In a new report, MKM Partners analyst Kevin Buttigieg took a look back at the enterprise software industry and discussed investing themes that have worked and those that haven’t over the past two years.

Typically, many of the worst performers in a given industry will outperform in the following year (and vice versa), but that trend did not occur in enterprise software in 2015.

Some Things Never Change

Of the 21 stocks that MKM covers in the field, 14 of the stocks either outperformed or underperformed in both 2014 and 2015 compared to the NASDAQ. Against the S&P 500, this number jumps to 17 out of 21 stocks. On an absolute basis, 16 of the 21 stocks had the same (positive or negative) returns in 2014 and 2015.

Themes That Worked

Many investment groups, such as SaaS, big data and cybersecurity, had…

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