Market crash drags down outdoor stocks


A monthly review of the Artiga Outdoor Brands Index. June 2022.

The main world indices, such as the MSCI World, the SP500 or the Eurostoxx50 have seen their falls during the months of April and May worsen to levels of -30% for the year. However, the last few weeks have brought some relief for investors due to the timid recovery. What has happened to outdoor stocks? What has happened to the markets in these first months of the year? Let’s take a look at how the Outdoor Brands Index has performed.

The main benchmark indices have seen how fears of a global recession, with energy prices skyrocketing, the armed conflict in Ukraine and inflation soaring above 10% in many Western countries (including Spain, the United States and the United Kingdom) have dented their estimates and have fallen sharply. In our previous review in March, we saw how the indices had recovered almost all of the losses from the beginning of the year, with values practically flat (-1%/-2%). The outdoor equity index, on the other hand, recorded a negative return of -17.3%.

This large difference between the world indices and the Outdoor Brands index can be explained by the high valuations experienced during 2020 and 2021 in the sector. The covid19 pandemic pushed many people to practice outdoor activities and many investors put their focus on our sector. As a result, when the market corrects many of these new investors begin to unwind their positions. This does not mean that the growth of the sector has vanished, but the boom we have experienced must be digested towards a healthier, sustainable and long-term growth.

ANTA Sports (HKG: 2020), the largest position in our index, has lost around 22% of its value so far this year. Other significant declines were found in Yeti Holdings, down -17%, and Canada Goose, down -16%. The best performers so far this year have been Vista, Fenix, Deckers and Clarus Corp, with +10%, +2%, 0% and -1% respectively.

The Artiga Outdoor Brands Index is a capitalization-weighted index, in which Anta Sports has a very important weight given its market value. When we started publishing the Artiga Outdoor Brands Index data, the weight of Anta Sports in the index was close to 40% (38.5%). Throughout the year we have been adjusting its weight in the index due to its loss of capitalization. Anta currently accounts for around 35%, having been at levels of 30% at times when it has fallen the most.


  • SP 500: -9.2%
  • MSCI World: -9.2%
  • Eurostoxx50: -8.7%
  • Ibex 35: -2.0%
  • AOBI: -21.8%

*YTD values (Year-to-date)



ANTA Sports Products Ltd. (HKG:2020) - Weight 35.1%.

ANTA is the owner of Amer Sports and its portfolio of outdoor sports brands such as Salomon, Arc'teryx, Armada Skis and Atomic.

VF Corp (NYSE:VFC) - Weight 21.6%.

One of the largest and most influential companies in the outdoor industry. VF manages brands such as The North Face, Altra, Icebreaker, Smartwool and Timberland.

Newell Brands (NASDAQ:NWL) - Weight 9.6%.

The outdoor company's main brands are Marmot and Coleman.

Deckers Outdoor (NYSE:DECK) - Weight 8.3%.

Deckers is a leading outdoor and active footwear company with brands such as Hoka One One, Teva, Sanuk and Ugg.

Columbia Sportswear (NASDAQ:COLM)- Weight 5.6%.

In addition to the Columbia brand, the Oregon-based apparel and footwear giant includes Mountain Hardwear, Prana and SOREL in its portfolio.