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Fidelity National Information Services (FIS) rose 1.20% on Sept. 24, with a trading volume of $250 million, ranking 399th in market activity for the day. The stock’s movement follows recent developments in its strategic positioning within the financial technology sector, though broader market dynamics and sector-specific factors remain key drivers of near-term volatility.
Analysts noted that FIS’s performance is closely tied to evolving regulatory scrutiny in the fintech industry, particularly as policymakers reassess data privacy frameworks and payment processing standards. The company’s recent partnerships with regional banks to expand digital infrastructure have drawn investor attention, though the long-term impact of these collaborations remains to be seen.
To run this back-test accurately I need a couple of extra details: 1. Market universe • Should the “top-500” list be taken from U.S. listed shares only (NYSE + NASDAQ), or from another market/region? 2. Weighting method for the basket you buy each day • Equal-weighted (each stock gets 0.2 %) or • Volume-weighted / capitalization-weighted? 3. Return metric • Gross return (ignore trading frictions and financing) or • Net of a transaction cost assumption (e.g., 5 bp in/out)? Once I have those points I can build the daily baskets, generate the one-day-hold signals, and run the back-test from 20220101 to today.

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