Energy
Q2 2026
-
The Energy metatheme gained +2.80% QoQ in Q2 2026, though leadership shifted meaningfully from the prior quarter. Hydrogen Economy (+33.76%) led returns, followed by Solar Energy (+12.43%), Global Clean Energy Transition ESG (+6.45%), and Low Carbon Energy (+6.33%). Traditional energy lagged, with Global Oil Refiners (-5.60%), US Listed Oil Services 25 (-8.25%), and Global Uranium & Nuclear Energy (-12.09%) giving back some of their strong gains from the previous quarter.
-
What’s new: The quarter marked a rotation away from geopolitical risk trades and toward the long-term electrification story. As tensions in the Middle East eased and oil prices retraced from their March highs, investor attention shifted back to structural themes including AI-driven electricity demand, grid expansion, and the energy transition. At the same time, policy uncertainty surrounding U.S. renewable tax incentives created volatility across clean energy, but companies tied to hydrogen, fuel cells, and grid modernization outperformed as markets looked beyond near-term policy headlines toward accelerating power demand.
-
Focus on fundamentals: This quarter’s screens reflect the challenge of evaluating many emerging energy-transition companies using traditional financial metrics. Several of the highest-ranked names are still pre-profit or early commercial-stage businesses, making balance-sheet strength and access to capital increasingly important differentiators. Meanwhile, established operators including HD Hyundai, Idemitsu Kosan, Helix Energy Solutions, Cosmo Energy, MOL Hungarian Oil and Gas, and Turkiye Petrol Rafinerileri continue to stand out for stronger returns on capital, healthier balance sheets, and more resilient cash generation. The contrast highlights a market that is rewarding both long-duration growth optionality and proven financial quality.
-
Stock Spotlight – Bloom Energy (BE): Bloom Energy was the quarter’s strongest performer, returning +123.41%. The company benefited from growing investor conviction that distributed power generation will play an increasingly important role in meeting AI-driven electricity demand, particularly as data center developers seek faster and more reliable alternatives to waiting for grid interconnections. Bloom’s solid oxide fuel cell technology positions it as a beneficiary of this trend, with the market increasingly valuing companies capable of providing scalable, on-site power solutions as electricity demand continues to outpace grid expansion.
Top 10 Stocks by Quarterly Return
| Security Name |
QTLY |
| BLOOM ENERGY CORP |
123.41% |
| T1 ENERGY INC |
115.95% |
| ITM POWER PLC |
108.31% |
| SAMSUNG C&T CORP |
79.90% |
| DOOSAN FUEL CELL CO LTD |
63.21% |
| BALLARD POWER SYSTEMS INC |
61.81% |
| CERES POWER HOLDINGS PLC |
61.29% |
| SHOALS TECHNOLOGIES GROUP INC |
50.46% |
| SMA SOLAR TECHNOLOGY AG |
35.12% |
| ENPHASE ENERGY INC |
30.23% |
Bottom 10 Stocks by Quarterly Return
| Security Name |
QTLY |
| DEOKYANG ENERGEN ORD |
-48.20% |
| CGN MINING CO LTD |
-36.82% |
| KEPCO ENGINEERING CONST (KOREA) ORD |
-30.58% |
| XINYI SOLAR HOLDINGS LTD |
-29.25% |
| ENCORE ENERGY CORP |
-28.04% |
| CGN POWER CO LTD |
-23.90% |
| URANIUM ENERGY CORP |
-21.04% |
| ENERGY FUELS INC |
-20.85% |
| DEEP YELLOW LTD |
-19.84% |
| NEXGEN ENERGY LTD |
-19.11% |
Top 10 Stocks by Unusual Volume
| Security Name |
3m/12m Vol |
| BLOOM ENERGY CORP |
1.23 |
| T1 ENERGY INC |
1.16 |
| ITM POWER PLC |
1.08 |
| SAMSUNG C&T CORP |
0.80 |
| DOOSAN FUEL CELL CO LTD |
0.63 |
| BALLARD POWER SYSTEMS INC |
0.62 |
| CERES POWER HOLDINGS PLC |
0.61 |
| SHOALS TECHNOLOGIES GROUP INC |
0.50 |
| SMA SOLAR TECHNOLOGY AG |
0.35 |
| ENPHASE ENERGY INC |
0.30 |
Fundamentals
Cash Flow Metrics
|
Security Name
|
1 Yr. Price Return
|
Operating CF Growth
|
FCF Growth
|
FCF Margin
|
FCF Yield
|
FCF:IC
|
Overall Rank
|
| QUANTUMSCAPE CORP |
12.50% |
-11.97% |
-11.23% |
0.00% |
-6.44% |
-24.07% |
1 |
| LITHIUM AMERICAS CORP |
44.26% |
-15.28% |
96.01% |
0.00% |
-73.93% |
-45.14% |
2 |
| NGEX MINERALS LTD |
55.69% |
20.91% |
21.74% |
0.00% |
-1.76% |
-14.86% |
3 |
| TMC THE METALS CO INC |
-32.88% |
-13.65% |
-13.60% |
0.00% |
-1.79% |
-29.18% |
4 |
| DEEP YELLOW LTD |
-11.69% |
-53.33% |
-50.28% |
0.00% |
-0.92% |
-2.00% |
5 |
| ISOENERGY LTD |
40.20% |
5.40% |
15.84% |
0.00% |
-4.56% |
-8.57% |
6 |
| NEXGEN ENERGY LTD |
35.42% |
58.41% |
83.21% |
0.00% |
-3.79% |
-19.34% |
7 |
| OKLO INC |
-6.54% |
68.64% |
187.13% |
0.00% |
-1.69% |
-5.81% |
8 |
| YELLOW CAKE PLC |
-3.05% |
-12.30% |
-12.30% |
0.00% |
-0.66% |
-0.60% |
9 |
| NANO NUCLEAR ENERGY ORD |
-38.71% |
35.02% |
15.84% |
0.00% |
-3.35% |
-6.16% |
10 |
Income Statement Metrics
|
Security Name
|
1 Yr. Price Return
|
Revenue Growth
|
Gross Margin
|
EBITDA Margin
|
Earnings Yield
|
Overall Rank
|
| QUANTUMSCAPE CORP |
12.50% |
0.00% |
0.00% |
0.00% |
-9.41% |
1 |
| LITHIUM AMERICAS CORP |
44.26% |
0.00% |
0.00% |
0.00% |
-11.87% |
2 |
| NGEX MINERALS LTD |
55.69% |
0.00% |
0.00% |
0.00% |
-2.59% |
3 |
| TMC THE METALS CO INC |
-32.88% |
0.00% |
0.00% |
0.00% |
-18.52% |
4 |
| DEEP YELLOW LTD |
-11.69% |
0.00% |
0.00% |
0.00% |
0.12% |
5 |
| ISOENERGY LTD |
40.20% |
0.00% |
0.00% |
0.00% |
-1.14% |
6 |
| NEXGEN ENERGY LTD |
35.42% |
0.00% |
0.00% |
0.00% |
-5.19% |
7 |
| OKLO INC |
-6.54% |
0.00% |
0.00% |
0.00% |
-1.61% |
8 |
| YELLOW CAKE PLC |
-3.05% |
0.00% |
0.00% |
0.00% |
-1.86% |
9 |
| NANO NUCLEAR ENERGY ORD |
-38.71% |
0.00% |
0.00% |
0.00% |
-3.21% |
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 |
| HD HYUNDAI |
34.20% |
6.13% |
1.28 |
0.20 |
33.50% |
24.16% |
11.76% |
0.55 |
| REPT BATTERO ORD H |
16.50% |
4.12% |
2.39 |
0.21 |
17.03% |
10.63% |
2.20% |
0.70 |
| IDEMITSU KOSAN CO LTD ORD |
21.68% |
4.47% |
0.74 |
0.26 |
16.60% |
9.36% |
12.64% |
0.92 |
| JGC HOLDINGS CORP |
78.14% |
7.83% |
1.38 |
0.04 |
10.96% |
14.14% |
7.45% |
1.04 |
| SIMPLO TECHNOLOGY |
-0.56% |
5.99% |
2.05 |
0.01 |
6.40% |
13.10% |
7.34% |
1.14 |
| JOHNSON MATTHEY PLC |
5.56% |
2.33% |
1.59 |
0.24 |
4.35% |
4.14% |
-3.05% |
1.26 |
| COSMO ENERGY HOLDINGS COMPANY LTD |
9.00% |
5.49% |
0.97 |
0.31 |
19.69% |
14.15% |
12.90% |
1.50 |
| MOL HUNGARIAN OIL AND GAS PLC |
37.00% |
0.46% |
0.60 |
0.14 |
1.28% |
0.82% |
5.45% |
1.58 |
| TURKIYE PETROL RAFINERILERI AS |
38.60% |
10.50% |
1.18 |
0.08 |
17.71% |
19.01% |
8.53% |
1.60 |
| ZHEJIANG LEAPMOTOR TECHNOLOG |
-36.90% |
14.77% |
3.09 |
0.32 |
26.69% |
52.49% |
1.23% |
1.77 |
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
|
| JINKOSOLAR HOLDING CO-ADR |
-20.83% |
0.00% |
0.42 |
0.00% |
0.00% |
-57.33% |
0.37 |
| CHINA EVERBRIGHT ENVIRONMENT GROUP LTD |
19.49% |
4.07% |
0.51 |
27.67% |
6.48% |
14.10% |
0.53 |
| THAI OIL PCL |
75.78% |
8.89% |
0.29 |
38.87% |
13.09% |
29.00% |
0.55 |
| TRANSOCEAN LTD |
88.80% |
5.25% |
0.35 |
14.58% |
6.06% |
-58.97% |
0.66 |
| IDEMITSU KOSAN CO LTD ORD |
21.68% |
4.47% |
0.26 |
16.60% |
9.36% |
12.64% |
0.74 |
| HELIX ENERGY SOLUTIONS GROUP |
40.06% |
6.52% |
0.24 |
13.01% |
7.94% |
1.10% |
0.83 |
| COSMO ENERGY HOLDINGS COMPANY LTD |
9.00% |
5.49% |
0.31 |
19.69% |
14.15% |
12.90% |
0.97 |
| TURKIYE PETROL RAFINERILERI AS |
38.60% |
10.50% |
0.08 |
17.71% |
19.01% |
8.53% |
1.18 |
| SAMSUNG C&T CORP |
152.86% |
2.36% |
0.05 |
3.28% |
3.83% |
3.62% |
1.22 |
| LI AUTO INC |
-56.69% |
0.00% |
0.12 |
0.00% |
0.00% |
-2.25% |
1.25 |
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
Q2 2026
-
The Consumer Trends metatheme gained +4.71% QoQ in Q2 2026 as investor sentiment improved following a difficult start to the year. Leadership shifted back toward travel, consumer discretionary, and selected digital platforms, with Travel and Vacation (+16.13%), US Consumer Discretionary (+9.05%), and Digital Native Economy (+6.23%) leading returns. More challenged segments also stabilized, as Online Gambling, Video Gaming, and eSports (+4.71%) rebounded despite remaining the weakest performers over the past year.
-
What’s new: The quarter was characterized by improving consumer resilience despite lingering macro uncertainty. Inflation continued to moderate while labor markets remained relatively healthy, supporting spending on travel, entertainment, and higher-quality discretionary goods. Consumer sentiment also recovered from the historic lows seen earlier in the year, although it remains well below long-term averages. Markets increasingly rewarded companies demonstrating pricing power, improving operating efficiency, and exposure to experiential spending rather than purely goods-based consumption.
-
Focus on fundamentals: Interactive Brokers and NVIDIA remain among the strongest cash-flow names, while Trip.com, VICI Properties, Evolution AB, International Games System, and Meta Platforms rank highly on revenue quality and profitability. Balance-sheet metrics also continue to reward financially disciplined companies, including CME Group, PayPal, Kraft Heinz, and Origin Enterprises, suggesting investors remain selective despite the broader improvement in sentiment. Overall, the strongest companies combine healthy free cash flow, disciplined capital allocation, and business models capable of generating earnings growth without relying on multiple expansion.
-
Stock Spotlight – Himax Technologies (HIMX): Himax Technologies was the quarter’s strongest performer, returning +94.92%. The rally reflects renewed optimism surrounding AI-enabled edge devices, smart displays, and next-generation imaging applications, where demand expectations have improved as the semiconductor cycle has stabilized. With valuation remaining well below many larger AI beneficiaries, investors increasingly viewed HIMX as a differentiated way to gain exposure to consumer electronics and edge AI recovery while maintaining meaningful operating leverage to improving end-market demand.
Top 10 Stocks by Quarterly Return
| Security Name |
QTLY |
| HIMAX TECHNOLOGIES INC |
94.92% |
| AFFIRM HOLDINGS INC |
77.98% |
| MICRO-STAR INTERNATIONAL CO LTD |
72.63% |
| SMART EYE AB |
69.72% |
| AMERICAN AIRLINES GROUP INC |
68.25% |
| ARISTOCRAT LEISURE LTD |
35.54% |
| UNITY SOFTWARE INC |
30.26% |
| MODERN TIMES GROUP MTG AB |
29.87% |
| TAKE-TWO INTERACTIVE SOFTWARE INC |
26.57% |
Bottom 10 Stocks by Quarterly Return
| Security Name |
QTLY |
| DELLIA GROUP ORD |
-53.33% |
| PEARLABYSS CORP. |
-48.93% |
| KAKAO GAMES CORP |
-37.57% |
| FASTLY INC - CLASS A |
-36.82% |
| BULLISH |
-34.42% |
| NEXON CO. LTD |
-28.48% |
| XD INC |
-26.42% |
| NINTENDO CO LTD |
-24.17% |
| COINBASE GLOBAL INC -CLASS A |
-16.28% |
| CAPCOM CO LTD |
-12.16% |
Top 10 Stocks by Unusual Volume
| Security Name |
3m/12m Vol |
| HIMAX TECHNOLOGIES INC |
0.95 |
| AFFIRM HOLDINGS INC |
0.78 |
| MICRO-STAR INTERNATIONAL CO LTD |
0.73 |
| SMART EYE AB |
0.70 |
| AMERICAN AIRLINES GROUP INC |
0.68 |
| ARISTOCRAT LEISURE LTD |
0.36 |
| UNITY SOFTWARE INC |
0.30 |
| MODERN TIMES GROUP MTG AB |
0.30 |
| TAKE-TWO INTERACTIVE SOFTWARE INC |
0.27 |
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 |
57.08% |
8.36% |
8.31% |
332.93% |
92.38% |
627.76% |
1 |
| NVIDIA CORP |
26.65% |
64.98% |
65.24% |
46.97% |
2.46% |
57.57% |
2 |
| INTERNATIONAL GAMES SYSTEM CO |
-15.68% |
17.16% |
17.15% |
54.48% |
5.80% |
107.52% |
3 |
| MERCADOLIBRE INC |
-35.06% |
51.19% |
55.75% |
30.78% |
11.38% |
69.79% |
4 |
| PINTEREST INC |
-41.36% |
16.32% |
15.25% |
27.60% |
11.92% |
29.77% |
5 |
| FAIR ISAAC CORP |
-34.64% |
16.08% |
15.89% |
38.42% |
3.13% |
55.74% |
6 |
| ATOUR LIFESTYLE HOLDINGS-ADR |
-2.18% |
29.88% |
31.20% |
20.52% |
8.72% |
46.79% |
7 |
| NETEASE INC-ADR |
-4.79% |
14.54% |
16.68% |
44.10% |
8.56% |
29.82% |
8 |
| MAPLEBEAR ORD |
4.66% |
12.16% |
13.22% |
22.83% |
7.93% |
33.59% |
9 |
| SHOPIFY INC |
-0.64% |
17.76% |
17.31% |
17.16% |
1.52% |
16.78% |
10 |
Income Statement Metrics
|
Security Name
|
1 Yr. Price Return
|
Revenue Growth
|
Gross Margin
|
EBITDA Margin
|
Earnings Yield
|
Overall Rank
|
| TRIP.COM GROUP LTD |
-32.06% |
15.04% |
80.32% |
26.62% |
15.87% |
1 |
| KRAFTON INC |
-43.37% |
30.86% |
60.71% |
34.59% |
9.20% |
2 |
| VICI PROPERTIES INC |
-18.56% |
2.91% |
99.25% |
98.76% |
10.97% |
3 |
| EVOLUTION AB |
-12.85% |
4.59% |
58.05% |
66.02% |
8.88% |
4 |
| INTERNATIONAL GAMES SYSTEM CO |
-15.68% |
15.16% |
97.22% |
60.31% |
5.28% |
5 |
| META PLATFORMS INC |
-23.68% |
20.22% |
81.94% |
50.85% |
4.88% |
6 |
| JUMBO INTERACTIVE LTD |
-29.88% |
12.69% |
58.60% |
43.59% |
8.64% |
7 |
| ADOBE INC |
-47.01% |
11.38% |
88.82% |
39.78% |
8.52% |
8 |
| GAMING AND LEISURE PROPERTIE |
-4.61% |
3.48% |
79.88% |
96.00% |
7.10% |
9 |
| CME GROUP INC |
-19.88% |
4.88% |
82.88% |
70.47% |
5.31% |
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 |
| INTERACTIVE BROKERS GROUP INC |
57.08% |
16.37% |
6.94 |
0.15 |
92.38% |
627.76% |
2.67% |
0.22 |
| CME GROUP INC |
-19.88% |
2.14% |
3.00 |
0.02 |
5.41% |
14.29% |
5.31% |
0.48 |
| PAYPAL HOLDINGS INC. |
-41.90% |
6.83% |
1.92 |
0.14 |
14.45% |
18.38% |
12.34% |
0.79 |
| ORIGIN ENTERPRISES PLC |
9.51% |
1.93% |
1.06 |
0.30 |
6.25% |
3.38% |
8.53% |
1.08 |
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
|
| KRAFT HEINZ CO/THE |
-8.52% |
4.81% |
0.26 |
14.09% |
6.45% |
-20.53% |
0.67 |
| MIDSONA AB-B SHS |
62.99% |
4.47% |
0.13 |
9.79% |
5.60% |
4.16% |
0.67 |
| CHINA RUYI HOLDINGS LTD |
-41.05% |
1.88% |
0.09 |
2.54% |
2.20% |
8.37% |
0.93 |
| T HASEGAWA CO LTD |
-3.57% |
3.91% |
0.01 |
4.59% |
4.56% |
6.08% |
0.96 |
| BETTER COLLECTIVE A/S |
-12.12% |
2.80% |
0.25 |
4.97% |
3.35% |
4.26% |
0.96 |
| GUNGHO ONLINE ENTERTAINMENT |
-29.52% |
0.00% |
0.02 |
0.00% |
0.00% |
1.40% |
0.98 |
| KINGSOFT CORP LTD |
-45.72% |
0.00% |
0.01 |
0.00% |
0.00% |
10.18% |
1.01 |
| VICI PROPERTIES INC |
-18.56% |
5.41% |
0.38 |
8.98% |
5.78% |
10.97% |
1.01 |
| LENNAR CORP-A |
-18.19% |
2.84% |
0.19 |
4.40% |
3.49% |
7.06% |
1.01 |
| ORIGIN ENTERPRISES PLC |
9.51% |
1.93% |
0.30 |
6.25% |
3.38% |
8.53% |
1.06 |
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™ Digital Native Economy Index (MVGENZ) tracks the performance of US-listed companies that are shaping and driving the emerging next-generation economy.
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
Q2 2026
-
The Financials 2.0 metatheme gained +6.80% QoQ in Q2 2026 as improving risk appetite and renewed enthusiasm for digital assets more than offset weakness in traditional financial infrastructure. Digital Assets Equity (+30.15%) led by a wide margin, while US Financials (+8.65%), Fintech (+6.42%), and E-Brokers and Digital Capital Markets (+6.25%) also posted solid gains. More blockchain infrastructure-oriented themes lagged, with Stablecoin Technology (+0.34%), Alternative Asset Managers (-0.33%), and Tokenization Technology (-2.23%) finishing the quarter little changed or modestly lower.
-
What’s new: The quarter was dominated by renewed institutional adoption of digital assets. Regulatory clarity continued to improve, stablecoin legislation advanced in the U.S., and corporate treasury allocations to Bitcoin accelerated, reinforcing digital assets as an increasingly mainstream asset class. At the same time, record trading volumes, elevated crypto prices, and stronger retail participation supported exchanges, brokers, and transaction-driven financial platforms, while more speculative blockchain infrastructure themes lagged as investors favored businesses with visible earnings and operating leverage.
-
Focus on fundamentals: The updated screens continue to favor scalable, transaction-driven businesses with strong cash generation and high returns on capital. Interactive Brokers, Wise, Flatex, Goldman Sachs, and DLocal remain among the strongest cash-flow names, while IG Group, XTB, UP Fintech, NH Investment & Securities, Swissquote, and Partners Group stand out for revenue quality and profitability. Balance-sheet metrics continue to reward established exchanges, brokers, and diversified financial firms, reinforcing that investors are increasingly prioritizing businesses capable of converting higher market activity into durable earnings growth rather than relying solely on asset appreciation.
-
Stock Spotlight – Hut 8 (HUT): Hut 8 was the quarter’s strongest performer, returning +146.10%. The rally reflected a combination of higher Bitcoin prices, improving mining economics, and growing investor interest in digital infrastructure beyond cryptocurrency mining alone. As the company continues to expand its high-performance computing and AI infrastructure businesses alongside its mining operations, investors increasingly viewed Hut 8 as a diversified digital infrastructure platform positioned to benefit from both the continued institutionalization of digital assets and rising demand for compute capacity.
Top 10 Stocks by Quarterly Return
| Security Name |
QTLY |
| HUT 8 CORP |
146.10% |
| RIOT PLATFORMS INC |
121.52% |
| DAVE INC |
114.02% |
| ZIP CO LTD |
109.61% |
| CIPHER MINING INC |
90.37% |
| BITDEER TECHNOLOGIES GROUP |
83.47% |
| GALAXY DIGITAL INC |
48.18% |
| ROBINHOOD MARKETS INC - A |
44.70% |
| ETORO GROUP LTD |
31.44% |
| BLOCK INC |
26.29% |
Bottom 10 Stocks by Quarterly Return
| Security Name |
QTLY |
| BULLISH |
-34.42% |
| CIRCLE INTERNET GROUP INC |
-34.36% |
| CME GROUP INC |
-25.23% |
| ISHARES ETHEREUM TRUST ETF |
-24.89% |
| PARTNERS GROUP HOLDING AG |
-22.62% |
| BITWISE XRP ETF |
-22.42% |
| INTERCONTINENTAL EXCHANGE IN |
-21.73% |
| INTERCONTINENTAL EXCHANGE INC |
-21.73% |
| OSL GROUP LTD |
-17.68% |
| COINBASE GLOBAL INC -CLASS A |
-16.28% |
| TRADEWEB MARKETS INC |
-15.30% |
| TRADEWEB MARKETS INC-CLASS A |
-15.30% |
Top 10 Stocks by Unusual Volume
| Security Name |
3m/12m Vol |
| HUT 8 CORP |
1.46 |
| RIOT PLATFORMS INC |
1.22 |
| DAVE INC |
1.14 |
| ZIP CO LTD |
1.10 |
| CIPHER MINING INC |
0.90 |
| BITDEER TECHNOLOGIES GROUP |
0.83 |
| GALAXY DIGITAL INC |
0.48 |
| ROBINHOOD MARKETS INC - A |
0.45 |
| ETORO GROUP LTD |
0.31 |
| BLOCK INC |
0.26 |
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 |
57.08% |
8.36% |
8.31% |
332.93% |
92.38% |
627.76% |
3 |
| WISE GROUP PLC CLASS A |
-15.11% |
1307.87% |
1432.90% |
278.23% |
61.69% |
315.63% |
4 |
| FLATEX AG |
52.31% |
49.49% |
50.81% |
374.58% |
50.11% |
217.63% |
5 |
| X-TRADE BROKERS DOM MAKLERSK |
26.24% |
15.18% |
15.23% |
106.26% |
24.21% |
118.22% |
6 |
| BROOKFIELD ASSET MANAGEMENT LTD - CLASS A |
-18.82% |
147.29% |
138.22% |
46.58% |
3.31% |
23.55% |
7 |
| HAMILTON LANE INC |
-44.53% |
25.85% |
28.46% |
59.89% |
13.20% |
36.65% |
8 |
| GOLDMAN SACHS GROUP INC |
42.90% |
66.74% |
68.60% |
87.34% |
37.78% |
24.99% |
9 |
| XP INC |
-19.50% |
7.64% |
7.02% |
222.91% |
114.68% |
145.07% |
10 |
| DLOCAL LTD |
14.59% |
212.50% |
258.68% |
35.42% |
17.97% |
67.77% |
11 |
Income Statement Metrics
|
Security Name
|
1 Yr. Price Return
|
Revenue Growth
|
Gross Margin
|
EBITDA Margin
|
Earnings Yield
|
Overall Rank
|
| GPGI INC |
12.49% |
-100.00% |
0.00% |
0.00% |
-13.67% |
1 |
| STREAMEX CORP |
-88.09% |
-100.00% |
0.00% |
0.00% |
-1150.22% |
2 |
| ICG PLC |
-15.15% |
10.27% |
98.35% |
61.81% |
9.97% |
3 |
| X-TRADE BROKERS DOM MAKLERSK |
26.24% |
35.27% |
90.34% |
43.90% |
8.03% |
4 |
| UP FINTECH HOLDING LTD - ADR |
-54.40% |
32.61% |
96.33% |
45.84% |
13.61% |
5 |
| FAIRFAX INDIA HO-SUB VTG SHS |
-1.56% |
100.89% |
60.50% |
435.61% |
10.73% |
6 |
| ARES CAPITAL CORP |
-15.62% |
12.58% |
77.97% |
62.52% |
8.80% |
7 |
| NH INVESTMENT & SECURITIES CO LTD |
28.12% |
17.18% |
85.10% |
75.06% |
13.12% |
8 |
| SWISSQUOTE GROUP HOLDING-REG |
-16.78% |
7.67% |
84.01% |
52.13% |
6.28% |
9 |
| PARTNERS GROUP HOLDING AG |
-36.86% |
13.91% |
88.92% |
60.13% |
7.13% |
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 |
| EURONEXT NV |
-6.03% |
0.26% |
2.99 |
0.01 |
6.92% |
12.94% |
4.79% |
0.04 |
| UP FINTECH HOLDING LTD - ADR |
-54.40% |
0.00% |
0.98 |
0.01 |
0.00% |
0.00% |
13.61% |
0.09 |
| BITGO HOLDINGS CL A |
0.00% |
0.00% |
1.37 |
0.09 |
0.00% |
0.00% |
0.00% |
0.10 |
| GMO FINANCIAL HOLDINGS INC |
11.26% |
0.00% |
2.03 |
0.18 |
0.00% |
0.00% |
11.29% |
0.11 |
| INTERACTIVE BROKERS GROUP INC |
57.08% |
16.37% |
6.94 |
0.15 |
92.38% |
627.76% |
2.67% |
0.22 |
| GEMINI SPACE STATION INC |
0.00% |
0.00% |
1.10 |
0.32 |
0.00% |
0.00% |
-108.78% |
0.22 |
| FUTU HOLDINGS LTD-ADR |
-24.15% |
0.00% |
2.50 |
0.09 |
0.00% |
0.00% |
9.71% |
0.32 |
| CITIGROUP INC |
64.43% |
1.38% |
1.25 |
0.27 |
15.95% |
7.34% |
5.78% |
0.35 |
| WISE GROUP PLC CLASS A |
-15.11% |
22.65% |
6.35 |
0.01 |
61.69% |
315.63% |
4.11% |
0.38 |
| CME GROUP INC |
-19.88% |
2.14% |
3.00 |
0.02 |
5.41% |
14.29% |
5.31% |
0.48 |
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
|
| EURAZEO SE |
-35.66% |
0.56% |
0.00 |
1.70% |
0.70% |
-14.46% |
0.41 |
| NEXI SPA |
-32.01% |
3.86% |
0.34 |
19.26% |
6.12% |
-78.36% |
0.57 |
| METAPLANET INC |
-89.23% |
0.00% |
0.00 |
0.00% |
0.00% |
-117.56% |
0.62 |
| BILL HOLDINGS INC |
-21.83% |
3.24% |
0.19 |
9.07% |
5.74% |
1.07% |
0.95 |
| UP FINTECH HOLDING LTD - ADR |
-54.40% |
0.00% |
0.01 |
0.00% |
0.00% |
13.61% |
0.98 |
| AMERICAN INTERNATIONAL GROUP |
-12.92% |
2.87% |
0.07 |
8.92% |
7.12% |
7.61% |
0.98 |
| TRUIST FINANCIAL CORP |
15.89% |
0.92% |
0.13 |
8.17% |
4.73% |
8.09% |
1.05 |
| NH INVESTMENT & SECURITIES CO LTD |
28.12% |
19.47% |
0.40 |
178.58% |
73.87% |
13.12% |
1.09 |
| CAPITAL ONE FINANCIAL CORP |
-5.71% |
4.00% |
0.08 |
22.08% |
16.79% |
1.95% |
1.10 |
| GEMINI SPACE STATION INC |
0.00% |
0.00% |
0.32 |
0.00% |
0.00% |
-108.78% |
1.10 |
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 Leaders 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 Leaders 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
Q2 2026
-
Healthcare Innovation gained +10.10% QoQ in Q2 2026 as investor appetite returned to healthcare following several quarters of underperformance. Leadership was broad-based, with Bioproduction Tech and Tools (+21.71%), Future Healthcare (+13.34%), and US Health Care (+8.19%) posting solid gains, while Bionic Healthcare (-3.75%) remained the lone area of weakness. The quarter also saw notable stock dispersion, with Humana, Twist Bioscience, Hinge Health, and Neogenomics leading returns.
-
What’s new: Healthcare regained favor as investors rotated into more defensive growth sectors amid elevated market uncertainty. Continued advances in AI-enabled drug discovery, precision medicine, and next-generation diagnostics supported sentiment across life sciences, while biopharma deal activity and strategic partnerships remained active. At the same time, improving expectations for interest rates provided a tailwind for innovation-driven healthcare companies, whose long-duration cash flows tend to be more sensitive to financing conditions.
-
Focus on fundamentals: The updated screens continue to favor companies combining innovation with financial discipline. ResMed, DexCom, Medpace, Pro Medicus, Veeva Systems, and Globus Medical rank highly on cash-flow quality and capital efficiency, while United Therapeutics, Eli Lilly, Regeneron, Amgen, Merck, and Gilead Sciences stand out for durable margins and earnings quality. Balance-sheet metrics also highlight fundamentally strong operators including Cardinal Health, Humana, Centene, JD Health, and Biogen. Overall, investors continue to reward businesses with established commercial platforms, recurring revenue, and clear paths to profitable growth rather than earlier-stage innovation alone.
-
Stock Spotlight – Humana (HUM): Humana was the quarter’s strongest performer, returning +129.09%. The rebound followed renewed confidence in the managed care sector as Medicare Advantage utilization trends began to stabilize and investors reassessed valuations after a prolonged period of weakness. With expectations having been significantly reset, Humana emerged as one of the quarter’s strongest recoveries, benefiting from improving earnings visibility and renewed confidence in the long-term fundamentals of government-sponsored healthcare.
Top 10 Stocks by Quarterly Return
| Security Name |
QTLY |
| HUMANA INC |
129.09% |
| TWIST BIOSCIENCE CORP |
116.50% |
| HINGE HEALTH INC CLASS A |
115.25% |
| NEOGENOMICS INC |
96.63% |
| CENTENE CORP |
96.06% |
| VERACYTE INC |
82.33% |
| 10X GENOMICS INC |
80.59% |
| GUARDANT HEALTH INC |
62.42% |
| ADAPTIVE BIOTECHNOLOGIES CORP |
54.54% |
| ILLUMINA INC |
42.65% |
Bottom 10 Stocks by Quarterly Return
| Security Name |
QTLY |
| ANBIO BIOTECHNOLOGY CL A ORD |
-46.63% |
| PING AN HEALTHCARE AND TECHNOL |
-39.44% |
| ARTIVION INC |
-38.64% |
| ALIBABA HEALTH INFORMATION TECHNOLOGY LTD |
-33.94% |
| TRANSMEDICS GROUP INC |
-33.19% |
| BOSTON SCIENTIFIC CORP |
-31.98% |
| JD HEALTH INTERNATIONAL INC |
-30.25% |
| COCHLEAR LTD |
-27.80% |
| INSULET CORP |
-27.44% |
| REGENERON PHARMACEUTICALS |
-19.30% |
Top 10 Stocks by Unusual Volume
| Security Name |
3m/12m Vol |
| HUMANA INC |
1.29 |
| TWIST BIOSCIENCE CORP |
1.16 |
| HINGE HEALTH INC CLASS A |
1.15 |
| NEOGENOMICS INC |
0.97 |
| CENTENE CORP |
0.96 |
| VERACYTE INC |
0.82 |
| 10X GENOMICS INC |
0.81 |
| GUARDANT HEALTH INC |
0.62 |
| ADAPTIVE BIOTECHNOLOGIES CORP |
0.55 |
| ILLUMINA INC |
0.43 |
Fundamentals
Cash Flow Metrics
|
Security Name
|
1 Yr. Price Return
|
Operating CF Growth
|
FCF Growth
|
FCF Margin
|
FCF Yield
|
FCF:IC
|
Overall Rank
|
| RESMED INC |
-24.47% |
7.90% |
5.17% |
31.35% |
6.14% |
24.64% |
1 |
| PRO MEDICUS LTD |
-24.56% |
13.91% |
14.29% |
53.20% |
0.56% |
31.67% |
2 |
| VEEVA SYSTEMS INC |
-38.37% |
38.34% |
38.33% |
49.42% |
5.69% |
22.18% |
3 |
| SECTRA AB-B SHS |
-22.77% |
33.72% |
25.73% |
25.66% |
1.87% |
40.85% |
4 |
| DOXIMITY INC-CLASS A |
-66.19% |
10.99% |
10.50% |
49.23% |
11.60% |
33.11% |
5 |
| DEXCOM INC |
-22.84% |
80.47% |
150.42% |
29.67% |
5.50% |
33.08% |
6 |
| LEMAITRE VASCULAR INC |
15.54% |
48.58% |
51.23% |
30.87% |
3.61% |
13.34% |
7 |
| MEDPACE HOLDINGS INC |
68.73% |
20.37% |
22.62% |
26.55% |
4.70% |
98.67% |
8 |
| IDEXX LABORATORIES INC |
-1.85% |
33.18% |
37.46% |
23.94% |
2.56% |
54.45% |
9 |
| GLOBUS MEDICAL INC |
33.87% |
16.34% |
16.82% |
19.68% |
6.82% |
12.63% |
10 |
Income Statement Metrics
|
Security Name
|
1 Yr. Price Return
|
Revenue Growth
|
Gross Margin
|
EBITDA Margin
|
Earnings Yield
|
Overall Rank
|
| UNITED THERAPEUTICS CORP |
88.56% |
2.99% |
86.58% |
48.85% |
4.99% |
1 |
| KRYSTAL BIOTECH INC |
170.38% |
16.17% |
92.82% |
44.44% |
2.01% |
2 |
| ELI LILLY & CO |
53.87% |
35.66% |
82.83% |
50.13% |
2.35% |
3 |
| DOXIMITY INC-CLASS A |
-66.19% |
9.37% |
89.09% |
36.63% |
4.75% |
4 |
| REGENERON PHARMACEUTICALS |
18.77% |
4.96% |
80.93% |
29.38% |
6.57% |
5 |
| PRO MEDICUS LTD |
-24.56% |
12.46% |
78.41% |
77.38% |
1.03% |
6 |
| INCYTE CORP |
66.46% |
16.93% |
91.22% |
28.82% |
6.24% |
7 |
| AMGEN INC |
29.69% |
7.30% |
71.84% |
45.98% |
3.97% |
8 |
| MERCK & CO. INC. |
62.33% |
3.28% |
71.23% |
32.14% |
2.77% |
9 |
| GILEAD SCIENCES INC |
13.95% |
3.42% |
79.40% |
49.65% |
5.82% |
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 |
| CENTENE CORP |
18.26% |
8.76% |
1.48 |
0.20 |
22.44% |
18.85% |
-20.34% |
1.11 |
| BIONTECH SE |
-12.60% |
5.07% |
1.09 |
0.01 |
5.23% |
5.64% |
-6.39% |
1.34 |
| CENCORA INC |
-5.63% |
1.91% |
16.20 |
0.15 |
2.83% |
10.00% |
4.61% |
1.35 |
| SAREPTA THERAPEUTICS INC |
5.09% |
2.87% |
1.26 |
0.33 |
4.81% |
3.59% |
1.94% |
1.49 |
| PING AN HEALTHCARE AND TECHNOL |
-20.33% |
2.96% |
1.33 |
0.00 |
2.91% |
3.94% |
2.89% |
1.55 |
| JD HEALTH INTERNATIONAL INC |
-23.55% |
11.93% |
1.56 |
0.01 |
10.36% |
16.09% |
5.65% |
1.69 |
| AZENTA INC |
-17.09% |
1.58% |
0.76 |
0.03 |
2.55% |
1.87% |
-15.17% |
1.75 |
| MCKESSON CORP |
3.11% |
6.57% |
-41.75 |
0.10 |
6.12% |
110.68% |
5.08% |
1.82 |
| CARDINAL HEALTH INC |
41.40% |
7.75% |
-19.71 |
0.16 |
7.89% |
81.14% |
2.75% |
1.91 |
| HUMANA INC |
62.48% |
2.30% |
2.57 |
0.25 |
2.67% |
4.12% |
2.36% |
1.98 |
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
|
| GENSCRIPT BIOTECH CORP |
-17.28% |
5.20% |
0.13 |
7.40% |
6.16% |
-15.77% |
0.85 |
| PING AN HEALTHCARE AND TECHNOL |
-20.33% |
2.96% |
0.00 |
2.91% |
3.94% |
2.89% |
1.33 |
| CENTENE CORP |
18.26% |
8.76% |
0.20 |
22.44% |
18.85% |
-20.34% |
1.48 |
| OMNICELL INC |
41.22% |
4.76% |
0.10 |
5.05% |
6.59% |
1.07% |
1.50 |
| JD HEALTH INTERNATIONAL INC |
-23.55% |
11.93% |
0.01 |
10.36% |
16.09% |
5.65% |
1.56 |
| INSPIRE MEDICAL SYSTEMS INC |
-65.62% |
10.61% |
0.03 |
7.52% |
11.77% |
9.85% |
1.62 |
| COOPER COS INC/THE |
0.77% |
4.56% |
0.20 |
4.07% |
5.64% |
1.66% |
1.70 |
| CVS HEALTH CORP |
49.97% |
2.92% |
0.31 |
5.60% |
4.89% |
2.21% |
1.70 |
| BIOGEN INC |
72.04% |
7.86% |
0.22 |
7.26% |
9.19% |
4.31% |
1.71 |
| BECTON DICKINSON AND CO |
11.80% |
6.04% |
0.34 |
7.36% |
7.90% |
2.61% |
1.73 |
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
Q2 2026
-
The Materials metatheme declined -4.83% QoQ in Q2 2026 as cyclical commodity markets softened following a strong start to the year. Global Steel (+8.03%) was the standout performer, while Rare Earth/Strategic Metals (+1.92%) and Clean-Tech Metals (+1.21%) posted modest gains. Precious metals reversed course, with Global Gold Miners (-17.41%) and Junior Gold Miners (-17.02%) giving back part of their exceptional gains as safe-haven demand eased and profit taking accelerated.
-
What’s new: The quarter saw leadership rotate away from defensive metals and toward industrial materials tied to manufacturing, infrastructure, and trade normalization. Gold retreated as geopolitical tensions eased and investors shifted back toward risk assets, while steel producers benefited from improving industrial sentiment and expectations for infrastructure investment. At the same time, rare earths and critical minerals remained supported by continued government efforts to diversify supply chains, particularly outside China, reinforcing the long-term strategic importance of these materials despite weaker commodity price momentum.
-
Focus on fundamentals: The updated screens continue to favor established producers with disciplined capital allocation and resilient balance sheets over more speculative exploration names. Cash-flow metrics remain strongest among Lundin Gold, Newmont, Kinross, Regis Resources, and CNMC Goldmine, while balance-sheet screens highlight industrial leaders including Mitsubishi Materials, Hanwa, Outokumpu, Ternium, Aurubis, and Maruha Nichiro. The common thread is a preference for companies generating consistent free cash flow, maintaining conservative leverage, and returning capital to shareholders, even as commodity prices become more volatile.
-
Stock Spotlight – Lianyou Metals: Lianyou Metals was the quarter’s top performer, rising +538.53%. The stock benefited from renewed investor enthusiasm for strategic metals and processing capacity as governments and manufacturers continued to prioritize secure critical mineral supply chains. While the magnitude of the move was company-specific, it underscores the market’s willingness to reward businesses positioned at key points in the rare earth and advanced materials value chain as geopolitical competition increasingly shapes investment across the sector.
Top 10 Stocks by Quarterly Return
| Security Name |
QTLY |
| LIANYOU METALS ORD |
538.53% |
| JIANGSU BOQIAN NEW MATERIALS STOCK CO LTD |
199.08% |
| SANXIANG ADVANCED MATERIAL-A |
138.90% |
| BLOOM ENERGY CORP |
123.41% |
| G2 GOLDFIELDS INC |
71.13% |
| YUNNAN CHIHONG ZINC & GERM-A |
56.63% |
| XIAMEN TUNGSTEN CO LTD-A |
55.73% |
| JINDUICHENG MOLYBDENUM CO LTD CLASS A |
53.64% |
| SHENGHE RESOURCES HOLDINGS-A |
35.11% |
| NUCOR CORP |
31.73% |
Bottom 10 Stocks by Quarterly Return
| Security Name |
QTLY |
| DATELINE RESOURCES LTD |
-70.12% |
| ZHAOJIN MINING INDUSTRY CO LTD |
-48.39% |
| GRAND T G GOLD HOLDINGS LTD |
-48.14% |
| MEEKA METALS LTD |
-45.56% |
| CHIFENG GOLD ORD H |
-44.44% |
| WANGUO INTERNATIONAL MINING GROUP LTD. |
-42.31% |
| ORLA MINING LTD |
-39.22% |
| ARCHI INDONESIA TBK PT |
-39.17% |
| EQUINOX GOLD CORP |
-32.78% |
| ALAMOS GOLD INC |
-31.90% |
Top 10 Stocks by Unusual Volume
| Security Name |
3m/12m Vol |
| LIANYOU METALS ORD |
5.39 |
| JIANGSU BOQIAN NEW MATERIALS STOCK CO LTD |
1.99 |
| SANXIANG ADVANCED MATERIAL-A |
1.39 |
| BLOOM ENERGY CORP |
1.23 |
| G2 GOLDFIELDS INC |
0.71 |
| YUNNAN CHIHONG ZINC & GERM-A |
0.57 |
| XIAMEN TUNGSTEN CO LTD-A |
0.56 |
| JINDUICHENG MOLYBDENUM CO LTD CLASS A |
0.54 |
| SHENGHE RESOURCES HOLDINGS-A |
0.35 |
| NUCOR CORP |
0.32 |
Fundamentals
Cash Flow Metrics
|
Security Name
|
1 Yr. Price Return
|
Operating CF Growth
|
FCF Growth
|
FCF Margin
|
FCF Yield
|
FCF:IC
|
Overall Rank
|
| LUNDIN GOLD INC |
7.99% |
40.69% |
47.19% |
57.26% |
8.76% |
83.87% |
25 |
| CNMC GOLDMINE HOLDINGS LTD |
162.58% |
51.94% |
77.95% |
40.94% |
14.89% |
63.80% |
26 |
| FRESNILLO PLC |
84.36% |
18.79% |
20.38% |
43.05% |
7.25% |
35.46% |
27 |
| REGIS RESOURCES LTD |
45.21% |
34.92% |
30.49% |
36.46% |
14.55% |
34.66% |
28 |
| KINROSS GOLD CORP |
51.77% |
45.66% |
58.95% |
36.85% |
10.38% |
29.83% |
29 |
| WESDOME GOLD MINES LTD |
23.45% |
70.72% |
108.75% |
34.57% |
10.15% |
35.05% |
30 |
| DPM METALS INC |
102.46% |
90.57% |
82.68% |
41.86% |
6.18% |
16.39% |
31 |
| NEWMONT CORP |
60.32% |
40.43% |
72.48% |
37.85% |
9.26% |
22.90% |
32 |
| GOLD FIELDS LTD-SPONS ADR |
41.91% |
49.98% |
75.93% |
35.56% |
10.38% |
27.45% |
33 |
Income Statement Metrics
|
Security Name
|
1 Yr. Price Return
|
Revenue Growth
|
Gross Margin
|
EBITDA Margin
|
Earnings Yield
|
Overall Rank
|
| ABRASILVER RESOURCE CORP |
167.24% |
0.00% |
0.00% |
0.00% |
-2.90% |
1 |
| ANDEAN SILVER ORD |
96.40% |
0.00% |
0.00% |
0.00% |
-5.29% |
2 |
| ANTIPA MINERALS LTD |
-12.67% |
0.00% |
0.00% |
0.00% |
-1.54% |
3 |
| COLLECTIVE MINING LTD |
12.64% |
0.00% |
0.00% |
0.00% |
-4.07% |
4 |
| CONTANGO SILVER AND GOLD INC |
-18.94% |
0.00% |
0.00% |
0.00% |
-11.09% |
5 |
| DAKOTA GOLD CORP |
15.45% |
0.00% |
0.00% |
0.00% |
-7.07% |
6 |
| FOUNDERS METALS INC |
-10.36% |
0.00% |
0.00% |
0.00% |
-3.46% |
7 |
| GOLDMINING INC |
25.62% |
0.00% |
0.00% |
0.00% |
-6.05% |
8 |
| HYCROFT MINING HOLDING CORPORATION |
647.60% |
0.00% |
0.00% |
0.00% |
-4.30% |
9 |
| MONTAGE GOLD ORD |
243.97% |
0.00% |
0.00% |
0.00% |
-0.79% |
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 |
| MITSUBISHI MATERIALS CORP |
68.16% |
-0.42% |
0.75 |
0.22 |
-2.28% |
-1.25% |
7.76% |
0.40 |
| HANWA CO LTD ORD |
38.38% |
6.14% |
0.75 |
0.29 |
21.20% |
10.55% |
12.30% |
0.61 |
| OUTOKUMPU OYJ |
40.03% |
1.02% |
0.69 |
0.11 |
2.51% |
1.52% |
-5.52% |
1.19 |
| TERNIUM SA-SPONSORED ADR |
41.86% |
-0.15% |
0.69 |
0.12 |
-0.42% |
-0.24% |
6.84% |
1.21 |
| JOHNSON MATTHEY PLC |
5.56% |
2.33% |
1.59 |
0.24 |
4.35% |
4.14% |
-3.05% |
1.26 |
| AURUBIS AG |
99.87% |
-0.03% |
1.36 |
0.05 |
-0.04% |
-0.05% |
11.80% |
1.27 |
| K+S AG |
-17.31% |
1.03% |
0.50 |
0.07 |
3.35% |
1.51% |
-56.47% |
1.30 |
| MARUHA NICHIRO CORP |
14.42% |
-0.57% |
0.78 |
0.41 |
-2.22% |
-1.10% |
12.10% |
1.33 |
| J RESOURCES ASIA PASIFIC TBK PT |
-23.47% |
9.25% |
0.94 |
0.09 |
15.93% |
14.24% |
51.42% |
1.38 |
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
|
| JFE HOLDINGS INC |
-17.33% |
1.03% |
0.33 |
6.20% |
1.46% |
7.63% |
0.37 |
| GOLDEN AGRI-RESOURCES LTD |
6.35% |
6.98% |
0.30 |
27.80% |
10.86% |
15.14% |
0.49 |
| K+S AG |
-17.31% |
1.03% |
0.07 |
3.35% |
1.51% |
-56.47% |
0.50 |
| PPB GROUP BERHAD |
-6.68% |
4.46% |
0.02 |
8.22% |
4.78% |
-21.29% |
0.59 |
| OJI PAPER CO LTD |
-2.60% |
0.82% |
0.37 |
3.10% |
1.28% |
8.28% |
0.62 |
| SVENSKA CELLULOSA AKTIEBOLAGET CLASS B |
-20.66% |
1.43% |
0.11 |
3.10% |
1.87% |
4.10% |
0.68 |
| HANWA CO LTD ORD |
38.38% |
6.14% |
0.29 |
21.20% |
10.55% |
12.30% |
0.75 |
| GERDAU SA -SPON ADR |
38.36% |
2.42% |
0.19 |
4.98% |
2.94% |
3.90% |
0.78 |
| WILMAR INTERNATIONAL LTD |
23.86% |
1.96% |
0.47 |
7.18% |
4.36% |
8.10% |
0.80 |
| HOLMEN AB |
-20.06% |
3.23% |
0.07 |
5.79% |
4.52% |
5.97% |
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 MarketVector™ Global Electrification 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
Q2 2026
-
The Hardware & Communications metatheme surged +53.91% QoQ in Q2 2026 as AI infrastructure spending accelerated across the semiconductor and networking ecosystem. Performance was led by US Listed Semiconductors 25 (+71.30%), US Listed Fabless Semiconductors (+71.63%), Machine Learning and Quantum Computing (+54.46%), and the Data Center Supply Chain (+51.27%). Strength broadened beyond chip designers into memory, optical networking, and connectivity providers, reflecting continued investment in AI compute infrastructure.
-
What’s new: The quarter reinforced that AI infrastructure spending remains one of the market’s strongest secular growth drivers. Hyperscalers continued to announce record capital expenditure plans while demand for AI accelerators, high-bandwidth memory, networking equipment, and optical interconnects remained well ahead of supply. Investors also looked beyond training infrastructure, increasingly rewarding companies positioned to benefit from inference workloads, AI networking, and the next generation of data center architecture, broadening leadership across the hardware ecosystem.
-
Focus on fundamentals: The updated screens continue to favor companies combining structural AI growth with strong profitability and cash generation. NVIDIA, Arista Networks, Teradata, InterDigital, Palantir, and Taiwan Semiconductor remain among the strongest cash-flow names, while Meta Platforms, Microsoft, Alphabet, Rambus, and TSMC continue to rank highly on margins and earnings quality. Balance-sheet metrics also highlight established communications and infrastructure providers including Comcast, Orange, Deutsche Telekom, NetScout, and Amdocs. The common thread remains businesses with durable competitive advantages, pricing power, and the financial capacity to sustain elevated AI-related investment.
-
Stock Spotlight – MaxLinear (MXL): MaxLinear was the quarter’s top performer, rising +636.23%. The rally reflected renewed optimism around high-speed connectivity and broadband infrastructure as AI-driven network upgrades expanded beyond the data center into carrier and enterprise networks. As demand grows for faster data movement alongside AI compute, investors increasingly rewarded companies supplying the analog and connectivity technologies that enable next-generation communications infrastructure.
Top 10 Stocks by Quarterly Return
| Security Name |
QTLY |
| MAXLINEAR INC-CLASS A |
636.23% |
| ASTERA LABS INC |
340.71% |
| MICRON TECHNOLOGY INC |
241.67% |
| INTEL CORP |
216.41% |
| HORIZON QUANTUM HOLDINGS LTD |
215.81% |
| MARVELL TECHNOLOGY INC |
200.75% |
| SILICON MOTION TECHNOLOGY |
196.85% |
| ADVANCED MICRO DEVICES |
185.56% |
| NEBIUS GROUP NV |
166.16% |
| ARM HOLDINGS ADR |
134.38% |
Bottom 10 Stocks by Quarterly Return
| Security Name |
QTLY |
| CHARTER COMMUNICATIONS INC-A |
-34.13% |
| KINGSOFT CLOUD HOLDINGS LTD |
-32.26% |
| AT&T |
-28.60% |
| AT&T INC |
-28.60% |
| DEUTSCHE TELEKOM AG |
-26.20% |
| NETFLIX INC |
-25.74% |
| NORTHROP GRUMMAN CORP |
-25.35% |
| CALIX INC |
-23.82% |
| ALIBABA GROUP HOLDING-SP ADR |
-23.50% |
| T-MOBILE US INC |
-20.14% |
| VERIZON COMMUNICATIONS INC |
-15.66% |
Top 10 Stocks by Unusual Volume
| Security Name |
3m/12m Vol |
| MAXLINEAR INC-CLASS A |
6.36 |
| ASTERA LABS INC |
3.41 |
| MICRON TECHNOLOGY INC |
2.42 |
| INTEL CORP |
2.16 |
| HORIZON QUANTUM HOLDINGS LTD |
2.16 |
| MARVELL TECHNOLOGY INC |
2.01 |
| SILICON MOTION TECHNOLOGY |
1.97 |
| ADVANCED MICRO DEVICES |
1.86 |
| ARM HOLDINGS ADR |
1.34 |
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 |
26.65% |
64.98% |
65.24% |
46.97% |
2.46% |
57.57% |
4 |
| ARISTA NETWORKS INC |
66.04% |
34.01% |
32.77% |
54.36% |
2.47% |
39.13% |
5 |
| PALANTIR TECHNOLOGIES INC |
-14.41% |
57.46% |
57.33% |
51.46% |
1.00% |
31.04% |
6 |
| CIRRUS LOGIC INC |
42.47% |
37.45% |
40.67% |
31.83% |
8.48% |
28.36% |
7 |
| INTERDIGITAL INC |
26.27% |
63.62% |
87.03% |
61.87% |
7.01% |
45.46% |
8 |
| TERADATA CORP |
55.31% |
145.77% |
153.99% |
39.55% |
20.49% |
64.60% |
9 |
| SPOTIFY TECHNOLOGY SA |
-40.17% |
17.12% |
16.05% |
18.13% |
3.89% |
37.90% |
10 |
| GLOBALSTAR INC |
245.18% |
4.96% |
103.35% |
45.50% |
1.23% |
15.53% |
11 |
| TAIWAN SEMICONDUCTOR-SP ADR |
110.86% |
14.88% |
14.98% |
26.74% |
1.81% |
16.60% |
12 |
| NETAPP INC |
45.25% |
37.25% |
39.69% |
27.00% |
6.16% |
46.24% |
13 |
Income Statement Metrics
|
Security Name
|
1 Yr. Price Return
|
Revenue Growth
|
Gross Margin
|
EBITDA Margin
|
Earnings Yield
|
Overall Rank
|
| HORIZON QUANTUM HOLDINGS LTD |
113.54% |
0.00% |
0.00% |
0.00% |
-12.51% |
1 |
| NEXGEN ENERGY LTD |
35.42% |
0.00% |
0.00% |
0.00% |
-5.19% |
2 |
| OKLO INC |
-6.54% |
0.00% |
0.00% |
0.00% |
-1.61% |
3 |
| META PLATFORMS INC-CLASS A |
-23.68% |
20.22% |
81.94% |
50.85% |
4.88% |
4 |
| NVIDIA CORP |
26.65% |
70.68% |
74.15% |
65.29% |
3.26% |
5 |
| TAIWAN SEMICONDUCTOR-SP ADR |
110.86% |
25.74% |
60.71% |
69.75% |
2.51% |
6 |
| MICROSOFT CORP |
-25.01% |
12.97% |
68.31% |
58.97% |
4.50% |
7 |
| RAMBUS INC |
107.34% |
11.72% |
74.39% |
41.91% |
1.58% |
8 |
| ALPHABET INC-CL A |
102.79% |
13.97% |
60.42% |
39.12% |
3.67% |
9 |
| ALPHABET INC-CL C |
99.18% |
13.97% |
60.42% |
39.12% |
3.71% |
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 |
| VISTANCE NETWORKS |
54.35% |
4.16% |
0.62 |
0.01 |
7.85% |
4.87% |
-2.68% |
0.88 |
| BANK OF AMERICA CORP |
20.41% |
1.85% |
1.47 |
0.21 |
15.96% |
10.62% |
7.05% |
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
|
| COMCAST CORP-CLASS A |
-26.58% |
6.81% |
0.36 |
20.24% |
9.98% |
20.78% |
0.99 |
| LG ELECTRONICS INC |
139.61% |
1.24% |
0.20 |
2.61% |
2.42% |
2.91% |
1.41 |
| BANK OF AMERICA CORP |
20.41% |
1.85% |
0.21 |
15.96% |
10.62% |
7.05% |
1.47 |
| AMDOCS LTD |
-44.61% |
10.67% |
0.17 |
12.48% |
16.30% |
9.90% |
1.59 |
| ORANGE SA |
24.47% |
3.00% |
0.45 |
7.77% |
4.80% |
0.83% |
1.69 |
| VERIZON COMMUNICATIONS INC |
-2.15% |
4.75% |
0.47 |
11.23% |
7.46% |
9.69% |
1.71 |
| DEUTSCHE TELEKOM AG |
-24.99% |
7.41% |
0.49 |
18.95% |
11.22% |
7.71% |
1.81 |
| NETSCOUT SYSTEMS INC |
75.53% |
12.12% |
0.02 |
9.17% |
17.00% |
2.99% |
1.89 |
| HON HAI PRECN.IND. |
42.96% |
2.42% |
0.25 |
3.58% |
5.95% |
5.81% |
1.98 |
| KYNDRYL HOLDINGS INC |
-73.05% |
2.71% |
0.39 |
13.63% |
8.35% |
7.49% |
2.14 |
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® Space and 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 or are involved in satellite communications and space industry. This is a modified market cap-weighted index.
The MarketVector™ Data Center Supply Chain Index (MVRACK) tracks the performance of US-listed companies that are contributing to the buildout and ongoing operation of data centers across the supply chain, including infrastructure, equipment, and service providers.
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
Q2 2026
-
The Next Gen Software metatheme gained +20.17% QoQ in Q2 2026 as enterprise AI adoption broadened beyond foundational models into software platforms delivering measurable productivity gains. Big Data & AI (+25.02%) led returns, followed by Artificial Intelligence (+22.68%) and Digital Advertising (+11.43%). Leadership also widened across AI infrastructure, enterprise applications, and developer tools, reflecting growing investor confidence that AI monetization is expanding beyond a handful of hyperscalers.
-
What’s new: The quarter marked a shift from AI enthusiasm to AI execution. Companies demonstrating tangible revenue growth from AI products, enterprise copilots, and workflow automation were rewarded, while investors became increasingly selective toward businesses without clear commercialization pathways. At the same time, enterprise software spending remained resilient as organizations accelerated AI deployment, reinforcing software as one of the primary beneficiaries of the next phase of AI adoption.
-
Focus on fundamentals: The updated screens continue to favor software companies combining durable recurring revenue with strong cash generation and operating leverage. NVIDIA, AppLovin, Palantir, Pegasystems, Teradata, and Symbotic remain among the strongest cash-flow names, while Meta Platforms, Microsoft, Adobe, Autodesk, PTC, and Cadence Design Systems continue to rank highly on margins and earnings quality. Balance-sheet metrics also highlight financially disciplined software businesses including Havas, Perion Network, Taboola, OpenText, and PubMatic. Across the metatheme, investors continue to reward companies translating AI investment into profitable, scalable software platforms rather than simply participating in the broader AI narrative.
-
Stock Spotlight – Digital Turbine (APPS): Digital Turbine was the quarter’s strongest performer, rising +347.92%. The rally reflected renewed confidence in the mobile advertising ecosystem as improving device demand and AI-driven advertising optimization supported expectations for stronger monetization. After an extended period of weak sentiment, investors increasingly recognized the company’s operating leverage and improving execution, making it one of the quarter’s strongest turnaround stories within the software universe.
Top 10 Stocks by Quarterly Return
| Security Name |
QTLY |
| DIGITAL TURBINE INC |
347.92% |
| ASTERA LABS INC |
340.71% |
| MICRON TECHNOLOGY INC |
241.67% |
| INTEL CORP |
216.41% |
| ADVANCED MICRO DEVICES |
185.56% |
| NEBIUS GROUP NV |
166.16% |
| CEVA INC |
152.46% |
| XOMETRY INC-A |
136.34% |
| INNODATA INC |
95.70% |
| SNOWFLAKE INC |
68.74% |
Bottom 10 Stocks by Quarterly Return
| Security Name |
QTLY |
| UNISOUND ORD H |
-74.93% |
| QUNABOX GROUP ORD |
-49.72% |
| YIXIN GROUP LTD |
-40.03% |
| HORIZONROBOT-W ORD |
-38.40% |
| DRONESHIELD LTD |
-36.31% |
| ROBOSENSE ORD |
-36.22% |
| VOBILE GROUP LTD |
-32.98% |
| KLAVIYO SRS A ORD |
-22.40% |
| PALANTIR TECHNOLOGIES INC |
-20.24% |
| NIQ GLOBAL INTELLIGENCE PLC |
-17.77% |
Top 10 Stocks by Unusual Volume
| Security Name |
3m/12m Vol |
| DIGITAL TURBINE INC |
3.48 |
| ASTERA LABS INC |
3.41 |
| MICRON TECHNOLOGY INC |
2.42 |
| INTEL CORP |
2.16 |
| ADVANCED MICRO DEVICES |
1.86 |
| NEBIUS GROUP NV |
1.66 |
| CEVA INC |
1.52 |
| XOMETRY INC-A |
1.36 |
| INNODATA INC |
0.96 |
| SNOWFLAKE INC |
0.69 |
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 |
26.65% |
64.98% |
65.24% |
46.97% |
2.46% |
57.57% |
1 |
| APPLOVIN CORP |
47.17% |
55.16% |
54.43% |
75.40% |
2.79% |
74.90% |
2 |
| PALANTIR TECHNOLOGIES INC |
-14.41% |
57.46% |
57.33% |
51.46% |
1.00% |
31.04% |
3 |
| PEGASYSTEMS INC |
-44.63% |
23.32% |
21.80% |
29.11% |
9.88% |
64.86% |
4 |
| TERADATA CORP |
55.31% |
145.77% |
153.99% |
39.55% |
20.49% |
64.60% |
5 |
| UIPATH CL A ORD |
-15.08% |
13.14% |
19.88% |
22.44% |
7.61% |
19.00% |
6 |
| INNODATA INC |
47.56% |
66.98% |
71.79% |
21.87% |
2.51% |
47.26% |
7 |
| QUNABOX GROUP ORD |
-93.79% |
21.76% |
31.96% |
20.83% |
17.13% |
16.68% |
8 |
| SYMBOTIC INC |
15.70% |
256.82% |
333.45% |
29.74% |
13.09% |
106.04% |
9 |
Income Statement Metrics
|
Security Name
|
1 Yr. Price Return
|
Revenue Growth
|
Gross Margin
|
EBITDA Margin
|
Earnings Yield
|
Overall Rank
|
| META PLATFORMS INC |
-23.68% |
20.22% |
81.94% |
50.85% |
4.88% |
1 |
| NVIDIA CORP |
26.65% |
70.68% |
74.15% |
65.29% |
3.26% |
2 |
| APPLOVIN CORP |
47.17% |
17.05% |
88.88% |
84.07% |
2.31% |
3 |
| ADOBE INC |
-47.01% |
11.38% |
88.82% |
39.78% |
8.52% |
4 |
| PTC INC |
-34.08% |
21.27% |
83.14% |
45.13% |
9.16% |
5 |
| PALANTIR TECHNOLOGIES INC |
-14.41% |
51.84% |
84.07% |
38.63% |
0.76% |
6 |
| AUTODESK INC |
-37.20% |
18.88% |
90.26% |
30.27% |
3.52% |
7 |
| MICROSOFT CORP |
-25.01% |
12.97% |
68.31% |
58.97% |
4.50% |
8 |
| TRADE DESK INC/THE -CLASS A |
-74.89% |
10.83% |
77.83% |
24.48% |
4.87% |
9 |
| CADENCE DESIGN SYSTEMS INC |
21.80% |
8.63% |
85.15% |
36.27% |
1.14% |
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 |
| HAVAS NV |
13.90% |
4.76% |
0.90 |
0.06 |
18.97% |
15.41% |
11.09% |
0.54 |
| PERION NETWORK LTD |
-4.33% |
5.68% |
0.60 |
0.02 |
12.89% |
7.35% |
-2.66% |
0.85 |
| QUNABOX GROUP ORD |
-93.79% |
12.35% |
0.98 |
0.20 |
17.13% |
16.68% |
14.18% |
0.97 |
| SPRINKLR INC-A |
-39.01% |
11.99% |
2.47 |
0.04 |
18.53% |
24.27% |
2.17% |
1.08 |
| PUBMATIC INC |
5.47% |
7.52% |
2.43 |
0.06 |
9.90% |
17.35% |
-2.87% |
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
|
| PERION NETWORK LTD |
-4.33% |
5.68% |
0.02 |
12.89% |
7.35% |
-2.66% |
0.60 |
| HAVAS NV |
13.90% |
4.76% |
0.06 |
18.97% |
15.41% |
11.09% |
0.90 |
| QUNABOX GROUP ORD |
-93.79% |
12.35% |
0.20 |
17.13% |
16.68% |
14.18% |
0.98 |
| WAYSTAR HOLDING CORP |
-49.77% |
5.03% |
0.25 |
7.46% |
5.44% |
3.25% |
1.00 |
| OPEN TEXT CORP |
-24.13% |
6.06% |
0.48 |
15.04% |
7.86% |
9.28% |
1.35 |
| TABOOLA.COM LTD |
36.61% |
14.00% |
0.10 |
17.89% |
20.22% |
7.26% |
1.43 |
| WERIDE ADR |
-26.14% |
0.00% |
0.04 |
0.00% |
0.00% |
-12.32% |
1.93 |
| FIVE9 INC |
-19.49% |
9.47% |
0.43 |
10.82% |
10.98% |
3.07% |
1.97 |
| SPROUT SOCIAL INC |
-63.89% |
9.18% |
0.09 |
11.39% |
18.03% |
-8.63% |
2.11 |
| MNTN INC |
-57.93% |
12.98% |
0.00 |
8.67% |
15.28% |
3.42% |
2.13 |
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
Q2 2026
-
Regional Technology gained +13.62% QoQ in Q2 2026 as the AI infrastructure rally broadened across global technology markets. Asia Technology (+41.73%) led by a wide margin, followed by US Technology (+29.81%), while Digital India (+17.81%) and Israel Global Technology (+15.68%) also delivered strong gains. China Internet Software (-15.08%) remained the notable laggard, reflecting continued pressure on China’s internet platform companies despite improving sentiment elsewhere.
-
What’s new: The quarter highlighted an increasingly uneven regional technology landscape. AI-related spending continued to benefit semiconductor manufacturing hubs across Asia and the U.S., while Taiwan, South Korea, and broader Asian supply chains remained key beneficiaries of accelerating investment in AI infrastructure. By contrast, China’s internet sector continued to lag amid softer domestic demand, regulatory uncertainty, and slower enterprise spending, reinforcing the market’s preference for regions with greater exposure to the global AI supply chain rather than consumer internet businesses.
-
Focus on fundamentals: The updated screens continue to favor technology leaders with strong cash generation, durable margins, and direct exposure to AI investment. NVIDIA, AppLovin, Arista Networks, Palantir, and Next Vision Stabilized Systems remain among the strongest cash-flow names, while Priortech, ARYT Industries, Trip.com, UP Fintech, Adobe, and Next Vision rank highly on profitability and earnings quality. Balance-sheet metrics also highlight financially resilient regional technology companies including TravelSky, Payoneer, FinVolution, TCL Electronics, and BYD Electronic. Across regions, investors continue to reward businesses with visible earnings growth and direct participation in AI infrastructure, digital payments, and enterprise technology over more consumer-dependent technology segments.
-
Stock Spotlight – Astera Labs (ALAB): Astera Labs was the quarter’s strongest performer, rising +340.71%. The company continued to benefit from surging demand for AI connectivity solutions, with its intelligent connectivity products becoming increasingly critical as hyperscalers build larger and more complex AI clusters. The rally underscores how investors continue to reward companies supplying the enabling infrastructure behind AI deployment, particularly those addressing networking, memory connectivity, and high-performance compute architectures.
Top 10 Stocks by Quarterly Return
| Security Name |
QTLY |
| ASTERA LABS INC |
340.71% |
| VISHAY PRECISION GROUP |
245.26% |
| MICRON TECHNOLOGY INC |
241.67% |
| INTEL CORP |
216.41% |
| HFCL LTD |
212.64% |
| UNITED MICROELECTRONICS CORP ADR |
203.01% |
| MARVELL TECHNOLOGY INC |
200.75% |
| FLEX LTD |
147.59% |
| SEAGATE TECHNOLOGY HOLDINGS |
146.32% |
| SEAGATE TECHNOLOGY HOLDINGS PLC |
146.32% |
| PALO ALTO NETWORKS INC |
112.71% |
Bottom 10 Stocks by Quarterly Return
| Security Name |
QTLY |
| YIXIN GROUP LTD |
-40.03% |
| PING AN HEALTHCARE AND TECHNOL |
-39.44% |
| ALIBABA HEALTH INFORMATION TECHNOLOGY LTD |
-33.94% |
| TONGCHENG TRAVEL HOLDINGS LTD |
-33.42% |
| KINGSOFT CLOUD HOLDINGS LTD |
-32.26% |
| PHANCY GROUP CO LTD |
-32.12% |
| FUTU HOLDINGS LTD-ADR |
-31.46% |
| KINGDEE INTERNATIONAL SFTWR |
-30.96% |
| JD HEALTH INTERNATIONAL INC |
-30.25% |
| UP FINTECH HOLDING LTD - ADR |
-30.16% |
Top 10 Stocks by Unusual Volume
| Security Name |
3m/12m Vol |
| ASTERA LABS INC |
3.41 |
| VISHAY PRECISION GROUP |
2.45 |
| MICRON TECHNOLOGY INC |
2.42 |
| INTEL CORP |
2.16 |
| HFCL LTD |
2.13 |
| UNITED MICROELECTRONICS CORP ADR |
2.03 |
| MARVELL TECHNOLOGY INC |
2.01 |
| SILICON MOTION TECHNOLOGY |
1.97 |
| FLEX LTD |
1.48 |
| PALO ALTO NETWORKS INC |
1.13 |
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 |
26.65% |
64.98% |
65.24% |
46.97% |
2.46% |
57.57% |
2 |
| APPLOVIN CORP-CLASS A |
47.17% |
55.16% |
54.43% |
75.40% |
2.79% |
74.90% |
3 |
| ARISTA NETWORKS INC |
66.04% |
34.01% |
32.77% |
54.36% |
2.47% |
39.13% |
4 |
| PALANTIR TECHNOLOGIES INC-A |
-14.41% |
57.46% |
57.33% |
51.46% |
1.00% |
31.04% |
5 |
| NEXT VISION STABILIZED SYSTE |
116.34% |
61.57% |
64.39% |
40.40% |
1.07% |
13.01% |
6 |
| DOCUSIGN INC |
-42.97% |
21.83% |
22.29% |
34.09% |
13.21% |
56.37% |
7 |
| GEN DIGITAL INC |
-15.34% |
13.10% |
12.90% |
30.46% |
10.16% |
14.27% |
8 |
| FAIR ISAAC CORP |
-34.64% |
16.08% |
15.89% |
38.42% |
3.13% |
55.74% |
9 |
Income Statement Metrics
|
Security Name
|
1 Yr. Price Return
|
Revenue Growth
|
Gross Margin
|
EBITDA Margin
|
Earnings Yield
|
Overall Rank
|
| PRIORTECH LTD |
77.12% |
0.00% |
0.00% |
0.00% |
3.50% |
1 |
| UP FINTECH HOLDING LTD - ADR |
-54.40% |
32.61% |
96.33% |
45.84% |
13.61% |
2 |
| ARYT INDUSTRIES LTD |
52.36% |
127.63% |
68.67% |
62.14% |
11.22% |
3 |
| TRIP.COM GROUP LTD |
-32.06% |
15.04% |
80.32% |
26.62% |
15.87% |
4 |
| NEXT VISION STABILIZED SYSTE |
116.34% |
49.45% |
67.76% |
60.30% |
1.73% |
5 |
| NVIDIA CORP |
26.65% |
70.68% |
74.15% |
65.29% |
3.26% |
6 |
| APPLOVIN CORP-CLASS A |
47.17% |
17.05% |
88.88% |
84.07% |
2.31% |
7 |
| PLUS500 LTD |
36.50% |
0.98% |
97.69% |
43.93% |
6.19% |
8 |
| CHECK POINT SOFTWARE TECH L ORD |
-40.60% |
3.73% |
85.42% |
32.97% |
7.39% |
9 |
| ADOBE INC |
-47.01% |
11.38% |
88.82% |
39.78% |
8.52% |
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 |
| TRAVELSKY TECHNOLOGY LTD-H |
-22.97% |
6.44% |
0.88 |
0.06 |
31.85% |
8.69% |
10.80% |
0.31 |
| PAYONEER GLOBAL INC |
3.94% |
1.58% |
3.65 |
0.01 |
5.64% |
18.56% |
2.76% |
0.32 |
| FINVOLUTION GROUP |
-49.47% |
5.90% |
0.50 |
0.05 |
37.33% |
8.70% |
24.60% |
0.38 |
| VSTECS HOLDINGS LTD |
13.76% |
3.73% |
1.24 |
0.21 |
12.75% |
13.60% |
11.13% |
0.40 |
| TCL ELECTRONICS HOLDINGS LTD |
35.25% |
4.14% |
1.68 |
0.08 |
11.76% |
19.20% |
8.07% |
0.46 |
| HELLO GROUP INC |
-31.28% |
4.43% |
0.55 |
0.01 |
13.00% |
5.59% |
11.00% |
0.49 |
| FIVERR INTERNATIONAL LTD |
-64.81% |
13.94% |
0.88 |
0.00 |
26.13% |
23.01% |
7.53% |
0.79 |
| TD SYNNEX CORP |
97.01% |
0.97% |
2.37 |
0.12 |
1.75% |
2.99% |
5.22% |
0.86 |
| BYD ELECTRONIC (INTERNATIONAL) CO LTD |
-34.15% |
20.08% |
1.22 |
0.11 |
39.97% |
47.23% |
8.15% |
0.92 |
| LENOVO GROUP LTD |
144.62% |
3.99% |
4.77 |
0.09 |
6.26% |
19.31% |
5.32% |
1.07 |
| MOBILEYE GLOBAL INC-A |
-46.16% |
5.41% |
1.00 |
0.00 |
19.99% |
5.79% |
-51.96% |
1.19 |
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 |
-52.69% |
6.12% |
0.39 |
75.69% |
15.89% |
-25.51% |
0.10 |
| WEIBO CORP |
-23.82% |
0.00% |
0.26 |
0.00% |
0.00% |
19.75% |
0.46 |
| IQIYI INC |
-41.24% |
0.00% |
0.31 |
0.00% |
0.00% |
-9.60% |
0.53 |
| ZHONGAN ONLINE P&C INSURANCE C |
-50.66% |
6.09% |
0.18 |
21.95% |
10.25% |
7.93% |
0.53 |
| QFIN HOLDINGS INC |
-63.54% |
0.00% |
0.05 |
0.00% |
0.00% |
34.30% |
0.55 |
| AUTOHOME INC-ADR |
-26.21% |
0.00% |
0.00 |
0.00% |
0.00% |
6.80% |
0.68 |
| TRAVELSKY TECHNOLOGY LTD-H |
-22.97% |
6.44% |
0.06 |
31.85% |
8.69% |
10.80% |
0.88 |
| FIVERR INTERNATIONAL LTD |
-64.81% |
13.94% |
0.00 |
26.13% |
23.01% |
7.53% |
0.88 |
| CHINA RUYI HOLDINGS LTD |
-41.05% |
1.88% |
0.09 |
2.54% |
2.20% |
8.37% |
0.93 |
| UP FINTECH HOLDING LTD - ADR |
-54.40% |
0.00% |
0.01 |
0.00% |
0.00% |
13.61% |
0.98 |
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
Q2 2026
-
The Industrials & Infrastructure metatheme gained +17.81% QoQ in Q2 2026 as investment continued to broaden beyond AI compute into the physical infrastructure supporting long-term industrial transformation. US AI and Power Infrastructure (+34.14%), Robotics & 3D Printing (+42.26%), Robotics (+30.56%), and Space Industry (+24.51%) led returns, while Total Security (+18.00%) also posted strong gains. Performance reflects continued investor preference for companies enabling electrification, automation, defense modernization, and critical infrastructure.
-
What’s new: The quarter reinforced that the AI investment cycle is increasingly expanding beyond semiconductors into the industrial economy. Record hyperscaler capital spending continued to drive demand for power infrastructure, factory automation, robotics, and electrical equipment, while geopolitical tensions and higher defense budgets supported aerospace, security, and space-related industries. Rather than narrowing around a handful of AI beneficiaries, leadership broadened across companies building the physical infrastructure required to support the next generation of digital and industrial systems.
-
Focus on fundamentals: The updated screens continue to favor industrial companies with strong cash generation, operating leverage, and exposure to long-duration infrastructure spending. NVIDIA, Argan, Hyundai Rotem, Next Vision Stabilized Systems, Advantest, Symbotic, and Gen Digital remain among the strongest cash-flow names, while Next Vision, NVIDIA, Rambus, Check Point Software, and PTC rank highly on profitability and earnings quality. Balance-sheet metrics also highlight financially resilient operators including Duerr, China Everbright Environment, UPM-Kymmene, Smurfit Westrock, and Dassault Aviation. Across the metatheme, investors continue to reward companies with durable order books, pricing power, and direct exposure to structural infrastructure investment.
-
Stock Spotlight – FuelCell Energy (FCEL): FuelCell Energy was the quarter’s strongest performer, rising +451.45%. The rally reflected renewed investor optimism around distributed power generation as data center developers increasingly seek reliable, on-site electricity to support AI workloads. While the company remains an early-stage player, improving sentiment toward decentralized energy infrastructure and the growing need for resilient power solutions helped drive one of the strongest rebounds across the industrial universe.
Top 10 Stocks by Quarterly Return
| Security Name |
QTLY |
| FUELCELL ENERGY INC |
451.45% |
| ASTERA LABS INC |
340.71% |
| OUSTER INC |
240.34% |
| WHITEFIBER INC |
226.20% |
| ACM RESEARCH INC |
222.47% |
| MARVELL TECHNOLOGY INC |
200.75% |
| APPLIED MATERIALS INC |
111.53% |
| KLA CORP |
104.91% |
| LAM RESEARCH CORP |
102.81% |
| TOKYO ELECTRON LTD ORD |
102.34% |
Bottom 10 Stocks by Quarterly Return
| Security Name |
QTLY |
| CSG BV |
-45.89% |
| KARMAN HOLDINGS INC |
-37.64% |
| DRONESHIELD LTD |
-36.31% |
| LEIDOS HOLDINGS INC |
-33.79% |
| KRATOS DEFENSE & SECURITY SOLUTIONS INC |
-29.29% |
| HUNTINGTON INGALLS INDUSTRIES |
-26.33% |
| BOOZ ALLEN HAMILTON HOLDING CORP |
-22.25% |
| AMENTUM HOLDINGS INC |
-20.74% |
| SAAB AB CLASS B |
-20.59% |
| PTC INC |
-20.27% |
Top 10 Stocks by Unusual Volume
| Security Name |
3m/12m Vol |
| FUELCELL ENERGY INC |
4.51 |
| ASTERA LABS INC |
3.41 |
| OUSTER INC |
2.40 |
| WHITEFIBER INC |
2.26 |
| ACM RESEARCH INC |
2.22 |
| MARVELL TECHNOLOGY INC |
2.01 |
| APPLIED MATERIALS INC |
1.12 |
| KLA CORP |
1.05 |
| LAM RESEARCH CORP |
1.03 |
| TOKYO ELECTRON LTD ORD |
1.02 |
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 |
26.65% |
64.98% |
65.24% |
46.97% |
2.46% |
57.57% |
5 |
| ARGAN INC |
262.19% |
166.11% |
172.72% |
46.73% |
4.35% |
102.83% |
6 |
| PALANTIR TECHNOLOGIES INC |
-14.41% |
57.46% |
57.33% |
51.46% |
1.00% |
31.04% |
7 |
| HYUNDAI ROTEM CO LTD |
-23.31% |
290.97% |
370.56% |
45.46% |
16.02% |
90.74% |
8 |
| NEXT VISION STABILIZED SYSTE |
116.34% |
61.57% |
64.39% |
40.40% |
1.07% |
13.01% |
9 |
| ADVANTEST CORP ORD |
169.75% |
9.07% |
4.62% |
26.51% |
1.36% |
38.94% |
10 |
| SYMBOTIC INC |
15.70% |
256.82% |
333.45% |
29.74% |
13.09% |
106.04% |
11 |
| GEN DIGITAL INC |
-15.34% |
13.10% |
12.90% |
30.46% |
10.16% |
14.27% |
12 |
Income Statement Metrics
|
Security Name
|
1 Yr. Price Return
|
Revenue Growth
|
Gross Margin
|
EBITDA Margin
|
Earnings Yield
|
Overall Rank
|
| NANO NUCLEAR ENERGY ORD |
-38.71% |
0.00% |
0.00% |
0.00% |
-3.21% |
1 |
| NET POWER INC |
-32.39% |
-100.00% |
0.00% |
0.00% |
-353.67% |
2 |
| NEXGEN ENERGY LTD |
35.42% |
0.00% |
0.00% |
0.00% |
-5.19% |
3 |
| OKLO INC |
-6.54% |
0.00% |
0.00% |
0.00% |
-1.61% |
4 |
| NEXT VISION STABILIZED SYSTE |
116.34% |
49.45% |
67.76% |
60.30% |
1.73% |
5 |
| NVIDIA CORP |
26.65% |
70.68% |
74.15% |
65.29% |
3.26% |
6 |
| GEN DIGITAL INC |
-15.34% |
18.29% |
74.10% |
52.96% |
6.32% |
7 |
| CHECK POINT SOFTWARE TECH L ORD |
-40.60% |
3.73% |
85.42% |
32.97% |
7.39% |
8 |
| PTC INC |
-34.08% |
21.27% |
83.14% |
45.13% |
9.16% |
9 |
| RAMBUS INC |
107.34% |
11.72% |
74.39% |
41.91% |
1.58% |
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 |
| NET POWER INC |
-32.39% |
-34.05% |
0.72 |
0.01 |
-125.21% |
-88.98% |
-353.67% |
0.48 |
| NANO DIMENSION LTD - ADR |
-10.49% |
-18.10% |
0.62 |
0.05 |
-34.00% |
-20.46% |
-110.03% |
0.64 |
| DUERR AG |
-23.63% |
5.32% |
0.89 |
0.24 |
19.97% |
10.73% |
16.55% |
0.68 |
| ARE HOLDINGS INC |
44.12% |
-18.62% |
1.07 |
0.30 |
-46.05% |
-36.32% |
11.62% |
0.70 |
| DASSAULT AVIATION SA |
-6.82% |
4.83% |
3.26 |
0.01 |
7.31% |
23.27% |
4.30% |
0.80 |
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 |
19.49% |
4.07% |
0.51 |
27.67% |
6.48% |
14.10% |
0.53 |
| DUERR AG |
-23.63% |
5.32% |
0.24 |
19.97% |
10.73% |
16.55% |
0.89 |
| AMENTUM HOLDINGS INC |
-12.45% |
3.93% |
0.35 |
8.69% |
5.17% |
2.93% |
1.09 |
| UPM-KYMMENE OYJ |
-2.43% |
4.43% |
0.21 |
6.49% |
5.67% |
4.46% |
1.18 |
| SAILPOINT INC |
-35.96% |
2.20% |
0.00 |
1.99% |
2.42% |
-2.00% |
1.21 |
| FP CORP ORD |
-13.10% |
4.67% |
0.27 |
6.61% |
6.75% |
7.64% |
1.25 |
| SOHGO SECURITY SERVICES CO LTD ORD |
-5.88% |
2.34% |
0.14 |
2.96% |
3.66% |
6.92% |
1.32 |
| SMURFIT WESTROCK PLC |
7.21% |
2.26% |
0.32 |
4.21% |
3.26% |
1.59% |
1.34 |
| ADT INC |
-23.26% |
9.40% |
0.49 |
31.30% |
13.30% |
10.86% |
1.38 |
| BEFESA SA |
5.03% |
5.26% |
0.36 |
8.56% |
6.85% |
7.01% |
1.45 |
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 MarketVector™ Global Space Industry Screened 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
Q2 2026
-
REITs 2.0 gained +11.01% QoQ in Q2 2026 as improving interest-rate expectations and resilient property fundamentals supported a broad recovery across real estate. US Listed Office and Commercial REITs (+27.08%) led returns, followed by Top 10 US Residential Real Estate (+13.54%) and US Real Estate (+6.09%), while US Mortgage REITs (+1.58%) also finished the quarter in positive territory. The rebound suggests investors have become more constructive on sectors that had been heavily discounted over the past two years.
-
What’s new: The quarter marked a notable shift in sentiment toward commercial real estate as easing rate expectations improved the outlook for property valuations and financing conditions. Investors also remained focused on secular winners, including residential housing, logistics, and AI-related real estate, with data center demand continuing to benefit from record hyperscaler capital spending. While office fundamentals remain uneven, improving capital markets and lower refinancing concerns helped narrow valuation discounts across the broader REIT universe.
-
Focus on fundamentals: The updated screens continue to favor REITs with stable cash flows, disciplined balance sheets, and resilient occupancy. Easterly Government Properties, Realty Income, Agree Realty, Simon Property Group, Public Storage, and VICI Properties remain among the strongest cash-flow names, while Dynex Capital, VICI Properties, Ellington Financial, Rithm Capital, AGNC Investment, and PennyMac Mortgage Investment rank highly on profitability and earnings quality. Balance-sheet metrics also highlight financially resilient operators including Kilroy Realty, Starwood Property Trust, Rexford Industrial Realty, and Orchid Island Capital. Across the metatheme, investors continue to reward companies with durable rental income, conservative leverage, and well-positioned property portfolios as financing conditions gradually improve.
-
Stock Spotlight – Hudson Pacific Properties (HPP): Hudson Pacific Properties was the quarter’s strongest performer, rising +157.02%. The rally reflected renewed optimism toward deeply discounted office REITs as investors reassessed refinancing risks and improving capital market conditions. Although challenges remain for the office sector, HPP’s rebound illustrates how even modest improvements in leasing expectations and financing sentiment can drive significant recoveries from depressed valuation levels.
Top 10 Stocks by Quarterly Return
| Security Name |
QTLY |
| HUDSON PACIFIC PROPERTIES INC |
157.02% |
| VORNADO REALTY TRUST |
51.21% |
| HIGHWOODS PROPERTIES INC |
40.87% |
| SL GREEN REALTY CORP |
40.15% |
| PIEDMONT OFFICE REALTY TRUST INC |
39.27% |
| AMERICAN ASSETS TRUST INC |
34.11% |
| COUSINS PROPERTIES INC |
32.83% |
| INVITATION HOMES INC |
21.57% |
| SIMON PROPERTY GROUP INC |
19.90% |
Bottom 10 Stocks by Quarterly Return
| Security Name |
QTLY |
| COSTAR GROUP INC |
-29.80% |
| ARBOR REALTY TRUST INC |
-29.70% |
| REDWOOD TRUST INC |
-15.51% |
| BLACKSTONE MORTGAGE TRUST INC |
-11.49% |
| CROWN CASTLE INC |
-6.86% |
| ARES COMMERCIAL REAL ESTATE CORP |
-6.25% |
| AMERICAN TOWER CORP |
-5.22% |
| STARWOOD PROPERTY TRUST INC |
-4.88% |
Top 10 Stocks by Unusual Volume
| Security Name |
3m/12m Vol |
| HUDSON PACIFIC PROPERTIES INC |
1.57 |
| VORNADO REALTY TRUST |
0.51 |
| HIGHWOODS PROPERTIES INC |
0.41 |
| SL GREEN REALTY CORP |
0.40 |
| INVITATION HOMES INC |
0.22 |
Fundamentals
Cash Flow Metrics
|
Security Name
|
1 Yr. Price Return
|
Operating CF Growth
|
FCF Growth
|
FCF Margin
|
FCF Yield
|
FCF:IC
|
Overall Rank
|
| EASTERLY GOVERNMENT PROPERTIES INC |
12.30% |
79.61% |
79.61% |
75.18% |
22.66% |
8.68% |
1 |
| REALTY INCOME CORP |
7.55% |
11.47% |
11.40% |
66.54% |
6.83% |
5.73% |
2 |
| ESSEX PROPERTY TRUST INC |
2.89% |
15.90% |
19.06% |
58.94% |
6.00% |
9.57% |
3 |
| AGREE REALTY CORP |
3.67% |
10.61% |
10.61% |
68.78% |
5.67% |
5.68% |
4 |
| ORCHID ISLAND CAPITAL INC |
-0.57% |
205.43% |
205.43% |
29.50% |
10.24% |
10.29% |
5 |
| SIMON PROPERTY GROUP INC |
39.12% |
1.72% |
1.25% |
53.49% |
4.90% |
11.92% |
6 |
| VICI PROPERTIES INC |
-18.56% |
3.87% |
3.94% |
63.07% |
8.98% |
5.78% |
7 |
| ELLINGTON FINANCIAL INC |
4.77% |
4198.01% |
4196.97% |
118.09% |
40.68% |
4.72% |
8 |
| AMERICAN TOWER CORP |
-25.99% |
6.19% |
0.79% |
34.85% |
4.95% |
9.00% |
9 |
| PUBLIC STORAGE |
8.48% |
0.99% |
2.02% |
59.18% |
5.14% |
15.45% |
10 |
Income Statement Metrics
|
Security Name
|
1 Yr. Price Return
|
Revenue Growth
|
Gross Margin
|
EBITDA Margin
|
Earnings Yield
|
Overall Rank
|
| DYNEX CAPITAL INC |
7.28% |
86.02% |
100.00% |
108.03% |
16.09% |
1 |
| AGNC INVESTMENT CORP |
18.61% |
77.87% |
100.00% |
113.83% |
11.81% |
2 |
| VICI PROPERTIES INC |
-18.56% |
2.91% |
99.25% |
98.76% |
10.97% |
3 |
| ELLINGTON FINANCIAL INC |
4.77% |
27.29% |
82.68% |
81.15% |
11.93% |
4 |
| RITHM CAPITAL CORP |
-16.83% |
9.99% |
89.58% |
50.25% |
11.60% |
5 |
| GAMING AND LEISURE PROPERTIE |
-4.61% |
3.48% |
79.88% |
96.00% |
7.10% |
6 |
| PENNYMAC MORTGAGE INVESTMENT |
-12.29% |
17.30% |
92.02% |
78.80% |
10.28% |
7 |
| FRANKLIN BSP REALTY TRUST INC |
-23.85% |
7.46% |
93.70% |
64.48% |
6.22% |
8 |
| MFA FINANCIAL INC |
2.43% |
10.22% |
95.22% |
84.54% |
9.10% |
9 |
| STARWOOD PROPERTY TRUST INC |
-18.39% |
7.91% |
84.36% |
80.09% |
5.84% |
10 |
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 |
| DYNEX CAPITAL INC |
7.28% |
0.76% |
1.04 |
0.86 |
6.53% |
6.77% |
16.09% |
| ARMOUR RESIDENTIAL REIT INC |
3.81% |
0.63% |
0.92 |
0.86 |
6.20% |
5.75% |
14.25% |
| ANNALY CAPITAL MANAGEMENT INC |
18.81% |
-0.40% |
1.13 |
0.86 |
-3.37% |
-1.10% |
13.87% |
| ORCHID ISLAND CAPITAL INC |
-0.57% |
1.13% |
0.99 |
0.89 |
10.24% |
10.29% |
13.69% |
| ADAMAS TRUST INC |
40.00% |
0.65% |
0.92 |
0.87 |
9.93% |
1.50% |
12.51% |
| ELLINGTON FINANCIAL INC |
4.77% |
3.43% |
1.00 |
0.87 |
40.68% |
4.72% |
11.93% |
| AGNC INVESTMENT CORP |
18.61% |
0.71% |
1.23 |
0.88 |
6.78% |
6.96% |
11.81% |
| RITHM CAPITAL CORP |
-16.83% |
-3.77% |
0.75 |
0.74 |
-38.42% |
-4.56% |
11.60% |
| VICI PROPERTIES INC |
-18.56% |
5.41% |
1.01 |
0.38 |
8.98% |
5.78% |
10.97% |
| PENNYMAC MORTGAGE INVESTMENT |
-12.29% |
-40.71% |
0.74 |
0.90 |
-931.40% |
-73.56% |
10.28% |
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
|
| HUDSON PACIFIC PROPERTIES INC |
-20.80% |
1.64% |
0.52 |
14.39% |
2.11% |
-65.39% |
0.33 |
| MFA FINANCIAL INC |
2.43% |
1.22% |
0.84 |
16.44% |
1.25% |
9.10% |
0.55 |
| KILROY REALTY CORP |
9.21% |
5.38% |
0.44 |
13.31% |
6.18% |
4.87% |
0.83 |
| BLACKSTONE MORTGAGE TRUST INC |
-11.95% |
1.66% |
0.81 |
11.40% |
2.08% |
3.57% |
0.84 |
| EASTERLY GOVERNMENT PROPERTIES INC |
12.30% |
7.67% |
0.51 |
22.66% |
8.68% |
0.92% |
0.88 |
| STARWOOD PROPERTY TRUST INC |
-18.39% |
0.96% |
0.37 |
9.85% |
2.19% |
5.84% |
0.91 |
| ADAMAS TRUST INC |
40.00% |
0.65% |
0.87 |
9.93% |
1.50% |
12.51% |
0.92 |
| REXFORD INDUSTRIAL REALTY IN |
-5.82% |
1.72% |
0.27 |
2.82% |
1.85% |
2.82% |
0.94 |
| INVESCO MORTGAGE CAPITAL |
0.77% |
2.62% |
0.85 |
22.40% |
18.74% |
9.83% |
0.97 |
| ORCHID ISLAND CAPITAL INC |
-0.57% |
1.13% |
0.89 |
10.24% |
10.29% |
13.69% |
0.99 |
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.
