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#FOSS in Python: Using The OpenBB Terminal To Identify Secular Investment Opportunitites

The OpenBB Terminal is a feature-rich financial and investment research platform written entirely in Python code.

Published under the MIT Open-Source License, it becomes endlessly customizable with a little help from the open-source community at large.

Get it on GitHub today & give it a star: https://github.com/gamestonkterminal/gamestonkterminal

Secular Trends In Times Of Turmoil

With global fear, panic, and uncertainty nearing all-time highs, where does one find a bunker adequate enough to shelter capital and foster growth under such hostile circumstances? Attempting to be too clever in this environment can easily backfire. Volatility is your friend until it wipes you out.

Many institutions have policies in place to ensure fund managers take trades off when volatility breaches a prescribed level of tolerance, even if it is a winning trade. Rules are rules; they cannot act on a whim like an individual can. Some traders will not be permitted to enter the new positions until after market conditions are deemed satisfactory.

Retail commands a single advantage in being able to take the large draw downs, withstand tsunamis of volatility, without liability to anyone other than themselves. Nobody is calling to ask what the hell is going on when the portfolio is down 5% over two weeks.

The current state of affairs is not expected to stabilize any time soon, which leaves a lot of dry powder on the books of capital allocators and fund managers.

There is a lot of research that says a simple buy-and-hold strategy will outperform most active strategies over a long enough runway. All of this adds up to mean, that with fund managers waiting in the wings, there are perfectly good opportunities left on the table.

Nobody likes a crowded trade, so carve out a little space for yourself.

When thinking of institutions getting squeezed out of their positions, March 2020 comes to mind. A few more recent examples are: nickel, oil, natural gas, and wheat. Propane and nitrogen will not be far behind. It had been forecasted for some time now that a commodity super-cycle was upon us. What no-one saw coming was the snowball effect going parabolic. Conditions scorched by a hot war, further complicating international trade, are simultaneously strangling supplies of basic input materials required to make the world go around. The just-in-time supply chain has officially broken. Global forces are changing markets forever; don't let the world pass you by.

It's all fine-and-dandy to have a high tolerance for risk, but there is no need to be a reckless hero. Instead, use the moment to reassess position sizing. Consider dealing in higher quantities of smaller lots versus the YOLO allocation strategy.

The now recurrent and persistent global macroeconomic themes are swarming around energy and food security. Large cracks in the systems are being exposed. It has become apparent that oil is still a very important commodity. It is becoming obvious that natural gas will play a role in the global transition to cleaner forms of energy that are reliable, relatively inexpensive, energy-dense, and abundant. It is also becoming increasingly clear that global food supplies are on the brink of collapse, under pressure from a series of exogenous shockwaves, with an unknown magnitude of geopolitical risk looming in the background.

The cost of energy directly impacts the cost of production, at every phase and in every sector. Natural gas is used to manufacture nitrogen fertilizer. Limited supplies and distribution of both will create regional food shortages. Fertilizer, gas, and oil were already spiking on constrained supplies before the onset of war. Now, the supply and availability has been dramatically cut. General uncertainty is driving nations to hoard supplies and limit exports, further exasperating pressure on the broken back of the global supply chains.

The aggressive ambitions for electric vehicle production will fuel exponential demand for precious metals, far outpacing the immediate ability to increase capacity at scale. Meanwhile, capital expenditure on exploration and development across the energy and materials sectors has dwindled over decades to resemble the LA River in August. Less investment in future output forces upward pressure on forward demand.

Commodities are not scaleable like a piece of software is, it takes years to bring new supplies online. You don't need a PhD in economics to understand that, right now, the overall supply of global raw materials is falling well behind the trend of rising demand.

What does all of this mean for the individual investor? That prices will rise. Think about which companies are poised to capture the inflows of capital targeting niche industries, filling the void created by international conflict. If natural gas producers were tooled to be profitable at the $2 level, the future looks great to them.

Using Gamestonk Terminal to view a table of YTD performance by industry, it is quite clear that the themes identified are playing out in real time.

2022 Mar 20, 14:20 (✨) /economy/ $ performance -g industry -s YTD
                                                            Group Performance Data                                                             
┏━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━┳━━━━━━━┳━━━━━━━┳━━━━━━━━┳━━━━━━━━┳━━━━━━━┳━━━━━━━┳━━━━━━━┳━━━━━━━━━━━━━━━━┳━━━━━━━━━━━┳━━━━━━━━┳━━━━━━━━━━━━━┓
┃ Name                          ┃ Week  ┃ Month ┃ 3Month ┃ 6Month ┃ 1Year ┃ YTD   ┃ Recom ┃ AvgVolume (1M) ┃ RelVolume ┃ Change ┃ Volume (1M) ┃
┡━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━╇━━━━━━━╇━━━━━━━╇━━━━━━━━╇━━━━━━━━╇━━━━━━━╇━━━━━━━╇━━━━━━━╇━━━━━━━━━━━━━━━━╇━━━━━━━━━━━╇━━━━━━━━╇━━━━━━━━━━━━━┩
│ Coking Coal                   │ -0.09 │ 0.26  │ 0.77   │ 0.79   │ 1.57  │ 0.56  │ 2.70  │ 2.87           │ 2.01      │ 0.02   │ 5.77        │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Oil & Gas Drilling            │ -0.06 │ 0.13  │ 0.56   │ 0.52   │ 0.48  │ 0.54  │ 2.16  │ 30.91          │ 1.40      │ -0.00  │ 43.14       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Thermal Coal                  │ -0.03 │ 0.21  │ 0.65   │ 0.57   │ 2.06  │ 0.54  │ 2.25  │ 12.42          │ 1.56      │ 0.01   │ 19.35       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Oil & Gas Equipment &         │ -0.06 │ 0.07  │ 0.40   │ 0.43   │ 0.38  │ 0.38  │ 2.17  │ 105.38         │ 1.55      │ 0.00   │ 163.33      │
│ Services                      │       │       │        │        │       │       │       │                │           │        │             │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Oil & Gas E&P                 │ 0.00  │ 0.12  │ 0.40   │ 0.61   │ 0.80  │ 0.36  │ 2.10  │ 379.61         │ 1.39      │ -0.01  │ 527.21      │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Marine Shipping               │ 0.02  │ 0.12  │ 0.44   │ 0.22   │ 0.51  │ 0.30  │ 1.91  │ 37.12          │ 1.06      │ 0.00   │ 39.49       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Agricultural Inputs           │ 0.01  │ 0.21  │ 0.31   │ 0.50   │ 0.44  │ 0.26  │ 2.29  │ 27.21          │ 1.93      │ 0.01   │ 52.54       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Uranium                       │ 0.00  │ 0.28  │ 0.25   │ 0.18   │ 0.53  │ 0.25  │ 1.92  │ 39.40          │ 1.23      │ 0.01   │ 48.46       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Aluminum                      │ 0.04  │ -0.03 │ 0.30   │ 0.02   │ 0.59  │ 0.21  │ 2.08  │ 11.11          │ 1.31      │ 0.03   │ 14.56       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Oil & Gas Integrated          │ -0.02 │ 0.00  │ 0.20   │ 0.32   │ 0.34  │ 0.20  │ 2.28  │ 155.22         │ 0.99      │ -0.00  │ 154.25      │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Copper                        │ 0.03  │ 0.09  │ 0.28   │ 0.38   │ 0.21  │ 0.19  │ 2.68  │ 23.20          │ 1.41      │ 0.00   │ 32.69       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Gold                          │ -0.03 │ 0.12  │ 0.24   │ 0.26   │ 0.13  │ 0.18  │ 2.16  │ 195.42         │ 1.88      │ -0.01  │ 367.56      │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Other Industrial Metals &     │ 0.01  │ 0.02  │ 0.21   │ 0.19   │ 0.05  │ 0.18  │ 2.01  │ 86.47          │ 1.06      │ 0.01   │ 91.40       │
│ Mining                        │       │       │        │        │       │       │       │                │           │        │             │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Department Stores             │ 0.14  │ 0.10  │ 0.23   │ 0.20   │ 0.18  │ 0.17  │ 3.02  │ 26.83          │ 1.09      │ 0.02   │ 29.24       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Medical Distribution          │ 0.06  │ 0.06  │ 0.22   │ 0.26   │ 0.32  │ 0.15  │ 2.22  │ 7.98           │ 1.98      │ 0.01   │ 15.80       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Oil & Gas Midstream           │ -0.02 │ 0.04  │ 0.18   │ 0.16   │ 0.24  │ 0.15  │ 2.28  │ 127.22         │ 1.57      │ 0.00   │ 199.55      │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Oil & Gas Refining &          │ -0.01 │ -0.02 │ 0.18   │ 0.22   │ 0.11  │ 0.14  │ 2.12  │ 37.27          │ 1.90      │ 0.02   │ 70.86       │
│ Marketing                     │       │       │        │        │       │       │       │                │           │        │             │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Steel                         │ 0.04  │ 0.11  │ 0.14   │ 0.12   │ 0.30  │ 0.13  │ 2.26  │ 73.78          │ 1.45      │ 0.01   │ 107.09      │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Paper & Paper Products        │ 0.06  │ 0.10  │ 0.16   │ 0.23   │ -0.04 │ 0.13  │ 2.11  │ 4.86           │ 2.72      │ 0.04   │ 13.25       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Insurance - Diversified       │ 0.05  │ 0.07  │ 0.12   │ 0.22   │ 0.32  │ 0.13  │ 2.44  │ 27.94          │ 1.66      │ -0.01  │ 46.25       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Silver                        │ -0.01 │ 0.12  │ 0.17   │ 0.08   │ -0.19 │ 0.13  │ 2.05  │ 19.55          │ 1.71      │ -0.01  │ 33.44       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Farm Products                 │ 0.00  │ 0.03  │ 0.15   │ 0.21   │ 0.22  │ 0.12  │ 2.04  │ 22.84          │ 1.60      │ -0.00  │ 36.54       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Insurance - Property &        │ 0.05  │ 0.05  │ 0.09   │ 0.15   │ 0.19  │ 0.10  │ 2.67  │ 24.86          │ 2.23      │ 0.00   │ 55.32       │
│ Casualty                      │       │       │        │        │       │       │       │                │           │        │             │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Grocery Stores                │ 0.03  │ 0.17  │ 0.11   │ 0.14   │ 0.26  │ 0.09  │ 2.58  │ 16.99          │ 2.26      │ 0.00   │ 38.37       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Farm & Heavy Construction     │ 0.04  │ 0.04  │ 0.10   │ 0.11   │ 0.00  │ 0.09  │ 2.29  │ 23.17          │ 1.34      │ 0.00   │ 31.11       │
│ Machinery                     │       │       │        │        │       │       │       │                │           │        │             │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Aerospace & Defense           │ 0.02  │ 0.03  │ 0.11   │ 0.08   │ 0.06  │ 0.07  │ 2.17  │ 90.73          │ 1.84      │ 0.00   │ 166.51      │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Other Precious Metals &       │ -0.03 │ 0.07  │ 0.09   │ 0.00   │ -0.23 │ 0.06  │ 2.61  │ 9.96           │ 3.49      │ -0.01  │ 34.77       │
│ Mining                        │       │       │        │        │       │       │       │                │           │        │             │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ REIT - Hotel & Motel          │ 0.04  │ -0.02 │ 0.16   │ 0.08   │ -0.03 │ 0.05  │ 2.39  │ 28.35          │ 1.53      │ 0.01   │ 43.41       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Utilities - Diversified       │ 0.01  │ 0.06  │ 0.08   │ 0.12   │ 0.18  │ 0.05  │ 2.16  │ 42.46          │ 1.91      │ -0.01  │ 81.30       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Food Distribution             │ 0.06  │ -0.04 │ 0.11   │ 0.10   │ 0.02  │ 0.05  │ 2.30  │ 7.82           │ 1.54      │ 0.02   │ 12.02       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Metal Fabrication             │ 0.05  │ -0.00 │ 0.07   │ 0.07   │ -0.03 │ 0.04  │ 2.12  │ 6.92           │ 2.36      │ 0.01   │ 16.35       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Tobacco                       │ 0.05  │ -0.10 │ 0.05   │ 0.01   │ -0.02 │ 0.04  │ 1.96  │ 47.26          │ 2.19      │ 0.01   │ 103.35      │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Lumber & Wood Production      │ 0.04  │ 0.03  │ 0.10   │ 0.33   │ 0.45  │ 0.04  │ 2.01  │ 1.36           │ 3.06      │ 0.00   │ 4.14        │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Utilities - Regulated Gas     │ 0.01  │ 0.07  │ 0.06   │ 0.15   │ 0.06  │ 0.04  │ 2.14  │ 16.39          │ 2.29      │ -0.00  │ 37.52       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Railroads                     │ 0.02  │ 0.03  │ 0.03   │ 0.19   │ 0.15  │ 0.03  │ 2.18  │ 28.58          │ 1.46      │ 0.00   │ 41.78       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Drug Manufacturers - General  │ 0.05  │ 0.05  │ 0.02   │ 0.13   │ 0.21  │ 0.02  │ 2.07  │ 120.37         │ 1.59      │ 0.00   │ 191.80      │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Banks - Regional              │ 0.05  │ -0.05 │ 0.02   │ 0.05   │ 0.02  │ 0.02  │ 2.22  │ 273.96         │ 1.91      │ 0.00   │ 524.02      │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Real Estate - Development     │ 0.07  │ 0.06  │ 0.05   │ -0.05  │ -0.24 │ 0.02  │ 1.73  │ 6.29           │ 1.90      │ 0.01   │ 11.96       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Healthcare Plans              │ 0.04  │ 0.05  │ 0.04   │ 0.19   │ 0.29  │ 0.02  │ 1.94  │ 45.77          │ 1.96      │ -0.00  │ 89.76       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Beverages - Brewers           │ 0.08  │ -0.03 │ 0.04   │ 0.01   │ -0.06 │ 0.01  │ 2.51  │ 31.84          │ 0.77      │ 0.02   │ 24.44       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Insurance - Life              │ 0.06  │ -0.08 │ 0.02   │ 0.00   │ -0.08 │ 0.00  │ 1.85  │ 26.71          │ 1.92      │ 0.01   │ 51.35       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Shell Companies               │ 0.00  │ -0.01 │ 0.00   │ 0.03   │ -0.05 │ 0.00  │ 2.53  │ 36.24          │ 1.64      │ 0.00   │ 59.42       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ REIT - Healthcare Facilities  │ 0.02  │ 0.05  │ 0.04   │ 0.01   │ 0.06  │ 0.00  │ 2.26  │ 33.64          │ 1.68      │ 0.00   │ 56.65       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Discount Stores               │ 0.05  │ 0.10  │ 0.02   │ 0.07   │ 0.26  │ -0.00 │ 2.04  │ 24.05          │ 1.35      │ 0.01   │ 32.49       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Real Estate - Diversified     │ 0.02  │ 0.05  │ 0.10   │ 0.17   │ 0.06  │ -0.00 │ 1.70  │ 0.59           │ 1.30      │ 0.00   │ 0.77        │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Packaging & Containers        │ 0.07  │ 0.01  │ 0.01   │ 0.01   │ 0.05  │ -0.00 │ 2.41  │ 28.95          │ 2.03      │ 0.01   │ 58.88       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Broadcasting                  │ 0.04  │ -0.06 │ 0.03   │ 0.04   │ 0.01  │ -0.00 │ 2.03  │ 54.31          │ 1.57      │ 0.01   │ 85.36       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Conglomerates                 │ -0.01 │ -0.03 │ 0.00   │ -0.01  │ -0.06 │ -0.01 │ 1.14  │ 2.50           │ 1.86      │ -0.00  │ 4.65        │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Rental & Leasing Services     │ 0.09  │ 0.08  │ 0.02   │ 0.14   │ 0.14  │ -0.01 │ 2.14  │ 21.27          │ 2.15      │ -0.01  │ 45.68       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Telecom Services              │ 0.01  │ -0.02 │ 0.00   │ -0.07  │ -0.08 │ -0.01 │ 2.27  │ 183.02         │ 2.20      │ -0.00  │ 402.17      │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Solar                         │ 0.05  │ 0.20  │ -0.03  │ -0.07  │ -0.12 │ -0.01 │ 2.31  │ 35.34          │ 1.44      │ 0.01   │ 50.99       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Banks - Diversified           │ 0.07  │ -0.09 │ -0.01  │ 0.02   │ 0.05  │ -0.01 │ 2.17  │ 201.32         │ 1.35      │ 0.00   │ 271.45      │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Electronics & Computer        │ 0.06  │ 0.01  │ 0.05   │ 0.13   │ 0.13  │ -0.01 │ 2.77  │ 1.79           │ 1.60      │ 0.00   │ 2.87        │
│ Distribution                  │       │       │        │        │       │       │       │                │           │        │             │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Utilities - Renewable         │ 0.01  │ 0.12  │ 0.03   │ -0.03  │ -0.02 │ -0.01 │ 2.10  │ 14.47          │ 2.95      │ -0.01  │ 42.74       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Medical Care Facilities       │ 0.03  │ 0.04  │ 0.03   │ -0.11  │ -0.03 │ -0.02 │ 2.13  │ 34.57          │ 1.66      │ -0.01  │ 57.51       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Lodging                       │ 0.07  │ -0.08 │ 0.08   │ 0.09   │ 0.03  │ -0.02 │ 2.41  │ 10.60          │ 1.78      │ 0.00   │ 18.87       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Insurance Brokers             │ 0.08  │ 0.06  │ -0.00  │ 0.05   │ 0.25  │ -0.03 │ 2.56  │ 22.04          │ 1.49      │ 0.01   │ 32.95       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Utilities - Regulated         │ 0.01  │ 0.06  │ -0.02  │ 0.05   │ 0.10  │ -0.03 │ 2.41  │ 73.87          │ 2.26      │ -0.01  │ 167.12      │
│ Electric                      │       │       │        │        │       │       │       │                │           │        │             │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Travel Services               │ 0.12  │ -0.14 │ 0.07   │ -0.04  │ -0.16 │ -0.03 │ 2.37  │ 90.55          │ 1.04      │ 0.03   │ 94.38       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Confectioners                 │ 0.03  │ -0.04 │ -0.02  │ 0.06   │ 0.14  │ -0.03 │ 2.20  │ 9.45           │ 1.57      │ -0.01  │ 14.85       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Capital Markets               │ 0.10  │ -0.04 │ -0.04  │ -0.02  │ 0.06  │ -0.03 │ 2.12  │ 99.09          │ 1.75      │ 0.01   │ 173.15      │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Insurance - Reinsurance       │ 0.05  │ -0.07 │ -0.01  │ 0.02   │ -0.04 │ -0.03 │ 2.76  │ 1.79           │ 2.27      │ 0.00   │ 4.06        │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Integrated Freight &          │ 0.07  │ 0.01  │ -0.00  │ 0.05   │ 0.14  │ -0.04 │ 2.21  │ 16.65          │ 2.07      │ -0.01  │ 34.44       │
│ Logistics                     │       │       │        │        │       │       │       │                │           │        │             │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Chemicals                     │ 0.04  │ -0.02 │ -0.02  │ 0.05   │ 0.00  │ -0.04 │ 2.36  │ 35.62          │ 2.24      │ 0.01   │ 79.68       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Airlines                      │ 0.12  │ -0.14 │ 0.03   │ -0.10  │ -0.27 │ -0.04 │ 2.06  │ 109.67         │ 1.00      │ 0.01   │ 110.20      │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Publishing                    │ 0.09  │ 0.01  │ 0.00   │ 0.00   │ 0.15  │ -0.04 │ 2.19  │ 5.70           │ 1.22      │ 0.01   │ 6.96        │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Beverages - Non-Alcoholic     │ 0.05  │ -0.02 │ -0.02  │ 0.03   │ 0.13  │ -0.04 │ 2.19  │ 45.33          │ 1.71      │ 0.01   │ 77.39       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Packaged Foods                │ 0.02  │ -0.04 │ -0.04  │ -0.02  │ -0.08 │ -0.05 │ 2.65  │ 108.44         │ 1.49      │ -0.00  │ 161.94      │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Advertising Agencies          │ 0.09  │ -0.06 │ -0.02  │ -0.06  │ -0.10 │ -0.05 │ 2.35  │ 30.55          │ 1.94      │ 0.00   │ 59.28       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Waste Management              │ 0.03  │ 0.10  │ -0.04  │ 0.03   │ 0.24  │ -0.05 │ 2.13  │ 11.53          │ 1.42      │ 0.00   │ 16.33       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Insurance - Specialty         │ 0.02  │ -0.03 │ -0.02  │ 0.04   │ 0.09  │ -0.05 │ 2.08  │ 15.60          │ 2.72      │ 0.01   │ 42.45       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Textile Manufacturing         │ 0.03  │ -0.04 │ -0.01  │ 0.04   │ -0.07 │ -0.06 │ 2.49  │ 0.32           │ 1.47      │ 0.00   │ 0.48        │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ REIT - Mortgage               │ 0.02  │ -0.02 │ -0.06  │ -0.11  │ -0.11 │ -0.06 │ 2.27  │ 82.73          │ 1.60      │ 0.01   │ 132.09      │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Credit Services               │ 0.12  │ -0.05 │ -0.05  │ -0.14  │ -0.08 │ -0.06 │ 1.99  │ 179.00         │ 1.53      │ 0.02   │ 273.81      │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Resorts & Casinos             │ 0.08  │ -0.10 │ 0.03   │ -0.07  │ -0.25 │ -0.06 │ 2.20  │ 36.65          │ 1.31      │ 0.02   │ 48.19       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ REIT - Residential            │ 0.01  │ 0.02  │ -0.03  │ 0.07   │ 0.32  │ -0.07 │ 2.29  │ 25.35          │ 3.69      │ -0.00  │ 93.54       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ REIT - Office                 │ 0.02  │ 0.03  │ -0.04  │ 0.01   │ 0.07  │ -0.07 │ 2.24  │ 22.32          │ 1.66      │ 0.00   │ 36.98       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Personal Services             │ 0.08  │ 0.03  │ -0.03  │ -0.11  │ -0.15 │ -0.07 │ 2.14  │ 19.41          │ 1.70      │ 0.01   │ 32.90       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Engineering & Construction    │ 0.05  │ 0.05  │ -0.04  │ 0.03   │ 0.16  │ -0.07 │ 1.93  │ 18.95          │ 1.78      │ 0.01   │ 33.72       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Auto & Truck Dealerships      │ 0.05  │ -0.01 │ -0.07  │ -0.11  │ -0.11 │ -0.07 │ 2.06  │ 15.98          │ 2.36      │ -0.00  │ 37.63       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Education & Training Services │ 0.10  │ 0.03  │ -0.04  │ -0.31  │ -0.76 │ -0.07 │ 2.10  │ 84.06          │ 2.23      │ 0.03   │ 187.21      │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Specialty Business Services   │ 0.09  │ 0.00  │ -0.05  │ -0.09  │ -0.06 │ -0.08 │ 2.01  │ 19.53          │ 2.13      │ 0.01   │ 41.62       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Pollution & Treatment         │ 0.06  │ 0.03  │ -0.05  │ -0.07  │ -0.16 │ -0.08 │ 2.04  │ 4.95           │ 1.12      │ -0.00  │ 5.56        │
│ Controls                      │       │       │        │        │       │       │       │                │           │        │             │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Internet Retail               │ 0.15  │ -0.03 │ -0.08  │ -0.19  │ -0.22 │ -0.08 │ 1.79  │ 176.86         │ 2.56      │ 0.04   │ 453.13      │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Consumer Electronics          │ 0.06  │ -0.05 │ -0.05  │ 0.11   │ 0.34  │ -0.08 │ 1.77  │ 104.57         │ 1.30      │ 0.02   │ 135.93      │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Medical Devices               │ 0.08  │ 0.01  │ -0.04  │ -0.12  │ -0.02 │ -0.08 │ 2.00  │ 106.34         │ 1.61      │ 0.01   │ 170.72      │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Financial Data & Stock        │ 0.09  │ 0.04  │ -0.08  │ 0.01   │ 0.21  │ -0.08 │ 2.19  │ 10.17          │ 1.34      │ 0.02   │ 13.63       │
│ Exchanges                     │       │       │        │        │       │       │       │                │           │        │             │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ REIT - Industrial             │ 0.04  │ 0.06  │ -0.04  │ 0.14   │ 0.47  │ -0.08 │ 2.12  │ 16.09          │ 2.06      │ 0.01   │ 33.14       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Computer Hardware             │ 0.06  │ -0.06 │ -0.05  │ 0.04   │ 0.07  │ -0.08 │ 2.41  │ 65.17          │ 2.02      │ 0.03   │ 131.69      │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ REIT - Diversified            │ 0.02  │ -0.02 │ -0.04  │ -0.04  │ 0.07  │ -0.09 │ 2.23  │ 29.02          │ 1.98      │ 0.00   │ 57.48       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Security & Protection         │ 0.04  │ -0.02 │ -0.06  │ -0.11  │ -0.13 │ -0.09 │ 2.32  │ 21.49          │ 1.54      │ -0.00  │ 33.13       │
│ Services                      │       │       │        │        │       │       │       │                │           │        │             │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Airports & Air Services       │ 0.10  │ -0.09 │ -0.03  │ -0.01  │ -0.06 │ -0.09 │ 2.44  │ 13.16          │ 1.38      │ 0.02   │ 18.12       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Medical Instruments &         │ 0.07  │ 0.01  │ -0.06  │ -0.11  │ 0.07  │ -0.09 │ 2.19  │ 35.80          │ 1.46      │ 0.01   │ 52.36       │
│ Supplies                      │       │       │        │        │       │       │       │                │           │        │             │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Leisure                       │ 0.09  │ -0.07 │ -0.05  │ -0.22  │ -0.20 │ -0.09 │ 2.08  │ 88.01          │ 0.88      │ 0.02   │ 77.50       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ REIT - Retail                 │ 0.01  │ -0.02 │ -0.04  │ 0.02   │ 0.14  │ -0.09 │ 2.31  │ 33.63          │ 2.17      │ 0.00   │ 73.03       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Consulting Services           │ 0.09  │ 0.08  │ -0.08  │ -0.04  │ 0.20  │ -0.09 │ 2.35  │ 11.82          │ 1.61      │ 0.01   │ 18.98       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Pharmaceutical Retailers      │ 0.00  │ -0.01 │ -0.04  │ -0.07  │ -0.15 │ -0.10 │ 2.99  │ 11.97          │ 1.62      │ -0.00  │ 19.39       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Specialty Industrial          │ 0.06  │ -0.01 │ -0.08  │ -0.07  │ -0.02 │ -0.10 │ 2.39  │ 70.47          │ 1.83      │ 0.01   │ 129.25      │
│ Machinery                     │       │       │        │        │       │       │       │                │           │        │             │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Staffing & Employment         │ 0.08  │ 0.02  │ -0.05  │ 0.03   │ 0.15  │ -0.10 │ 2.75  │ 25.20          │ 1.82      │ 0.01   │ 45.82       │
│ Services                      │       │       │        │        │       │       │       │                │           │        │             │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Financial Conglomerates       │ 0.08  │ -0.09 │ -0.06  │ -0.00  │ 0.04  │ -0.10 │ 2.40  │ 4.01           │ 2.99      │ 0.01   │ 12.00       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Beverages - Wineries &        │ 0.09  │ -0.00 │ -0.07  │ 0.02   │ 0.08  │ -0.10 │ 2.04  │ 4.35           │ 1.01      │ 0.01   │ 4.39        │
│ Distilleries                  │       │       │        │        │       │       │       │                │           │        │             │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Utilities - Regulated Water   │ 0.05  │ 0.08  │ -0.07  │ -0.01  │ 0.15  │ -0.10 │ 2.46  │ 6.77           │ 2.63      │ 0.01   │ 17.83       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Industrial Distribution       │ 0.06  │ 0.05  │ -0.08  │ 0.09   │ 0.20  │ -0.11 │ 2.62  │ 7.25           │ 2.16      │ 0.01   │ 15.68       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Specialty Retail              │ 0.06  │ 0.00  │ -0.07  │ -0.08  │ -0.02 │ -0.11 │ 2.37  │ 87.30          │ 1.69      │ 0.01   │ 147.21      │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Electronic Components         │ 0.05  │ -0.06 │ -0.08  │ -0.03  │ 0.04  │ -0.11 │ 2.13  │ 33.04          │ 1.97      │ 0.01   │ 64.94       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Semiconductors                │ 0.10  │ -0.04 │ -0.08  │ 0.04   │ 0.18  │ -0.11 │ 2.12  │ 324.14         │ 1.31      │ 0.02   │ 425.00      │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Tools & Accessories           │ 0.04  │ -0.05 │ -0.11  │ -0.11  │ -0.14 │ -0.12 │ 2.38  │ 9.32           │ 2.06      │ 0.01   │ 19.19       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Asset Management              │ 0.06  │ -0.05 │ -0.10  │ -0.09  │ 0.12  │ -0.12 │ 2.16  │ 108.17         │ 1.55      │ 0.01   │ 167.85      │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Drug Manufacturers -          │ 0.06  │ -0.03 │ -0.09  │ -0.14  │ -0.20 │ -0.12 │ 2.21  │ 250.78         │ 1.13      │ 0.01   │ 284.02      │
│ Specialty & Generic           │       │       │        │        │       │       │       │                │           │        │             │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Trucking                      │ 0.10  │ 0.05  │ -0.08  │ 0.02   │ 0.19  │ -0.12 │ 2.36  │ 12.60          │ 2.34      │ 0.02   │ 29.46       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Communication Equipment       │ 0.05  │ -0.00 │ -0.08  │ -0.03  │ 0.06  │ -0.12 │ 2.35  │ 111.30         │ 1.68      │ 0.01   │ 186.63      │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Internet Content &            │ 0.07  │ -0.01 │ -0.12  │ -0.15  │ 0.08  │ -0.12 │ 1.72  │ 208.76         │ 2.20      │ 0.02   │ 460.08      │
│ Information                   │       │       │        │        │       │       │       │                │           │        │             │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Information Technology        │ 0.06  │ -0.00 │ -0.09  │ -0.08  │ 0.02  │ -0.12 │ 2.34  │ 112.62         │ 1.84      │ 0.01   │ 207.19      │
│ Services                      │       │       │        │        │       │       │       │                │           │        │             │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Mortgage Finance              │ 0.02  │ -0.07 │ -0.17  │ -0.20  │ -0.37 │ -0.12 │ 2.33  │ 15.70          │ 1.31      │ 0.02   │ 20.54       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Luxury Goods                  │ 0.14  │ -0.07 │ -0.10  │ -0.13  │ -0.13 │ -0.13 │ 2.29  │ 6.99           │ 2.40      │ 0.01   │ 16.77       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Software - Infrastructure     │ 0.09  │ -0.00 │ -0.11  │ -0.12  │ 0.13  │ -0.13 │ 1.83  │ 355.97         │ 1.96      │ 0.02   │ 697.03      │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ REIT - Specialty              │ 0.02  │ 0.05  │ -0.09  │ -0.09  │ 0.13  │ -0.13 │ 2.22  │ 22.63          │ 1.72      │ -0.00  │ 38.87       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Restaurants                   │ 0.07  │ -0.05 │ -0.11  │ -0.10  │ -0.03 │ -0.13 │ 2.10  │ 46.40          │ 1.72      │ 0.01   │ 79.90       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Household & Personal Products │ 0.04  │ -0.07 │ -0.12  │ -0.05  │ 0.01  │ -0.13 │ 2.38  │ 53.28          │ 1.62      │ -0.00  │ 86.28       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Electrical Equipment & Parts  │ 0.06  │ 0.00  │ -0.13  │ -0.06  │ -0.16 │ -0.14 │ 2.19  │ 76.90          │ 1.22      │ 0.01   │ 93.45       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Building Products & Equipment │ 0.08  │ 0.01  │ -0.11  │ -0.01  │ 0.10  │ -0.14 │ 2.20  │ 28.17          │ 1.64      │ 0.01   │ 46.29       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Scientific & Technical        │ 0.08  │ -0.01 │ -0.12  │ -0.14  │ -0.06 │ -0.14 │ 2.21  │ 31.33          │ 1.36      │ 0.02   │ 42.62       │
│ Instruments                   │       │       │        │        │       │       │       │                │           │        │             │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Building Materials            │ 0.07  │ -0.06 │ -0.12  │ -0.04  │ 0.05  │ -0.14 │ 2.04  │ 15.71          │ 0.92      │ 0.01   │ 14.42       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Diagnostics & Research        │ 0.10  │ 0.04  │ -0.12  │ -0.15  │ 0.07  │ -0.14 │ 1.99  │ 92.85          │ 1.58      │ 0.03   │ 147.03      │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Specialty Chemicals           │ 0.07  │ -0.04 │ -0.13  │ -0.06  │ 0.02  │ -0.15 │ 2.22  │ 57.27          │ 1.92      │ 0.01   │ 110.03      │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Apparel Manufacturing         │ 0.10  │ -0.06 │ -0.13  │ -0.15  │ -0.18 │ -0.15 │ 2.29  │ 31.91          │ 1.48      │ 0.02   │ 47.30       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Home Improvement Retail       │ 0.07  │ -0.01 │ -0.12  │ 0.04   │ 0.20  │ -0.15 │ 2.06  │ 14.14          │ 1.90      │ 0.01   │ 26.83       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Entertainment                 │ 0.07  │ -0.06 │ -0.13  │ -0.24  │ -0.24 │ -0.16 │ 2.14  │ 162.74         │ 1.27      │ 0.01   │ 206.64      │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Business Equipment & Supplies │ 0.06  │ -0.04 │ -0.13  │ -0.14  │ -0.03 │ -0.16 │ 1.89  │ 4.51           │ 2.26      │ 0.00   │ 10.21       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Semiconductor Equipment &     │ 0.13  │ -0.02 │ -0.11  │ -0.13  │ 0.15  │ -0.16 │ 2.05  │ 28.43          │ 1.51      │ 0.03   │ 42.94       │
│ Materials                     │       │       │        │        │       │       │       │                │           │        │             │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Utilities - Independent Power │ -0.05 │ -0.04 │ -0.10  │ 0.01   │ 0.24  │ -0.17 │ 2.66  │ 7.41           │ 2.16      │ 0.01   │ 15.99       │
│ Producers                     │       │       │        │        │       │       │       │                │           │        │             │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Recreational Vehicles         │ 0.05  │ -0.10 │ -0.12  │ -0.15  │ -0.23 │ -0.17 │ 2.13  │ 10.01          │ 1.33      │ 0.03   │ 13.29       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Biotechnology                 │ 0.10  │ 0.00  │ -0.17  │ -0.34  │ -0.28 │ -0.17 │ 2.05  │ 660.11         │ 1.88      │ 0.02   │ 1240.00     │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Auto Manufacturers            │ 0.13  │ -0.07 │ -0.11  │ 0.03   │ 0.10  │ -0.17 │ 2.15  │ 447.76         │ 2.04      │ 0.03   │ 912.88      │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Health Information Services   │ 0.10  │ -0.07 │ -0.13  │ -0.33  │ -0.33 │ -0.18 │ 2.14  │ 50.20          │ 1.65      │ 0.02   │ 82.85       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Furnishings, Fixtures &       │ 0.07  │ -0.05 │ -0.16  │ -0.19  │ -0.23 │ -0.18 │ 2.40  │ 19.51          │ 1.53      │ 0.01   │ 29.82       │
│ Appliances                    │       │       │        │        │       │       │       │                │           │        │             │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Residential Construction      │ 0.06  │ -0.00 │ -0.14  │ -0.05  │ 0.02  │ -0.18 │ 2.24  │ 19.38          │ 1.54      │ 0.02   │ 29.84       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Gambling                      │ 0.13  │ -0.10 │ -0.12  │ -0.47  │ -0.50 │ -0.19 │ 2.10  │ 37.14          │ 0.87      │ 0.03   │ 32.33       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Apparel Retail                │ 0.06  │ -0.05 │ -0.16  │ -0.20  │ -0.15 │ -0.19 │ 1.98  │ 52.96          │ 1.69      │ 0.02   │ 89.75       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Real Estate Services          │ 0.11  │ -0.11 │ -0.16  │ -0.20  │ -0.33 │ -0.20 │ 2.09  │ 54.62          │ 2.29      │ 0.02   │ 124.92      │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Auto Parts                    │ 0.08  │ -0.13 │ -0.17  │ -0.13  │ -0.27 │ -0.20 │ 2.29  │ 57.36          │ 1.54      │ 0.01   │ 88.50       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Footwear & Accessories        │ 0.07  │ -0.11 │ -0.19  │ -0.18  │ -0.06 │ -0.21 │ 2.00  │ 18.54          │ 1.27      │ 0.03   │ 23.57       │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Software - Application        │ 0.14  │ -0.06 │ -0.18  │ -0.27  │ -0.16 │ -0.22 │ 2.01  │ 450.51         │ 2.59      │ 0.04   │ 1170.00     │
├───────────────────────────────┼───────┼───────┼────────┼────────┼───────┼───────┼───────┼────────────────┼───────────┼────────┼─────────────┤
│ Electronic Gaming &           │ 0.13  │ -0.09 │ -0.23  │ -0.40  │ -0.34 │ -0.26 │ 1.88  │ 119.88         │ 1.19      │ 0.04   │ 142.11      │
│ Multimedia                    │       │       │        │        │       │       │       │                │           │        │             │
└───────────────────────────────┴───────┴───────┴────────┴────────┴───────┴───────┴───────┴────────────────┴───────────┴────────┴─────────────┘
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Globalization has found itself taking the backseat for a moment, suggesting that incentives driving global economic behaviour will have to adapt to a new normal. Energy is the big winner right now. Everyone needs it, but not everyone has it.

Sucks to be Germany right now — even ignoring that pesky little war.

Somewhere, possibly at a solar-powered ESG conference in Europe, the sound of twelve-cylinder diesel engine pistons revving up to go back to work in the tar-sands is catching ears and making waves. On the heel of extended negative growth rates, splintering away from ever-growing carbon tax liabilities designed to discourage new investment in the industry, the province of Alberta is entering the early stages of its next boom cycle.

Prices for the heavy, sour, low-grade Western Canadian Select are finally on the rise back to good times. Oil fields that were practically abandoned years ago are defibrillating back to life. It's been a long time since that pure Albertan Gold had people excited, but market forces have landed a steady and reliable bid for the product again. So back to work, boys, you've got truck payments to make!

Sector and Industry Analysis in Gamestonk Terminal (https://gamestonkterminal.github.io/GamestonkTerminal/terminal/stocks/sia/)

If you follow the Canadian resource markets, you may be familiar with a handful of names outside of the global brand universe. Baytex Energy is a small/mid cap producer that released bullish news after a strong 2021 earnings report. The company says, for 2022 it will allocate about 25 per cent of its annual free cash flow to direct shareholder returns and will also implement a share buyback program in the second quarter. Duly noted.

With a ticker loaded in the stocks menu, relevant news headlines are aggregated for the user with the command, news.

2022 Mar 20, 15:31 (✨) /stocks/ $ load btegf

Loading Daily BTEGF stock with starting period 2019-03-18 for analysis.

Datetime: 2022 Mar 20 15:31
Timezone: America/New_York
Currency: USD
Market:   CLOSED

2022 Mar 20, 15:31 (✨) /stocks/ $ news
8 news articles for BAYTEX+ENERGY+CORP were found since 2022-03-13

2022-03-17 21:35:51   Most actively traded companies on the Toronto Stock Exchange
https://www.thestar.com/business/2022/03/17/most-actively-traded-companies-on-the-toronto-stock-exchange.html 

2022-03-17 14:29:00   Deep Dive: 17 oil stocks, including Warren Buffett favorite Occidental Petroleum, that are expected to book the highest free cash flow
https://www.marketwatch.com/story/17-oil-stocks-including-warren-buffett-favorite-occidental-petroleum-that-are-expected-to-book-the-highest-free-cash-flow-11647530943

2022-03-15 21:33:11   Most actively traded companies on the Toronto Stock Exchange
https://www.thestar.com/business/2022/03/15/most-actively-traded-companies-on-the-toronto-stock-exchange.html 

2022-03-15 13:36:10   Enservco: Buy, Sell, or Hold
https://stocknews.com/news/ensv-crc-btegf-egy-enservco-buy-sell-or-hold/ 

2022-03-15 12:53:46   Adams Resources & Energy: An Oil & Gas Stock Worth Buying
https://stocknews.com/news/ae-wfrd-crc-btegf-adams-resources-energy-an-oil-gas-stock-worth/ 

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Loading Baytex Energy (BTEGF) and comparing to domestic competition in the industry.  (https://gamestonkterminal.github.io/GamestonkTerminal/terminal/stocks/sia/metric/)

Comparing the market cap size of the Canadian Oil & Gas E&P Industry shows that one company is the dominant player.

Comparing Market Cap Size (https://gamestonkterminal.github.io/GamestonkTerminal/terminal/stocks/sia/metric/)

Let's eliminate the large entity here, so we can really see the difference between the smaller players.

Market Cap Size Of Canadian Small Cap Oil & Gas Producers (https://gamestonkterminal.github.io/GamestonkTerminal/terminal/stocks/sia/metric/)

Comparing the market cap size to the enterprise value will show signs if the market is underpricing a company. According to these numbers, Vermillion and Baytex both hold enterprise values approximately $1B larger than the market cap. There is a good case to be made for being optimistic about the market catching on to an underpriced asset. One of the great features about the Canadian resource industry is a stable political environment.

Enterprise Value Of Canadian Small Cap Oil & Gas Producers (https://gamestonkterminal.github.io/GamestonkTerminal/terminal/stocks/sia/metric/)

The disproportionate amount of free cash flow that Canadian Natural Resources generated gives it the advantage for deploying CapEx investments in longterm growth projects. Capital at scale can make the difference in a very tight and competitive global market, but it's not everything.

Comparing Free Cash Flow (https://gamestonkterminal.github.io/GamestonkTerminal/terminal/stocks/sia/metric/)

Filtering for mid caps:

Comparing Free Cash Flow of Canadian Mid Caps(https://gamestonkterminal.github.io/GamestonkTerminal/terminal/stocks/sia/metric/)

Filtering for small caps:

Comparing Free Cash Flow of Canadian Small Caps(https://gamestonkterminal.github.io/GamestonkTerminal/terminal/stocks/sia/metric/)

Taking a glance at forward price/earnings across the Canadian industry, a competitive edge being the largest player doesn't necessarily translate into a winning investment.

The Forward P/E of the competition in Canada (https://gamestonkterminal.github.io/GamestonkTerminal/terminal/stocks/sia/metric/)

Larger operators will typically provide more stability, less volatility, but a sleepier return profile. Baytex is near the bottom here, suggesting there is room for expansion. Don't forget, share buybacks work as a way for the company to return value to shareholders.

Price/Book Ratios will hint where companies might be underpriced. Low multiples are ideal here. When beating the rush to market, companies that are priced near the total value of its assets, are profitable, and are not priced for future earnings expectations, should warrant further examination.

Comparing P/B Ratios For Canadian Mid Caps(https://gamestonkterminal.github.io/GamestonkTerminal/terminal/stocks/sia/metric/)

P/B filtered for small caps:

Comparing P/B Ratios For Canadian Small Caps(https://gamestonkterminal.github.io/GamestonkTerminal/terminal/stocks/sia/metric/)

If a company has 10M barrels of proven reserves and is only priced as if it had 2 or 3M barrels, it is fundamentally underpriced. The odds of a company going tits up in this economic environment are fairly low when it is already profitable, has rising production output, and is returning value for shareholders. The increase in price for the commodity should benefit the company, especially if persistent and elevated price levels become sticky.

Recommendation Mean Comparison (https://gamestonkterminal.github.io/GamestonkTerminal/terminal/stocks/sia/metric/)

Stocks with analyst coverage typically see higher volume than those without. Advertising works; you can't argue with results. Pay attention though, everything they say needs to be taken with a kilogram of salt, because opinions can be bought. The amount and duration of coverage, along with arguments made for the directional price range in the future, will eventually work its way into overall investor sentiment to become part of the general narrative.

Now that some consideration has been given to the investing landscape, a shortlist can be drawn up to analyze a basket in a different way. For argument's sake, a decision needs to be made, so here are six names:

GTE - Gran Tierra Energy
CNQ - Canadian Natural Resources
OBELF - Obsidian Energy
VET - Vermillion
BTEGF - Baytex Energy
AETUF - ARC Resources

Using the portfolio optimization tools in the OpenBB Terminal, it is possible to look at a group of equities for making risk-weighted calculations that help steer the decision-making process. What is your personal level of risk tolerance for the trade? Be honest and realistic with yourself.

To follow along, copy & paste this command string into the Terminal:

/portfolio/po/add CNQ,GTE,VET,OBELF,BTEGF,AETUF/help
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Entering the portfolio optimization menu and loading a basket of tickers (https://gamestonkterminal.github.io/GamestonkTerminal/terminal/portfolio/portfolio_optimization/)

The Efficient Frontier is a way to visualize the risk/reward profile of a basket over a defined period of time.

2022 Mar 20, 21:07 (✨) /portfolio/po/ $ ef -h
usage: ef [-p {1d,5d,1mo,3mo,6mo,1y,2y,5y,10y,ytd,max}] [-n N_PORT] [-r] [-h]

This function plots random portfolios based on their risk and returns and shows the efficient frontier.

optional arguments:
  -p {1d,5d,1mo,3mo,6mo,1y,2y,5y,10y,ytd,max}, --period {1d,5d,1mo,3mo,6mo,1y,2y,5y,10y,ytd,max}
                        period to get yfinance data from (default: 1y)
  -n N_PORT, --number-portfolios N_PORT
                        number of portfolios to simulate (default: 300)
  -r, --risk-free       Adds the optimal line with the risk-free asset (default: False)
  -h, --help            show this help message (default: False)
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 /portfolio/po/ $ ef -p 3mo -n 50000 -r

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The output for a three month period:

Expected annual return: 2867.3%
Annual volatility: 63.9%
Sharpe Ratio: 44.89
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The Efficient Frontier - Three Month Profile (https://gamestonkterminal.github.io/GamestonkTerminal/terminal/portfolio/portfolio_optimization/ef/)

/portfolio/po/ $ ef -p 1y -n 50000 -r
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The output for a one year period:

Expected annual return: 303.0%
Annual volatility: 59.3%
Sharpe Ratio: 5.11
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The Efficient Frontier - One Year Profile (https://gamestonkterminal.github.io/GamestonkTerminal/terminal/portfolio/portfolio_optimization/ef/)

2022 Mar 20, 22:07 (✨) /portfolio/po/ $ ef -p 1mo -n 50000 -r
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The output for a one month period:

Expected annual return: 906.0%
Annual volatility: 40.9%
Sharpe Ratio: 22.13
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The Efficient Frontier - One Month Profile (https://gamestonkterminal.github.io/GamestonkTerminal/terminal/portfolio/portfolio_optimization/ef/)

The efficient frontier is apparently very bullish on Obsidian Energy, despite the high probability of 2/3 draw down events over the year. It views Canadian Natural Resources as the most efficient allocation in the portfolio over a one month period, suggesting that the bulk of returns distribution from CNQ will happen in the short term, about a 20-60 day period.

If this is indeed the case, then a strategy could be hypothesized around the adjustment of weightings over time, taking gains in steps to rebalance or remove the original capital investment. Removing the high/low from results to eliminate some of the noise may help to improve the results of a basket. Take some profits, leave some of the free house money on the table so you can let your winners ride.

These tools don't make decisions for you — although they could if you programmed it to — but they will help make better informed investment decisions. They are tools to grow alongside you and your portfolio, to make your own. Whichever way you get your stonk on, the OpenBB Terminal can be customized until your delight. Don't be afraid to get under the hood and poke around, it is MIT Open Source Licensed after all!

This article was written for demonstration purposes only. The processes outlined are not an investment thesis or financial advice. This is not a recommendation to buy or sell any security. Always do you own due diligence.
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https://github.com/GamestonkTerminal/GamestonkTerminal/

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https://discord.com/invite/Up2QGbMKHY

Read the documentation here:

https://gamestonkterminal.github.io/GamestonkTerminal/

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Discussion (4)

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094459 profile image
Ricardo Sueiras

Nice post, need to try this out.

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didierrlopes profile image
DidierRLopes

Amazing!

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empowert profile image
empowerT

Brilliant use of the most exciting #foss #fintech tool, #gamestonkterminal