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Assessment - Photon Photovoltaik-Aktienindex - 7/01/24 - RS = 45

		⇓instrument	freshest		⇓ Δday	7/01/24	⇓ Δwk	8/21/23	prc diff	⇓ Δ45	Curr	∅-RS
	L	SOM Price Index	2,446.250	8/12/24	-1.07	2,588.580	-5.50	3,781.330	-1,192.750	-31.54	USD	-14.31
	L	First Solar	219.230	8/12/24	3.51	222.710	-1.56	181.700	41.010	22.57	USD	53.49
	L	Nextracker	38.980	8/12/24	-2.01	46.120	-15.48	37.240	8.880	23.85	USD	32.31
	L	Neoen	38.380	8/12/24	-0.10	37.340	2.79	26.500	10.840	40.91	EUR	31.70
	L	Grenergy Renovables	34.450	8/12/24	1.32	34.450		24.460	9.990	40.84	EUR	25.07
	L	Scatec	84.600	8/12/24	-1.46	85.900	-1.51	73.100	12.800	17.51	NOK	23.23
		Encavis	17.000	8/12/24		16.900	0.59	13.315	3.585	26.92	EUR	20.38
	L	Sino-American Sili	188.000	8/12/24	0.80	222.000	-15.32	153.500	68.500	44.63	TWD	17.34
	L	Voltalia	10.180	8/12/24	-0.97	9.180	10.89	15.660	-6.480	-41.38	EUR	7.16
	L	GCL Poly Energy	1.140	8/12/24		1.160	-1.72	1.300	-0.140	-10.77	HKD	4.29
		ReNew Energy Global	5.880	8/12/24	-0.84	6.080	-3.29	5.810	0.270	4.65	USD	2.27
	L	Enphase Energy	109.110	8/12/24	1.16	97.260	12.18	130.160	-32.900	-25.28	USD	2.00
	L	Enlight Renewable	6,019.000	8/12/24	-3.23	5,595.000	7.58	6,358.000	-763.000	-12.00	ILS	1.84
	L	Sunrun	17.330	8/12/24	-3.13	10.915	58.77	13.800	-2.885	-20.91	USD	-4.22
		West Holdings	2,142.000	8/09/24	-1.38	2,485.000	-13.80	2,446.000	39.000	1.59	JPY	-7.06
	L	Solaria Energía	11.050	8/12/24	1.47	11.600	-4.74	13.025	-1.425	-10.94	EUR	-7.39
	L	United Renewable	11.300	8/12/24	0.89	13.250	-14.72	16.300	-3.050	-18.71	TWD	-16.13
	S	Flat Glass	11.680	8/12/24	-3.63	11.500	1.57	19.520	-8.020	-41.09	HKD	-17.71
		Altus Power	2.940	8/12/24	-6.96	3.730	-21.18	6.110	-2.380	-38.95	USD	-19.15
		Xinyi Solar	3.530	8/12/24	0.28	3.930	-10.18	6.510	-2.580	-39.63	HKD	-19.77
	L	JinkoSolar	18.850	8/12/24	-3.48	20.570	-8.36	34.110	-13.540	-39.70	USD	-20.77
	L	Xinte Energy	7.540	8/12/24	1.62	8.100	-6.91	13.920	-5.820	-41.81	HKD	-22.14
	L	Array Tech	7.030	8/12/24	-0.99	9.570	-26.54	20.740	-11.170	-53.86	USD	-22.33
		Daqo New Energy	16.060	8/12/24	-4.74	14.310	12.23	34.790	-20.480	-58.87	USD	-26.64
	L	Canadian Solar	13.200	8/12/24	-2.51	14.010	-5.78	30.760	-16.750	-54.45	USD	-27.00
		⇓instrument	freshest		⇓ Δday	7/01/24	⇓ Δwk	8/21/23	prc diff	⇓ Δ45	Curr	∅-RS
		BCPG	5.550	8/09/24		6.250	-11.20	10.000	-3.750	-37.50	THB	-27.09
	S	SMA Solar	21.900	8/12/24	-1.26	26.480	-17.30	73.100	-46.620	-63.78	EUR	-30.04
	L	SunPower	0.200	8/12/24	-4.76	2.710	-92.62	7.120	-4.410	-61.94	USD	-34.59
	L	Sunnova Energy	6.620	8/12/24	-4.47	5.230	26.58	12.730	-7.500	-58.92	USD	-39.06
	S	Shoals Technologies	5.130	8/12/24	0.20	6.110	-16.04	19.120	-13.010	-68.04	USD	-51.10
	S	SolarEdge	21.440	8/12/24	1.13	23.970	-10.55	163.000	-139.030	-85.29	USD	-55.38
PPVX - 30 out of 30 instruments rated - 7/01/24 / 8/21/23 - 9 did rise, Market-Ratio(45) = 30.00 %

Technical Chart

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

1/04/21	scale up chart	7/01/24

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	8/12/24	497		SunPower	100	0	USD	13.620	0.200	927.522	913.902	6,710	10	0
accum	1/16/06	8/12/24	3272	days out of 6940 invested (47%)								-100		10	-54

Instrument Related Contribution

instrument	L/S	date buy	date sell	days	prc buy	prc sell	ps short	prc diff	d %	total
SunPower	short	5/31/10	6/28/10	28	12.25	12.85	11.65	-0.60	-4.90
		4/03/23	8/12/24	497	13.62	0.20	927.52	913.90	6,710.00	6,376.45
REC Silicon		7/11/11	3/04/13	602	79.20	9.70	646.66	567.46	716.49	716.49
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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