Period 3 covers April 27 to May 2, 2026 — five trading days. The S&P 500 added +1.29% and the NASDAQ gained +0.91%. On a single-period basis, every one of the seven tracked strategies missed the index this week. But three periods into the journal, the cumulative scoreboard no longer shows a clean sweep for the market: Quality Growth's cumulative return now stands at +9.93%, ahead of the S&P 500's +6.62%, powered in large part by a 4-for-1 stock split in Piper Sandler (PIPR) that delivered a genuine +26.8% split-adjusted gain in Period 1.
The other half of the picture is unchanged. Magic Formula's −5.50% collapse in five days remains the sharpest single-period move recorded in this journal, and it happened despite the screen holding the exact same five stocks it started the period with. The screen has now shed 7.54% cumulatively while the S&P 500 has gained 6.62% — a 14.16 percentage point gap in less than two months.
Best Screen
+1.18%
S&P 500
+1.29%
Worst Screen
−5.50%
Overlap Stocks
7
Period 3 Returns: Every Screen Missed
For the third period running, zero strategies beat the S&P 500 on the period itself. Piotroski F-Score came closest at +1.18%, missing the index by just 0.11 percentage points. The remaining six ranged from Schloss Dividend at +0.43% to Magic Formula's steep −5.50%.
| Strategy | Period 3 Return | vs S&P 500 |
|---|---|---|
| S7 · Piotroski F-Score | +1.18% | −0.11 pp |
| S2 · Schloss Dividend | +0.43% | −0.86 pp |
| S9 · Quality Growth | −0.68% | −1.97 pp |
| S1 · Burry Value Screen | −0.80% | −2.09 pp |
| S8 · CANSLIM Rocket | −0.80% | −2.09 pp |
| S3 · Lunch | −2.22% | −3.51 pp |
| S6 · Magic Formula | −5.50% | −6.79 pp |
| Benchmark · S&P 500 | +1.29% | — |
| Benchmark · NASDAQ | +0.91% | — |
Magic Formula's −5.50% is the most striking single-period result so far. The screen held gold and specialty mining names — a sector that was hit hard this week as risk appetite shifted toward growth and cyclicals. With 100% retention going into the period, there was no rotation to soften the blow. Every stock the screen held moved against the market simultaneously.
Piotroski F-Score's +1.18% is the mirror image: the screen rebuilt itself almost entirely in Period 1, then held its ground with 81% retention in Period 2 and now 100% in Period 3. The turbulence of the early periods has resolved into a stable, fundamentally sound set of names — and that stability is starting to pay off.
A screen that survives its own reconstruction and then stabilises is behaving exactly as designed. The Piotroski result this period is a small but meaningful confirmation of that.
Retention: Stability Across the Board
Six of seven strategies now carry 88% or higher retention going into Period 4. Quality Growth dropped to 80% after replacing two positions (INCY and PIPR exited, CNX and FICO entered), but that is still well within normal rebalancing range for a quality-growth screen responding to earnings revisions.
Period 2 Retention
Period 3 Retention
Cumulative Scoreboard: One Screen Breaks Through
Three periods in, Quality Growth (+9.93%) is now the only strategy ahead of the S&P 500 (+6.62%) on a cumulative basis — a lead of 3.31 percentage points. Six of the seven remaining screens still trail the index, led by CANSLIM Rocket at +5.27% (−1.35 pp behind) and trailed by Magic Formula at −7.54% (−14.16 pp behind).
| Strategy | Portfolio Value | Cumulative Return | vs S&P 500 |
|---|---|---|---|
| S9 · Quality Growth | $10,993 | +9.93% | +3.31% |
| S8 · CANSLIM Rocket | $10,527 | +5.27% | −1.35% |
| S2 · Schloss Dividend | $10,341 | +3.41% | −3.21% |
| S3 · Lunch | $10,312 | +3.12% | −3.50% |
| S1 · Burry Value Screen | $10,187 | +1.87% | −4.75% |
| S7 · Piotroski F-Score | $9,983 | −0.17% | −6.79% |
| S6 · Magic Formula | $9,246 | −7.54% | −14.16% |
| Benchmark · S&P 500 | $10,662 | +6.62% | — |
| Benchmark · NASDAQ | $11,065 | +10.65% | — |
It is worth stating explicitly what this does and does not mean. Three periods covering 53 calendar days is not a statistically meaningful sample. A meaningful share of Quality Growth's Period 1 return traces to a single position: Piper Sandler (PIPR) executed a 4-for-1 stock split during that stretch and returned +26.8% split-adjusted — a genuine gain, not a data artifact, but a large single-stock contribution inside an eight-name portfolio. The other six strategies are behaving as expected for value-, quality-, and small-cap-tilted screens during a rising, momentum-driven market. None of these screens is designed to beat a rapidly rising index over 53 days — they are designed to compound steadily over years. What matters now is that the data is being recorded accurately.
Overlap: Seven Names, Two New Additions
The May 2 snapshot shows seven stocks appearing in two or more screens — up from six in Period 2. Five names carried over from last period. Two are new: AEM (Agnico Eagle Mines) now passes both Burry Value and the Lunch screen, and CDE (Coeur Mining) passes both Lunch and CANSLIM Rocket. INCY dropped out after leaving Quality Growth, leaving it in Burry Value only.
Stocks in 2+ Screens · May 2, 2026
AUPH, CALM, and DAVE have now appeared in the overlap list for two consecutive snapshots (Apr 27 and May 2). Persistence across multiple periods carries more weight than a single appearance — these are names that multiple independent filters keep selecting, which is a stronger signal than a one-time coincidence. AUPH and DAVE sit at the intersection of value and quality growth, a combination that historically tends to hold up across different market regimes.
What Three Periods Actually Tell You
The market's lead is no longer unanimous. Six of seven strategies still trail the S&P 500 cumulatively, but Quality Growth broke through this period at +9.93% against the index's +6.62%. It is the first strategy-level cumulative outperformance recorded in this journal. Whether it holds depends on how the screen's remaining eight holdings perform once the Period 1 tailwind — chiefly PIPR's split-adjusted +26.8% gain — rolls out of the trailing window.
Magic Formula is a problem that needs watching. A −7.54% cumulative return against a +6.62% index is a 14-point gap in under two months. High retention means the screen is not misfiring in terms of turnover — it is simply holding names that are structurally out of favour. Whether this is mean-reverting or structural deterioration is impossible to know after three periods. Flag it, track it.
Piotroski F-Score deserves credit for the recovery. After being essentially rebuilt in Period 1 with 25% retention, the screen has now held its composition at 81% and 100% across Periods 2 and 3. The rebuilt portfolio is stable and delivered the best return this period. That is exactly what you want to see after a large-scale rebalancing.
The overlap list is growing in quality. Five persistent names, two new entrants. The convergence of value and momentum signals on gold and mining names (AEM, CDE, DRD) is notable given the macro environment. Whether that sector call holds is a question for future periods.