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.
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