Period 10 covers June 13 to June 20, 2026 — seven calendar days in which neither the S&P 500 nor the NASDAQ moved with any conviction. Both benchmarks settled approximately flat for the week. In that context, a spread of nearly ten percentage points between the best and worst screen is a direct measurement of factor divergence with no market-beta explanation attached. The seven strategies did not amplify an index move; they produced their own results on idiosyncratic company dynamics, and those results diverged further than in any previous week of this journal.
Two themes drove the divergence. Quality Growth's concentrated fintech positions delivered back-to-back outsized moves: SEZL (Sezzle) surged +23.04% from $132.70 to $163.28, its largest single-period return in the journal, while DAVE (Dave Inc) continued its momentum at +9.65% from $286.78 to $314.44. Together these two positions generated approximately +4.67 percentage points at the screen's 14.3% equal weight — more than the screen's entire return. The opposite pole was Piotroski, where GLOB (Globant SA) collapsed −18.00%, and two names added only in Period 9's rebalancing — GASS and GDYN — immediately fell −14.09% and −10.44% in their first full period. Twelve of thirteen Piotroski positions were negative this week.
Best Screen
+4.50%
Screens Positive
3 / 7
Worst Screen
−5.25%
Overlap Stocks
6
Period 10 Returns: Maximum Divergence in a Flat Market
Quality Growth's +4.50% is its best single-period return in ten periods, surpassing Period 9's +3.39% which had already been the prior high. SEZL's +23.04% contributed approximately +3.29 percentage points at the 14.28% position weight. DAVE's +9.65% added +1.38 points. Those two positions alone generated +4.67 points of positive contribution — meaning the remaining five names combined subtracted about −0.17 points. FICO (Fair Isaac) reversed from Period 9's +3.7% with a −7.01% drop from $1,179.19 to $1,096.48, subtracting −1.00 point. ELMD (+4.15%) and AUPH (+4.05%) provided partial offsets at approximately +0.59 and +0.58 points respectively. CNX (−1.45%) subtracted −0.21 points. Quality Growth held all seven positions unchanged for the fourth consecutive period.
| Strategy | Period 10 Return | Period 9 Return |
|---|---|---|
| S9 · Quality Growth | +4.50% | +3.39% |
| S8 · CANSLIM Rocket | +2.90% | +0.72% |
| S6 · Magic Formula | +0.42% | +2.95% |
| S1 · Burry Value Screen | −0.12% | +1.89% |
| S3 · Lunch | −0.92% | +0.41% |
| S2 · Schloss Dividend | −2.90% | +2.65% |
| S7 · Piotroski F-Score | −5.25% | +0.21% |
CANSLIM's +2.90% was driven by a continuation of the semiconductor theme that began in Period 9. MU (Micron Technology) surged +15.52% from $981.61 to $1,133.99 — its second consecutive double-digit gain after Period 9's +13.61%. TSM (Taiwan Semiconductor) gained +9.01% from $423.93 to $462.12, and GLW (Corning) rose +8.77% from $179.20 to $194.92. AVGO (Broadcom) added +7.66% from $382.07 to $411.35. LRCX (Lam Research) extended its Period 9 surge (+20.95%) with a further +6.06% from $366.81 to $389.04. LUXE (Brilliant Earth), shared between CANSLIM and Piotroski, gained +11.88% in both screens simultaneously. SMCI (Super Micro Computer) stabilized at +0.66% after Period 9's −26.85% collapse — no meaningful recovery but no further deterioration. The main drags were FN (Fabrinet) at −6.10%, CLS (Celestica) at −5.23%, and LLY (Eli Lilly) at −3.04%. LWAY (Lifeway Foods) exited at the sell fee; no new entrants joined.
Magic Formula's +0.42% survived a single large negative that nearly offset everything else. DDS (Dillard's department stores) collapsed −9.04% from $610.01 to $554.86, subtracting approximately −0.69 percentage points at the 7.69% position weight. On the other side, DHT (DHT Holdings, tanker shipping) surged +7.51% from $17.57 to $18.89, contributing approximately +0.58 points, and INSW (International Seaways) gained +3.02% (+0.23 points). DRD (DRDGold) added +3.83% and CGAU (Centerra Gold) +2.66%. GPOR (Gulfport Energy) fell −3.43% (−0.26 points). HMY (Harmony Gold) exited at the sell fee, reducing the screen to 12 positions. Magic Formula has now been positive for three consecutive periods — its longest positive run in the journal — though this period's result was closer to zero than positive.
Burry Value's −0.12% is the least dramatic result in the table: a 41-name portfolio where gains and losses nearly canceled exactly. SSRM (SSR Mining) led at +13.66% from $27.23 to $30.95, contributing approximately +0.33 points at the 2.44% position weight. TOL (Toll Brothers) gained +5.83% from $147.10 to $155.67 (+0.14 points) and WSO (Watsco) rose +5.41% (+0.13 points). Against these, TDW (Tidewater) collapsed −15.91% from $76.91 to $64.67, subtracting −0.39 points and reversing most of Period 9's +6.11% gain. LRN (Stride Inc.) fell −15.26% from $97.71 to $82.80 (−0.37 points). INCY (Incyte) declined −9.50%, reversing its Period 9 surge. ZM (Zoom Video) fell −7.81% for the second consecutive period — the same percentage decline it posted in Period 9, suggesting persistent selling pressure from a prior Period 9 entrant that has yet to stabilize. Burry retained all 41 positions for the second consecutive period.
Piotroski's Period 9 rebalancing added GASS and GDYN at prices that turned catastrophic in their first full period. The F-Score identifies accounting quality at a single snapshot; it cannot filter for what happens to price the following week.
Schloss Dividend's −2.90% is a sharp reversal from Period 9's +2.65%. GGB (Gerdau, Brazilian steel) led the decline at −12.21% from $4.75 to $4.17, subtracting approximately −1.02 percentage points at the 7.69% weight. TX (Ternium, steel) fell −6.56%, VSNT (Visionary Education Technology) −5.72%, REXR (Rexford Industrial REIT) −5.61%, and THO (Thor Industries, recreational vehicles) −6.21%. The pattern is materials and rate-sensitive assets reversing in tandem — the same commodity-linked and cyclical names that contributed positive returns in Period 9. PLGO exited at the sell fee after entering only in Period 9, a single-period holding. MTH (Meritage Homes) was the exception at +1.73%, positive in four of the last five periods. ATHM (Autohome) gained +2.96%, adding approximately +0.25 points. No new entrants joined this period.
Lunch's −0.92% was driven primarily by CVE (Cenovus Energy), which fell −11.0% from $28.27 to $25.16, subtracting approximately −0.73 points at the 5.88% starting weight. CVE is an oil sands producer and its decline reflects crude oil price pressure this period. FRSH (Freshworks) fell −6.14% (−0.36 points), PATH (UiPath) −2.65%, ESTC (Elastic) −2.29%, and PLMR (Palomar Holdings) −2.74%. Offsetting these: DLO (dLocal) extended its Period 9 momentum with +4.41% from $12.25 to $12.79 (+0.26 points), and FSM (Fortuna Silver) gained +3.70% (+0.22 points). CPRX and PLGO both exited at the sell fee — each had entered only in Period 9, making them single-period holdings in Lunch. No new entrants joined.
Piotroski's −5.25% is the journal's worst single-period result for any screen in ten periods. Twelve of thirteen positions closed negative. GLOB (Globant SA) fell −18.00% from $37.49 to $30.74, subtracting approximately −1.38 percentage points at the 7.69% position weight. GASS (StealthGas), which entered the screen in Period 9's rebalancing, fell −14.09% in its first full period (−1.08 points). GDYN (Grid Dynamics), also a Period 9 entrant, fell −10.44% (−0.80 points). WDH (Waterdrop Inc.) declined −11.43% (−0.88 points). DDI (DoubleDown Interactive) fell −5.42%, USNA (USANA Health Sciences) −5.17%, and API (Agora Inc.) −3.94%. The sole positive: LUXE (Brilliant Earth) at +11.88% contributed +0.91 points — the only position that mattered in the upward direction, and insufficient against the cascade of losses. Three new entrants (ASLE, RLX, SD) join the screen at the June 20 snapshot for Period 11 but contributed nothing to this period's result.
Retention: Exit-Heavy, Entry-Light
Period 10 produced the most exit-only rebalancing in recent journal history. Every strategy that changed at all lost positions without gaining new ones — Piotroski is the sole exception, adding three entrants at the June 20 snapshot with no corresponding exits. Three strategies (Quality Growth, Burry Value, and Piotroski on the exit side) held completely stable. Four strategies shed one or two names at the sell fee. The contrast with Period 9's active rebalancing — six changes to Lunch, four to Piotroski — is striking: after a period of elevated churn, this period produced near-maximum stability with minimal structural change.
Period 9 Retention
Period 10 Retention
CANSLIM's LWAY (Lifeway Foods) exit is the only change in that screen — one position exiting a 19-name portfolio at the sell fee. Schloss dropped PLGO, which had entered only in Period 9 as a simultaneous new entrant to both Schloss and Lunch; now it exits both screens on the same rebalancing date, the mirror image of how it entered. Magic Formula dropped HMY (Harmony Gold), which had been in the screen since tracking began and bounced +9.5% in Period 8 before this exit. Lunch shed CPRX (which had been in Burry Value for several periods before entering Lunch in Period 9) and PLGO. Piotroski's 100% retention figure requires a footnote: the screen made zero exits, but the June 20 snapshot added ASLE, RLX, and SD as new entrants who will contribute starting Period 11. The screen grew from 13 to 16 positions through addition, not replacement.
Cumulative Scoreboard: Quality Growth Crosses the S&P 500 for the First Time
Ten periods in, the single most significant change in the cumulative standings is Quality Growth's ascent past the S&P 500. At +10.67% cumulative, Quality Growth now sits above the index benchmark for the first time in the journal. CANSLIM leads at +15.05% — above both benchmarks. Every other strategy trails the S&P 500's +9.58% cumulative. The distance between the top two and the rest has widened: CANSLIM and Quality Growth combined advanced +7.40 percentage points this period alone, while the remaining five strategies lost a combined −9.85 points of relative standing.
| Strategy | Portfolio Value | Cumulative Return |
|---|---|---|
| S8 · CANSLIM Rocket | $11,505 | +15.05% |
| S9 · Quality Growth | $11,067 | +10.67% |
| S2 · Schloss Dividend | $10,284 | +2.84% |
| S1 · Burry Value Screen | $10,152 | +1.52% |
| S3 · Lunch | $9,404 | −5.96% |
| S6 · Magic Formula | $9,209 | −7.91% |
| S7 · Piotroski F-Score | $8,732 | −12.68% |
| Benchmark · S&P 500 | $10,958 | +9.58% |
| Benchmark · NASDAQ | $11,406 | +14.06% |
The ranking reshuffled more than in any previous period. Quality Growth jumped from third to second, surpassing Schloss Dividend which fell from second to third after a −2.90% period. Piotroski dropped from sixth to last, passing Magic Formula — which actually moved slightly in the right direction (+0.42%) — in the wrong direction. The gap between the bottom two is now 4.77 percentage points (Magic Formula at −7.91% vs Piotroski at −12.68%), a spread that opened entirely this period: they were separated by only 0.44 points after Period 9. Piotroski's −12.68% cumulative is a new low for any strategy at any point in the journal's history.
Against benchmarks, only two strategies outperform the S&P 500 cumulatively: CANSLIM by 5.47 points and Quality Growth by 1.09 points. CANSLIM's NASDAQ gap is now +0.99 points — it has beaten the NASDAQ cumulatively for the entire journal. Quality Growth trails the NASDAQ by 3.39 points. All five remaining strategies trail both benchmarks by meaningful margins, with Piotroski now 22.26 points behind the S&P 500 and 26.74 points behind the NASDAQ.
Overlap: Six Stocks, Two Pairs Dissolved
The June 20 snapshot shows six stocks in two or more screens — down from eight at the June 13 snapshot. Two overlaps dissolved: CPRX and PLGO both exited the screens that had created their Period 9 entries. CPRX had formed a Burry-Lunch pair when it entered Lunch in Period 9; it now exits Lunch and remains only in Burry Value, ending the overlap. PLGO had entered both Schloss Dividend and Lunch simultaneously in Period 9 — the journal's first coordinated new-entry overlap — and now exits both simultaneously, also ending its overlap on the same rebalancing date it would have counted. All six remaining overlaps were in place at the prior snapshot; no new pairs formed this period.
Stocks in 2+ Screens · June 20, 2026
Burry Value now anchors five of the six remaining overlaps. It shares DRD with both Magic Formula and CANSLIM, AEM and FSM with Lunch, and CALM with Magic Formula. The one overlap not involving Burry is LUXE — held in both CANSLIM and Piotroski — which gained +11.88% this period across both screens, making it the single bright spot for Piotroski and a positive contributor to CANSLIM. DRD performed positively this period (+3.83%) in all three screens that hold it, adding a small consistent positive contribution across Burry, Magic Formula, and CANSLIM simultaneously.
What Period 10 Tells You
SEZL has now contributed more to Quality Growth than any other source across the journal. In Period 9, SEZL contributed approximately +2.06 percentage points from a +14.4% move. In Period 10, it contributed approximately +3.29 points from a +23.0% move. Two periods: roughly +5.35 cumulative contribution points from a single name in a seven-name portfolio. Quality Growth's cumulative before Period 9 was +2.44%. It is now +10.67%. A single fintech stock has generated more than half the screen's total ten-period return. This is not a performance critique — it is a structural observation. A concentrated screen running seven positions at ~14% weight apiece has no mechanism to limit or redistribute a name that moves 14–23% in a week. The same math that amplified SEZL's gains would amplify its losses identically. Investors tracking this screen should form a specific view on SEZL's continuation risk, because the screen's criteria provide no price-level exit signal.
Two new entrants joined Piotroski in Period 9 and both immediately fell double digits. GASS entered at $9.65 and exited Period 10 at $8.29 (−14.09%). GDYN entered at $6.32 and exited at $5.66 (−10.44%). Combined, these two positions subtracted approximately −1.88 percentage points from Period 10 — more than a third of the screen's total loss. The Piotroski F-Score selects companies that pass a threshold of nine accounting-quality signals. It says nothing about near-term price momentum. Names that newly qualify at a rebalancing date may do so after recent price weakness — which is precisely when further selling can occur, especially in smaller-cap, lower-liquidity names like GASS (a Greek shipping micro-cap). The rebalancing cadence introduces a timing risk that is structural to the screen design rather than reversible through stock selection.
Micron's trajectory is the clearest sustained signal in CANSLIM's ten-period history. MU gained +13.61% in Period 9 and +15.52% in Period 10. Two consecutive double-digit gains — no other position in any screen has done this consecutively. CANSLIM's retention logic kept MU in the portfolio through both periods without any active decision. The screen's design rewards this: it holds positions while trend continues and exits when the trend signals reversal. The question is duration. The same mechanism that captured both MU gains also held SMCI through its −26.85% collapse in Period 9 and its near-flat Period 10. CANSLIM's positive results over ten periods reflect the sum of these outcomes. A future period in which MU reverses sharply while SMCI simultaneously falls further would stress-test the screen's limits in the opposite direction.
DDS's −9.04% exposes a structural tension in Magic Formula's value screen. Dillard's department stores pass Greenblatt's criteria because their earnings yield and return on capital, measured at a point in time, are attractive at the current price. The screen does not filter for secular headwinds — brick-and-mortar retail amid a sustained shift in consumer spending. DDS was the screen's single largest drag this period (−0.69 points), equivalent to roughly 1.6 of Magic Formula's average period returns. This is not a data error or an unusual event; it reflects the fact that deep-value criteria identify cheap stocks, and stocks can be cheap for reasons that compound over time. Magic Formula's −7.91% cumulative position after ten periods partly reflects repeated exposure to exactly this type of name — companies with strong near-term accounting metrics but structural business headwinds that the screen's criteria cannot weight.