Currently, one cannot combine starting Universes in P123.
Hence, in case one is interested in OTC stocks in the US, as well as (for example) Canadian companies listed on a Canadian exchange, currently, these companies cannot be put into the same Universe and also not ranked against eachother.
See:
In terms of improving returns (through broadening of your Universe), this seems to be a potential low hanging fruit to me.
Best,
Victor
North America (Primary) and North Atlantic (Primary) include both US OTC stocks and Canadian listed companies.
The real limitation is the inability to rank Asian and South American companies that have US ADRs alongside Canadian and European companies that don't.
Hi Yuval,
Below is a Universe that uses North America (Primary):
https://www.portfolio123.com/app/universe/summary/311424?st=0&mt=7
It finds 28 Canadian F-Shares.
Below also a Universe that uses the same rules to find F-shares, but on the US OTC Starting Universe:
https://www.portfolio123.com/app/universe/summary/311425?st=0&mt=7
It finds 1554 stocks that match the filter.
From that, I get the impression that not all OTC stocks are in the North America (Primary).
Am I missing something?
Canadian F-shares aren't primary issues, they're secondary issues. The 28 companies that are showing up in North America (Primary) are tiny companies whose primary exchange is on the US OTC and whose domicile is in Canada.
Most Canadian issues have an F-share ticker for the US market unless it's dual listed (e.g. Shopify). Some of those F-shares are not in our database because they never or hardly ever trade in the US.
Certainly not all OTC stocks are in the North America (Primary) universe. For example, there are plenty of Asian and European ADRs that trade in the US OTC market but whose primary issue is in Asia or Europe.
I hope that this is clear now. To summarize: Every company whose primary issue is in Canada is in the North America (Primary) universe. In the US OTC universe are the F-Share issues of those companies. Every company in the Portfolio123 database has been assigned a primary issue, and this is the issue that shows up in the universes with (Primary) in their names.
So, for example, look at Serabi Gold. It has three issues: SRB:GBR (primary), SBI:CAN (secondary), and SRBIF (secondary). SRBIF is in the United States (Incl. Foreign Primary) universe because that's what it trades under here. None of the issues are in the North America (Primary) universe because the primary issue is in the UK. In the North Atlantic (Primary) universe you'll see the UK issues, SRB:GBR. As for SBI:CAN, that's in the Canada (Incl. Foreign Primary) universe.
A simpler case is Dundee Precious Metals. DNGDF is the Canadian F-share and that's in the United States (Incl. Foreign Primary) universe. In the North America (Primary) universe you'll find DPM:CAN. Same company, same shares.
To get the total liquidity of a Canadian stock, you'd want to add the number traded as the F Share and the number traded on the Toronto or Vancouver exchange.
Let's say I want to indeed do this. Sum the liquidity of an F-Share on OTC-US, (take your example DNGDF:USA) and the liquidity of the Primary issue in North America Primary (DNG:CAN). I want to do this in Portfolio123, because I like to automate my systems.
How do I do this?
As a first step, I would think I would want to define a universe in such a way that both issues are in the same starting universe. As the F-Share will be in the OTC universe and the Primary listing will be in the North America (Primary) universe, I would like to aggregate those.
I believe currently this is not possible, hence my suggestion.