Period 11 Review: Quality Growth Surpasses the NASDAQ as the Semiconductor Trade Reverses in CANSLIM

Period 11 covers June 20 to June 27, 2026 — seven calendar days in which a broad selloff in technology and semiconductor names created the journal's clearest factor rotation yet. The same stocks that built CANSLIM's two-period momentum — AVGO, TSM, MPWR, CLS, FN — reversed in a single week, while Quality Growth's diversified fintech and pharma names continued their compound trajectory. The spread between best and worst screen was 9.00 percentage points: Quality Growth at +5.36% and CANSLIM at −3.64%. Four screens were positive; three were negative. Neither result was random — they reflected genuinely different exposures to a week when technology sold off and non-cyclical quality names held.

The week produced two structural milestones. Quality Growth's +16.60% cumulative result now exceeds the NASDAQ Composite's +11.46%, making it the first strategy in the journal to beat the NASDAQ cumulatively. CANSLIM, which had beaten the NASDAQ for every one of the prior ten periods, fell to +10.86% cumulative — 0.60 percentage points below the NASDAQ for the first time. The two screens swapped relative positions against the technology benchmark in a single week. Against the S&P 500 (+8.44% cumulative), CANSLIM still holds a margin; only Quality Growth has meaningfully beaten both benchmarks over the eleven-period span.

Period 11 Returns: A Reversal Across the Board

The ordering of strategies flipped from Period 10. Quality Growth, which was already the best screen in Period 10 (+4.50%), repeated at the top with +5.36% — its highest single-period return in eleven periods. CANSLIM, which was second in Period 10 (+2.90%), dropped to last at −3.64%. Burry Value and Lunch, both negative in Period 10, turned positive. Magic Formula, the one screen that had managed a positive result in the previous period (+0.42%), turned negative at −2.23%. Schloss Dividend and Piotroski both narrowed their losses compared to Period 10's −2.90% and −5.25% respectively, landing at +0.14% and −1.08%.

Quality Growth's +5.36% was its best single-period result in the journal, exceeding both Period 9's +3.39% and Period 10's +4.50%. DAVE (Dave Inc.) surged +10.90% from $314.44 to $348.71, contributing approximately +1.56 percentage points at the 14.29% equal weight. FICO (Fair Isaac) recovered +7.87% from $1,096.48 to $1,182.79, contributing +1.12 points — directly reversing most of Period 10's −7.01% decline. NBIX (Neurocrine Biosciences) gained +6.46% (+0.92 points), AUPH (Aurinia Pharmaceuticals) +4.68% (+0.67 points), SEZL (Sezzle) +4.46% from $163.28 to $170.56 (+0.64 points), and CNX (CNX Resources) +3.24% (+0.46 points). ELMD (Electromed) exited at the sell fee (−0.10%), reducing the screen to six positions for Period 12. Every position that contributed to this period's result was positive. Quality Growth has now been the best-performing screen in back-to-back periods for the first time in the journal.

CANSLIM's −3.64% represents its worst single-period return in eleven periods, and its first negative result since Period 8's −2.88%. The semiconductor and technology names that drove the prior two periods reversed together. MPWR (Monolithic Power Systems) fell −16.01% from $1,563.70 to $1,313.32, subtracting approximately −0.89 percentage points at the 5.56% equal weight. AGI (Alamos Gold) collapsed −13.81% from $36.34 to $31.32 (−0.77 points). DRD (DRDGold) fell −12.35% from $24.37 to $21.36 (−0.69 points). AVGO (Broadcom) declined −11.26% from $411.35 to $365.02 (−0.63 points). CLS (Celestica) dropped −9.40% (−0.52 points), NVDA −8.62% (−0.48 points), FN (Fabrinet) −8.53% (−0.47 points), STRL (Sterling Infrastructure) −6.63% (−0.37 points), TSM (Taiwan Semiconductor) −6.44% (−0.36 points), and FIX (Comfort Systems USA) −5.75% (−0.32 points). Fourteen of eighteen positions were negative. The four positive names — GLW (Corning) +13.41% (+0.75 points), LLY (Eli Lilly) +9.97% (+0.55 points), HALO (Halozyme Therapeutics) +9.35% (+0.52 points), and PODD (Insulet) +8.57% (+0.48 points) — generated +2.30 cumulative points, which was insufficient against −5.94 points of losses. MU (Micron Technology), which had surged +13.61% in Period 9 and +15.52% in Period 10, settled nearly flat at −0.15%: the semiconductor rally has paused rather than reversed, but the rest of the portfolio did not wait.

Burry Value's +1.35% came from a 41-position portfolio where the wins were more concentrated than usual and spread across multiple sectors. INCY (Incyte Corporation) surged +15.81% from $98.22 to $113.75, contributing approximately +0.39 percentage points at the 2.44% equal weight — directly reversing its −9.50% collapse in Period 10. PHM (PulteGroup) gained +8.39% from $126.96 to $137.61 (+0.21 points), NMIH (NMI Holdings) +8.38% (+0.21 points), IPAR (Inter Parfums) +8.96% (+0.22 points), NVR +5.20% (+0.13 points), GRBK (Green Brick Partners) +7.55% (+0.18 points), and LRN (Stride Inc.) +5.22% from $82.80 to $87.12 — recovering a portion of Period 10's −15.26% collapse. Against these, CRUS (Cirrus Logic) fell −11.37% from $165.29 to $146.50 (−0.28 points), SII (Sprinklr) −8.28% (−0.20 points), FSM (Fortuna Silver) −8.10% (−0.20 points), B (Barnes Group) −7.56% (−0.18 points), and HLNE (Hamilton Lane) −5.41% (−0.13 points). DRD exited at the sell fee (−0.10%), ending the screen's participation in the three-way DRD overlap that had existed since Period 8. The homebuilder cluster — PHM, NVR, GRBK — turned positive together, which is notable given the rate-sensitive nature of housing stocks.

Lunch's +1.05% was built almost entirely on two names that had not featured in this journal's prior narratives: SKWD and PLMR. Both are specialty insurers. Both surged double digits. The Lunch screen doesn't filter by sector, and this week that lack of sector constraint worked in its favor.

Lunch's +1.05% came despite a majority of positions closing negative. The screen held 15 positions at the start of the period, each at 6.67% equal weight. SKWD (Skyward Specialty Insurance) surged +17.07% from $50.56 to $59.19, contributing approximately +1.14 percentage points. PLMR (Palomar Holdings, a specialty insurer) gained +13.09% (+0.87 points). FRSH (Freshworks) rose +11.17% from $8.86 to $9.85 (+0.75 points). KSPI (Kaspi Kazakhstan) added +8.20% (+0.55 points). These four names contributed +3.31 points of positive return. Against them: FSM −8.10% (−0.54 points), PAAS (Pan American Silver) −7.24% (−0.48 points), AEM (Agnico Eagle) −5.66% (−0.38 points), ESTC (Elastic) −4.63% (−0.31 points), PDD (Temu/Pinduoduo) −3.78% (−0.25 points), ATAT (Atour Lifestyle) −3.48% (−0.23 points). The screen absorbed nine negative positions but emerged positive because the two insurance names and Freshworks contributed more than the metals and China tech names subtracted. Five new positions (CPRX, HRMY, PLGO, TDW, TFPM) enter the screen at the June 27 snapshot and will contribute starting Period 12.

Schloss Dividend's +0.14% is the journal's closest result to zero for any screen in eleven periods. THO (Thor Industries, recreational vehicles) was the standout at +8.79% from $72.38 to $78.74, contributing approximately +0.73 percentage points at the 8.33% position weight. REXR (Rexford Industrial REIT) gained +3.71% (+0.31 points), JOYY +1.43% (+0.12 points), and ATHM (Autohome) +2.60% (+0.22 points). Against these, VSNT (Visionary Education Technology) fell −5.42% (−0.45 points), TX (Ternium, steel) −4.02% (−0.34 points), MOS (Mosaic, fertilizers) −2.27% (−0.19 points), and DAC (Danaos Corporation, container shipping) −2.33% (−0.19 points). Three positions exited at the sell fee — ESNT (Essent Group), MTH (Meritage Homes), and RDN (Radian Group) — each subtracting 0.10% (−0.008 points apiece), for a combined −0.025 points from exits. Two new positions (PLGO and WDS, an Australian LNG company) enter for Period 12. The screen narrowed from 12 to 11 positions.

Piotroski's −1.08% is a notable improvement from Period 10's −5.25%, though the screen remains unable to achieve a positive result. USNA (USANA Health Sciences) surged +9.64% from $18.88 to $20.70, contributing approximately +0.60 percentage points at the 6.25% equal weight. WGO (Winnebago Industries) gained +9.35% (+0.58 points). MOMO (Hello Group) rose +2.94% (+0.18 points) and RLX Technology +1.09% (+0.07 points). These four accounted for +1.43 points of positive contribution. Against them: SSSS (Sievert Larsen & Assoc.) fell −10.30% from $13.21 to $11.85 (−0.64 points), WDH (Waterdrop Inc.) −10.48% from $1.24 to $1.11 (−0.66 points), SD (SandRidge Energy) −3.64% (−0.23 points), GDYN (Grid Dynamics) −3.36% (−0.21 points), GLOB (Globant SA) −2.31% (−0.14 points) continuing its protracted decline. ASLE (AerSale Corp) and YALA (Yalla Group) both exited at the sell fee. ASC (ArcelorMittal South Africa) entered at the June 27 snapshot. The screen shrank from 16 to 15 positions through two exits and one entry.

Magic Formula's −2.23% was driven by a synchronized decline in precious metals and shipping names — four of the screen's twelve positions fall into these categories and all four fell simultaneously. OGC (OceanaGold) dropped −6.05% from $26.45 to $24.85, subtracting approximately −0.50 percentage points at the 8.33% weight. DHT (DHT Holdings, tanker shipping) fell −6.56% (−0.55 points), reversing Period 10's +7.51% surge. IAG (Iamgold, gold mining) declined −5.98% (−0.50 points), BVN (Buenaventura, Peruvian mining) −6.63% (−0.55 points), and INSW (International Seaways, tanker shipping) −5.89% (−0.49 points). Five names in the commodity and maritime cluster subtracted a combined −2.59 points. DDS (Dillard's) partially reversed Period 10's −9.04% decline with a +4.16% gain (+0.35 points), GPOR (Gulfport Energy) added +1.34% (+0.11 points), and CALM (Cal-Maine Foods) gained +3.22% (+0.27 points). DRD exited at the sell fee, as it did simultaneously from Burry Value. HMY (Harmony Gold) and ORLA (Orla Mining) enter the screen for Period 12.

Retention: Lunch Expands, Schloss Reshuffles

Period 11 produced two contrasting rebalancing patterns. Lunch held all fifteen starting positions (100% retention) while adding five new entrants at the period end — expanding from 15 to 20 positions, the screen's largest single-period portfolio addition. Schloss Dividend shed three positions at the sell fee (ESNT, MTH, RDN) while adding two (PLGO, WDS), reducing from 12 to 11 — its largest single-period exit count. CANSLIM held 100% stable for the fifth consecutive period without a single departure. Quality Growth shed ELMD at the sell fee — the first QG exit since Period 9's rebalancing reshaped the portfolio.

Lunch's expansion to 20 positions is a structural shift. The five new entrants — CPRX (Catalyst Biosciences), HRMY (Harmony Biosciences), PLGO, TDW (Tidewater), and TFPM (Triple Flag Precious Metals) — represent a broad sector mix: pharma, shipping, and precious metals royalties. Four of these five were already held in other screens, which is what drove the overlap count to nine stocks at the June 27 snapshot. The position weight for each Lunch name drops from 6.67% (1/15) to 5.00% (1/20) beginning Period 12, reducing individual stock impact going forward. Schloss Dividend's three departures — ESNT (mortgage insurance), MTH (homebuilder), and RDN (mortgage insurance) — suggest a rotation out of housing-adjacent credit names. MTH had been the screen's steadiest positive performer through much of the journal; its exit is the most notable structural change in Schloss since the journal began.

Cumulative Scoreboard: Quality Growth Leads the Field

Eleven periods in, Quality Growth has separated itself from the rest of the journal. At +16.60% cumulative, it leads not just the six other strategies but both benchmark indices — the S&P 500 at +8.44% and the NASDAQ at +11.46%. CANSLIM's −3.64% this period dropped its cumulative from +15.05% to +10.86%, moving it below the NASDAQ for the first time in the journal's history. The distance between first place (Quality Growth) and second (CANSLIM) widened from 4.38 points after Period 10 to 5.74 points after Period 11.

The mid-table ranks are notable for their compression. Schloss Dividend at +2.99% and Burry Value at +2.88% are separated by only eleven basis points — the closest two strategies have been since the journal began. Both marginally beat the $10,000 start but trail the S&P 500 by roughly 5.5 percentage points. Lunch, at −4.98%, is improving relative to its worst point but still sits 13.4 points below the S&P 500 cumulatively. Magic Formula at −9.96% and Piotroski at −13.63% occupy the bottom two positions they have held since approximately Period 5. Piotroski's −13.63% cumulative remains the lowest watermark any strategy has reached in the journal's history, though it improved from Period 10's −12.68% by recovering nearly 1.6 percentage points — its best relative week since Period 9's +0.21%.

Against benchmarks, Quality Growth's cumulative alpha is +8.16 percentage points versus the S&P 500 and +5.14 points versus the NASDAQ — the only screen with meaningful positive alpha against both. CANSLIM's cumulative alpha dropped from +5.47 points (vs. S&P) to +2.42 points this period, and its alpha against the NASDAQ inverted from +0.99 points to −0.60 points. Every other strategy carries deeply negative alpha against both benchmarks, ranging from Schloss's −5.45 points vs. S&P to Piotroski's −22.07 points.

Overlap: Nine Stocks, Burry-Lunch Expands to Five Pairs

The June 27 snapshot shows nine stocks in two or more screens — up from six at the June 20 snapshot. The change came from two directions: DRD dissolved its three-way overlap (it exited Burry Value and Magic Formula at the sell fee, leaving only CANSLIM still holding it), while Lunch's five-name expansion added four new overlap pairs. Four of the five new Lunch entrants were already held in other screens: CPRX and HRMY were both in Burry Value, TDW was in Burry Value, and PLGO simultaneously re-entered both Schloss Dividend and Lunch as it had done in earlier periods.

Burry Value now anchors five of the nine overlap stocks — AEM, CPRX, FSM, HRMY, and TDW all appear in both Burry and Lunch. This is a result of Lunch's screening criteria converging toward names that Burry's valuation filter had already identified. The practical effect: any week that is uniformly bad for Burry Value will now also be uniformly bad for Lunch, assuming these names move together. This period those names had mixed results in Lunch — AEM and FSM dragged while CPRX, HRMY, and TDW were entering at period end and had no period contribution yet. During the period itself, shared names like AEM (−5.66%) and FSM (−8.10%) subtracted from both Burry and Lunch simultaneously. AUPH (+4.68%) added to both Burry and Quality Growth simultaneously. LUXE (−5.18%) dragged both Piotroski and CANSLIM. CALM (+3.22%) helped both Burry and Magic Formula. The PLGO overlap re-formation mirrors its prior entry-and-exit cycle in Periods 9 and 10.

What Period 11 Tells You

FICO's +7.87% in Period 11 directly follows its −7.01% in Period 10 — and the sequence tells you something about concentrated portfolio math. In a seven-name equal-weight portfolio, FICO carries a 14.29% weight. Its Period 10 loss subtracted −1.00 percentage point from Quality Growth. Its Period 11 recovery added +1.12 points. Combined, the two-period net contribution from FICO is approximately +0.12 points — essentially breakeven. But had an investor observed only Period 10's FICO decline and trimmed the position in response, they would have missed the full recovery in Period 11. Quality Growth's screen design has no mechanism to exit or reduce positions based on recent price movement — it holds based on fundamental criteria, and FICO continues to qualify. The concentrated structure creates high two-way volatility at the individual position level that averages out over time, but only if the positions are held through both legs of the move.

CANSLIM's semiconductor positions that built its lead are now the source of its largest weekly loss. In Periods 9 and 10, MU contributed approximately +1.62 cumulative percentage points (+13.61% × 5.56% + 15.52% × 5.56%). TSM contributed approximately +1.49 points (+9.01% in P10 alone). This period, AVGO, MPWR, CLS, FN, NVDA, TSM, and LRCX subtracted a combined approximately −3.26 points. MU, which had been the journal's clearest sustained uptrend signal, settled at −0.15% — effectively ending the run without a violent reversal. CANSLIM's design retains positions while trends continue and exits when reversal signals trigger. No exit was triggered for the semiconductor names this period, which means CANSLIM held through the full weekly correction. The same hold-through-the-trend logic that locked in MU's consecutive double-digit gains locked in this week's losses. Whether the positions exit before deeper loss or stabilize before the next leg determines how this chapter resolves.

SKWD and PLMR's combined +17.07% and +13.09% illustrate how Lunch's broad sector coverage creates sudden concentration. Lunch does not screen by sector — its criteria select for a mix of quality, momentum, and value signals. This week, two specialty insurance names happened to be in the portfolio simultaneously and happened to surge together. Their combined contribution was +2.01 percentage points — effectively delivering Lunch's entire positive result and then some, with the remaining thirteen positions slightly net negative on balance. The Lunch screen did not predict this sector move; the sector move happened to align with names the screen had already selected. In future periods, this same dynamic could work in reverse: two correlated commodity names or Chinese tech positions (which the screen also holds) could fall together and produce the same concentrated drag. The screen is not sector-agnostic in outcome, only in design.

Magic Formula's commodity cluster fell together again, which is now a recurring pattern. In Period 8, precious metals names collapsed together. In Period 10, tanker shipping reversed. This period, the pattern repeated across both categories simultaneously: OGC, IAG, BVN (metals) and DHT, INSW (shipping) fell 5–7% in a week, subtracting a combined −2.59 points from a twelve-name screen. Magic Formula's Greenblatt criteria select companies where earnings yield and return on capital are both high relative to the market. These criteria naturally surface commodity producers when commodity prices are elevated: the earnings look strong, the capital requirements are modest relative to output, and the stocks appear cheap. What the criteria do not filter is whether two or three such companies belong to the same commodity cycle. The result is a portfolio that regularly holds correlated factor exposure without any mechanism to limit it — and weeks like this are the cost.