From a source to your book, with a receipt at every step.
Earnings season, 60 names, and the read-across is still done by hand.
Second-order effects
A supplier warns. Which of your names buy from it, sell to its customers, or compete for the same capacity? Today that's a whiteboard and a hunch.
Hidden concentration
Sector and factor reports don't show that five of your longs depend on one foundry, or that your short hangs on the same customer as your biggest long.
Too much to read
Filings, local-language news, supplier disclosures, trade press. The signal is in there; there's no time to connect it.
Answers without receipts
AI summaries that can't show where a number came from aren't usable when capital is on the line.
Five steps.
- 1
Sources
1,711 filings, news, regulators and supplier disclosures, in each company's own language.
- 2
Claims
Each document becomes checkable claims with the verbatim quote, scored for source quality and corroboration.
- 3
Graph
607 companies connected to 5,184 suppliers and customers, each link with its receipt.
- 4
Events
Prints, guidance, distress and unusual moves are propagated along the graph with calibrated pass-through.
- 5
Your book
Everything filtered to your coverage and positions: gaps, concentrations, prep sheets and theses.
We publish our own null results.
How much of a company's move reaches its linked companies is measured, not assumed: 608,141 event-company pairs over five years, with the last year held out.
Competitors move with the reporting company the same day, and that holds out of sample. The slower catch-up that academic studies found decades ago does not reliably survive in today's large caps: of 1,663 large historical gaps, 51% closed. So rejo doesn't sell you drift. It shows you the whole map at once, and lets each link type earn a drift call through its live track record.
| Linked company | Same two days | Held-out year | Days 2–10 |
|---|---|---|---|
| Competitors | 19.3% (t 15.9) | 20.2% | 0.8% (t 0.3) |
| Three steps away | -2.0% (t -5.5) | -0.7% | -0.4% (t -0.5) |
| Suppliers | 2.3% (t 3.6) | -1.1% | 0.3% (t 0.2) |
| Customer's customer | -2.0% (t -3.6) | -2.0% | -0.6% (t -0.5) |
| Sell to the same customers | 1.4% (t 3.1) | 1.9% | 0.7% (t 0.7) |
| Two steps via a competitor | -2.5% (t -2.8) | -1.3% | -2.1% (t -1.1) |
| Buy from the same suppliers | -1.4% (t -2.6) | 1.0% | 1.0% (t 0.9) |
| Customers | 1.3% (t 2.4) | 0.5% | -0.5% (t -0.3) |
| Supplier's supplier | -0.3% (t -0.6) | -5.0% | -1.2% (t -1.2) |
Share of the reporting company's two-day move (vs its sector) that reaches each kind of linked company. Grey rows are not used.
Long/short PMs
Know within minutes which of your longs and shorts an event reaches, which haven't moved, and whether your hedge really hedges.
Long-only portfolio managers
See the supplier and customer concentrations behind your positions, and prepare every print with the bar already set.
Analysts
Stop mapping read-across by hand. Start from cited evidence, living notes and supply webs, and spend the time on judgment.
Every sector. Seventeen industries.
Large caps across the S&P 500 and the largest international listings, organised by value chain.
- Semis & AI infrastructure64
- Software & internet43
- Telecom & media26
- Pharma & biotech24
- Medtech & life-science tools48
- Oil & gas28
- Utilities & power36
- Banks & lending33
- Payments, exchanges & asset managers31
- Insurance24
- Aerospace, defense & machinery77
- Transport & logistics16
- Autos & EV16
- Retail, leisure & consumer brands51
- Food, beverage & household40
- Materials, chemicals & mining30
- Real estate20
Asked by investors.
What is rejo?+
rejo is a research desk for fundamental and long/short equity investors. It reads filings, company news in each company's own language, trade press, regulators and supplier disclosures across 607 large-cap companies, turns them into cited claims, and connects every company to its suppliers, customers and competitors. When something happens at one company, rejo shows every listed name it reaches, how much each should move, and what hasn't moved yet.
How is this different from a supply-chain screen in a terminal?+
Terminal supply-chain data is a lookup: you open a company and read its relationships. rejo turns the same idea into a trigger. An event propagates along the links (including through private and foreign suppliers, up to three steps away) to every name it reaches, with an expected move calibrated on five years of earnings prints, the move so far, whether estimates have caught up, and the receipt behind each link.
Where does the data come from?+
About 1,711 sources: SEC filings and XBRL financials, company news in local languages, trade press, regulators, central banks, prediction markets, and supplier disclosures that companies publish themselves (palm-oil mill lists, packaging traceability data, supplier lists). Market data covers 5 years of daily prices and 18,905 earnings prints.
What does 'every number has a receipt' mean?+
Every claim keeps the verbatim quote and the link it came from. Supplier relationships are only marked verified when rejo opened the cited page itself and found the supplier named next to the company. Theses may only cite claims they were given, and numbers in notes must match their source. Where rejo could not open a page, it says so.
Does rejo predict prices?+
No. rejo measures how news travels between linked companies. Our own five-year test shows that for large caps most read-across is priced within two days, and that the later catch-up is not reliable (of 1,663 large historical gaps, 51% closed). We publish that result and only make a drift call for a link type once its live track record earns it. The value is seeing the whole map immediately, not a black-box signal.
Can I use my own portfolio?+
Yes. Book X-ray takes your longs and shorts (pasted or uploaded as CSV) and shows what they really depend on: hidden concentrations on one supplier or customer, longs and shorts that hang on the same company, supplier geography, and what a shock anywhere does to your P&L. Your book is private to your account.
Which industries are covered?+
All eleven GICS sectors, organised into 17 industries, each with its own value chain and KPIs: from semis and AI infrastructure to pharma and biotech, oil and gas, banks, insurance, retail and consumer brands, autos, aerospace and defense, utilities, real estate and more.
Who is rejo for?+
Portfolio managers and analysts at long-only asset managers and long/short hedge funds who cover 30 to 80 names, need to know what an event means for their book within minutes, and want to see the evidence before they act.
How do I get access?+
rejo is invite-only while we onboard funds one by one. Request access with your work email; we review every request personally and send a sign-in link once approved.