Coverage
One lens. Many markets.
Value migration is a pattern, not a country. The same framework — screen the whole universe for the signature of a business climbing the value chain, then adjudicate it against primary-source evidence — travels to any market with listed companies and public filings. We build coverage one market at a time, and we sequence each to its own rules.
The publishing model differs by market, and we design for it. Impersonal, general-circulation research — the same for every reader, never personalized advice — can be published in some markets without an adviser licence; others require registration before any company-specific research. We publish where we can do so compliantly, we sequence the rest, and we say plainly where we stand. See our regulatory posture.
Now covering
The markets the engine runs on today.
United States
Publishing nowThe reference equity market — and the place we can publish impersonal, ranked research today and start a public, timestamped track record.
What we cover
US-listed companies, screened for the value-migration signature and bridged from primary filings.
Primary data
SEC EDGAR — 10-K / 10-Q / 8-K and XBRL financial facts. Open, structured, and free.
How we can publish
Impersonal, general-circulation research is publishable in the US without an investment-adviser licence — the Advisers Act publisher's exclusion (Lowe v. SEC, 1985; applied to quant-ranked research in 2024). We stay strictly impersonal and issuer-agnostic; anti-fraud rules always apply.
India
OriginWhere the framework was built and pressure-tested against value traps — across 12 themes and a bottom-up scan of roughly 1,600 names.
What we cover
NSE/BSE-listed manufacturers moving up the value chain out of commodities.
Primary data
BSE/NSE filings, company disclosures, ratings, and trade data — read as full text.
How we can publish
A ranked view is a regulated “research report” in India regardless of method, so company-specific research for Indian investors follows SEBI Research Analyst (INH) registration. Until then: education and methodology only.
Expanding to — clear regulatory cover
Markets where impersonal, general-circulation research can be published without an adviser licence. Same rubric, a new universe list and filing source. This is the near-term roadmap.
Canada
Non-tailored advice published via a newsletter or website is exempt from adviser registration (NI 31-103 s.8.25, “advising generally”). One firm condition: we disclose any position we hold in a company we cover.
Data: SEDAR+ — open, structured continuous-disclosure filings.
European Union
MiFID “investment advice” is licensed only when it is a personal recommendation; general research to the public is not. It is instead governed by the Market Abuse Regulation (MAR Art 20) — objectivity + conflict-of-interest disclosure, no licence. Nuance: 27 national regimes and languages, with some local gold-plating.
Data: ESEF / XBRL filings via national storage mechanisms and business registers.
United Kingdom
A general (non-personal) recommendation is not licensed “advice”; a research publication is cleared under the financial-promotion journalism exemption, which turns on the “principal purpose is not to lead readers to deal” test, plus disclosing our interest in any named stock.
Data: Companies House and the FCA National Storage Mechanism (RNS) — open, English.
Where a licence comes first
Markets that regulate general or impersonal research directly. We cover these only once appropriately licensed or structured — and we say so rather than route around it.
UAE — DIFC / ADGM
The free-zone regulators (DFSA / FSRA) mirror the UK: a media/analysis publication sits outside the “advising” perimeter under a principal-purpose test. Onshore UAE (SCA) is a separate regime.
Australia
Australia licenses even general advice — an opinion intended to influence a decision on a product needs an AFS licence, and the media exemption does not cover a dedicated ranked-stock service. We would enter via a licence or a licensed partner, not before.
Singapore
Singapore uniquely licenses research issuance itself (Financial Advisers Act), with no journalism carve-out, so “impersonal” does not help. We would serve only accredited investors or operate via a licensed entity — deferred.
Sequencing
How a market ends up in one group rather than another.
The ordering above is not a preference list and it has very little to do with how interesting the companies are. Four questions decide where a market sits, and a market has to answer all four before coverage starts rather than most of them.
1. May impersonal research be published at all?
Some jurisdictions draw the licensing line at personal recommendations, leaving general-circulation research outside the perimeter; others license the act of issuing research regardless of who it is addressed to. That single distinction separates the markets we can work in now from the ones that need a licence first, and it is the reason the sequence looks nothing like a ranking by market size.
2. Is the primary source open and structured?
The method depends on tracing each observation to a dated passage in a filing. That is practical where continuous disclosure is centralised, machine-readable and free to access, and it degrades quickly where filings are scanned images, scattered across exchange portals, or behind per-document charges. A market with excellent companies and poor filing infrastructure is a slow market for this kind of work.
3. Is segment disclosure fine-grained enough?
A migration read lives or dies on whether a mix shift is visible. Where reporting practice gives three or four genuinely distinct segments with their own profitability, the analysis is tractable; where a diversified group reports as a single segment, the most important evidence simply is not disclosed and the read has to lean on weaker material. Disclosure norms vary far more between markets than accounting standards do.
4. What has to be disclosed about us?
Several regimes that permit general research attach conditions: disclose any position held in a covered name, disclose conflicts, keep the publication genuinely a publication rather than a solicitation to deal. These are workable but they are operating obligations, not footnotes, and they need to be in place before the first piece goes out rather than after.
A market only moves from one group to the next when the answer to all four has changed, and we would rather state plainly that a market is gated than publish into it on a thin reading of the rules. What the framework itself does once a market is open is the same everywhere — the procedure is on the method page, the reading order that makes a filing checkable is in this essay, and the published output is the US book.
Follow the coverage as it goes live, market by market.
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