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Assessment - Photon Photovoltaik-Aktienindex - 7/01/24 - RS = 46

		⇓instrument	freshest		⇓ Δday	7/01/24	⇓ Δwk	8/14/23	prc diff	⇓ Δ46	Curr	∅-RS
	L	SOM Price Index	2,446.250	8/12/24	-1.07	2,588.580	-5.50	4,082.720	-1,494.140	-36.60	USD	-14.31
	L	First Solar	219.230	8/12/24	3.51	222.710	-1.56	211.430	11.280	5.34	USD	53.49
	L	Nextracker	38.980	8/12/24	-2.01	46.120	-15.48	41.170	4.950	12.02	USD	32.31
	L	Neoen	38.380	8/12/24	-0.10	37.340	2.79	27.640	9.700	35.09	EUR	31.70
	L	Grenergy Renovables	34.450	8/12/24	1.32	34.450		25.800	8.650	33.53	EUR	25.07
	L	Scatec	84.600	8/12/24	-1.46	85.900	-1.51	78.550	7.350	9.36	NOK	23.23
		Encavis	17.000	8/12/24		16.900	0.59	13.865	3.035	21.89	EUR	20.38
	L	Sino-American Sili	188.000	8/12/24	0.80	222.000	-15.32	154.500	67.500	43.69	TWD	17.34
	L	Voltalia	10.180	8/12/24	-0.97	9.180	10.89	15.360	-6.180	-40.23	EUR	7.16
	L	GCL Poly Energy	1.140	8/12/24		1.160	-1.72	1.500	-0.340	-22.67	HKD	4.29
		ReNew Energy Global	5.880	8/12/24	-0.84	6.080	-3.29	6.190	-0.110	-1.78	USD	2.27
	L	Enphase Energy	109.110	8/12/24	1.16	97.260	12.18	138.590	-41.330	-29.82	USD	2.00
	L	Enlight Renewable	6,019.000	8/12/24	-3.23	5,595.000	7.58	6,186.000	-591.000	-9.55	ILS	1.84
	L	Sunrun	17.330	8/12/24	-3.13	10.915	58.77	16.770	-5.855	-34.91	USD	-4.22
		West Holdings	2,142.000	8/09/24	-1.38	2,485.000	-13.80	2,536.000	-51.000	-2.01	JPY	-7.06
	L	Solaria Energía	11.050	8/12/24	1.47	11.600	-4.74	13.500	-1.900	-14.07	EUR	-7.39
	L	United Renewable	11.300	8/12/24	0.89	13.250	-14.72	16.100	-2.850	-17.70	TWD	-16.13
	S	Flat Glass	11.680	8/12/24	-3.63	11.500	1.57	21.500	-10.000	-46.51	HKD	-17.71
		Altus Power	2.940	8/12/24	-6.96	3.730	-21.18	5.830	-2.100	-36.02	USD	-19.15
		Xinyi Solar	3.530	8/12/24	0.28	3.930	-10.18	7.340	-3.410	-46.46	HKD	-19.77
	L	JinkoSolar	18.850	8/12/24	-3.48	20.570	-8.36	35.860	-15.290	-42.64	USD	-20.77
	L	Xinte Energy	7.540	8/12/24	1.62	8.100	-6.91	15.020	-6.920	-46.07	HKD	-22.14
	L	Array Tech	7.030	8/12/24	-0.99	9.570	-26.54	23.120	-13.550	-58.61	USD	-22.33
		Daqo New Energy	16.060	8/12/24	-4.74	14.310	12.23	35.870	-21.560	-60.11	USD	-26.64
	L	Canadian Solar	13.200	8/12/24	-2.51	14.010	-5.78	33.160	-19.150	-57.75	USD	-27.00
		⇓instrument	freshest		⇓ Δday	7/01/24	⇓ Δwk	8/14/23	prc diff	⇓ Δ46	Curr	∅-RS
		BCPG	5.550	8/09/24		6.250	-11.20	9.450	-3.200	-33.86	THB	-27.09
	S	SMA Solar	21.900	8/12/24	-1.26	26.480	-17.30	77.600	-51.120	-65.88	EUR	-30.04
	L	SunPower	0.200	8/12/24	-4.76	2.710	-92.62	8.130	-5.420	-66.67	USD	-34.59
	L	Sunnova Energy	6.620	8/12/24	-4.47	5.230	26.58	16.200	-10.970	-67.72	USD	-39.06
	S	Shoals Technologies	5.130	8/12/24	0.20	6.110	-16.04	21.620	-15.510	-71.74	USD	-51.10
	S	SolarEdge	21.440	8/12/24	1.13	23.970	-10.55	176.990	-153.020	-86.46	USD	-55.38
PPVX - 30 out of 30 instruments rated - 7/01/24 / 8/14/23 - 7 did rise, Market-Ratio(46) = 23.33 %

Technical Chart

	PPVX RS = 46 - B/S = 51/51

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

Transactions Photon Photovoltaik-Aktienindex * S46 - 51 ex 9 (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		11/10/08	1043		- cash -
short	11/10/08	8/24/09	287		Solaria Energía	100	4,184	EUR	2.390	2.305	2.478	0.088	4	10,369	5
8/24/09		8/31/09	7		- cash -
	8/31/09	9/07/09	7		SunPower	100	409	USD	25.350	27.280	23.420	-1.930	-8	9,579	-98
9/07/09		4/12/10	217		- cash -
	4/12/10	5/10/10	28		SunPower	100	522	USD	18.320	15.290	21.951	3.631	20	11,474	956
5/10/10		5/17/10	7		- cash -
	5/17/10	7/19/10	63		SunPower	100	950	USD	12.070	13.480	10.660	-1.410	-12	10,135	-51
7/19/10		7/26/10	7		- cash -
	7/26/10	9/13/10	49		West Holdings	100	5,153	JPY	1.967	2.283	1.650	-0.317	-16	8,503	-73
9/13/10		10/11/10	28		- cash -
	10/11/10	3/21/11	161		Solaria Energía	100	5,631	EUR	1.510	2.040	0.980	-0.530	-35	5,519	-62
3/21/11		7/11/11	112		- cash -
	7/11/11	9/26/11	77		Enlight Renewable	100	19	ILS	282.000	316.000	248.000	-34.000	-12	4,873	-46
	9/26/11	12/10/12	441		JinkoSolar	100	820	USD	5.940	5.120	6.891	0.951	16	5,653	13
	12/10/12	1/21/13	42		SMA Solar	100	331	EUR	17.075	21.170	12.980	-4.095	-24	4,297	-91
1/21/13		2/04/13	14		- cash -
	2/04/13	2/11/13	7		SMA Solar	100	248	EUR	17.265	18.800	15.730	-1.535	-9	3,917	-99
2/11/13		3/25/13	42		- cash -
	3/25/13	4/08/13	14		SMA Solar	100	196	EUR	19.925	17.750	22.367	2.442	12	4,395	1,936
4/08/13		10/13/14	553		- cash -
	10/13/14	10/27/14	14		SMA Solar	100	247	EUR	17.730	18.890	16.570	-1.160	-7	4,109	-83
10/27/14		11/10/14	14		- cash -
	11/10/14	4/13/15	154		SMA Solar	100	216	EUR	18.970	13.765	26.143	7.173	38	5,658	114
4/13/15		4/20/15	7		- cash -
	4/20/15	4/27/15	7		West Holdings	100	621	JPY	9.110	8.910	9.315	0.205	2	5,785	218
4/27/15		5/04/15	7		- cash -
	5/04/15	11/02/15	182		West Holdings	100	686	JPY	8.430	7.000	10.152	1.722	20	6,966	45
11/02/15		11/16/15	14		- cash -
	11/16/15	11/30/15	14		Enphase Energy	100	3,286	USD	2.120	1.670	2.691	0.571	27	8,844	50,213
11/30/15		12/14/15	14		- cash -
	12/14/15	12/21/15	7		Enphase Energy	100	3,965	USD	2.230	3.590	0.870	-1.360	-61	3,451	-100
12/21/15		1/04/16	14		- cash -
	1/04/16	1/16/17	378		Enphase Energy	100	988	USD	3.490	1.650	7.382	3.892	112	7,296	106
	1/16/17	6/05/17	140		SunPower	100	979	USD	7.450	8.110	6.790	-0.660	-9	6,650	-21
	6/05/17	6/26/17	21		Enphase Energy	100	8,526	USD	0.780	0.850	0.710	-0.070	-9	6,053	-80
6/26/17		7/16/18	385		- cash -
	7/16/18	7/23/18	7		GCL Poly Energy	100	8,902	HKD	0.680	0.670	0.690	0.010	1	6,143	116
7/23/18		8/13/18	21		- cash -
	8/13/18	2/04/19	175		GCL Poly Energy	100	10,777	HKD	0.570	0.670	0.470	-0.100	-18	5,066	-33
	2/04/19	4/15/19	70		SMA Solar	100	239	EUR	21.140	19.770	22.605	1.465	7	5,416	42
4/15/19		11/08/21	938		- cash -
	11/08/21	3/28/22	140		Scatec	100	32	NOK	166.200	127.700	216.307	50.107	30	7,019	99
3/28/22		4/18/22	21		- cash -
	4/18/22	6/20/22	63		Shoals Technologies	100	557	USD	12.600	19.570	5.630	-6.970	-55	3,137	-99
L/S	date buy	date sell	days		instrument	spl	pieces	Curr	prc buy	prc sell	ps short	prc diff	d %	asset	yield
	6/20/22	8/08/22	49		Scatec	100	35	NOK	89.420	113.550	65.290	-24.130	-27	2,292	-90
8/08/22		9/05/22	28		- cash -
	9/05/22	9/12/22	7		Flat Glass	100	100	HKD	22.750	24.450	21.050	-1.700	-7	2,122	-98
9/12/22		9/19/22	7		- cash -
	9/19/22	11/28/22	70		Flat Glass	100	99	HKD	21.300	19.420	23.362	2.062	10	2,327	62
11/28/22		1/30/23	63		- cash -
	1/30/23	6/10/24	497		SunPower	100	141	USD	16.410	3.420	78.739	62.329	380	11,115	216
	6/10/24	8/12/24	63		Shoals Technologies	100	1,632	USD	6.810	5.130	9.040	2.230	33	14,755	416
accum	11/10/08	8/12/24	3377	days out of 6940 invested (49%)								48		14,755	4

Instrument Related Contribution

instrument	L/S	date buy	date sell	days	prc buy	prc sell	ps short	prc diff	d %	total
SunPower	short	8/31/09	9/07/09	7	25.35	27.28	23.42	-1.93	-7.61
		4/12/10	5/10/10	28	18.32	15.29	21.95	3.63	19.82
		5/17/10	7/19/10	63	12.07	13.48	10.66	-1.41	-11.68
		1/16/17	6/05/17	140	7.45	8.11	6.79	-0.66	-8.86
		1/30/23	6/10/24	497	16.41	3.42	78.74	62.33	379.82	327.54
JinkoSolar		9/26/11	12/10/12	441	5.94	5.12	6.89	0.95	16.02	16.02
SMA Solar		12/10/12	1/21/13	42	17.08	21.17	12.98	-4.10	-23.98
		2/04/13	2/11/13	7	17.27	18.80	15.73	-1.54	-8.89
		3/25/13	4/08/13	14	19.93	17.75	22.37	2.44	12.25
		10/13/14	10/27/14	14	17.73	18.89	16.57	-1.16	-6.54
		11/10/14	4/13/15	154	18.97	13.77	26.14	7.17	37.81
		2/04/19	4/15/19	70	21.14	19.77	22.60	1.46	6.93	7.07
West Holdings		7/26/10	9/13/10	49	1.97	2.28	1.65	-0.32	-16.10
		4/20/15	4/27/15	7	9.11	8.91	9.31	0.20	2.24
		5/04/15	11/02/15	182	8.43	7.00	10.15	1.72	20.43	3.31
Flat Glass		9/05/22	9/12/22	7	22.75	24.45	21.05	-1.70	-7.47
		9/19/22	11/28/22	70	21.30	19.42	23.36	2.06	9.68	1.48
Enphase Energy		11/16/15	11/30/15	14	2.12	1.67	2.69	0.57	26.95
		12/14/15	12/21/15	7	2.23	3.59	0.87	-1.36	-60.99
		1/04/16	1/16/17	378	3.49	1.65	7.38	3.89	111.52
		6/05/17	6/26/17	21	0.78	0.85	0.71	-0.07	-8.97	-4.64
Scatec		11/08/21	3/28/22	140	166.20	127.70	216.31	50.11	30.15
		6/20/22	8/08/22	49	89.42	113.55	65.29	-24.13	-26.99	-4.97
Enlight Renewable		7/11/11	9/26/11	77	282.00	316.00	248.00	-34.00	-12.06	-12.06
GCL Poly Energy		7/16/18	7/23/18	7	0.68	0.67	0.69	0.01	1.49
		8/13/18	2/04/19	175	0.57	0.67	0.47	-0.10	-17.54	-16.32
instrument	L/S	date buy	date sell	days	prc buy	prc sell	ps short	prc diff	d %	total
Solaria Energía		11/10/08	8/24/09	287	2.39	2.31	2.48	0.09	3.69
		10/11/10	3/21/11	161	1.51	2.04	0.98	-0.53	-35.10	-32.71
Shoals Technologies		4/18/22	6/20/22	63	12.60	19.57	5.63	-6.97	-55.32
		6/10/24	8/12/24	63	6.81	5.13	9.04	2.23	32.75	-40.68

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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