The 20 Index Constituents
The Artiga Outdoor Brands Index® is composed of 20 publicly listed global companies with meaningful exposure to the outdoor economy, including technical apparel, footwear, mountain sports, trail running, camping, outdoor equipment, performance lifestyle and related categories.
- Anta Sports (HKG:2020)
- Garmin (NYSE:GRMN)
- Moncler (BIT:MONC)
- Amer Sports (NYSE:AS)
- Deckers Outdoor (NYSE:DECK)
- On Holding (NYSE:ONON)
- Lululemon Athletica (NASDAQ:LULU)
- Shimano (TYO:7309)
- VF Corp (NYSE:VFC)
- YETI Holdings (NYSE:YETI)
- Columbia Sportswear (NASDAQ:COLM)
- Newell Brands (NASDAQ:NWL)
- Canada Goose (NYSE:GOOS / TSE:GOOS)
- Thule Group (STO:THULE)
- Wolverine Worldwide (NYSE:WWW)
- Fenix Outdoor (STO:FOI-B)
- Johnson Outdoors (NASDAQ:JOUT)
- KMD Brands (NZE:KMD / ASX:KMD)
- Dometic Group (STO:DOM)
- Clarus Corp (NASDAQ:CLAR)
Index Tracking
Index construction began on 17/12/2020. Since 22/02/2022, index variations and changes in composition have been published openly, with performance compared against broad, non-thematic benchmark indices.
The original AOBI 1.0 series is preserved as the historical legacy series. From 2026 onward, the index has been reconstituted as AOBI 2.0, expanding the universe from 15 to 20 companies and updating the methodology to better reflect the current global structure of the outdoor industry. AOBI 2.0 is weighted by market capitalization. The index is not capped. Constituent changes, IPOs, delistings and major corporate events are handled through divisor adjustments to preserve continuity in the index level.
To avoid double counting, Amer Sports is included as a direct constituent from its first public trading date. From that point onward, Anta Sports is adjusted on a look-through basis to remove the portion of its market capitalization attributable to its ownership stake in Amer Sports. Before Amer Sports became publicly listed, Anta Sports is treated using its reported market capitalization. Snow Peak and Vista Outdoor have been removed from the current index universe following their respective corporate events.
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 (USD). Currencies in which constituents trade (JPY, HKD, NZD, SEK, EUR) 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 20 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: