50.74% |
2.52% |
0.30 |
20.90% |
3.32% |
-0.56% |
0.21 |
| JFE HOLDINGS INC |
12.87% |
1.97% |
0.33 |
9.22% |
2.80% |
6.27% |
0.48 |
| NIPPON STEEL CORP |
1.41% |
1.61% |
0.36 |
6.94% |
2.78% |
-33.58% |
0.62 |
| PPB GROUP BERHAD |
-1.72% |
3.69% |
0.02 |
6.24% |
3.93% |
4.88% |
0.64 |
| MITSUBISHI MATERIALS CORP |
53.41% |
4.84% |
0.23 |
27.06% |
13.45% |
3.25% |
0.67 |
| HANWA CO LTD ORD |
44.77% |
4.25% |
0.32 |
16.72% |
7.18% |
15.25% |
0.69 |
| MARUHA NICHIRO CORP |
27.74% |
2.36% |
0.41 |
9.16% |
4.50% |
10.35% |
0.79 |
| APERAM SA |
58.48% |
5.16% |
0.26 |
10.61% |
7.04% |
-0.29% |
0.81 |
| CHAROEN POKPHAND FOODS PCL |
3.47% |
5.34% |
0.63 |
24.57% |
8.72% |
15.25% |
0.83 |
| SVENSKA CELLULOSA AKTIEBOLAGET CLASS B |
4.84% |
0.98% |
0.10 |
1.67% |
1.24% |
3.72% |
0.84 |
Cash Flow and Income Statement Items tables only show companies with at least three years of positive FCF or Net Income, P:Networking Capital Table only shows companies with positive net working capital and free cash flow.
The MVIS® Global Agribusiness Index (MVMOO) tracks the performance of the largest and most liquid companies in the global agribusiness segment. This is a modified market cap-weighted index, and only includes companies that generate at least 50% of their revenues from agri-chemicals and fertilisers, seeds and traits, farm/irrigation equipment and farm machinery, agricultural products (incl. Grain, tobacco, meat, poultry, and sugar), aquaculture and fishing, livestock, plantations, and trading of agricultural products. MVMOO covers at least 90% of the investable universe.
The MVIS® Global Clean-Tech Metals Index (MVGMET) tracks the performance of global metals and rare earth element miners, refiners, and recyclers focused on metals and elements that are used in technologies contributing to the proliferation of clean energy as defined by MarketVector Indexes. MVGMET covers at least 90% of the investable universe.
The MarketVector™ Global Gold Miners Index is a thematic index tracking the performance of companies involved in the gold and silver mining industry.
The MarketVector™ Global Natural Resources Index (MVGNR) tracks the performance of companies whose revenue primarily sources from natural resources. These resources encompass a broad spectrum of raw materials and commodities, including metals, energy sources, and agricultural products.
The MarketVector™ Global Steel Index is a thematic index tracking the performance of companies involved in the global steel segment.
The MVIS® Global Junior Gold Miners Index (MVGDXJ) tracks the performance of the most liquid small-cap companies in the global gold and silver mining industries. This is a modified market cap-weighted index, and only includes companies that generate at least 50% of their revenue from gold or silver mining, or at least 50% of their mining mineral resources are from gold or silver.
The MVIS® Global Rare Earth/Strategic Metals Index (MVREMX) tracks the performance of the largest and most liquid companies in the global rare earth and strategic metals industry. This is a modified market cap-weighted index, and only includes companies that generate at least 50% of their revenue from rare earth and strategic metals or have at least 50% of the company's mining mineral resources from rare earth and strategic metals. The index includes refiners, recyclers, and producers of rare earth and strategic metals and minerals. MVREMX covers at least 90% of the investable universe.
Nextgen Hardware & Communications
Q4 2025
-
The Hardware & Communications metatheme gained +2.86% QoQ in Q4 2025,
extending its multi-year uptrend but with narrower leadership than earlier in the cycle.
-
US Listed Semiconductor 25 (+16.02% QoQ) led the complex, alongside Machine
Learning & Quantum Computing (+9.68%), US Profitable Communications (+7.85%),
and Connective Technologies (+5.70%); Global Quantum Leaders (+4.05%) and
US Listed Fabless Semiconductor (+1.46%) were positive but lagged.
-
Dispersion remained extreme, with upside driven by Quantum Numbers (+227.84%),
Coherent (+71.34%), and Micron (+70.58%).
-
Higher-beta AI and quantum infrastructure names corrected, including CoreWeave
(-47.67%), Quantum Computing Inc (-44.27%), and Arqit (-43.54%).
-
Unusual volume clustered around AI “control points” such as Alphabet, Synopsys,
Marvell, AMD, Qualcomm, Broadcom, and NVIDIA.
Top 10 Stocks by Quarterly Return
| Security Name |
QTLY |
| QUANTUM NUMBERS CORP |
227.84% |
| COHERENT CORP |
71.34% |
| MICRON TECHNOLOGY INC |
70.58% |
| GLOBALSTAR INC |
67.74% |
| TOWER SEMICONDUCTOR LTD |
62.41% |
| CIENA CORP |
60.55% |
| TERADYNE INC |
40.63% |
| NOKIA CORP - SPON ADR |
34.51% |
| ADVANCED MICRO DEVICES |
32.37% |
| ALPHABET INC - CL A |
28.75% |
Bottom 10 Stocks by Quarterly Return
| Security Name |
QTLY |
| COREWEAVE INC |
-47.67% |
| QUANTUM COMPUTING INC |
-44.27% |
| ARQIT QUANTUM INC |
-43.54% |
| ORACLE CORP |
-30.70% |
| IONQ INC |
-27.04% |
| RIGETTI COMPUTING INC |
-25.65% |
| BTQ TECHNOLOGIES CORP |
-25.40% |
| ARM HOLDINGS ADR |
-22.74% |
| SKYWORKS SOLUTIONS INC |
-17.63% |
| CADENCE DESIGN SYSTEMS INC |
-11.01% |
Top 10 Stocks by Unusual Volume
| Security Name |
3m/12m Vol |
| ALPHABET INC - CL A |
1.90 |
| QUANTUM COMPUTING INC |
1.59 |
| NOKIA CORP - SPON ADR |
1.59 |
| SYNOPSYS INC |
1.47 |
| MARVELL TECHNOLOGY INC |
1.18 |
| ADVANCED MICRO DEVICES |
1.09 |
| ALPHABET INC - CL A |
1.09 |
| QUALCOMM INC |
1.06 |
| BROADCOM INC |
1.01 |
| NVIDIA CORP |
0.89 |
Fundamentals
Cash Flow Metrics
|
Security Name
|
1 Yr. Price Return
|
Operating CF Growth
|
FCF Growth
|
FCF Margin
|
FCF Yield
|
FCF:IC
|
Overall Rank
|
| PINTEREST INC- CLASS A |
-10.72% |
18.91% |
19.33% |
27.65% |
7.27% |
22.30% |
1 |
| SPOTIFY TECHNOLOGY SA |
29.80% |
35.10% |
34.02% |
17.37% |
2.79% |
34.55% |
2 |
| NETFLIX INC |
5.19% |
30.06% |
29.55% |
20.70% |
2.09% |
21.06% |
3 |
| TRADE DESK INC/THE -CLASS A |
-67.70% |
19.08% |
7.28% |
24.31% |
4.06% |
23.37% |
4 |
| ALPHABET INC-CL C |
64.78% |
20.85% |
1.08% |
19.08% |
2.09% |
17.40% |
5 |
| ARISTA NETWORKS INC |
18.55% |
11.67% |
10.06% |
47.89% |
2.45% |
33.98% |
5 |
| AT&T INC |
9.09% |
5.39% |
7.82% |
16.03% |
11.33% |
7.74% |
7 |
| OMNICOM GROUP |
-6.15% |
5.32% |
4.72% |
10.38% |
6.57% |
16.26% |
8 |
| WALT DISNEY CO/THE |
2.17% |
20.75% |
19.79% |
10.70% |
4.96% |
6.81% |
9 |
| COMCAST CORP-CLASS A |
-20.36% |
18.82% |
44.52% |
14.70% |
16.69% |
9.53% |
11 |
Income Statement Metrics
|
Security Name
|
1 Yr. Price Return
|
Revenue Growth
|
Gross Margin
|
EBITDA Margin
|
Earnings Yield
|
Overall Rank
|
| INTERDIGITAL INC |
64.35% |
6.92% |
84.12% |
70.04% |
4.68% |
1 |
| META PLATFORMS INC-CLASS A |
12.74% |
15.17% |
82.00% |
52.60% |
3.42% |
1 |
| ALPHABET INC-CL C |
64.78% |
10.21% |
59.18% |
38.11% |
3.23% |
3 |
| TRADE DESK INC/THE -CLASS A |
-67.70% |
14.14% |
78.81% |
22.78% |
2.31% |
4 |
| CHARTER COMMUNICATIONS INC-A |
-39.10% |
0.03% |
50.72% |
40.13% |
17.27% |
5 |
| NETFLIX INC |
5.19% |
11.45% |
48.02% |
66.32% |
6.50% |
6 |
| AT&T INC |
9.09% |
1.75% |
42.70% |
36.93% |
12.39% |
8 |
| OMNICOM GROUP |
-6.15% |
2.40% |
17.42% |
15.49% |
8.39% |
10 |
| RAMBUS INC |
73.84% |
21.89% |
75.75% |
41.78% |
2.29% |
10 |
| WALT DISNEY CO/THE |
2.17% |
2.27% |
31.94% |
20.08% |
6.02% |
11 |
Balance Sheet Ratio
Top Stocks by P:Net Working Capital
| Security Name |
1 Yr. Price Return |
ROA |
P:B |
Total Debt:Total Assets |
FCF Yield |
FCF:IC |
Earnings Yield |
P:Net Working Capital |
| BANK OF AMERICA CORP |
25.14% |
1.25% |
1.45 |
0.21 |
10.61% |
6.86% |
6.67% |
0.40 |
| LG ELECTRONICS INC |
12.47% |
2.35% |
0.71 |
0.21 |
10.24% |
4.70% |
6.64% |
0.44 |
| WELLS FARGO & CO |
32.69% |
1.74% |
1.78 |
0.20 |
12.24% |
9.89% |
6.51% |
0.54 |
| ASUSTEK COMPUTER INC |
-7.18% |
3.68% |
1.53 |
0.07 |
5.49% |
8.37% |
8.53% |
0.95 |
Top 10 Stocks by P:B Ratio
|
Security Name
|
1 Yr. Price Return
|
ROA
|
Total Debt:Total Assets
|
FCF Yield
|
FCF:IC
|
Earnings Yield
|
P:B
|
| LG ELECTRONICS INC |
12.47% |
2.35% |
0.21 |
10.24% |
4.70% |
6.64% |
0.71 |
| VIASAT INC |
304.94% |
7.17% |
0.48 |
22.71% |
9.22% |
-11.67% |
1.03 |
| COMCAST CORP - CLASS A |
-20.36% |
6.64% |
0.36 |
16.69% |
9.53% |
21.48% |
1.05 |
| NETSCOUT SYSTEMS INC |
24.93% |
11.75% |
0.02 |
13.09% |
15.92% |
4.65% |
1.24 |
| AT&T INC |
9.09% |
4.72% |
0.37 |
11.33% |
7.74% |
12.39% |
1.60 |
| CHARTER COMMUNICATIONS INC - A |
-39.10% |
2.87% |
0.63 |
16.25% |
4.00% |
17.27% |
1.76 |
| WALT DISNEY CO / THE |
2.17% |
5.10% |
0.23 |
4.96% |
6.81% |
6.02% |
1.85 |
| OMNICOM GROUP |
-6.15% |
5.78% |
0.25 |
6.57% |
16.26% |
8.39% |
3.37 |
| PINTEREST INC - CLASS A |
-10.72% |
20.34% |
0.04 |
7.27% |
22.30% |
11.00% |
3.64 |
| TRADE DESK INC / THE - CLASS A |
-67.70% |
11.42% |
0.06 |
4.06% |
23.37% |
2.31% |
7.07 |
Cash Flow and Income Statement Items tables only show companies with at least three years of positive FCF or Net Income, P:Networking Capital Table only shows companies with positive net working capital and free cash flow.
The BlueStar® Connective Technologies Index (BCNCT) tracks the performance of the largest and most liquid companies listed on US exchanges offering hardware, software, or services to the rollout of 5G, or 6G networks, and other connective technologies. This is a modified market cap-weighted index.
The MarketVector™ Global Quantum Leaders Index (MVQTML) is a thematic index tracking the performance of companies primarily focused on the development of quantum computing technology or are leaders in ownership of quantum computing related patents.
The BlueStar® Machine Learning and Quantum Computing Index (BQTUM) tracks the performance of the largest and most liquid companies in the global quantum computing and machine learning industries. This is a modified market cap-weighted index, and only includes companies that are acitive in the quantum computing or machine learning business, such as the development or use of quantum computers or computing chips, superconducting materials, applications built on quantum computers, embedded artificial intelligence chips, or software that specialize in the perception, collection, visualization, or management of big data.
The MarketVector™ US Listed Fabless Semiconductor Index is a thematic index tracking the performance of US-listed companies that specialize in the semiconductor industry and operate as fabless semiconductor companies.
The MVIS® US Listed Semiconductor 25 Index (MVSMH) tracks the performance of the 25 largest and most liquid US exchange-listed companies in the semiconductor industry. This is a modified market cap-weighted index, and only includes companies that generate at least 50% of their revenue from semiconductors or semiconductor equipment.
Nextgen Software
Q4 2025
-
The Next Gen Software metatheme declined -6.65% QoQ in Q4 2025, as gains in
data/AI infrastructure were more than offset by a deeper pullback in adtech and
higher-beta “AI narrative” names.
-
In the subthemes, Big Data & AI (+4.48% QoQ) held up best and remains the
longer-term leader at +27.73% YoY, while Artificial Intelligence (-8.28% QoQ;
+13.38% YoY) and Digital Advertising (-12.30% QoQ; -14.62% YoY) drove the
overall drawdown.
-
Dispersion stayed wide at the single-name level, with upside leaders including
BrainPad (+83.74%), Micron (+70.58%), Semrush (+67.94%), Confluent (+52.73%),
and MongoDB (+35.22%).
-
The sharpest declines were concentrated in higher-beta “AI infrastructure /
sentiment” exposures, including Quanbox (-61.98%), CoreWeave (-47.67%),
Domo (-46.78%), SoundHound (-38.00%), and Oracle (-30.70%).
-
Unusual volume skewed toward event-driven smaller names plus select platform
software, such as Confluent, Oracle, and Klaviyo.
Top 10 Stocks by Quarterly Return
| Security Name |
QTLY |
| BRAINPAD INC |
83.74% |
| MICRON TECHNOLOGY INC |
70.58% |
| SEMRUSH HOLDINGS INC - A |
67.94% |
| CONFLUENT INC - CLASS A |
52.73% |
| GRAIL INC |
44.75% |
| TERADATA CORP |
41.52% |
| MONGODB INC |
35.22% |
| TABOOLA.COM LTD |
35.19% |
| BRAZE INC - A |
20.57% |
| KLAVIYO SRS A ORD |
17.26% |
Bottom 10 Stocks by Quarterly Return
| Security Name |
QTLY |
| QUNABOX GROUP ORD |
-61.98% |
| COREWEAVE INC |
-47.67% |
| HEALTHYWAY INC ORD |
-47.60% |
| DOMO INC - CLASS B |
-46.78% |
| DOBOT ORD H |
-40.62% |
| SUPER MICRO COMPUTER INC |
-38.94% |
| SOUNDHOUND AI INC - A |
-38.00% |
| FOURTH PARADIGM ORD H |
-36.52% |
| APPIER GROUP INC |
-34.47% |
| ORACLE CORP |
-30.70% |
Top 10 Stocks by Unusual Volume
| Security Name |
3m/12m Vol |
| UNISOUND ORD H |
3.09 |
| CARIS LIFE SCIENCES INC |
2.84 |
| VERITONE INC |
2.74 |
| NIQ GLOBAL INTELLIGENCE PLC |
2.57 |
| QUNABOX GROUP ORD |
2.14 |
| ORACLE CORP |
1.59 |
| SPROUT SOCIAL INC |
1.58 |
| KLAVIYO SRS A ORD |
1.47 |
| BIGBEAR.AI HOLDINGS INC |
1.45 |
| CONFLUENT INC - CLASS A |
1.37 |
Fundamentals
Cash Flow Metrics
|
Security Name
|
1 Yr. Price Return
|
Operating CF Growth
|
FCF Growth
|
FCF Margin
|
FCF Yield
|
FCF:IC
|
Overall Rank
|
| NVIDIA CORP |
38.88% |
41.05% |
36.75% |
41.32% |
1.71% |
60.23% |
1 |
| APPLOVIN CORP |
108.08% |
60.00% |
60.13% |
64.55% |
1.62% |
67.26% |
2 |
| PALANTIR TECHNOLOGIES INC |
135.03% |
57.51% |
57.18% |
46.04% |
0.44% |
26.46% |
4 |
| SYMBOTIC INC |
150.95% |
389.52% |
513.82% |
35.07% |
10.86% |
321.23% |
6 |
| SERVICENOW INC |
-27.75% |
13.45% |
15.70% |
30.83% |
2.45% |
28.72% |
7 |
| SALESFORCE INC |
-20.76% |
7.80% |
8.60% |
31.98% |
5.19% |
18.16% |
8 |
| PTC INC |
-5.25% |
8.17% |
9.05% |
31.23% |
4.13% |
16.62% |
9 |
| YEXT INC |
26.73% |
62.71% |
66.98% |
13.75% |
6.23% |
19.33% |
10 |
Income Statement Metrics
|
Security Name
|
1 Yr. Price Return
|
Revenue Growth
|
Gross Margin
|
EBITDA Margin
|
Earnings Yield
|
Overall Rank
|
| NVIDIA CORP |
38.88% |
65.22% |
70.05% |
60.22% |
2.16% |
1 |
| META PLATFORMS INC |
12.74% |
15.17% |
82.00% |
52.60% |
3.42% |
2 |
| ADOBE INC |
-21.29% |
10.43% |
89.27% |
40.07% |
4.77% |
3 |
| CADENCE DESIGN SYSTEMS INC |
4.03% |
12.31% |
84.83% |
35.93% |
1.24% |
6 |
| PTC INC |
-5.25% |
18.41% |
82.08% |
41.71% |
3.49% |
7 |
| TRADE DESK INC/THE -CLASS A |
-67.70% |
14.14% |
78.81% |
22.78% |
2.31% |
10 |
| MICROSOFT CORP |
14.74% |
12.23% |
68.76% |
59.82% |
2.91% |
11 |
| AUTODESK INC |
0.15% |
15.62% |
84.96% |
24.93% |
1.74% |
12 |
| SYNOPSYS INC |
-3.22% |
15.13% |
72.03% |
26.13% |
1.72% |
15 |
| DOUBLEVERIFY HOLDINGS INC |
-40.45% |
11.64% |
74.64% |
18.61% |
2.29% |
16 |
Balance Sheet Ratio
Top Stocks by P:Net Working Capital
| Security Name |
1 Yr. Price Return |
ROA |
P:B |
Total Debt:Total Assets |
FCF Yield |
FCF:IC |
Earnings Yield |
P:Net Working Capital |
| FINVOLUTION GROUP |
-22.97% |
6.00% |
0.58 |
0.04 |
30.26% |
9.04% |
9.96% |
0.39 |
| HAVAS NV |
18.84% |
3.10% |
0.98 |
0.11 |
12.19% |
10.54% |
4.49% |
0.48 |
| PUBMATIC INC |
-39.62% |
7.13% |
1.67 |
0.07 |
14.25% |
16.99% |
-2.14% |
0.65 |
| PERION NETWORK LTD |
13.11% |
2.09% |
0.63 |
0.02 |
4.43% |
2.71% |
-3.00% |
0.82 |
| CRITEO SA |
-47.90% |
10.81% |
0.96 |
0.06 |
20.36% |
18.37% |
14.42% |
1.09 |
| IBOTTA INC |
-65.07% |
12.11% |
1.87 |
0.04 |
12.94% |
19.42% |
12.98% |
1.17 |
Top 10 Stocks by P:B Ratio
|
Security Name
|
1 Yr. Price Return
|
ROA
|
Total Debt:Total Assets
|
FCF Yield
|
FCF:IC
|
Earnings Yield
|
P:B
|
| PERION NETWORK LTD |
13.11% |
2.09% |
0.02 |
4.43% |
2.71% |
-3.00% |
0.63 |
| CRITEO SA |
-47.90% |
10.81% |
0.06 |
20.36% |
18.37% |
14.42% |
0.96 |
| HAVAS NV |
18.84% |
3.10% |
0.11 |
12.19% |
10.54% |
4.49% |
0.98 |
| GRID DYNAMICS HOLDINGS INC |
-59.40% |
3.81% |
0.02 |
3.05% |
4.27% |
1.83% |
1.42 |
| TABOOLA.COM LTD |
26.30% |
11.39% |
0.11 |
14.63% |
16.57% |
0.23% |
1.47 |
| PUBMATIC INC |
-39.62% |
7.13% |
0.07 |
14.25% |
16.99% |
-2.14% |
1.67 |
| DOUBLEVERIFY HOLDINGS INC |
-40.45% |
10.84% |
0.08 |
7.62% |
12.09% |
2.29% |
1.71 |
| WAYSTAR HOLDING CORP |
-10.76% |
5.99% |
0.26 |
4.54% |
6.38% |
1.98% |
1.78 |
| LIVERAMP HOLDINGS INC |
-3.29% |
12.05% |
0.03 |
8.00% |
15.45% |
2.06% |
2.00 |
| FIVE9 INC |
-50.66% |
7.20% |
0.45 |
8.12% |
8.20% |
1.89% |
2.02 |
Cash Flow and Income Statement Items tables only show companies with at least three years of positive FCF or Net Income, P:Networking Capital Table only shows companies with positive net working capital and free cash flow.
The BlueStar® Artificial Intelligence Index (BAI) tracks the performance of the largest and most liquid companies in the global artificial intelligence industry. This is a modified market cap-weighted index, and only includes companies involved in hardware, software, or services related to machine learning or artificial intelligence.
The BlueStar® Big Data & AI Index (BDAI) tracks the performance of companies that are involved in the Big Data and Artificial Intelligence industries.
The BlueStar® Digital Advertising Index (BADTQ) tracks the performance of companies involved in the digital advertising services and software segments. This is a modified market cap-weighted index, and only includes companies that generate at least 50% of their revenue from (1) digital advertising-focused data services, (2) digital advertising services, platforms and market places, (3) digital advertisement video production and delivery solutions, and (4) digital marketing software and services including rewards programs.
Regional Technology
Q4 2025
-
Regional Technology declined -3.17% QoQ in Q4 2025, despite generally
constructive performance across most regional sleeves. The key drag was China
Internet Software (-10.77% QoQ), which more than offset gains in Digital India
(+5.04%), Israel Global Technology (+3.05%), Asia Technology (+2.98%), and US
Profitable Technology (+0.90%).
-
Single-name dispersion was wide: leaders included Tower Semiconductor (+62.41%),
Webit Nano (+60.59%), NVIDIA (+51.07%), and ASE Industrial (+45.18%),
while weakness clustered in U.S. enterprise IT and select China/fintech exposures
(Intuit -58.19%, Innoviz -58.18%, CDW -55.57%, Kingsoft Cloud -30.70%, Finvolution
-29.04%).
Top 10 Stocks by Quarterly Return
| Security Name |
QTLY |
| MICRON TECHNOLOGY INC |
70.58% |
| TOWER SEMICONDUCTOR LTD |
62.41% |
| WEEBIT NANO LTD |
60.59% |
| CIENA CORP |
60.55% |
| ENLIGHT RENEWABLE ENERGY LTD |
47.74% |
| NEXT VISION STABILIZED SYSTE |
45.49% |
| ASE INDUSTRIAL HLDG SPON ADR |
45.18% |
| WESTERN DIGITAL CORP |
43.49% |
| TERADYNE INC |
40.63% |
| QUALITAU LTD |
39.77% |
Bottom 10 Stocks by Quarterly Return
| Security Name |
QTLY |
| INNOVIZ TECHNOLOGIES LTD |
-58.18% |
| FOURTH PARADIGM ORD H |
-36.52% |
| JF SMARTINVEST HOLDINGS LTD |
-34.18% |
| QFIN HOLDINGS INC |
-33.04% |
| EAST BUY HOLDING LTD |
-31.02% |
| KINGSOFT CLOUD HOLDINGS LTD |
-30.70% |
| FINVOLUTION GROUP |
-29.04% |
| NETEASE CLOUD MUSIC INC |
-28.40% |
| CHINA RUYI HOLDINGS LTD |
-26.26% |
| IQIYI INC |
-25.00% |
Top 10 Stocks by Unusual Volume
| Security Name |
3m/12m Vol |
| JABIL INC |
3.45 |
| INTUIT INC |
3.28 |
| KEYSIGHT TECHNOLOGIES IN |
2.52 |
| INTL BUSINESS MACHINES CORP |
2.42 |
| TRAVELSKY TECHNOLOGY LTD - H |
1.34 |
| FINVOLUTION GROUP |
1.29 |
| MEITUAN |
1.22 |
| KINGSOFT CORP LTD |
1.22 |
| OSL GROUP LTD |
1.21 |
| PING AN HEALTHCARE AND TECHNOL |
1.17 |
Fundamentals
Cash Flow Metrics
|
Security Name
|
1 Yr. Price Return
|
Operating CF Growth
|
FCF Growth
|
FCF Margin
|
FCF Yield
|
FCF:IC
|
Overall Rank
|
| ARYT INDUSTRIES LTD |
476.87% |
46.09% |
51.43% |
69.98% |
3.32% |
56.51% |
1 |
| NVIDIA CORP |
38.88% |
41.05% |
36.75% |
41.32% |
1.71% |
60.23% |
2 |
| JF SMARTINVEST HOLDINGS LTD |
82.50% |
12.69% |
11.40% |
52.22% |
8.58% |
76.51% |
3 |
| ARISTA NETWORKS INC |
18.55% |
11.67% |
10.06% |
47.89% |
2.45% |
33.98% |
5 |
| APPLOVIN CORP-CLASS A |
108.08% |
60.00% |
60.13% |
64.55% |
1.62% |
67.26% |
6 |
| CELLEBRITE DI LTD |
-18.16% |
15.53% |
14.44% |
30.51% |
3.22% |
29.88% |
7 |
| PALANTIR TECHNOLOGIES INC-A |
135.03% |
57.51% |
57.18% |
46.04% |
0.44% |
26.46% |
8 |
| MONDAY.COM LTD |
-37.33% |
17.04% |
15.97% |
28.36% |
4.58% |
25.24% |
9 |
Income Statement Metrics
|
Security Name
|
1 Yr. Price Return
|
Revenue Growth
|
Gross Margin
|
EBITDA Margin
|
Earnings Yield
|
Overall Rank
|
| TRIP.COM GROUP LTD |
4.73% |
12.47% |
80.72% |
27.87% |
8.38% |
3 |
| NEXT VISION STABILIZED SYSTE |
297.04% |
31.14% |
71.33% |
63.41% |
1.68% |
4 |
| GEN DIGITAL INC |
-0.69% |
14.93% |
74.94% |
48.13% |
3.36% |
5 |
| ARYT INDUSTRIES LTD |
476.87% |
102.13% |
61.28% |
55.57% |
2.86% |
6 |
| NVIDIA CORP |
38.88% |
65.22% |
70.05% |
60.22% |
2.16% |
7 |
| PLUS500 LTD |
43.96% |
2.13% |
97.64% |
43.73% |
7.62% |
10 |
| TAIWAN SEMICONDUCTOR-SP ADR |
53.88% |
29.36% |
58.69% |
68.69% |
3.23% |
13 |
| INDIAN ENERGY EXCHANGE LTD |
-29.60% |
7.42% |
87.35% |
86.25% |
4.10% |
14 |
| FIRST SOLAR INC |
48.22% |
20.07% |
40.30% |
41.86% |
4.99% |
15 |
| ADOBE INC |
-21.29% |
10.43% |
89.27% |
40.07% |
4.77% |
16 |
Balance Sheet Ratio
Top Stocks by P:Net Working Capital
| Security Name |
1 Yr. Price Return |
ROA |
P:B |
Total Debt:Total Assets |
FCF Yield |
FCF:IC |
Earnings Yield |
P:Net Working Capital |
| PAYONEER GLOBAL INC |
-44.02% |
1.85% |
2.69 |
0.01 |
7.59% |
19.04% |
3.23% |
0.27 |
| TCL ELECTRONICS HOLDINGS LTD |
63.14% |
2.79% |
1.53 |
0.08 |
8.73% |
13.01% |
8.74% |
0.38 |
| LUFAX HOLDING LTD |
7.11% |
3.84% |
0.18 |
0.23 |
46.61% |
6.01% |
-29.75% |
0.39 |
| LENOVO GROUP LTD |
-8.32% |
1.48% |
2.16 |
0.10 |
5.01% |
6.41% |
11.16% |
0.44 |
| FIVERR INTERNATIONAL LTD |
-37.72% |
10.03% |
1.83 |
0.41 |
15.64% |
28.52% |
3.08% |
0.76 |
Top 10 Stocks by P:B Ratio
|
Security Name
|
1 Yr. Price Return
|
ROA
|
Total Debt:Total Assets
|
FCF Yield
|
FCF:IC
|
Earnings Yield
|
P:B
|
| LUFAX HOLDING LTD |
7.11% |
3.84% |
0.23 |
46.61% |
6.01% |
-29.75% |
0.18 |
| PERION NETWORK LTD |
13.11% |
2.09% |
0.02 |
4.43% |
2.71% |
-3.00% |
0.63 |
| MOBILEYE GLOBAL INC - A |
-47.59% |
5.20% |
0.00 |
28.76% |
5.43% |
-27.87% |
0.71 |
| QFIN HOLDINGS INC |
-49.79% |
17.64% |
0.11 |
60.00% |
36.50% |
35.33% |
0.74 |
| TUYA INC |
17.88% |
7.80% |
0.00 |
7.44% |
8.78% |
0.89% |
1.29 |
| JIO FINANCIAL SERVICES LTD |
-5.96% |
0.59% |
0.07 |
0.48% |
0.62% |
0.91% |
1.37 |
| TABOOLA.COM LTD |
26.30% |
11.39% |
0.11 |
14.63% |
16.57% |
0.23% |
1.47 |
| UNITED MICROELECTRONICS CORP ADR |
21.11% |
7.92% |
0.16 |
7.31% |
10.47% |
6.62% |
1.67 |
| SAMSUNG ELEC GDR REGS |
127.03% |
4.50% |
0.03 |
3.10% |
5.78% |
4.20% |
1.68 |
| INFO EDGE INDIA LTD |
-27.00% |
2.03% |
0.00 |
1.41% |
2.47% |
0.36% |
1.75 |
Cash Flow and Income Statement Items tables only show companies with at least three years of positive FCF or Net Income, P:Networking Capital Table only shows companies with positive net working capital and free cash flow.
The BlueStar® Asia Technology Index (BSEAQ) tracks the performance of the largest and most liquid technology companies listed in Emerging or South East Asian markets. This is a modified market cap-weighted index, and only includes companies that generate at least 50% revenues from one of the following segments: information technology, internet-based services including e-commerce, streaming services, or consumer electronics.
The BlueStar® China Internet Software Index (BCHNQ) tracks the performance of the largest and most liquid software companies domiciled, incorporated, or headquartered in China or Hong Kong. This is a modified market cap-weighted index, and only includes companies that generate at least 50% of their revenue from products or services related to the internet software industry, such as e-commerce, cloud-based software, online entertainment, data processing, or home entertainment software.
The MVIS® Digital India Index (MVDIND) tracks the performance of the largest and most liquid digital companies in India. The index is a modified market cap-weighted index and includes pure-play exposure to Indian companies operating in the fields of technology, telecommunications, and internet applications. MVDIND covers at least 95% of the investable universe.
The BlueStar® Israel Global Technology Index (BGTH) tracks the performance of the largest and most liquid global Israeli technology companies, irrespective of listing venue. The definition of an Israeli company is based on MVIS's proprietary research-driven framework. This is a modified market cap-weighted index, and only includes companies that generate at least 50% of their revenue from a technology industry, such as information technology, biotechnology, defense and security technology, and clean energy technology.
Thematic Industrials & Infrastructure
Q4 2025
-
The Industrials & Infrastructure metatheme gained +1.53% QoQ in Q4 2025, with
performance led by Space Industry (+26.55% QoQ) and follow-through in Robotics
(+9.63%) and Europe Infrastructure (+6.94%). More defensive sleeves were positive
but muted (US AI & Power Infrastructure +3.18%, Circular Economy +2.46%,
Global Environmental Services +0.84%, Defense Industry +0.59%), while Total
Security (-3.25%) acted as the key offset.
-
Single-name dispersion stayed wide: top contributors included Fluence Energy
(+83.15%), Globalstar (+67.74%), Planet Labs (+51.93%), and Teradyne (+40.63%).
On the downside, losses clustered in higher-beta/idiosyncratic names and select
defense/industrial software (Nuscale -60.64%, American Superconductor -51.54%,
Gogo -45.75%, Varonis -42.93%).
Top 10 Stocks by Quarterly Return
| Security Name |
QTLY |
| FLUENCE ENERGY INC |
83.15% |
| GLOBALSTAR INC |
67.74% |
| PLANET LABS PBC |
51.93% |
| NEXT VISION STABILIZED SYSTE |
45.49% |
| YASKAWA ELECTRIC CORP ORD |
42.47% |
| TERADYNE INC |
40.63% |
| LASERTEC CORP |
38.07% |
| FANUC CORP |
35.00% |
| KONECRANES OYJ |
33.91% |
| LAM RESEARCH CORP |
27.84% |
Bottom 10 Stocks by Quarterly Return
| Security Name |
QTLY |
| NUSCALE POWER CORP |
-60.64% |
| AMERICAN SUPERCONDUCTOR CORP |
-51.54% |
| GOGO INC |
-45.75% |
| VARONIS SYSTEMS INC |
-42.93% |
| RENK GROUP AG |
-38.73% |
| HENSOLDT AG |
-33.38% |
| BENTLEY SYSTEMS INC |
-25.86% |
| PARSONS CORP |
-25.47% |
| LEONARDO DRS INC |
-24.91% |
| AEROVIRONMENT INC |
-23.18% |
Top 10 Stocks by Unusual Volume
| Security Name |
3m/12m Vol |
| VERISURE |
4.01 |
| WHITEFIBER INC |
3.09 |
| ONDAS HOLDINGS INC |
2.97 |
| KARMAN HOLDINGS INC |
1.90 |
| PLANET LABS PBC |
1.71 |
| CASELLA WASTE SYSTEMS INC |
1.58 |
| NOVA LTD |
1.54 |
| YASKAWA ELECTRIC CORP ORD |
1.54 |
| BENTLEY SYSTEMS INC |
1.47 |
| BIGBEAR.AI HOLDINGS INC |
1.45 |
Fundamentals
Cash Flow Metrics
|
Security Name
|
1 Yr. Price Return
|
Operating CF Growth
|
FCF Growth
|
FCF Margin
|
FCF Yield
|
FCF:IC
|
Overall Rank
|
| NVIDIA CORP |
38.88% |
41.05% |
36.75% |
41.32% |
1.71% |
60.23% |
1 |
| CELLEBRITE DI LTD |
-18.16% |
15.53% |
14.44% |
30.51% |
3.22% |
29.88% |
3 |
| NAPCO SECURITY TECHNOLOGIES IN |
17.27% |
1.80% |
4.12% |
27.58% |
3.46% |
28.39% |
4 |
| PALANTIR TECHNOLOGIES INC |
135.03% |
57.51% |
57.18% |
46.04% |
0.44% |
26.46% |
5 |
| SES SA |
105.10% |
25.50% |
22.60% |
45.78% |
39.99% |
11.09% |
7 |
| ZSCALER INC |
24.67% |
28.03% |
29.95% |
29.91% |
2.36% |
22.61% |
8 |
| CLEAR SECURE INC -CLASS A |
31.68% |
5.06% |
2.20% |
33.43% |
8.47% |
112.79% |
11 |
| VARONIS SYSTEMS INC |
-26.18% |
27.62% |
21.17% |
21.60% |
3.40% |
11.78% |
14 |
| NVIDIA CORP |
38.88% |
41.05% |
36.75% |
41.32% |
1.71% |
60.23% |
999 |
| PALANTIR TECHNOLOGIES INC |
135.03% |
57.51% |
57.18% |
46.04% |
0.44% |
26.46% |
999 |
Income Statement Metrics
|
Security Name
|
1 Yr. Price Return
|
Revenue Growth
|
Gross Margin
|
EBITDA Margin
|
Earnings Yield
|
Overall Rank
|
| GEN DIGITAL INC |
-0.69% |
14.93% |
74.94% |
48.13% |
3.36% |
1 |
| RAMBUS INC |
73.84% |
21.89% |
75.75% |
41.78% |
2.29% |
8 |
| INFRASTRUTTURE WIRELESS ITALIANE SPA |
-9.00% |
5.44% |
58.94% |
91.41% |
4.75% |
9 |
| CHECK POINT SOFTWARE TECH LTD |
-0.61% |
8.45% |
85.10% |
35.46% |
5.09% |
10 |
| BROADCOM INC |
49.28% |
23.87% |
64.71% |
54.67% |
1.38% |
11 |
| QUALYS INC |
-5.22% |
7.25% |
82.47% |
35.04% |
3.88% |
12 |
| VERISIGN INC |
17.39% |
4.45% |
87.97% |
69.67% |
3.54% |
13 |
| FORTINET INC |
-15.95% |
10.06% |
79.34% |
33.12% |
3.06% |
14 |
| VISTRA CORP |
17.02% |
13.52% |
38.78% |
44.97% |
1.72% |
15 |
| ACCIONA SA |
93.97% |
2.92% |
48.70% |
13.71% |
7.61% |
20 |
Balance Sheet Ratio
Top Stocks by P:Net Working Capital
| Security Name |
1 Yr. Price Return |
ROA |
P:B |
Total Debt:Total Assets |
FCF Yield |
FCF:IC |
Earnings Yield |
P:Net Working Capital |
| SES SA |
105.10% |
8.06% |
0.83 |
0.60 |
39.99% |
11.09% |
-2.64% |
0.41 |
| DUERR AG |
19.14% |
4.35% |
1.45 |
0.27 |
12.85% |
9.88% |
-1.92% |
0.53 |
| BOUYGUES SA |
76.25% |
5.36% |
1.35 |
0.23 |
19.77% |
13.26% |
5.84% |
0.57 |
| CHINA EVERBRIGHT ENVIRONMENT GROUP LTD |
24.30% |
1.38% |
0.58 |
0.52 |
8.87% |
2.06% |
10.56% |
0.57 |
| BICO AB |
-21.00% |
3.94% |
0.84 |
0.35 |
9.91% |
7.21% |
-41.61% |
0.76 |
| SKANSKA AB CLASS B |
30.22% |
5.77% |
1.76 |
0.11 |
8.99% |
12.65% |
5.39% |
0.82 |
| KONINKLIJKE BAM GROEP NV |
151.26% |
4.74% |
2.73 |
0.09 |
7.20% |
15.95% |
4.85% |
1.00 |
| BALFOUR BEATTY PLC |
67.90% |
10.18% |
3.32 |
0.19 |
17.81% |
31.88% |
4.85% |
1.01 |
| NEXANS |
36.93% |
5.86% |
2.86 |
0.26 |
8.63% |
13.13% |
8.06% |
1.09 |
Top 10 Stocks by P:B Ratio
|
Security Name
|
1 Yr. Price Return
|
ROA
|
Total Debt:Total Assets
|
FCF Yield
|
FCF:IC
|
Earnings Yield
|
P:B
|
| CHINA EVERBRIGHT ENVIRONMENT GROUP LTD |
24.30% |
1.38% |
0.52 |
8.87% |
2.06% |
10.56% |
0.58 |
| SES SA |
105.10% |
8.06% |
0.60 |
39.99% |
11.09% |
-2.64% |
0.83 |
| BICO AB |
-21.00% |
3.94% |
0.35 |
9.91% |
7.21% |
-41.61% |
0.84 |
| VIASAT INC |
304.94% |
7.17% |
0.48 |
22.71% |
9.22% |
-11.67% |
1.03 |
| SMURFIT WESTROCK PLC |
-28.20% |
1.82% |
0.31 |
4.11% |
2.61% |
3.93% |
1.10 |
| GB GROUP PLC |
-18.82% |
4.76% |
0.12 |
5.95% |
5.50% |
1.35% |
1.11 |
| MATERIALISE NV |
-21.16% |
1.21% |
0.15 |
1.80% |
1.64% |
1.48% |
1.11 |
| WIENERBERGER AG |
29.52% |
4.67% |
0.34 |
8.72% |
6.77% |
5.72% |
1.20 |
| NGK INSULATORS LTD ORD |
67.39% |
6.58% |
0.22 |
8.24% |
8.04% |
5.65% |
1.21 |
| NETSCOUT SYSTEMS INC |
24.93% |
11.75% |
0.02 |
13.09% |
15.92% |
4.65% |
1.24 |
Cash Flow and Income Statement Items tables only show companies with at least three years of positive FCF or Net Income, P:Networking Capital Table only shows companies with positive net working capital and free cash flow.
The MVIS® Global Circular Economy ESG Index (MVCIRC) tracks the performance of companies contributing to the circular economy. This includes water purification and treatment products/services, waste-to-energy and biofuels, waste management services that include recycling services, metal recycling services. MVCIRC covers at least 90% of the investable universe.
The MarketVector™ Global Defense Industry Index tracks the performance of companies that are involved in serving national defense industries.
The BlueStar® Europe Infrastructure Index (BEURI) tracks the performance of European companies that are involved in the infrastructure segment in the European market.
The MarketVector™ Global Environmental Services Index (MVEVX) is a thematic index tracking the performance of companies involved in a range of environmental services serving various industries.
The BlueStar® Robotics Index (BRBT) tracks the performance of the largest and most liquid companies in the global robotics industry. This is a modified market cap-weighted index and includes companies that generate at least 50% of their revenue from Robots and manufacturing/industrial automation systems, robotic surgical systems, additive manufacturing (3D printing), robotics or manufacturing computer-aided design or other software, semiconductor manufacturing systems, machine vision (at least 25% revenue from industrial or manufacturing segments), Embedded Machine Learning Chips (at least 25% of revenue from industrial segment or other segment where robotics, industrial IoT, or factory automation are use cases).
The BlueStar® Global Robotics & 3D Printing Index (BRB3D) is a global index that tracks the performance of the largest and most liquid companies involved in the robotics, 3D printing, and computer aided design segments. This is a modified market cap-weighted index, which only includes companies that generate at least 50% of their revenue from robots or manufacturing automation, computer aided design software, or additive manufacturing systems or related materials and software.
The MVIS® Global Space Industry ESG Index (MVSPC) tracks the performance of the largest and most liquid companies in the global space industry. This is a modified market cap-weighted index, and only includes companies that generate a majority of their revenue from products and services related to space exploration, rockets and propulsion systems, satellite equipment and communications solutions, or other satellite equipment related services. MVSPC covers at least 90% of the investable universe and adheres to ESG criteria.
The BlueStar® Defense & Cyber & Intelligence Index (BTOT) tracks the performance of the largest and most liquid companies in the global defense and cyber securities industries. This is a modified market cap-weighted index, and only includes companies that generate at least 50% of their revenue from products and services relating to defense security, cyber security, and or actionable intelligence.
The MarketVector™ US Listed AI and Power Infrastructure Index (MVAIPO) is a thematic index tracking the performance of companies contributing to critical electrical grid and artificial intelligence infrastructure through nuclear and other decentralized energy technologies, electric equipment and related engineering and construction services, electrical utilities, data center operations, and AI related computing hardware.
Thematic REITs
Q4 2025
-
REITs 2.0 declined -4.07% QoQ in Q4 2025, with weakness concentrated in the most
rate- and cycle-sensitive segments. US Listed Office & Commercial REITs (-12.30%
QoQ) and Top 10 US Residential Real Estate (-8.49%) drove the drawdown, while
US Mortgage REITs (+2.87%) were a relative bright spot and Data Center & Logistics
Real Estate (-0.18%) was essentially flat (but still +9.29% YoY).
-
Dispersion remained high at the single-name level: leaders included Camden Property
Trust (+32.57%), Invitation Homes (+32.57%), Outfront Media (+31.55%), and
DigitalBridge (+31.11%), while the steepest declines clustered in retail/office
and rate-exposed names (Kite Realty -60.64%, Sila Realty -60.64%, Hudson Pacific
-43.94%, Alexandria -41.28%).
Top 10 Stocks by Quarterly Return
| Security Name |
QTLY |
| OUTFRONT MEDIA INC |
31.55% |
| DIGITALBRIDGE GROUP INC |
31.11% |
| CBL & ASSOCIATES PROPERTIES |
20.99% |
| ARMOUR RESIDENTIAL REIT INC |
18.41% |
| PROLOGIS INC |
11.47% |
| FIRST INDUSTRIAL REALTY TR |
11.27% |
| ANNALY CAPITAL MANAGEMENT INC |
10.64% |
| KITE REALTY GROUP TRUST |
7.49% |
| EASTGROUP PROPERTIES INC |
5.25% |
Bottom 10 Stocks by Quarterly Return
| Security Name |
QTLY |
| HUDSON PACIFIC PROPERTIES INC |
-43.94% |
| COGENT COMMUNICATIONS HOLDINGS INC |
-43.78% |
| READY CAPITAL CORP |
-43.67% |
| ALEXANDRIA REAL ESTATE EQUITIES INC |
-41.28% |
| ARBOR REALTY TRUST INC |
-36.45% |
| BRANDYWINE REALTY TRUST |
-29.98% |
| DOUGLAS EMMETT INC |
-29.42% |
| VICI PROPERTIES INC |
-13.77% |
Top 10 Stocks by Unusual Volume
| Security Name |
3m/12m Vol |
| EQUITY LIFESTYLE PROPERTIES |
4.01 |
| EASTGROUP PROPERTIES INC |
1.77 |
| INVITATION HOMES INC |
1.54 |
| VICI PROPERTIES INC |
1.51 |
| INVITATION HOMES INC |
1.30 |
| EQUITY LIFESTYLE PROPERTIES |
1.18 |
| REXFORD INDUSTRIAL REALTY IN |
1.13 |
| VICI PROPERTIES INC |
1.08 |
| EASTGROUP PROPERTIES INC |
0.97 |
Fundamentals
Cash Flow Metrics
|
Security Name
|
1 Yr. Price Return
|
Operating CF Growth
|
FCF Growth
|
FCF Margin
|
FCF Yield
|
FCF:IC
|
Overall Rank
|
| CARETRUST REIT INC |
33.68% |
42.59% |
41.58% |
78.04% |
4.14% |
6.84% |
1 |
| EASTERLY GOVERNMENT PROPERTIES INC |
-25.39% |
46.85% |
46.85% |
73.88% |
24.75% |
8.59% |
2 |
| MONTEA NV |
31.16% |
27.00% |
27.04% |
77.90% |
6.38% |
3.64% |
3 |
| VORNADO REALTY TRUST |
-20.84% |
153.96% |
153.96% |
75.26% |
21.37% |
9.77% |
11 |
| AGREE REALTY CORP |
2.24% |
14.24% |
14.24% |
69.46% |
5.80% |
5.62% |
12 |
| FOUR CORNERS PROPERTY TRUST |
-15.03% |
23.29% |
23.29% |
61.94% |
7.26% |
6.45% |
13 |
| NATL HEALTH INVESTORS INC |
10.20% |
9.72% |
10.45% |
59.29% |
5.84% |
8.80% |
16 |
| LONDONMETRIC PROPERTY PLC |
13.12% |
86.71% |
97.74% |
59.62% |
5.55% |
3.54% |
18 |
| CURBLINE PROPERTIES CORP |
-0.04% |
135.41% |
224.71% |
72.03% |
4.84% |
4.98% |
21 |
| TANGER FACTORY OUTLET CENTER |
-2.23% |
11.25% |
36.46% |
37.31% |
5.46% |
8.71% |
27 |
Income Statement Metrics
|
Security Name
|
1 Yr. Price Return
|
Revenue Growth
|
Gross Margin
|
EBITDA Margin
|
Earnings Yield
|
Overall Rank
|
| ELLINGTON FINANCIAL INC |
12.05% |
42.57% |
84.11% |
76.60% |
9.71% |
4 |
| PENNYMAC MORTGAGE INVESTMENT |
-0.32% |
13.66% |
90.40% |
75.00% |
7.31% |
5 |
| TRITAX BIG BOX REIT PLC |
23.18% |
11.45% |
85.32% |
79.68% |
10.90% |
6 |
| ESSENTIAL PROPERTIES REALTY TRUST INC |
-5.18% |
18.58% |
71.54% |
94.02% |
4.19% |
7 |
| MONTEA NV |
31.16% |
10.34% |
86.75% |
79.47% |
8.66% |
9 |
| WAREHOUSES DE PAUW SCA |
32.04% |
13.84% |
83.64% |
81.51% |
7.02% |
10 |
| RITHM CAPITAL CORP |
0.65% |
7.90% |
92.14% |
55.46% |
13.39% |
11 |
| CARETRUST REIT INC |
33.68% |
44.61% |
78.44% |
85.77% |
3.77% |
12 |
| GRANITE REAL ESTATE INVESTMENT TRUST |
22.89% |
4.14% |
82.00% |
77.80% |
5.64% |
13 |
| GETTY REALTY CORP |
-9.16% |
5.31% |
66.82% |
81.66% |
4.68% |
16 |
Balance Sheet Ratio
Top 10 Stocks by Earnings Yield
| Security Name |
1 Yr. Price Return |
ROA |
P:B |
Total Debt:Total Assets |
FCF Yield |
FCF:IC |
Earnings Yield |
| UNITI GROUP INC |
-23.16% |
-0.67% |
2.41 |
0.81 |
-4.83% |
-0.78% |
112.03% |
| RITHM CAPITAL CORP |
0.65% |
-4.17% |
0.85 |
0.74 |
-32.54% |
-4.77% |
13.39% |
| VORNADO REALTY TRUST |
-20.84% |
8.67% |
1.31 |
0.50 |
21.37% |
9.77% |
12.62% |
| DYNEX CAPITAL INC |
10.75% |
0.86% |
1.10 |
0.83 |
5.91% |
6.21% |
12.53% |
| FARMLAND PARTNERS INC |
-17.60% |
2.20% |
0.93 |
0.23 |
3.90% |
2.62% |
12.49% |
| ANNALY CAPITAL MANAGEMENT INC |
22.19% |
2.27% |
1.16 |
0.85 |
18.71% |
6.47% |
10.13% |
| VICI PROPERTIES INC |
-3.73% |
5.29% |
1.09 |
0.38 |
8.19% |
5.43% |
9.34% |
| SUN COMMUNITIES INC |
0.76% |
6.47% |
2.19 |
0.34 |
5.41% |
7.33% |
6.46% |
| TERRENO REALTY CORP |
-0.73% |
4.57% |
1.51 |
0.22 |
4.01% |
4.73% |
5.37% |
| REXFORD INDUSTRIAL REALTY INC |
0.16% |
1.61% |
1.06 |
0.26 |
2.29% |
1.71% |
3.67% |
Top 10 Stocks by P:B Ratio
|
Security Name
|
1 Yr. Price Return
|
ROA
|
Total Debt:Total Assets
|
FCF Yield
|
FCF:IC
|
Earnings Yield
|
P:B
|
| APOLLO COMMERCIAL REAL ESTATE |
11.78% |
0.59% |
0.79 |
4.17% |
0.65% |
9.08% |
0.72 |
| EASTERLY GOVERNMENT PROPERTIES INC |
-25.39% |
7.15% |
0.49 |
24.75% |
8.59% |
2.37% |
0.73 |
| DREAM INDUSTRIAL REAL ESTATE |
11.76% |
1.96% |
0.37 |
4.54% |
2.27% |
6.68% |
0.78 |
| SEGRO PLC |
10.34% |
1.68% |
0.27 |
3.13% |
1.84% |
6.16% |
0.79 |
| TRITAX BIG BOX REIT PLC |
23.18% |
1.90% |
0.31 |
3.29% |
1.95% |
10.90% |
0.80 |
| KILROY REALTY CORP |
-7.61% |
5.14% |
0.43 |
12.79% |
5.55% |
7.26% |
0.81 |
| GRANITE REAL ESTATE INVESTMENT TRUST |
22.89% |
3.87% |
0.33 |
7.41% |
4.33% |
5.64% |
0.91 |
| COUSINS PROPERTIES INC |
-15.86% |
1.88% |
0.39 |
3.87% |
2.04% |
1.35% |
0.91 |
| FARMLAND PARTNERS INC |
-17.60% |
2.20% |
0.23 |
3.90% |
2.62% |
12.49% |
0.93 |
| MONTEA NV |
31.16% |
3.50% |
0.39 |
6.38% |
3.64% |
8.66% |
0.94 |
Cash Flow and Income Statement Items tables only show companies with at least three years of positive FCF or Net Income, P:Networking Capital Table only shows companies with positive net working capital and free cash flow.
The BlueStar Data Center and Logistics Real Estate Index (BDLRT) tracks the performance of the largest and most liquid companies in the real estate and data industries. This is a modified market cap-weighted index, and only includes real estate companies that generate at least 50% of their revenue from ownership or operation activities relating to data centers and or logistics and warehouses, such as data center real estate ownership or operations, or logistics or industrial warehouse real estate ownership or operations.
iREIT®-MarketVector™ Quality REIT Index provides exposure to high quality US listed common and preferred equity securities of REITs while ensuring sector diversification.
The BlueStar® Top 10 US Residential Real Estate Index (BURRT) tracks the performance of the 10 largest and most liquid US exchange-listed residential real estate companies. This is an equally weighted index, and only includes companies that are incorporated in the United States, listed on a US exchange and denominated in USD, and generate at least 50% of its revenue or real estate asset value from residential real estate located in the US.
The Armada US Listed Durable REIT Dividend Index (DURE) is a thematic index tracking the performance of US-listed Real Estate Investment Trusts (REITs) that pass quality and dividend screens.
The MarketVector™ US Listed Office and Commercial REITs Index (MVORT) tracks the performance of the 25 largest and most liquid US exchange-listed REITs in the office, industrial, or retail real estate sectors.
The MVIS® US Mortgage REITS Index (MVMORT) tracks the performance of the largest and more liquid companies in the US Mortgage REITS Industry. This is a modified market cap-weighted index, and only includes REITs that derive at least 50% of their revenues from Mortgage, such as REITs that are primarily engaged in the purchase or service of commercial or residential mortgage loans or mortgage related securities. MVMORT covers at least 90% of the investable universe.
