North America · Equities · US

United States

The deepest and most analytically competitive equity market in the world, where structural advantage must be identified with unusual precision.

PublicCoverage DevelopingNot Yet Incepted
Live constituents —
Research —
Benchmark — Not established
Track record — Pending

Alpha position · FIBCOS United States Structural Alpha Index

Definition

A FIBCOS Structural Alpha Index is the researched universe of companies within a specific country that FIBCOS determines meet its Structural Alpha criteria.

Research coverage for United States is developing. A company enters the FIBCOS United States Structural Alpha Index only on completion of the required FIBCOS research and approval of the underlying investment thesis.

FIBCOS assesses United States companies against the same standard applied in every market: is the advantage structural, is it durable, and is it evidenced? What differs by market is the evidence that must be gathered before that question can be answered — which is why the framework is organised by country rather than by region.

Coverage Developing

Research coverage for United States is developing. A company enters the FIBCOS United States Structural Alpha Index only on completion of the required FIBCOS research and approval of the underlying investment thesis.

Alpha Inclusion Rule

A company cannot enter a FIBCOS Structural Alpha Index before the required FIBCOS research has been completed and the underlying investment thesis has been established and approved under the applicable research process.

Screening list · 33 companies

FIBCOS publishes the United States screening list as it is assembled rather than after the fact, so that the universe under examination is visible alongside the conclusions drawn from it. Appearing on this list is a statement of what FIBCOS intends to research and nothing more: no company below carries a FIBCOS thesis, and none is counted towards the FIBCOS United States Structural Alpha Index.

United States — screening list (candidates, not constituents)
CompanyIndustryStage
Amtech Systems, Inc. ASYS Semiconductors Screening
Calix, Inc. CALX Application Software Screening
Cass Information Systems, Inc. CASS Services—Business Services, NEC Screening
Cohu, Inc. COHU Instruments For Meas & Testing of Electricity & Elec Signals Screening
e.l.f. Beauty, Inc. ELF Perfumes, Cosmetics & Other Toilet Preparations Screening
Eos Energy Enterprises, Inc. EOSE Miscellaneous Electrical Machinery, Equipment & Supplies Screening
FormFactor, Inc. FORM Semiconductors & Related Devices Screening
Gogo Inc. GOGO Communications Services, NEC Screening
Ichor Holdings, Ltd. ICHR Semiconductors & Related Devices Screening
Immersion Corporation IMMR Computer Peripheral Equipment, NEC Screening
QuantumScape Corporation QS Miscellaneous Electrical Machinery, Equipment & Supplies Screening
Veeco Instruments Inc. VECO Special Industry Machinery, NEC Screening
HubSpot, Inc. HUBS Services - Prepackaged Software Screening
ACI Worldwide, Inc. ACIW Services - Prepackaged Software Screening
Ambarella, Inc. AMBA Semiconductors & Related Devices Screening
Fluence Energy, Inc. FLNC Miscellaneous Electrical Machinery, Equipment & Supplies Screening
Nutanix, Inc. NTNX Services - Prepackaged Software Screening
Nextpower Inc. NXT Semiconductors & Related Devices Screening
PureCycle Technologies, Inc. PCT Plastics, Materials, Synth Resins & Nonvulcan Elastomers Screening
Rambus Inc. RMBS Semiconductors & Related Devices Screening
Rackspace Technology, Inc. RXT Services - Computer Programming, Data Processing, Etc Screening
TeraWulf Inc. WULF Finance Services Screening
Crown Castle Inc. CCI Real Estate Investment Trusts Screening
SBA Communications Corporation SBAC Real Estate Investment Trusts Screening
American Tower Corporation AMT Real Estate Investment Trusts Screening
Fiserv, Inc. FISV Services - Business Services, NEC Screening
Fidelity National Information Services, Inc. FIS Services - Business Services, NEC Screening
Global Payments Inc. GPN Services - Business Services, NEC Screening
EPAM Systems, Inc. EPAM Services - Computer Programming Services Screening
DXC Technology Company DXC Services - Computer Processing & Data Preparation Screening
Vishay Intertechnology, Inc. VSH Electronic Components & Accessories Screening
Silicon Laboratories Inc. SLAB Semiconductors & Related Devices Screening
Arteris, Inc. AIP Semiconductors Screening

Not Index coverage

The screening list records the beginning of the FIBCOS research process, not its outcome. A company appears here because it has been identified as a candidate for research in its market. No FIBCOS research has been completed on it, no investment thesis exists, and it is not a constituent of any FIBCOS Structural Alpha Index.

IndexFIBCOS United States Structural Alpha Index
Index statusCoverage Developing
Live constituents—
Screening list33 candidates
Index inception—
Last updated—
Research coverageDeveloping
Reporting currencyUSD

Index status

The country framework exists. Research coverage is being established and no company has yet entered the Index.

Alpha position

0 OF 6

Position on the FIBCOS Alpha Line, drawn from live state.

There is no fixed number of constituents. The research methodology determines how many companies qualify in a given market, and country size does not determine coverage count.

The United States is the most heavily researched equity market in the world. Information is abundant, coverage is dense, and consensus forms quickly. That environment does not remove the possibility of structural advantage — it changes where it is found.

FIBCOS approaches the market on the assumption that short-horizon informational edge is largely unavailable. What remains available is a difference in time horizon and in the willingness to underwrite franchise durability, reinvestment capacity, pricing architecture and capital-allocation discipline over periods longer than the market typically underwrites them.

Structural context

  • Concentration of globally scaled franchises across technology, healthcare, industrials and financial infrastructure.
  • High analytical coverage density, which compresses short-horizon informational advantage.
  • Disclosure regime that supports detailed fundamental work.
  • Depth of capital markets and a long-standing equity culture.
Market codeUS
CurrencyUSD
Asset classEquities
IndexFIBCOS United States Structural Alpha Index

Launch scope

FIBCOS launches with country-based equity Structural Alpha. Other asset classes are supported by the architecture but are not part of the launch product.

Research Coverage Developing

Paid research for United States will be published as FIBCOS research coverage is established.

Research Notes are free to registered readers; every other category is paid. The concise public thesis on each company record is the public expression of that work — not a substitute for it.

Paid

Titles are public. The analysis is not.

Titles, types and dates are public for every publication. The analysis behind a FIBCOS decision is available to Research subscribers; Research Notes are free to registered readers.

FIBCOS United States Alpha Portfolio Since inception
—— M1M6M12M18M24M30
Track Record PendingPlotted after live inception. FIBCOS does not chart modelled or back-tested series.
Alpha PortfolioBenchmark
Drawdown and recovery Peak to trough
0%— M1M6M12M18M24M30
Track Record PendingDrawdown and recovery are computed from live portfolio data only.
Portfolio drawdown
StatusNot Yet Incepted
InceptionNot incepted
BenchmarkNot established
Notional baseUS$1,000,000Illustrative model size
CurrencyUSD
Eligible universe—
Portfolio return —
Benchmark —
Relative Alpha —
Max drawdown —

Benchmark

No benchmark has been established for the FIBCOS United States Alpha Portfolio. A benchmark will be selected from the portfolio's realised geographic exposure, market-capitalisation profile, investment universe, strategy and currency treatment, and adopted before live inception. FIBCOS does not treat a country's main stock index as an automatic benchmark.

Performance reporting belongs to the Alpha Portfolio, not to the Index. Relative Alpha is portfolio return minus benchmark return, over identical periods and on a stated currency basis. Modelled at US$1,000,000 — a sizing convention applied identically in every market, not capital under management.