SGG Research / Investor relations
Investor relations.
Two earnings-call factors with strong historical results, and a limited early-access window to join before the forward record is built.
SGG Research.
SGG Research develops alternative data factors for US equity research. ECPND - Earnings Call Participation Network and Dynamics - studies recurring external participation across companies. ECQDI - Earnings Call Quantitative Dynamics and Intensity - studies quantitative patterns in external analyst contributions. They offer two perspectives on the same source material, with separate research records and a published study of their combination.
The results to date are strong. In a backtest covering almost five years, ECPND improved matched 50-stock portfolios in all 18 comparisons against two Qlib models and momentum, after trading costs. Averaged across the three baselines, buy & hold portfolios gained +37, +80 and +172 basis points over 3, 6 and 12 months, and weekly rebalanced portfolios gained +60, +130 and +280 basis points, with all six 95% intervals above zero. Applying both factors together raised the weekly figures to +87, +211 and +453 basis points.
Our work connects structured earnings-call observations, systematic measurement and documented portfolio evaluation. We supply factor scores for integration into customers' own research workflows, supported by historical datasets, methodology notes and API documentation.
Our commercial model is recurring access to structured factor data through an authenticated API and historical datasets. ECPND is available in early access. Early access is limited to a small number of participants and closes in Q4 2027; its terms will not be offered again, and later access will be priced on the record built by then. We expect that record to work as a flywheel: forward evidence brings institutional customers, their independent evaluations add further evidence, and each confirmed result strengthens adoption, pricing and larger licensing relationships.
From historical evidence to live evaluation.
Our published studies provide a strong foundation of historical testing: ECPND contributed positively in every comparison examined, and ECQDI added to it as a complement to model-based rankings. We are now building on that foundation with prospective evaluation, independent research partnerships and institutional customer adoption. By the end of 2028, our aim is to turn this research progress into a stronger forward record and establish commercially adopted factors that support profitable applications after costs. We invite investors and partners to help shape that next stage now. The initial investor and partner entry window is limited in size and closes when this development phase is complete; participation on today's terms will not be available afterwards. The roadmap below sets out the work and milestones behind that ambition.
| Timing | Milestone | Planned work |
|---|---|---|
| 2026-2027 | Establish the forward record | Establish comparable forward runs for both factors. Preserve timestamped scores and fixed rules; test separate and combined portfolios against matched baselines. |
| By Q3 2027 | Over ten additional institutional customers | Target over ten additional institutional customers through research-led marketing and direct outreach. Support data evaluation, API integration and conversion to subscriptions. |
| 2027-2028 | Broaden independent evaluation | Test other models, exposures and costs with research partners. Evaluate both factors and their combination while preserving the original forward specifications. |
| By end-2028 | Complete the evidence review | Review forward and historical evidence for both factors and their combination. Assess persistence, uncertainty and net usefulness to guide institutional expansion. |
A stronger record takes more than time.
We plan to complete the evidence review by the end of 2028. This is a milestone for evaluating the accumulated forward record; statistical significance is an outcome to assess, not a result guaranteed by the timetable. The strength of the evidence will depend on the observed contribution, its variability, the amount of genuinely new information and the consistency of results across market conditions. Overlapping portfolios and repeated model seeds do not create independent market histories.
We intend to judge progress against evaluation rules declared before future returns are observed, including net contribution, uncertainty, drawdowns, exposures and implementation costs. Independent replication and customer testing can strengthen the assessment. Results may support further investment, require changes or fail to confirm the historical findings. Sustained evidence could materially improve the commercial case; it does not guarantee investment returns or business growth.
Join the next stage.
We welcome conversations with investors, strategic partners and quantitative research teams who want to help develop the business while its prospective record is being built. Potential collaborations include independent validation, access to institutional research environments, data engineering, distribution and commercial development.
Joining now means entering on early terms, before a longer forward record is available and priced in. Places are limited, and capital and expertise at this stage accelerate evaluation, delivery and customer integration, which is what sets the flywheel in motion. Contact us with your background and the kind of partnership you have in mind; investment structures and terms would be discussed individually.
This page outlines our current development plans and invites discussions with prospective investors and partners. It is not an offer of securities or financial advice. Roadmap dates and customer milestones are planning targets, subject to research findings and operating progress. Future research results, commercial adoption and investment outcomes remain uncertain.