Period 20 Review: DRD's Reversal Drags Burry and Magic Formula as Schloss Dividend Alone Beats a Rising Market

Period 20 covers August 22 to August 29, 2026 — a period in which both benchmarks rose, yet five of the journal's seven screens still closed lower. The S&P 500 gained +0.49% and the NASDAQ added +0.85%, both reversing from Period 19's declines of −1.43% and −2.05%. Only Schloss Dividend, at +1.07%, beat both benchmarks outright; Lynch also finished positive at +0.46% but trailed both. The spread between best and worst screen narrowed sharply to 3.42 percentage points, from Period 19's 6.50, tying Period 13 for the second-narrowest of the journal behind only Period 8's 2.92.

The period's defining thread was reversal. DRD (DRDGold), whose +26.91% surge delivered the largest single-position contribution of the journal in Period 19, gave back −6.29% this period — again its largest move, this time dragging both of its holders, Burry Value Screen and Magic Formula, into the red. Schloss Dividend's GGB (Gerdau) ran the opposite direction, rebounding +6.00% after a −8.65% decline made it the screen's biggest drag just one period earlier. CANSLIM Rocket's BE (Bloom Energy) followed the same pattern, bouncing +4.63% after falling −12.39% in Period 19. And Quality Growth's PAYS (Paysign) flipped from a +6.99% gain to a −8.52% loss, the single largest drag on any screen this period.

Period 20 Returns: Schloss Alone Clears the Bar as Five Screens Slip Into the Red

Schloss Dividend led at +1.07%, the only screen to beat both the S&P 500 and NASDAQ outright this period. Lynch followed at +0.46%, positive on its own terms but behind both benchmarks. The other five screens all closed negative: Quality Growth eased −0.80%, Magic Formula slipped −0.86%, Burry Value Screen fell −0.90%, Piotroski F-Score dropped −1.86%, and CANSLIM Rocket brought up the rear at −2.35%, its weakest result since Period 14's −5.24%.

Schloss Dividend's +1.07% was led by GGB (Gerdau), which gained +6.00%, from $4.33 to $4.59, contributing approximately +0.50 percentage points at the screen's 8.33% weight — a sharp reversal from Period 19, when GGB's −8.65% decline was the screen's largest drag. VSNT (Visionary Education Technology) added +5.86% (+0.49 points), also flipping from its own Period 19 loss of −2.27%, and ATHM rose +2.75% (+0.23 points). PLGO gained +2.00% (+0.17 points), a name shared with Lynch, AGO added +1.46% (+0.12 points) in its first period on the screen, and JOYY and DAC contributed smaller gains of +1.25% and +0.62%. Against these, THO fell −3.11% (−0.26 points), the screen's largest drag, and CHRD eased −1.25% (−0.10 points), ending a two-period run as the screen's top contributor. Seven of twelve retained positions closed positive. No names exited; VIPS enters the screen for Period 21, growing Schloss from twelve to thirteen names.

The same name that sinks a screen one week can lift it the next. GGB was Schloss Dividend's biggest problem in Period 19 and its biggest asset in Period 20 — the position never changed, only the price.

Lynch's +0.46% was led by BZ, which surged +11.60%, from $15.95 to $17.80, contributing approximately +0.77 percentage points at the screen's 6.67% weight — the largest single-position contribution of any screen this period. HRMY added +2.78% (+0.19 points), a name shared with Burry Value Screen, and SKWD rose +2.46% (+0.16 points), a full reversal of its Period 19 decline of −4.87%. ATAT gained +2.16% (+0.14 points) and PLGO added +2.00% (+0.13 points), shared with Schloss Dividend. Against these, ADMA fell −5.08% (−0.34 points), the screen's largest drag and a name now shared with both Burry Value Screen and Magic Formula, and CVE declined −4.10% (−0.27 points). PDD eased −3.04% (−0.20 points) and OGC fell −3.03% (−0.20 points), the latter shared with Magic Formula. Eight of fifteen retained positions closed positive. No names exited; ONON enters the screen for Period 21, growing Lynch from fifteen to sixteen names.

Quality Growth's −0.80% saw SEZL lead again, gaining +4.21%, from $119.11 to $124.12, contributing approximately +0.32 percentage points at the screen's 7.69% weight. APP added +3.92% (+0.30 points) and MNTN rose +2.56% (+0.20 points). FSM gained +1.57% (+0.12 points), the same three-way overlap position lifting Burry Value Screen and Lynch, and NBIX added +0.98% (+0.08 points). Against these, PAYS fell −8.52% (−0.66 points), the screen's largest drag and a complete reversal of its +6.99% gain in Period 19, and SNDK declined −6.96% (−0.54 points), extending its post-surge unwind after Period 18's record +35.38% spike and Period 19's −2.74% pullback. INCY eased −2.69% (−0.21 points) and AUPH fell −2.16% (−0.17 points), both shared with Burry Value Screen. Five of twelve retained positions closed positive. ELMD exited at the sell fee; no new names entered, trimming Quality Growth from thirteen to twelve names.

Magic Formula's −0.86% was led by CENX, which gained +6.08%, from $43.92 to $46.59, contributing approximately +0.51 percentage points at the screen's 8.33% weight. FHI added +1.11% (+0.09 points), the only other position to close positive. Against these, DRD fell −6.29% (−0.52 points), the screen's largest drag and a complete reversal from its +26.91% surge in Period 19 — the same stock that delivered the largest overlap-driven gain of the journal one period earlier now delivers one of its largest overlap-driven drags, dragging Burry Value Screen down alongside it. OGC declined −3.03% (−0.25 points), shared with Lynch, and TNK fell −2.55% (−0.21 points). CGAU eased −1.31% (−0.11 points) and ERO declined −1.50% (−0.13 points), both reversing strong Period 19 gains of +10.41% and +16.63%. Only two of eleven retained positions closed positive — the narrowest breadth of any screen this period. TDC exited at the sell fee; ADMA, HAFN, and TRMD all enter the screen for Period 21, growing Magic Formula from twelve to fourteen names. The result trims Magic Formula's cumulative return to +2.84% from +3.74%, its second period in positive territory after eighteen straight periods underwater.

Burry Value Screen's −0.90% was led by DOCS, which gained +5.53%, from $25.33 to $26.73, contributing approximately +0.14 percentage points at the screen's 2.56% weight. RMD added +3.81% (+0.10 points) and LRN rose +2.94% (+0.08 points). HRMY gained +2.78% (+0.07 points), shared with Lynch, and SEIC added +1.92% (+0.05 points). Against these, ZM fell −8.38% (−0.22 points), the screen's largest drag, and DRD declined −6.29% (−0.16 points), shared with Magic Formula and reversing its own +26.91% surge from Period 19. CRUS fell −5.94% (−0.15 points) and ADMA declined −5.08% (−0.13 points), the latter now an overlap shared with both Lynch and, for the first time, Magic Formula. GNTX and B each fell −4.10% (−0.11 points apiece), and NTES declined −4.22% (−0.11 points). Sixteen of thirty-nine retained positions closed positive. No names exited or entered, holding Burry Value Screen at thirty-nine names for the first fully static period since Period 10.

Piotroski's −1.86% was led by KE, which gained +1.51%, from $23.11 to $23.46, contributing approximately +0.11 percentage points at the screen's 7.14% weight, in its first full period on the screen. RLX added +1.10% (+0.08 points), also in its first full period. Against these, API fell −5.96% (−0.43 points), the screen's largest drag for a second consecutive period, following a −6.03% decline in Period 19. CYD declined −4.19% (−0.30 points), also in its first full period, and WGO fell −3.71% (−0.27 points). IPI eased −3.54% (−0.25 points), snapping a three-period streak of gains that included +2.62%, +5.08%, and +6.44% in Periods 17 through 19. Only two of fourteen retained positions closed positive — tied with Magic Formula for the narrowest breadth of the period. No names exited or entered, holding Piotroski at fourteen names for a second straight period and marking its first 100% retention period since Period 10.

CANSLIM Rocket's −2.35% — the period's worst result — was led by BE, which gained +4.63%, from $201.45 to $210.77, contributing approximately +0.23 percentage points at the screen's 5% weight, a sharp reversal from its −12.39% decline in Period 19. ANET added +3.57% (+0.18 points) and NVDA rose +1.32% (+0.07 points) in its first full period on the screen. CLS gained +0.73% (+0.04 points), also reversing its own Period 19 loss of −11.49%. Against these, INOD fell −11.87% (−0.59 points), the screen's largest drag, and FIX declined −8.27% (−0.41 points). LLY fell −6.44% (−0.32 points) and ETON dropped −5.81% (−0.29 points), reversing its strong +7.83% debut in Period 19. ARQT eased −5.18% (−0.26 points), and both new entrants MPWR and MU opened with losses of −4.56% and −3.51%. AGI declined −2.93% (−0.15 points), giving back roughly a fifth of its Period 19 gain of +13.49%. Only six of nineteen retained positions closed positive. CPAC exited at the sell fee; PAAS enters the screen for Period 21 — a name already held by Lynch, forming a new overlap — holding CANSLIM at twenty names.

Retention: Four Screens Post Perfect Marks as the Spread Narrows to Its Tightest Since Period 8

Period 20 saw Burry Value Screen, Schloss Dividend, Lynch, and Piotroski F-Score all post perfect 100% retention — matching the four-screen tally last reached across Periods 7 through 9. Magic Formula posted the period's lowest retention at 91.7%, losing one of twelve names, with CANSLIM Rocket and Quality Growth close behind at 95.0% and 92.3%.

Burry Value Screen and Piotroski F-Score both climbed into the perfect-retention tier this period, while Schloss Dividend and Lynch held there. Quality Growth fell out of it entirely, from a share of first at 100% to 92.3%, and Magic Formula stayed in last place but improved sharply from 80.0% to 91.7%. CANSLIM Rocket held roughly steady at 95.0%, up slightly from 85.0%. The retention spread narrows sharply to 8.3 points, from Period 19's 20.0, the tightest since Period 8's 7.7-point spread.

Cumulative Scoreboard: Schloss Overtakes Burry as CANSLIM Holds Fourth Despite Its Worst Week

Schloss Dividend's +1.07% lifted its cumulative return from +11.54% to +12.73%, passing Burry Value Screen to move from third to second place. Burry's own −0.90% pulled its figure down to +11.93%, dropping it one spot to third — a mirror image of Schloss's rise.

Quality Growth's −0.80% trimmed its cumulative lead to +31.94%, still comfortably first but with its margin over second place narrowing to 5.11 points from 7.05. CANSLIM Rocket's −2.35% — its worst return of the period — pulled its cumulative figure to +8.40% from +11.00%, yet the drop wasn't large enough to change its rank: it remains fourth, still ahead of Lynch's +7.35% (up from +6.85% after Lynch's own +0.46%). Magic Formula's −0.86% eased its cumulative return to +2.84% from +3.74%, and Piotroski F-Score's −1.86% deepened its cumulative loss to −10.58% from −8.88%, extending its stay in last place.

Both benchmarks rose this period, a reversal from Period 19's declines, and every screen's alpha against them worsened except Schloss Dividend's. The S&P 500's cumulative return advanced to +13.72% from +13.17%, and the NASDAQ's to +16.33% from +15.35%. Quality Growth's alpha narrowed to +4.12% against the S&P 500 and +1.51% against the NASDAQ, down from +5.63% and +3.45% — still the only screen with positive cumulative alpha against either benchmark. Schloss Dividend's alpha improved to −0.99%/−3.60% from −1.63%/−3.81%, the closest of the six trailing screens to flipping positive. The rest closed the period at −2.98%/−5.59% (Burry), −5.32%/−7.93% (CANSLIM), −6.37%/−8.98% (Lynch), −10.88%/−13.49% (Magic Formula), and −24.30%/−26.91% (Piotroski) — all wider than a period ago.

Overlap: ADMA Joins FSM in Three-Way Territory as PAAS Forms a New Pair

The August 29 snapshot shows fourteen stocks in two or more screens, up from thirteen on August 22, as ADMA's addition to Magic Formula pushes it into a three-way overlap alongside Burry Value Screen and Lynch — joining FSM as the journal's second three-way position. PAAS forms a brand-new two-way pairing after CANSLIM Rocket added the name this period, joining Lynch as its second holder. Every other overlap pairing carried over unchanged from Period 19.

Of the pairs already in place, ADMA's −5.08% now drags three screens simultaneously instead of two — Burry Value Screen, Lynch, and, for the first time, Magic Formula — making it the widest-reaching single move of the period. DRD's −6.29% hit Burry and Magic Formula together, a mirror image of the +26.91% surge that lifted both screens just one period earlier. FSM's modest +1.57% gave a small boost to all three of its holders. HRMY's +2.78% helped Burry and Lynch, while PLGO's +2.00% lifted Schloss and Lynch together. AUPH's −2.16% and INCY's −2.69% both weighed on Burry and Quality Growth, and DDS's −0.22% and INSW's −0.71% both trimmed Burry and Magic Formula. RELY's −0.45% gave a small drag to Burry and Lynch, OGC's −3.03% weighed on Lynch and Magic Formula, SKHY's −1.45% weighed on Lynch and Quality Growth, and LUXE's −0.90% weighed on Piotroski and CANSLIM. Because PAAS became an overlap through a new CANSLIM entry rather than a price move, its −0.38% return applied only to Lynch this period; it carries into Period 21 as a shared position for both screens.

What Period 20 Tells You

A rising benchmark doesn't mean a rising screen. Both the S&P 500 (+0.49%) and the NASDAQ (+0.85%) closed higher this period, yet five of the journal's seven screens still fell. Individually selected books of a dozen to forty names respond to their own holdings' news, not to the index's composition — the same property that let every screen beat a falling market in Period 19 also let most of them lag a rising one.

The same stock can flip from hero to villain in a single period. DRD delivered the largest overlap-driven gain of the journal in Period 19 at +26.91% and one of the largest overlap-driven drags in Period 20 at −6.29%. GGB did the reverse for Schloss Dividend, flipping from the screen's biggest drag (−8.65%) to its biggest gain (+6.00%) in back-to-back periods. Concentrated exposure to a handful of names cuts both ways, often within the same month.

A cumulative lead can absorb a bad week without losing rank. CANSLIM Rocket posted the single worst return of any screen this period at −2.35% — its weakest since Period 14 — yet held its fourth-place cumulative position because Lynch, sitting fifth, didn't have enough of a return gap to close. Standings built over nineteen prior periods don't reshuffle on one number alone.

Perfect retention doesn't predict performance. Four screens — Burry, Schloss, Lynch, and Piotroski — all held 100% of their positions this period, yet their returns ranged from +1.07% to −1.86%, a 2.93-point spread among screens that changed nothing about their rosters. Retention measures whether a screen's exit rules were triggered, not whether the names it kept went up or down.