Outdoor Brands Index

Index Description

The Artiga Outdoor Brands Index® (AOBI) is the world’s first index focused on companies whose core activity is the design, development, and production of equipment specialized in mountain and nature sports.

The 15 Index Constituents

Index Tracking

Index construction began on 17/12/2020. Since 22/02/2022, index variations and changes in composition have been published openly every 7 days, and its performance is compared with other non-thematic benchmark indices.
Cumulative total variations are reported year-to-date (YTD) as well as over multi-year periods to support clearer interpretation.

Valuation

Methodology

The Outdoor Brands Index is built using financial criteria and business model analysis.

The index is based on the following pillars:

  • Publicly listed companies
    To construct a stock market index, only publicly traded companies can be included. In the outdoor industry, the number of listed companies is limited—either due to size (often integrated into larger corporate groups) or because they choose to remain private (e.g., Patagonia).
  • Brands
    The index includes outdoor equipment brands focused on design, development, and production. The objective is to provide a simple and replicable way to track the major mountain, nature, and adventure equipment groups. Other categories—such as retailers, distributors, direct-to-consumer services, B2B services, or facilities—are excluded. These categories may be incorporated in a future, broader outdoor sector index (currently in development).
  • Company business model
    Companies must derive at least 25% of their revenues directly from outdoor-related products. Under this criterion, several well-known brands present in the outdoor market are excluded (e.g., adidas, Nike, Mizuno, Under Armour, Camping World), as outdoor represents less than 25% of their total sales.
  • Weighting factors
    Constituents are weighted by market capitalization.
  • Currency
    The index is calculated in euros (EUR). Currencies in which constituents trade (JPY, HKD, NZD, SEK, USD) are converted at prevailing market exchange rates.
  • Weekly frequency
    The index is updated every 7 days, including market capitalizations, currencies, and constituent changes.
  • Components
    The index maintains 15 constituents, which may be updated based on market capitalization changes, delistings, or new IPOs.

Analysis of Outdoor Brands Index Companies

Brief analyses of the index constituents—as well as other outdoor companies—are available in our document library, including:

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