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Every 42 days, the model retrains on 252 days of history and scores every stock blind. The charts below show out-of-sample cumulative quintile returns — the model has never seen this data before scoring it.

Japan 210 stocks · Nikkei 225 + TOPIX

Insight: Flow and liquidity dominate this market. IC range +0.09 to +0.37 across 19 quarters. What is IC?

Cumulative Quintile Returns

Factor Weights

China 569 stocks · MCHI Universe

Insight: Fundamentals and liquidity are the dominant drivers. IC range +0.17 to +0.47 across 19 quarters. Through property crisis and regulatory crackdowns.

Cumulative Quintile Returns

Factor Weights

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Past model validation does not guarantee future results. The strategy has not traded live capital. All returns shown are gross of fees and transaction costs.