North America · Equities · US
United States
The deepest and most analytically competitive equity market in the world, where structural advantage must be identified with unusual precision.
Alpha position · FIBCOS United States Structural Alpha Index
Definition
A FIBCOS Structural Alpha Index is the researched universe of companies within a specific country that FIBCOS determines meet its Structural Alpha criteria.
Research coverage for United States is developing. A company enters the FIBCOS United States Structural Alpha Index only on completion of the required FIBCOS research and approval of the underlying investment thesis.
FIBCOS assesses United States companies against the same standard applied in every market: is the advantage structural, is it durable, and is it evidenced? What differs by market is the evidence that must be gathered before that question can be answered — which is why the framework is organised by country rather than by region.
Coverage Developing
Research coverage for United States is developing. A company enters the FIBCOS United States Structural Alpha Index only on completion of the required FIBCOS research and approval of the underlying investment thesis.
Alpha Inclusion Rule
A company cannot enter a FIBCOS Structural Alpha Index before the required FIBCOS research has been completed and the underlying investment thesis has been established and approved under the applicable research process.
Screening list · 33 companies
FIBCOS publishes the United States screening list as it is assembled rather than after the fact, so that the universe under examination is visible alongside the conclusions drawn from it. Appearing on this list is a statement of what FIBCOS intends to research and nothing more: no company below carries a FIBCOS thesis, and none is counted towards the FIBCOS United States Structural Alpha Index.
| Company | Industry | Stage |
|---|---|---|
| Amtech Systems, Inc. ASYS | Semiconductors | Screening |
| Calix, Inc. CALX | Application Software | Screening |
| Cass Information Systems, Inc. CASS | Services—Business Services, NEC | Screening |
| Cohu, Inc. COHU | Instruments For Meas & Testing of Electricity & Elec Signals | Screening |
| e.l.f. Beauty, Inc. ELF | Perfumes, Cosmetics & Other Toilet Preparations | Screening |
| Eos Energy Enterprises, Inc. EOSE | Miscellaneous Electrical Machinery, Equipment & Supplies | Screening |
| FormFactor, Inc. FORM | Semiconductors & Related Devices | Screening |
| Gogo Inc. GOGO | Communications Services, NEC | Screening |
| Ichor Holdings, Ltd. ICHR | Semiconductors & Related Devices | Screening |
| Immersion Corporation IMMR | Computer Peripheral Equipment, NEC | Screening |
| QuantumScape Corporation QS | Miscellaneous Electrical Machinery, Equipment & Supplies | Screening |
| Veeco Instruments Inc. VECO | Special Industry Machinery, NEC | Screening |
| HubSpot, Inc. HUBS | Services - Prepackaged Software | Screening |
| ACI Worldwide, Inc. ACIW | Services - Prepackaged Software | Screening |
| Ambarella, Inc. AMBA | Semiconductors & Related Devices | Screening |
| Fluence Energy, Inc. FLNC | Miscellaneous Electrical Machinery, Equipment & Supplies | Screening |
| Nutanix, Inc. NTNX | Services - Prepackaged Software | Screening |
| Nextpower Inc. NXT | Semiconductors & Related Devices | Screening |
| PureCycle Technologies, Inc. PCT | Plastics, Materials, Synth Resins & Nonvulcan Elastomers | Screening |
| Rambus Inc. RMBS | Semiconductors & Related Devices | Screening |
| Rackspace Technology, Inc. RXT | Services - Computer Programming, Data Processing, Etc | Screening |
| TeraWulf Inc. WULF | Finance Services | Screening |
| Crown Castle Inc. CCI | Real Estate Investment Trusts | Screening |
| SBA Communications Corporation SBAC | Real Estate Investment Trusts | Screening |
| American Tower Corporation AMT | Real Estate Investment Trusts | Screening |
| Fiserv, Inc. FISV | Services - Business Services, NEC | Screening |
| Fidelity National Information Services, Inc. FIS | Services - Business Services, NEC | Screening |
| Global Payments Inc. GPN | Services - Business Services, NEC | Screening |
| EPAM Systems, Inc. EPAM | Services - Computer Programming Services | Screening |
| DXC Technology Company DXC | Services - Computer Processing & Data Preparation | Screening |
| Vishay Intertechnology, Inc. VSH | Electronic Components & Accessories | Screening |
| Silicon Laboratories Inc. SLAB | Semiconductors & Related Devices | Screening |
| Arteris, Inc. AIP | Semiconductors | Screening |
Not Index coverage
The screening list records the beginning of the FIBCOS research process, not its outcome. A company appears here because it has been identified as a candidate for research in its market. No FIBCOS research has been completed on it, no investment thesis exists, and it is not a constituent of any FIBCOS Structural Alpha Index.
Index status
The country framework exists. Research coverage is being established and no company has yet entered the Index.
Alpha position
Position on the FIBCOS Alpha Line, drawn from live state.
There is no fixed number of constituents. The research methodology determines how many companies qualify in a given market, and country size does not determine coverage count.
The United States is the most heavily researched equity market in the world. Information is abundant, coverage is dense, and consensus forms quickly. That environment does not remove the possibility of structural advantage — it changes where it is found.
FIBCOS approaches the market on the assumption that short-horizon informational edge is largely unavailable. What remains available is a difference in time horizon and in the willingness to underwrite franchise durability, reinvestment capacity, pricing architecture and capital-allocation discipline over periods longer than the market typically underwrites them.
Structural context
- Concentration of globally scaled franchises across technology, healthcare, industrials and financial infrastructure.
- High analytical coverage density, which compresses short-horizon informational advantage.
- Disclosure regime that supports detailed fundamental work.
- Depth of capital markets and a long-standing equity culture.
Launch scope
FIBCOS launches with country-based equity Structural Alpha. Other asset classes are supported by the architecture but are not part of the launch product.
Research Coverage Developing
Paid research for United States will be published as FIBCOS research coverage is established.
Research Notes are free to registered readers; every other category is paid. The concise public thesis on each company record is the public expression of that work — not a substitute for it.
Titles are public. The analysis is not.
Titles, types and dates are public for every publication. The analysis behind a FIBCOS decision is available to Research subscribers; Research Notes are free to registered readers.
Benchmark
No benchmark has been established for the FIBCOS United States Alpha Portfolio. A benchmark will be selected from the portfolio's realised geographic exposure, market-capitalisation profile, investment universe, strategy and currency treatment, and adopted before live inception. FIBCOS does not treat a country's main stock index as an automatic benchmark.
Performance reporting belongs to the Alpha Portfolio, not to the Index. Relative Alpha is portfolio return minus benchmark return, over identical periods and on a stated currency basis. Modelled at US$1,000,000 — a sizing convention applied identically in every market, not capital under management.
No Developments Recorded
Alpha additions, removals, thesis updates and portfolio changes for United States appear here as the record moves.