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Assessment - Photon Photovoltaik-Aktienindex - 5/06/24 - RS = 45

		⇓instrument	freshest		⇓ Δday	5/06/24	⇓ Δwk	6/26/23	prc diff	⇓ Δ45	Curr	∅-RS
		SOM Price Index	2,796.530	Thu	0.79	2,838.030	-1.46	4,402.570	-1,564.540	-35.54	USD	-19.00
	L	Encavis	16.990	Thu	0.24	16.910	0.47	14.870	2.040	13.72	EUR	20.29
	L	First Solar	190.720	Wed	-2.03	193.810	-1.59	178.550	15.260	8.55	USD	15.20
		Sino-American Sili	194.000	Thu	0.52	197.000	-1.52	157.000	40.000	25.48	TWD	12.17
		Nextracker	43.730	Wed	-4.98	46.890	-6.74	38.920	7.970	20.48	USD	10.51
	L	Neoen	30.580	Thu	1.06	29.880	2.34	29.160	0.720	2.47	EUR	10.46
	L	Scatec	79.500	Wed	2.98	76.750	3.58	68.150	8.600	12.62	NOK	9.21
	L	Flat Glass	18.780	Thu	4.45	18.520	1.40	25.850	-7.330	-28.36	HKD	7.49
		Grenergy Renovables	28.750	Thu	1.23	27.900	3.05	27.340	0.560	2.05	EUR	6.85
		ReNew Energy Global	6.020	Wed	-0.82	6.360	-5.35	5.440	0.920	16.91	USD	6.22
	L	Xinyi Solar	5.860	Thu	5.78	5.760	1.74	8.730	-2.970	-34.02	HKD	2.95
		Enlight Renewable	6,754.000	Thu	1.06	6,425.000	5.12	6,600.000	-175.000	-2.65	ILS	1.96
	L	GCL Poly Energy	1.320	Thu	5.60	1.260	4.76	1.730	-0.470	-27.17	HKD	-2.55
		West Holdings	2,859.000	Thu	-1.75	2,843.000	0.56	2,594.000	249.000	9.60	JPY	-2.56
	L	Enphase Energy	112.360	Wed	-2.24	115.080	-2.36	159.210	-44.130	-27.72	USD	-6.11
		Sunrun	11.510	Wed	-2.29	11.990	-4.00	17.700	-5.710	-32.26	USD	-12.55
	L	Voltalia	8.710	Thu	2.96	8.340	4.44	15.300	-6.960	-45.49	EUR	-15.57
	S	Altus Power	4.480	Wed	-0.44	4.420	1.36	5.230	-0.810	-15.49	USD	-18.25
		JinkoSolar	25.410	Wed	-2.38	25.710	-1.17	42.010	-16.300	-38.80	USD	-18.81
	L	Array Tech	12.510	Wed	-6.57	13.740	-8.95	21.020	-7.280	-34.63	USD	-19.06
	L	United Renewable	11.400	Thu	-0.87	11.750	-2.98	19.200	-7.450	-38.80	TWD	-20.74
	S	BCPG	6.650	Thu	-1.48	6.750	-1.48	8.900	-2.150	-24.16	THB	-21.44
	L	SMA Solar	46.900	Thu	0.60	49.440	-5.14	102.500	-53.060	-51.77	EUR	-22.15
		Solaria Energía	11.000	Thu	0.92	10.320	6.59	13.675	-3.355	-24.53	EUR	-22.67
	L	Xinte Energy	9.200	Thu	3.25	9.090	1.21	16.200	-7.110	-43.89	HKD	-24.71
		⇓instrument	freshest		⇓ Δday	5/06/24	⇓ Δwk	6/26/23	prc diff	⇓ Δ45	Curr	∅-RS
		Canadian Solar	17.600	Wed	0.23	17.360	1.38	36.310	-18.950	-52.19	USD	-29.38
		Daqo New Energy	18.580	Wed	-0.96	19.020	-2.31	37.220	-18.200	-48.90	USD	-31.61
	L	SolarEdge	57.550	Wed	-1.98	60.070	-4.20	247.610	-187.540	-75.74	USD	-41.32
	S	Shoals Technologies	7.510	Wed	-14.66	8.850	-15.14	25.100	-16.250	-64.74	USD	-44.55
	L	SunPower	2.200	Wed	-5.58	2.360	-6.78	9.910	-7.550	-76.19	USD	-49.35
	S	Sunnova Energy	4.110	Wed	-7.01	4.670	-11.99	18.750	-14.080	-75.09	USD	-52.12
PPVX - 30 out of 30 instruments rated - 5/06/24 / 6/26/23 - 9 did rise, Market-Ratio(45) = 30.00 %

Technical Chart

	PPVX RS = 45 - B/S = 40/47

1/06/20	scale up chart	5/06/24

Transactions Photon Photovoltaik-Aktienindex * S45 - 40/47 (1)

														⇐
L/S	date buy	date sell	days		instrument	spl	pieces	Curr	prc buy	prc sell	ps short	prc diff	d %	asset	yield
1/02/06		1/16/06	14		- cash -
short	1/16/06	1/23/06	7		Beijing Energy	100	57,142	HKD	0.175	0.160	0.191	0.016	9	10,937	10,580
1/23/06		7/24/06	182		- cash -
	7/24/06	8/07/06	14		Beijing Energy	100	78,122	HKD	0.140	0.140	0.140	0.000	0	10,937	0
8/07/06		12/25/06	140		- cash -
	12/25/06	1/01/07	7		Beijing Energy	100	78,122	HKD	0.140	0.140	0.140	0.000	0	10,937	0
1/01/07		1/08/07	7		- cash -
	1/08/07	1/22/07	14		Motech Industries	100	21	TWD	497.160	568.080	426.240	-70.920	-14	9,448	-98
1/22/07		7/28/08	553		- cash -
	7/28/08	8/31/09	399		JA Solar Energy	100	122	USD	77.300	17.600	339.505	262.205	339	41,437	287
8/31/09		5/31/10	273		- cash -
	5/31/10	6/28/10	28		SunPower	100	3,382	USD	12.250	12.850	11.650	-0.600	-5	39,408	-48
6/28/10		7/11/11	378		- cash -
	7/11/11	3/04/13	602		REC Silicon	100	497	NOK	79.200	9.700	646.664	567.464	716	321,437	257
3/04/13		3/25/13	21		- cash -
	3/25/13	5/13/13	49		Meyer Burger	100	44,830	CHF	7.170	6.300	8.160	0.990	14	365,823	162
5/13/13		10/13/14	518		- cash -
	10/13/14	10/20/14	7		SMA Solar	100	20,633	EUR	17.730	19.210	16.250	-1.480	-8	335,287	-99
10/20/14		11/10/14	21		- cash -
	11/10/14	3/30/15	140		SMA Solar	100	17,674	EUR	18.970	11.790	30.523	11.553	61	539,467	246
3/30/15		5/04/15	35		- cash -
	5/04/15	10/26/15	175		SFCE	100	102,951	HKD	5.240	2.610	10.520	5.280	101	1,083,069	328
10/26/15		11/16/15	21		- cash -
	11/16/15	11/30/15	14		TerraForm Power	100	82,488	USD	13.130	6.900	24.985	11.855	90	2,060,973	> 999,999
11/30/15		1/11/16	42		- cash -
	1/11/16	7/04/16	175		TerraForm Power	100	206,097	USD	10.000	10.940	9.060	-0.940	-9	1,867,241	-19
7/04/16		7/11/16	7		- cash -
	7/11/16	7/31/17	385		SFCE	100	1,812,855	HKD	1.030	0.425	2.496	1.466	142	4,525,249	131
7/31/17		7/16/18	350		- cash -
	7/16/18	4/22/19	280		Beijing Energy	100	8,380,091	HKD	0.540	0.335	0.870	0.330	61	7,294,031	86
4/22/19		3/16/20	329		- cash -
	3/16/20	3/30/20	14		Meyer Burger	100	48,691,798	CHF	0.150	0.165	0.135	-0.015	-10	6,549,047	-94
3/30/20		11/22/21	602		- cash -
	11/22/21	3/21/22	119		Scatec	100	40,363	NOK	162.250	136.850	192.364	30.114	19	7,764,554	69
3/21/22		4/25/22	35		- cash -
	4/25/22	8/08/22	105		Shoals Technologies	100	745,158	USD	10.420	23.780	0.000	-10.420	-100	8	-100
8/08/22		9/12/22	35		- cash -
	9/12/22	11/21/22	70		Azure Power Global	100	1	USD	5.560	5.310	5.822	0.262	5	8	27
11/21/22		2/06/23	77		- cash -
	2/06/23	3/06/23	28		ReNew Energy Global	100	1	USD	5.590	4.550	6.868	1.278	23	10	1,363
3/06/23		4/03/23	28		- cash -
	4/03/23	5/08/24	401		SunPower	100	0	USD	13.620	2.200	84.320	70.700	519	10	0
accum	1/16/06	5/08/24	3035	days out of 6703 invested (45%)								-100		10	-57

Instrument Related Contribution

instrument	L/S	date buy	date sell	days	prc buy	prc sell	ps short	prc diff	d %	total
REC Silicon	short	7/11/11	3/04/13	602	79.20	9.70	646.66	567.46	716.49	716.49
SunPower		5/31/10	6/28/10	28	12.25	12.85	11.65	-0.60	-4.90
		4/03/23	5/08/24	401	13.62	2.20	84.32	70.70	519.09	488.77
SFCE		5/04/15	10/26/15	175	5.24	2.61	10.52	5.28	100.77
		7/11/16	7/31/17	385	1.03	0.43	2.50	1.47	142.35	386.56
JA Solar Energy		7/28/08	8/31/09	399	77.30	17.60	339.51	262.21	339.20	339.20
Beijing Energy		1/16/06	1/23/06	7	0.18	0.16	0.19	0.02	9.37
		7/24/06	8/07/06	14	0.14	0.14	0.14	0.00	0.00
		12/25/06	1/01/07	7	0.14	0.14	0.14	0.00	0.00
		7/16/18	4/22/19	280	0.54	0.34	0.87	0.33	61.19	76.29
TerraForm Power		11/16/15	11/30/15	14	13.13	6.90	24.99	11.86	90.29
		1/11/16	7/04/16	175	10.00	10.94	9.06	-0.94	-9.40	72.40
SMA Solar		10/13/14	10/20/14	7	17.73	19.21	16.25	-1.48	-8.35
		11/10/14	3/30/15	140	18.97	11.79	30.52	11.55	60.90	47.47
ReNew Energy Global		2/06/23	3/06/23	28	5.59	4.55	6.87	1.28	22.86	22.86
Scatec		11/22/21	3/21/22	119	162.25	136.85	192.36	30.11	18.56	18.56
Azure Power Global		9/12/22	11/21/22	70	5.56	5.31	5.82	0.26	4.71	4.71
Meyer Burger		3/25/13	5/13/13	49	7.17	6.30	8.16	0.99	13.81
		3/16/20	3/30/20	14	0.15	0.17	0.13	-0.02	-10.21	2.18
Motech Industries		1/08/07	1/22/07	14	497.16	568.08	426.24	-70.92	-14.27	-14.27
Shoals Technologies		4/25/22	8/08/22	105	10.42	23.78	0.00	-10.42	-100.00	-100.00

Annotations

4/22/24	PPVX	Voltalia replaces Meyer Burger
11/13/23	PPVX	Altus Power replaces Maxeon
2/10/23	PPVX	Nextracker replaces Beijing Energy
2/06/23	Enlight Renewable	reverse split 10:1 (one for ten)
9/25/22	PPVX	Maxeon Solar Technologies replaces Azure Power Global
10/29/21	PPVX	ReNew Energy Global replaces Soltec Power
7/29/21	United Renewable	reverse stock split 0.5658:1
7/23/21	PPVX	Xinte Energy replaces Maxeon
6/25/21	PPVX	Enlight Renewable Energy and Flat Glass Group replace Solarpack and Renesola
4/01/21	GCL Poly Energy	suspended
2/05/21	PPVX	Shoals Technologies Group replaces SPCG
1/25/21	PPVX	Grenergy Renovables and ReneSola replace Motech Industries and Shinsung E&G
11/17/20	Daqo New Energy	stock split 1:5 (five for one)
10/31/20	PPVX	Soltec Power replaces REC Silicon
10/23/20	PPVX	Array Technologies and REC Silicon replace 7C Solarparken and Tainergy
10/08/20	PPVX	Tainergy Tech replaces Vivint Solar (acquired by Sunrun)
9/21/20	PPVX	Motech Industries and Shinsung E&G replace China Shuifa Singyes and Thai Solar Energy
3/27/20	PPVX	China Singyes Solar and Edisun Power Europe replace Motech and Terraform Power
12/28/19	PPVX	Motech replaces SFCE
11/08/19	PPVX	Neoen replaces REC Silicon
7/29/19	PPVX	Sunnova replaces Shinsung E&G
2/16/19	PPVX	7C Solarparken replaces China Singyes Solar
12/10/18	PPVX	SFCE and Solarapack replace Motech Industries and Green Energy Technology
10/01/18	PPVX	Thai Solar Energy returns for Gintech Energy (merger with Neo Solar Power)
7/20/18	PPVX	West Holdings replaces JA Solar
7/17/18	PPVX	JA Solar exits due to becoming private (mergered with JASO Acquisition Holding as wholly owner)
6/25/18	Green Energy T	returns replacing 8point3
6/21/18	8point3	drops out due to acquisition by Capital Dynamics
5/18/18	PPVX	Enphase Energy replaces Thai Solar Energy PCL (exit due to low stock market value)
2/27/18	Capital Stage	renames into Encavis (ENergy + CApital + VISion)
2/16/18	PPVX	Solaria Energía replaces SFCE (market value falls below exit threshold)
12/30/17	PPVX	Vivint Solar replaces TerraForm Global (acquired by Brookfield Asset Management)
8/11/17	PPVX	Shinsung E&G replaces Green Energy Technology
3/14/17	PPVX	Azure Power Global replaces Trina Solar
11/25/16	PPVX	Thai Solar Energy replaces SolarCity (acquired by Tesla)
11/04/16	PPVX	SPCG replaces SPI
10/08/16	Chorus	is replaced by BCPG
8/08/16	Capital Stage	acquires Chorus Clean Energy
6/03/16	PPVX	complete analysis - all techniques have been refreshed using new market composition
6/02/16	Solarenergie	Change Of Composition This market matches the PPVX (Photon Photovoltaiics Stock Index) regarding composition now. The PPVX is a cooperation of PHOTON International GmbH, Berlin and Öko-Invest-Verlags-GmbH, Vienna. The index here is not the original PPVX but the Share-o-matic standard index, an equal weighted price index in USD starting in 2005 at 100 points. The standard techniques have been re-calculated, best practice analysis is in progress.
1/01/16	Sunrun	recording started
8/18/15	Solarenergie	complete analysis
7/01/15	Scatec Solar	monitoring started
3/14/15	Solar Energy	first complete analysis


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