2QTR24 UO Matrix via Applied Indexation

 

In advance: 2QTR24 <U/O> Matrix via Applied Indexation is currently available in multi-sheet format.

Featured Clean Tech thematic is derived from a combined Renewables/Diversified Industrials/Technology sector-themed overlay within Invesco’s publicly traded Clean Energy subindustry benchmark proxy ETF (ticker PBW), utilizing the modularity of business segment operations embedded within company revenue lines to generate effective Tier-2: Alpha and Alpha-Beta screens.

<U/O> Matrix via Applied Indexation incorporates a relative portfolio-weighted approach to benchmark analysis and competitive market information in tandem with refined sector/industry/subindustry nomenclature assignments to improve peer group analytics and valuation. In this construct, critical multi-sector/cross-asset/factor-based variables may be further catalyzed along with conventional market- versus equal-weighted index/proxy total return performance comparables at distinct points of inflection.

>> PBW total return: 3-mos. +11.8%, 2Q24 -12.0%, 1-mo. +4.2%, 12-mos. -44.3%; YTD24 performance dispersion +167.5%/-96.7% (071224).

>> PBW Fwd adj. PE=28.4 Beta=1.6 versus 26.8/1.6, 24.0/1.5 and 23.7/1.5 sequentially [40.0 limit; N/A totals 57.4% (v. 62.0%) based on portfolio weight and 57.1% of count (-6.3%), 8.5% on market capitalization (-1.3%); Large-cap 20.3% (+4.5%), Mid-cap 36.4% (-2.2%), Small-cap 43.3% (-2.2%)].

>> SPX 12-month Fwd PE=21.2/2Q24 v. 20.6/1Q24, 19.2/4Q23, 17.9/3Q23 (FactSet); CAPE 35.8 from 34.7/32.3/29.5, mean 16.0 (Shiller).

<U/O> Matrix via Applied Indexation segments include Wind, Solar, Fuel Cells, Smart Grid, Water, LED, Biofuel, Automotive, Natural Gas, Storage and Aviation plus further classifications detailing component member assignments based on corporate business segment operations (12 segments, 58 classifications, 251 single and multi-listed component members; n=70).

Business segment operations illustrate the interrelationships among benchmark index/proxy component members across economic sectors, asset classes and geography. Articulating resilient consecutive and parallel investment narratives serves to demonstrate differentiated value and isolate dislocations in valuation (performance dispersion).

Please message direct with any questions or for product development considerations; spreadsheet downloads available for research libraries at b-platform Access tab (auto-generated password; PayPal hosted).

www.universalorbit.com

note: w/r/t the past-positive forward looking portfolio-based relative indicators featured in <U/O> Matrix via Applied Indexation, a brief primer is provided online along with recent posts ‘Alpha, Beta, Alpha-Beta’, <U/O> Tutorial_5: Performance Dispersion (Meta) and slideshow <U/O> Matrix - Establishing Predictive Value: Applied Indexation, Hierarchical Data Sets and Competitive Market Information.

#EnergyComplex #CleanEnergy #Renewables #Strategy #PortfolioManagement #PortfolioStrategies #CorporateFinance #BSOs #Analytics

At Venn’s intersection, sets and subsets of competing interests endure. The dynamic principles of business segment operations are three-fold: 1) multinational and Large-cap companies function as benchmark sector/industry/subindustry proxies based on scale (Alpha-Beta), 2) Small- and Mid-cap companies participate as competitive peers (Alpha) and, hence, acquisition candidates and 3) among subsets of 1) and 2) are companies provisioning multiple economic sectors, asset classes and geographies.

Successful portfolio strategies (fundamental, index-plus, systematic) and adaptive investable motifs (niche, thematic, megatrend) isolate Value in Growth, and Growth in Value, by aligning the prospective Alpha drivers directly associated with ecosystem composition and supply chain verticals.

Forward looking statements, estimates and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information. This content is distributed for informational purposes only and should not be considered as investing advice or a recommendation of any particular security, strategy or investment product. The author's opinions are subject to change without notice. No part of this product, related articles, publications or web-based content may be reproduced in any form or referred to in any other publication without express written permission of Universal Orbit © 2024 and David B. Kleinberg.

1QTR24 UO Matrix via Applied Indexation

 

In advance: 1QTR24 <U/O> Matrix via Applied Indexation is currently available in multi-sheet format.

Featured Clean Tech thematic is derived from a combined Renewables/Diversified Industrials/Technology sector-themed overlay within Invesco’s publicly traded Clean Energy subindustry benchmark proxy ETF (ticker PBW), utilizing the modularity of business segment operations embedded within company revenue lines to generate effective Tier-2: Alpha and Alpha-Beta screens.

>> PBW total return: 3-mos. -17.7%, 1Q24 -21.9%, CY24 -34.9%; YTD24 performance dispersion +27.6%/-66.4% (041924).

>> PBW Fwd adj. PE=26.8 Beta=1.6 versus 24.0/1.5, 23.7/1.5 and 28.8/1.5 sequentially [40.0 limit; N/A totals 62.0% (v. 60.5%) based on portfolio weight and 63.4% of count (+2.6%), 9.8% on market capitalization (-1.3%); Large-cap 15.8% (-3.3%), Mid-cap 38.6% (-3.3%), Small-cap 45.5% (+6.5%)].

>> SPX 12-month Fwd PE=20.6/1Q24 v. 19.2/4Q23, 17.9/3Q23, 18.9/2Q23 (FactSet); CAPE 34.7 from 32.3/29.5/31.1, mean 17.1 (Shiller).

<U/O> Matrix via Applied Indexation segments include Wind, Solar, Fuel Cells, Smart Grid, Water, LED, Biofuel, Automotive, Natural Gas, Storage and Aviation plus further classifications detailing component member assignments based on corporate business segment operations (12 segments, 55 classifications, 248 single and multi-listed component members; n=71).

The interrelationships among valuation drivers within cross-asset multi-factor portfolio strategies may best characterize (and link) corporate business segment operations to improve peer group analytics and valuation.

Successful trading strategies (fundamental, index-plus, systematic) and adaptive investable motifs (niche, thematic, megatrend) isolate Value in Growth, and Growth in Value, by aligning the prospective Alpha drivers directly associated with ecosystem composition and supply chain verticals.

At Venn’s intersection, sets and subsets of competing interests endure. The dynamic principles of business segment operations are three-fold: 1) multinational and Large-cap companies function as benchmark sector/industry/subindustry proxies based on scale (Alpha-Beta), 2) Small- and Mid-cap companies participate as competitive peers (Alpha) and, hence, acquisition candidates and 3) among subsets of 1) and 2) are companies provisioning multiple economic sectors, asset classes and geographies.

Please message direct with any questions or for product development considerations; spreadsheet downloads available for research libraries at b-platform Access tab (auto-generated password; PayPal hosted).

www.universalorbit.com

note: w/r/t the past-positive forward looking portfolio-based relative indicators featured in <U/O> Matrix via Applied Indexation, a brief primer is provided online along with recent posts ‘Alpha, Beta, Alpha-Beta’, <U/O> Tutorial_5: Performance Dispersion (Meta) and slideshow <U/O> Matrix - Establishing Predictive Value: Applied Indexation, Hierarchical Data Sets and Competitive Market Information.

#EnergyComplex #CleanEnergy #Renewables #Strategy #PortfolioManagement #PortfolioStrategies #CorporateFinance #BSOs #Analytics

Forward looking statements, estimates and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information. This content is distributed for informational purposes only and should not be considered as investing advice or a recommendation of any particular security, strategy or investment product. The author's opinions are subject to change without notice. No part of this product, related articles, publications or web-based content may be reproduced in any form or referred to in any other publication without express written permission of Universal Orbit © 2024 and David B. Kleinberg.

Alpha, Beta, Alpha-Beta

Efforting differentiated Alpha on top of Beta compression is advanced by peer group analytics and valuation, two fundamental tenets of the research process useful in capturing ranged performance dispersion among component members within designated benchmarks (cross-asset, multi-factor).

<U/O> Matrix via Applied Indexation utilizes the modularity of corporate business segment operations to improve peer group analytics and valuation, refining standard index sector/industry/subindustry nomenclature assignments to better express relationships among variables and generate effective Tier-2: Alpha and Alpha-Beta screens for relative value assessments (strategies: conventional, index-plus, thematic, megatrend, long/short).

Current thematic is in the Clean Energy ETF space (ticker PBW: 12-mo. performance dispersion +166.0%/-89.0% 021424) as proxy for institutional portfolio managers, derived initially from a conceptual combined Renewables/Diversified Industrials/Technology sector-themed overlay; methodology is adaptive across economic sectors and asset classes (equity, corporate credit).

Resultant data sets are presented on a relative portfolio- versus market capitalization-weighted basis, providing multivariate performance attribution and capacity to isolate valuation drivers at distinct points of inflection (ref. past-positive forward looking indicators).

For proprietary methodology, note recent publications posted unrestricted online: <U/O> Tutorial_5: Performance Dispersion (Meta) and Data Refinement: Business Segment Operations (BSOs) along with slideshow tutorial <U/O> Matrix - Establishing Predictive Value: Applied Indexation, Hierarchical Data Sets and Competitive Market Information.

Please message direct with any questions or for product development considerations; on a standalone basis, spreadsheet downloads are available for research libraries at b-platform Access tab (auto-generated password; PayPal hosted).

www.universalorbit.com

#EnergyComplex #CleanEnergy #Renewables #Strategy #PortfolioManagement #PortfolioStrategies #CorporateFinance #BSOs #Analytics

At Venn’s intersection, sets and subsets of competing interests endure. The dynamic principles of BSOs are three-fold: 1) multinational and Large-cap companies function as benchmark sector/industry/subindustry proxies based on scale (Alpha-Beta), 2) Small- and Mid-cap companies participate as competitive peers (Alpha) and, hence, acquisition candidates and 3) among subsets of 1) and 2) are companies provisioning multiple economic sectors, asset classes and geographies. Successful trading strategies (conventional, systematic, factor-based) and adaptive investable motifs (niche, thematic, megatrend) isolate Value in Growth, and Growth in Value, by aligning the prospective Alpha drivers directly associated with ecosystem composition and supply chain verticals.

Forward looking statements, estimates and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information. This content is distributed for informational purposes only and should not be considered as investing advice or a recommendation of any particular security, strategy or investment product. The author's opinions are subject to change without notice. No part of this product, related articles, publications or web-based content may be reproduced in any form or referred to in any other publication without express written permission of Universal Orbit © 2024 and David B. Kleinberg.

4QTR23 UO Matrix via Applied Indexation

In advance: 4QTR23 <U/O> Matrix via Applied Indexation is currently available in multi-sheet format.

Featured Clean Tech thematic is derived from a combined Renewables/Diversified Industrials/Technology sector-themed overlay within Invesco’s publicly traded WilderHill Clean Energy subindustry benchmark proxy ETF (ticker PBW), utilizing the modularity of business segment operations embedded within company revenue lines to generate effective Tier-2: Alpha and Alpha-Beta screens.

>> PBW total return: 3-mos. -4.1%, 4Q23 -4.8%, CY23 -20.0%; 12-month performance dispersion +365.5%/-81.0% (010524).

>> PBW Fwd adj. PE=24.0 Beta=1.5 versus 23.7/1.5, 28.8/1.5 and 29.8/1.5 sequentially [40.0 limit; N/A totals 60.5% (v. 59.9%) based on portfolio weight and 60.8% of count (-0.2%), 11.1% on market capitalization (-0.7%); Large-cap 19.1% (+0.7%), Mid-cap 41.9% (-0.6%), Small-cap 39.0% (-0.1%)].

>> SPX 12-month Fwd PE=19.2/4Q23 v. 17.9/3Q23, 18.9/2Q23, 17.8/1Q23 (FactSet); CAPE 32.3 from 29.5/31.1/29.7, mean 17.1 (Shiller).

For portfolio management teams, <U/O> Matrix via Applied Indexation represents an opportunity to incorporate fundamentally-based research complements into adaptive cross-asset multi-factor portfolio strategies: 1) refined sector/industry/subindustry nomenclature and data analytics to improve peer group analytics and valuation (benchmark analysis), 2) relative value presentations across economic sectors and asset classes (ref. past-positive forward looking indicators), 3) methodology and ranged parameters to exploit performance dispersion within a designated index or benchmark proxy (volatility adds value) and 4) inclusion of ‘N/A’ PE reporting companies in nascent industries with emerging technologies (component members; universe constituents).

<U/O> Matrix via Applied Indexation segments include Wind, Solar, Fuel Cells, Smart Grid, Water, LED, Biofuel, Automotive, Natural Gas, Storage and Aviation plus further classifications detailing component member assignments based on corporate business segment operations (12 segments, 62 classifications, 265 single and multi-listed component members; n=74).

Please message direct with any questions or for product development considerations; spreadsheet downloads available for research libraries at b-platform Access tab (auto-generated password; PayPal hosted).

www.universalorbit.com

note: w/r/t past-positive forward looking indicators featured in <U/O> Matrix via Applied Indexation, a brief primer is provided online along with recent posts <U/O> Tutorial_5: Performance Dispersion (Meta), Data Refinement: Business Segment Operations (BSOs) and slideshow tutorial <U/O> Matrix - Establishing Predictive Value: Applied Indexation, Hierarchical Data Sets and Competitive Market Information.

#EnergyComplex #CleanEnergy #Renewables #Strategy #PortfolioManagement #PortfolioStrategies #CorporateFinance #BSOs #Analytics

At Venn’s intersection, sets and subsets of competing interests endure. The dynamic principles of BSOs are three-fold: 1) multinational and Large-cap companies function as benchmark sector/industry/subindustry proxies based on scale (Alpha-Beta), 2) Small- and Mid-cap companies participate as competitive peers (Alpha) and, hence, acquisition candidates and 3) among subsets of 1) and 2) are companies provisioning multiple economic sectors, asset classes and geographies. Successful trading strategies (conventional, systematic, factor-based) and adaptive investable motifs (niche, thematic, megatrend) isolate Value in Growth, and Growth in Value, by aligning the prospective Alpha drivers directly associated with ecosystem composition and supply chain verticals.

Forward looking statements, estimates and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information. This content is distributed for informational purposes only and should not be considered as investing advice or a recommendation of any particular security, strategy or investment product. The author's opinions are subject to change without notice. No part of this product, related articles, publications or web-based content may be reproduced in any form or referred to in any other publication without express written permission of Universal Orbit © 2024 and David B. Kleinberg.

UO Tutorial_5: Performance Dispersion (Meta)

 

In advance: Absent in survey of competitor taxonomy presentations are corresponding comparative computations from hierarchical data sets, useful in lending quantitative support to adaptive cross-asset multi-factor portfolio strategies. Proprietary research suggests refinement of conventionally assigned component member sector/industry/subindustry nomenclature offers multivariate performance attribution and isolates valuation drivers at distinct points of inflection.

Active portfolio managers benefit from efforts to exploit performance dispersion within a designated benchmark or investment universe. In the Clean Energy space for example, analysis of recent subindustry outperformance during an underperforming 2023 reveals component member performance dispersion parameters ranged from +245.5% to -86.7% (benchmark proxy ticker PBW: +16.7% 1-mo, -0.9% 3-mos, -17.9% YTD23 as of 122623). To be sure, outperformance realizations in efficient markets demand enhanced research complements.

Incorporating a two-step protocol, first a Renewables/Diversified Industrials/Technology sector-themed overlay within the Clean Energy thematic then utilizing the modularity of business segment operations embedded within component member company revenue lines to link, <U/O> Matrix via Applied Indexation introduces data sets of past-positive forward looking quantitative indicators (inversions) on a relative portfolio- versus market capitalization-weighted basis (12 segments, 63 classifications, 270 single and multi-listed component members, n=77 as of 093023).

The concepts of Venn intuitively improve peer group analytics and valuation; w/r/t benchmark analysis disaggregating composite data is a means to generate effective Tier-2: Alpha and Alpha-Beta screens, levering index/proxy characteristics to convey period-cyclic narratives based on fundamental niche economic variables and corporate catalysts.

<U/O> Matrix via Applied Indexation provides patterned inversions (depth and degree), in tandem with price or spread action, to both characterize ecosystem and supply chain vertical dynamics as well as advance relative value assessments across economic sectors and asset classes. Practical template evaluations include constituency performance dispersion against: 1) the fund itself, 2) prevalent indexes, 3) niche thematic proxies, 4) capitalization and style benchmarks, 5) capital structure alternatives and 6) factor-based pairings.

For additional background, note resources online including Data Refinement: Business Segment Operations (BSOs) tab and slideshow tutorial <U/O> Matrix - Establishing Predictive Value: Applied Indexation, Hierarchical Data Sets and Competitive Market Information.

Please message direct with any questions or for product development considerations; downloads available for research libraries at b-platform Access tab (auto-generated password; PayPal hosted).

Next scheduled release: 010924

www.universalorbit.com

#EnergyComplex #CleanEnergy #Renewables #Strategy #PortfolioManagement #PortfolioStrategies #CorporateFinance #BSOs #Analytics

At Venn’s intersection, sets and subsets of competing interests endure. The dynamic principles of BSOs are three-fold: 1) multinational and Large-cap companies function as benchmark sector/industry/subindustry proxies based on scale (Alpha-Beta), 2) Small- and Mid-cap companies participate as competitive peers (Alpha) and, hence, acquisition candidates and 3) among subsets of 1) and 2) are companies provisioning multiple economic sectors, asset classes and geographies. Successful trading strategies (conventional, systematic, factor-based) and adaptive investable motifs (niche, thematic, megatrend) isolate Value in Growth, and Growth in Value, by aligning the prospective Alpha drivers directly associated with ecosystem composition and supply chain verticals.

Forward looking statements, estimates and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information. This content is distributed for informational purposes only and should not be considered as investing advice or a recommendation of any particular security, strategy or investment product. The author's opinions are subject to change without notice. No part of this product, related articles, publications or web-based content may be reproduced in any form or referred to in any other publication without express written permission of Universal Orbit © 2023 and David B. Kleinberg.

3QTR23 UO Matrix via Applied Indexation

In advance: 3QTR23 <U/O> Matrix via Applied Indexation is currently available in multi-sheet format, downloadable thru b-platform Access and PM_composites links.

Featured Clean Tech thematic is derived from a combined Renewables/Diversified Industrials/Technology sector-themed overlay within Invesco’s publicly traded WilderHill Clean Energy subindustry benchmark proxy ETF ticker PBW, utilizing the modularity of business segment operations embedded within company revenue lines to generate effective Tier-2: Alpha and Alpha-Beta screens (adaptive; cross-asset, multi-factor).

>> PBW total return: 3-mos. -24.9%, 3Q23 -21.2%, YTD23 -21.4%; 12-month performance dispersion +171.7%/-75.2% (100623).

>> PBW Fwd adj. PE=23.7 Beta=1.5 versus 28.8/1.5, 29.8/1.5 and 26.7/1.5 sequentially [40.0 limit; N/A totals 59.9% (v. 56.5%) based on portfolio weight and 61.0% of count (+5.0%), 11.8% on market capitalization (+2.1%); Large-cap 18.4% (-3.5%), Mid-cap 42.5% (-4.8%), Small-cap 39.1% (+8.3%)].

>> SPX 12-month Fwd PE=17.9/3Q23 v. 18.9/2Q23, 17.8/1Q23, 17.3/4Q22 (FactSet); CAPE 29.5 from 31.1/29.7/29.2, mean 17.1 (Shiller).

<U/O> Matrix via Applied Indexation segments include Wind, Solar, Fuel Cells, Smart Grid, Water, LED, Biofuel, Automotive, Natural Gas, Storage and Aviation plus further classifications detailing component member assignments based on corporate business segment operations (12 segments, 63 classifications, 270 single and multi-listed component members; n=77).

Successful trading strategies (conventional, systematic, factor-based) and adaptive investable motifs (niche, thematic, megatrend) isolate value in growth, and growth in value, by aligning the prospective Alpha drivers directly associated with ecosystem composition and supply chain verticals (peer group analytics and valuation). Proprietary refined hierarchical data sets isolate drivers of valuation at distinct points of inflection on a relative portfolio-weighted segment/classification basis.

Please message direct with any questions or for product development considerations (cataloged, resourced). 

www.universalorbit.com

note: w/r/t past-positive forward looking indicators featured in <U/O> Matrix via Applied Indexation, a brief primer is provided online along with Data Refinement: Business Segment Operations (BSOs) tab and slideshow tutorial <U/O> Matrix - Establishing Predictive Value: Applied Indexation, Hierarchical Data Sets and Competitive Market Information.

#EnergyComplex #CleanEnergy #Renewables #Strategy #PortfolioManagement #PortfolioStrategies #CorporateFinance #BSOs #Analytics

At Venn’s intersection, sets and subsets of competing interests endure. The dynamic principles of BSOs are three-fold: 1) multinational and Large-cap companies function as benchmark sector/industry/subindustry proxies based on scale (Alpha-Beta), 2) Small- and Mid-cap companies participate as competitive peers (Alpha) and, hence, acquisition candidates and 3) among subsets of 1) and 2) are companies provisioning multiple economic sectors, asset classes and geographies.

Forward looking statements, estimates and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information. This content is distributed for informational purposes only and should not be considered as investing advice or a recommendation of any particular security, strategy or investment product. The author's opinions are subject to change without notice. No part of this product, related articles, publications or web-based content may be reproduced in any form or referred to in any other publication without express written permission of Universal Orbit © 2023 and David B. Kleinberg.

Data Refinement (Business Segment Operations - BSOs)

In advance: Refinement of data inputs intuitively improves peer group analytics and valuation, even within a finite investment universe (index, proxy, asset class). Stochastic opportunities persist in Tier 2: Alpha and Alpha-Beta screens to exploit capital market inefficiencies (e.g. sector/industry/subindustry nomenclature) patterned sequentially at distinct points of inflection.

Asserting the premise, thematically, of a Clean Tech motif derived from a combined Renewables/Diversified Industrials/Technology sector-themed overlay requires only a small allowance. In our example, we assign Invesco’s WilderHill Clean Energy ETF as the benchmark proxy/index to demonstrate an actively managed absolute return portfolio strategy borne from levering a prevalent niche benchmark construct against unconstrained ranged performance dispersion among differentiated growth rates—individually and collectively.

Separately, in suggested independent parallel research, note common limitations in conventional fund reporting (six sector structure) and third-party data presentation (i.e. lithium recycling as Waste Management, etc.).

To begin an iterative process:

1) Revisit tenets of Venn in tandem with adaptive cross-asset multi-factor portfolio strategies: a) multinational and Large-cap companies function as benchmark sector/industry/subindustry proxies based on scale (Alpha-Beta), b) Small- and Mid-cap companies participate as competitive peers (Alpha) and, hence, acquisition candidates and c) among subsets of a) and b) are companies provisioning multiple economic sectors, asset classes and geographies.

2) Deconstruct company revenue lines of component members into business segment operations (BSOs) in order to more descriptively characterize ecosystem composition and supply chain vertical dynamics; link BSOs in <U/O> Matrix via Applied Indexation format.

3) Compute variances of component member market capitalization relative to respective portfolio position weight per segment/classification based on BSOs; chart, ladder in time series.

4) Rerun traditional screens, rank.

5) Complete Tier 3: Fundamental Analysis to assess company-specific performance (cash flow, growth, profitability) and relative value.

PBW total return: 2023YTD -14.3%, 3-mos. -16.3%, 12-mos. -39.2%; YTD performance dispersion +194.7%/-80.1% (092223 am).

<U/O> Matrix via Applied Indexation segments include Wind, Solar, Fuel Cells, Smart Grid, Water, LED, Biofuel, Automotive, Natural Gas, Storage and Aviation plus further classifications detailing component member assignments based on corporate business segment operations (12 segments, 62 classifications, 256 single and multi-listed component members; n=75 as of 063023); next scheduled update 101023.

For additional background, reference slideshow tutorial <U/O> Matrix - Establishing Predictive Value: Applied Indexation, Hierarchical Data Sets and Competitive Market Information along with related tabs online; composite spreadsheets downloadable thru Access link.

www.universalorbit.com

#EnergyComplex #CleanEnergy #Renewables #Strategy #PortfolioManagement #PortfolioStrategies #CorporateFinance #BSOs #Analytics #BenchmarkAnalysis #AppliedIndexation

Forward looking statements, estimates and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information. This content is distributed for informational purposes only and should not be considered as investing advice or a recommendation of any particular security, strategy or investment product. The author's opinions are subject to change without notice. No part of this product, related articles, publications or web-based content may be reproduced in any form or referred to in any other publication without express written permission of Universal Orbit © 2023 and David B. Kleinberg.