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Assessment - Photon Photovoltaik-Aktienindex in Euro - 6/27/22 - RS = 37

		⇓instrument	freshest		Δday	6/27/22	⇓ Δwk	10/11/21	prc diff	⇓ Δ37	⇓∅-RS
	L	SOM Price Index	4,262.170	09:27	0.04	4,260.330	0.04	3,861.611	398.719	10.33	10.14
	L	JinkoSolar	64.028	Mon	10.23	64.028		43.303	20.726	47.86	45.87
	L	Daqo New Energy	68.028	Mon	7.29	68.028		53.089	14.939	28.14	54.37
	L	Canadian Solar	32.028	Mon	4.85	32.028		30.106	1.922	6.38	8.61
	L	SunPower	17.104	Mon	4.44	17.104		22.598	-5.494	-24.31	-8.66
	L	Sunnova Energy	19.896	Mon	4.41	19.896		31.087	-11.191	-36.00	-13.60
		SolarEdge	281.623	Mon	4.25	281.623		239.310	42.312	17.68	13.79
	L	Shoals Technologies	17.104	Mon	4.14	17.104		24.681	-7.578	-30.70	-7.56
	L	Enphase Energy	194.500	Mon	3.92	194.500		139.409	55.091	39.52	25.83
	L	GCL Poly Energy	0.471	08:08	3.70	0.455	3.70	0.220	0.234	106.51	68.71
	L	Xinte Energy	2.947	08:08	2.94	2.863	2.94	2.144	0.719	33.53	41.74
	S	BCPG	0.294	Mon	2.80	0.294		0.358	-0.064	-17.98	-13.79
		Neoen	38.950	09:27	1.96	38.200	1.96	33.940	4.260	12.55	6.85
	S	Panda Green Energy	0.029	08:08	1.67	0.029	1.67	0.033	-0.004	-13.46	-5.00
		Enlight Renewable	189.939	Mon	1.54	189.939		190.147	-0.209	-0.11	-3.23
	L	Sunrun	24.142	Mon	1.47	24.142		38.954	-14.813	-38.03	-19.45
	S	Azure Power Global	12.660	Mon	1.44	12.660		18.837	-6.177	-32.79	-21.26
	L	Grenergy Renovables	38.000	09:16	1.44	37.460	1.44	28.700	8.760	30.52	23.14
		Encavis	17.900	Mon	1.36	17.900		15.170	2.730	18.00	9.77
	S	First Solar	66.623	Mon	0.78	66.623		88.430	-21.807	-24.66	-11.15
	L	SMA Solar	41.800	Mon	0.53	41.800		36.880	4.920	13.34	6.62
	L	Array Tech	11.764	Mon	0.48	11.764		16.572	-4.808	-29.01	1.58
		Solaria Energía	20.980	Mon	-0.10	20.980		13.930	7.050	50.61	23.16
	S	ReNew Energy Global	6.028	Mon	-0.16	6.028		8.040	-2.012	-25.02	-16.50
	L	Meyer Burger	0.424	09:26	-0.28	0.425	-0.28	0.382	0.043	11.31	6.41
		⇓instrument	freshest		Δday	6/27/22	⇓ Δwk	10/11/21	prc diff	⇓ Δ37	⇓∅-RS
	S	Flat Glass	3.404	08:08	-0.53	3.422	-0.53	3.892	-0.470	-12.07	-9.65
	S	Scatec	8.856	Mon	-0.71	8.856		14.639	-5.783	-39.51	-36.11
	S	Xinyi Solar	1.470	08:08	-0.81	1.482	-0.81	1.677	-0.195	-11.63	-8.34
	L	United Renewable	0.724	05:30	-0.87	0.731	-0.87	0.636	0.094	14.82	8.34
		Sino-American Sili	4.664	05:30	-3.62	4.839	-3.62	5.577	-0.738	-13.24	-16.85
	S	West Holdings	27.050	06:15	-4.32	28.270	-4.32	38.515	-10.245	-26.60	-22.82
PPVX - 30 out of 30 instruments rated - 6/27/22 / 10/11/21 - 14 did rise, Market-Ratio(37) in EUR = 46.67 %

Technical Chart

	PPVX RS = 37 - B/S = 52/31

1/01/18	scale up chart	6/27/22

Transactions Photon Photovoltaik-Aktienindex in Euro * A37 - 52/31 (1)

													⇐
L/S	date buy	date sell	days		instrument	spl	pieces	prc buy	prc sell	ps short	prc diff	d %	asset	yield
1/02/06		11/13/06	315		- cash -
short	11/13/06	2/05/07	84		Panda Green Energy	100	649,889	0.015	0.013	0.018	0.003	20	11,958	117
long	2/05/07	6/23/08	504		SunPower	100	338	35.326	52.957		17.631	50	17,917	34
short	6/23/08	7/06/09	378		JA Solar Energy	100	319	56.129	13.520	233.015	176.886	315	74,344	295
long	7/06/09	7/18/11	742		GCL Poly Energy	100	306,104	0.243	0.367		0.124	51	112,373	23
short	7/18/11	1/14/13	546		REC Silicon	100	12,171	9.232	1.613	52.852	43.620	472	643,266	221
long	1/14/13	10/06/14	630		SFCE	100	11,472,875	0.056	0.791		0.735	1,310	9,071,222	363
short	10/06/14	4/20/15	196		SMA Solar	100	458,142	19.800	14.680	26.706	6.906	35	12,235,014	75
long	4/20/15	5/11/15	21		Encavis	100	1,897,489	6.448	6.809		0.361	6	12,920,007	158
short	5/11/15	6/29/15	49		REC Silicon	100	6,138,130	2.105	1.957	2.264	0.159	8	13,896,727	72
long	6/29/15	7/27/15	28		Encavis	100	2,181,589	6.370	7.409		1.039	16	16,163,398	617
short	7/27/15	7/03/17	707		SFCE	100	52,440,772	0.308	0.050	1.917	1.609	522	101m	157
long	7/03/17	7/16/18	378		Panda Green Energy	100	866,475,351	0.116	0.059		-0.057	-49	50,918,662	-48
short	7/16/18	4/29/19	287		Panda Green Energy	100	866,475,352	0.059	0.038	0.090	0.032	54	78,329,372	73
long	4/29/19	9/20/21	875		Enphase Energy	100	8,579,559	9.130	130.001		120.871	1,324	1,115m	203
short	9/20/21	11/22/21	63		Scatec	100	68,944,244	16.178	16.171	16.184	0.007	0	1,116m	0
long	11/22/21	12/20/21	28		GCL Poly Energy	100	2831,414,911	0.394	0.265		-0.129	-33	749m	-99
short	12/20/21	6/27/22	189		Daqo New Energy	100	22,238,981	33.701	68.028	0.000	-33.701	-100	25	-100
accum	11/13/06	6/27/22	5706	days out of 6021 invested (95%)							-100		25	-32

Instrument Related Contribution

instrument	L/S	date buy	date sell	days	prc buy	prc sell	ps short	prc diff	d %	total
SFCE	long	1/14/13	10/06/14	630	0.06	0.79		0.73	1,310.18
	short	7/27/15	7/03/17	707	0.31	0.05	1.92	1.61	521.92	8,670.23
Enphase Energy	long	4/29/19	9/20/21	875	9.13	130.00		120.87	1,323.92	1,323.92
REC Silicon	short	7/18/11	1/14/13	546	9.23	1.61	52.85	43.62	472.47
	short	5/11/15	6/29/15	49	2.10	1.96	2.26	0.16	7.56	515.75
JA Solar Energy	short	6/23/08	7/06/09	378	56.13	13.52	233.01	176.89	315.14	315.14
SunPower	long	2/05/07	6/23/08	504	35.33	52.96		17.63	49.91	49.91
SMA Solar	short	10/06/14	4/20/15	196	19.80	14.68	26.71	6.91	34.88	34.88
Encavis	long	4/20/15	5/11/15	21	6.45	6.81		0.36	5.60
	long	6/29/15	7/27/15	28	6.37	7.41		1.04	16.31	22.82
GCL Poly Energy	long	7/06/09	7/18/11	742	0.24	0.37		0.12	51.15
	long	11/22/21	12/20/21	28	0.39	0.26		-0.13	-32.83	1.53
Scatec	short	9/20/21	11/22/21	63	16.18	16.17	16.18	0.01	0.04	0.04
Panda Green Energy	short	11/13/06	2/05/07	84	0.02	0.01	0.02	0.00	19.58
	long	7/03/17	7/16/18	378	0.12	0.06		-0.06	-49.35
	short	7/16/18	4/29/19	287	0.06	0.04	0.09	0.03	53.83	-6.82
Daqo New Energy	short	12/20/21	6/27/22	189	33.70	68.03	0.00	-33.70	-100.00	-100.00

Annotations

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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