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Assessment - Photon Photovoltaik-Aktienindex - 4/15/24 - RS = 45

		⇓instrument	freshest		⇓ Δday	4/15/24	⇓ Δwk	6/05/23	prc diff	⇓ Δ45	Curr	∅-RS
	S	SOM Price Index	2,668.190	15:37	-0.89	2,739.360	-2.60	4,484.850	-1,745.490	-38.92	USD	-24.21
	L	Sino-American Sili	208.500	Mon	-1.42	208.500		160.000	48.500	30.31	TWD	20.62
	L	Encavis	16.890	15:35	0.06	16.870	0.12	15.770	1.100	6.98	EUR	20.50
		Nextracker	44.830	Mon	-5.02	44.830		40.760	4.070	9.99	USD	7.48
	L	Flat Glass	16.560	08:08	-2.01	18.540	-10.68	22.450	-3.910	-17.42	HKD	6.63
		Neoen	30.360	Thu	1.13	28.040	8.27	28.800	-0.760	-2.64	EUR	3.99
	L	First Solar	174.290	Thu	-2.09	175.960	-0.95	203.670	-27.710	-13.61	USD	3.91
	L	Xinyi Solar	5.280	08:08	-2.76	5.910	-10.66	8.320	-2.410	-28.97	HKD	3.44
		Grenergy Renovables	28.000	Thu	2.56	26.700	4.87	24.580	2.120	8.62	EUR	2.14
		Scatec	69.700	Thu	-1.34	71.300	-2.24	76.450	-5.150	-6.74	NOK	1.40
	S	Enlight Renewable	6,159.000	Thu	0.08	6,029.000	2.16	6,928.000	-899.000	-12.98	ILS	-4.16
	S	West Holdings	2,676.000	06:15	-5.04	2,682.000	-0.22	2,852.000	-170.000	-5.96	JPY	-8.91
	S	ReNew Energy Global	5.540	Thu	2.21	5.380	2.97	5.250	0.130	2.48	USD	-9.96
	L	Enphase Energy	109.170	Thu	-2.57	112.470	-2.93	182.730	-70.260	-38.45	USD	-10.75
	L	GCL Poly Energy	1.090	08:08	-1.80	1.130	-3.54	1.630	-0.500	-30.67	HKD	-15.16
	L	Daqo New Energy	22.710	Thu	1.43	23.730	-4.30	37.860	-14.130	-37.32	USD	-17.74
	S	BCPG	6.250	09:38	-6.72	7.050	-11.35	9.100	-2.050	-22.53	THB	-19.93
		United Renewable	12.250	Thu	2.51	11.900	2.94	20.200	-8.300	-41.09	TWD	-22.11
	S	Sunrun	10.110	Thu	-6.82	10.690	-5.43	18.490	-7.800	-42.18	USD	-24.97
	L	Xinte Energy	9.020	08:08	-5.15	9.420	-4.25	16.900	-7.480	-44.26	HKD	-25.42
	S	SMA Solar	45.960	15:37	-3.36	48.020	-4.29	93.200	-45.180	-48.48	EUR	-27.37
	S	Altus Power	3.860	Thu	0.26	3.950	-2.28	5.160	-1.210	-23.45	USD	-28.22
	S	Solaria Energía	10.020	Thu	0.30	9.490	5.58	12.865	-3.375	-26.23	EUR	-30.91
		Array Tech	10.970	Thu	-1.79	12.140	-9.64	23.170	-11.030	-47.60	USD	-30.96
	S	JinkoSolar	21.660	Thu	-0.14	22.760	-4.83	41.850	-19.090	-45.62	USD	-31.13
		⇓instrument	freshest		⇓ Δday	4/15/24	⇓ Δwk	6/05/23	prc diff	⇓ Δ45	Curr	∅-RS
	S	Canadian Solar	14.530	Thu	-3.90	15.690	-7.39	40.050	-24.360	-60.82	USD	-39.63
	L	SolarEdge	57.390	Thu	-3.93	60.440	-5.05	294.100	-233.660	-79.45	USD	-45.80
	S	Shoals Technologies	8.210	Thu	-0.85	8.720	-5.85	23.820	-15.100	-63.39	USD	-48.90
		SunPower	2.260	Thu	-2.16	2.360	-4.24	11.070	-8.710	-78.68	USD	-54.52
	S	Sunnova Energy	3.780	Thu	-3.57	4.100	-7.80	17.940	-13.840	-77.15	USD	-62.41
	S	Meyer Burger	0.010	Thu		0.010	3.09	0.556	-0.546	-98.26	CHF	-92.75
PPVX - 30 out of 30 instruments rated - 4/15/24 / 6/05/23 - 5 did rise, Market-Ratio(45) = 16.67 %

Technical Chart

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

1/06/20	scale up chart	4/15/24

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	4/18/24	381		SunPower	100	0	USD	13.620	2.260	82.082	68.462	503	10	0
accum	1/16/06	4/18/24	3014	days out of 6682 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	4/18/24	381	13.62	2.26	82.08	68.46	502.65	473.14
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

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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