Each week, Steel City Re’s Repustars and RepuSPX algorithms seek companies whose equity values appear to be at odds with their reputation value. Reputation arbitrage, as this practice is called, has informed long-only portfolios that generally outpace the S&P500 annually. As of Friday 30 January 2026, the trailing twelve month spreads over the S&P500 of the three reputation-linked indices comprising RepuStars Variety Corporate Reputation Composite Equity Index family range from 1.03 to 13.12%. Recent updates are linked here.

Reputation arbitrage also informs short selling strategies. Each week the algorithm identifies companies whose equity price seems far ahead of their reputation value. Over the past five years, on average, Steel City Re’s algorithm has identified approximately five short-selling opportunities each week. At the close of markets, on 30 January 2026, Steel City Re’s algorithm identified 22 names. It is an unusually high number, statistically greater than three standard deviations from the mean.

Steel City Re’s reputation value metrics support a number of financial products supporting risk management and governance. Steel City Re recently released Side R^® D&O parametric reputation insurance, the first major enhancement to D&O protection in decades. It is a product for our times when public humiliation of corporate leadership is a frequent strategy used by litigators, activist investors, social activists, and politicians.