Public run archive
Modern Formula NASDAQ-Only Monthly Run: August 2, 2026
This dated archive preserves the first NASDAQ-only variation of the Modern Formula process: the same ranking framework and portfolio rules, applied only to NASDAQ-listed candidates and tracked independently from the full-universe portfolio.
Controlled universe test
The same formula, limited to NASDAQ-listed companies.
This portfolio applies the same screening, technical overlay, triage, ranking, and tracking rules as the full-universe Modern Formula portfolio. The only controlled change is the eligible exchange: every candidate must be NASDAQ-listed.
The hypothesis is that this universe may contain a higher concentration of businesses using technology and AI to grow revenue, lower costs, and improve returns on capital. Over time, the public record can test whether that produces persistent and statistically meaningful outperformance rather than simply assuming that it will.
A parallel portfolio, not a new formula
NASDAQ-only does not mean technology-only, and an exchange listing is not evidence of a moat. This is a deliberate universe experiment designed for comparison with the broader Modern Formula portfolio and an appropriate NASDAQ benchmark.
For readers who are mildly allergic to a portfolio without a technology accent, this is the cleaner experimental lane.
Read first
What this run is, and what it is not.
This archive is a dated research artifact, not a prediction system and not personalized investment advice. The score is an absolute Greenblatt-style triage score designed to assess how cleanly each technically qualified candidate fits the Modern Formula framework.
Public visitors can inspect the dated methodology, rank structure, entry prices, and portfolio-level results. The top ten names, exact allocations, and their detailed thesis notes remain reserved for members.
Run Summary
Top candidate
Subscriber Only
Top score
83.5
80+ scores
1
Model names
40
The full qualified list is broader than the model portfolio. Per our target weighting, this run uses only the top 40 names and applies rank-weighted model allocations.
Top of list
Highest-ranked opportunities in this run.
Subscriber Only
Top-ranked thesis reserved for members.
Subscriber Only
Top-ranked thesis reserved for members.
Subscriber Only
Top-ranked thesis reserved for members.
Subscriber Only
Top-ranked thesis reserved for members.
Subscriber Only
Top-ranked thesis reserved for members.
Subscriber Only
Top-ranked thesis reserved for members.
Model portfolio
Top-40 model portfolio for this run.
The model portfolio does not use every technically qualified name. It uses the first 40 ranked names only and applies Modern Formula target allocation rules. Entry prices use the next trading day's close: August 3, 2026 close.
To see the top names and exact target weighting, please upgrade your membership.
| Rank | Ticker | Score | Tier | Allocation | Entry Price Date | Entry Price |
|---|---|---|---|---|---|---|
| 1 | Subscriber Only | 83.5 | Core overweight | Member Only | August 3, 2026 close | $134.89 |
| 2 | Subscriber Only | 78 | Core overweight | Member Only | August 3, 2026 close | $75.99 |
| 3 | Subscriber Only | 75.5 | Core overweight | Member Only | August 3, 2026 close | $131.15 |
| 4 | Subscriber Only | 75 | Core overweight | Member Only | August 3, 2026 close | $55.86 |
| 5 | Subscriber Only | 74.5 | Core overweight | Member Only | August 3, 2026 close | $55.06 |
| 6 | Subscriber Only | 74 | Core overweight | Member Only | August 3, 2026 close | $93.66 |
| 7 | Subscriber Only | 73.5 | Core overweight | Member Only | August 3, 2026 close | $82.27 |
| 8 | Subscriber Only | 72 | Core overweight | Member Only | August 3, 2026 close | $516.31 |
| 9 | Subscriber Only | 71 | Core overweight | Member Only | August 3, 2026 close | $30.91 |
| 10 | Subscriber Only | 70.5 | Core overweight | Member Only | August 3, 2026 close | $182.92 |
| 11 | EXPE | 70 | Core | Member Only | August 3, 2026 close | $298.03 |
| 12 | GNTX | 70 | Core | Member Only | August 3, 2026 close | $23.45 |
| 13 | HON | 70 | Core | Member Only | August 3, 2026 close | $246.77 |
| 14 | MIDD | 70 | Core | Member Only | August 3, 2026 close | $135.81 |
| 15 | VSNT | 70 | Core | Member Only | August 3, 2026 close | $36.82 |
| 16 | MCRI | 69.5 | Core | Member Only | August 3, 2026 close | $125.13 |
| 17 | DORM | 69 | Core | Member Only | August 3, 2026 close | $127.68 |
| 18 | QLYS | 69 | Core | Member Only | August 3, 2026 close | $154.89 |
| 19 | STRA | 69 | Core | Member Only | August 3, 2026 close | $83.70 |
| 20 | SAIC | 68.5 | Core | Member Only | August 3, 2026 close | $120.12 |
| 21 | VRTX | 68.5 | Standard | Member Only | August 3, 2026 close | $470.72 |
| 22 | IPAR | 68 | Standard | Member Only | August 3, 2026 close | $124.92 |
| 23 | PRDO | 68 | Standard | Member Only | August 3, 2026 close | $32.57 |
| 24 | OSPN | 67.5 | Standard | Member Only | August 3, 2026 close | $15.87 |
| 25 | CRUS | 67 | Standard | Member Only | August 3, 2026 close | $127.33 |
| 26 | NBIX | 67 | Standard | Member Only | August 3, 2026 close | $166.23 |
| 27 | SOLS | 67 | Standard | Member Only | August 3, 2026 close | $62.23 |
| 28 | LECO | 66.5 | Standard | Member Only | August 3, 2026 close | $267.79 |
| 29 | BMRN | 66 | Standard | Member Only | August 3, 2026 close | $60.00 |
| 30 | DLO | 66 | Standard | Member Only | August 3, 2026 close | $15.31 |
| 31 | PAYX | 66 | Starter | Member Only | August 3, 2026 close | $117.67 |
| 32 | CHCI | 65.5 | Starter | Member Only | August 3, 2026 close | $14.44 |
| 33 | DBX | 65.5 | Starter | Member Only | August 3, 2026 close | $33.05 |
| 34 | ROST | 65.5 | Starter | Member Only | August 3, 2026 close | $252.91 |
| 35 | VRSN | 65.5 | Starter | Member Only | August 3, 2026 close | $298.89 |
| 36 | COKE | 65 | Starter | Member Only | August 3, 2026 close | $180.76 |
| 37 | INCY | 65 | Starter | Member Only | August 3, 2026 close | $118.43 |
| 38 | NDSN | 64.5 | Starter | Member Only | August 3, 2026 close | $302.62 |
| 39 | NSIT | 64.5 | Starter | Member Only | August 3, 2026 close | $131.67 |
| 40 | ADUS | 64 | Starter | Member Only | August 3, 2026 close | $116.79 |
Exact target allocation details are reserved for members. Public performance reporting can still show portfolio-level results without disclosing the allocation recipe.
Opportunity notes
Why the top 15 ranked where they did.
Rank 1 / 83.5 score
Subscriber Only
Detailed opportunity note reserved for members.
Rank 2 / 78 score
Subscriber Only
Detailed opportunity note reserved for members.
Rank 3 / 75.5 score
Subscriber Only
Detailed opportunity note reserved for members.
Rank 4 / 75 score
Subscriber Only
Detailed opportunity note reserved for members.
Rank 5 / 74.5 score
Subscriber Only
Detailed opportunity note reserved for members.
Rank 6 / 74 score
Subscriber Only
Detailed opportunity note reserved for members.
Rank 7 / 73.5 score
Subscriber Only
Detailed opportunity note reserved for members.
Rank 8 / 72 score
Subscriber Only
Detailed opportunity note reserved for members.
Rank 9 / 71 score
Subscriber Only
Detailed opportunity note reserved for members.
Rank 10 / 70.5 score
Subscriber Only
Detailed opportunity note reserved for members.
Rank 11 / 70 score
EXPE
Expedia brings improving bookings, a fast-growing B2B platform, free cash flow, and net cash to the NASDAQ-only portfolio. Travel demand remains cyclical, and the company still has execution work around brand consolidation. The thesis is that operating improvement can close a valuation gap without requiring heroic assumptions.
Rank 12 / 70 score
GNTX
Gentex owns a dominant niche in auto-dimming mirrors, supported by high returns on capital and a net-cash balance sheet. Vehicle production makes the earnings stream cyclical even though the competitive position is unusually durable. The opportunity is a strong niche franchise priced with auto-cycle caution.
Rank 13 / 70 score
HON
Honeywell is a high-return diversified industrial with aerospace, automation, and advanced-materials assets. The planned breakup offers a concrete route to clearer valuation and more focused operations. The cap on the thesis is simple: the business is high quality, but the starting discount is only moderate.
Rank 14 / 70 score
MIDD
Middleby is a quality foodservice-equipment franchise with a long operating record and a planned food-processing spin. That transaction can sharpen the market's view of the underlying assets. Leverage and capital-spending cyclicality remain the main reasons it does not rank higher.
Rank 15 / 70 score
VSNT
Versant is a recent Comcast cable-networks spin, making it a classic special-situation candidate with potential forced-selling dynamics. The valuation opportunity is inseparable from secular linear-TV decline. This is a catalyst-driven value case, not a claim that the underlying industry pressure has disappeared.
Score distribution
How the list breaks down.
| Score Band | Count |
|---|---|
| Elite Greenblatt/MF fit | 0 |
| Strong MF fit | 1 |
| Good candidate with hair | 14 |
| Interesting but messy | 25 |
| Lower-confidence value | 0 |
| Cheap for serious reason | 0 |
| Poor MF fit / distorted | 0 |
| Likely false positive | 0 |
Full public ranking
Consolidated Modern Formula list.
The public table preserves all 40 ranks while protecting the top ten names. For cleaner auditability, the same public-safe data is also available as a CSV file.
Show full ranked table
| Rank | Ticker | Score | Band | Description |
|---|---|---|---|---|
| 1 | Subscriber Only | 83.5 | Strong MF fit | Detailed thesis reserved for members. |
| 2 | Subscriber Only | 78 | Good candidate with hair | Detailed thesis reserved for members. |
| 3 | Subscriber Only | 75.5 | Good candidate with hair | Detailed thesis reserved for members. |
| 4 | Subscriber Only | 75 | Good candidate with hair | Detailed thesis reserved for members. |
| 5 | Subscriber Only | 74.5 | Good candidate with hair | Detailed thesis reserved for members. |
| 6 | Subscriber Only | 74 | Good candidate with hair | Detailed thesis reserved for members. |
| 7 | Subscriber Only | 73.5 | Good candidate with hair | Detailed thesis reserved for members. |
| 8 | Subscriber Only | 72 | Good candidate with hair | Detailed thesis reserved for members. |
| 9 | Subscriber Only | 71 | Good candidate with hair | Detailed thesis reserved for members. |
| 10 | Subscriber Only | 70.5 | Good candidate with hair | Detailed thesis reserved for members. |
| 11 | EXPE | 70 | Good candidate with hair | Expedia combines improving bookings, fast-growing B2B operations, free cash flow, and net cash, while travel cyclicality and brand-consolidation execution remain watch items. |
| 12 | GNTX | 70 | Good candidate with hair | Gentex owns a dominant auto-dimming-mirror niche with high returns on capital and net cash, offset by auto-cycle exposure. |
| 13 | HON | 70 | Good candidate with hair | Honeywell is a high-return diversified industrial with a three-way breakup catalyst and only a moderate valuation discount. |
| 14 | MIDD | 70 | Good candidate with hair | Middleby is a quality foodservice-equipment franchise with a planned spin catalyst, balanced against leverage and capex-cycle normalization. |
| 15 | VSNT | 70 | Good candidate with hair | Versant is a recent Comcast cable-networks spin with potential forced-selling dynamics, but secular linear-TV decline is a serious counterweight. |
| 16 | MCRI | 69.5 | Interesting but messy | Monarch Casino owns high-quality Reno and Black Hawk properties with net cash and buybacks, though the portfolio remains concentrated in two markets. |
| 17 | DORM | 69 | Interesting but messy | Dorman is an aftermarket-parts compounder with proprietary products and steady share gains, offset by sourcing, tariff, and integration risk. |
| 18 | QLYS | 69 | Interesting but messy | Qualys is a highly profitable, net-cash security software business with recurring revenue, while slower growth and platform competition limit the valuation gap. |
| 19 | STRA | 69 | Interesting but messy | Strategic Education combines education-technology growth, healthcare enrollment, and a debt-free balance sheet, with the usual regulatory exposure of the sector. |
| 20 | SAIC | 68.5 | Interesting but messy | SAIC is a stable government and defense IT-services contractor with backlog and buybacks, offset by low margins and recompete risk. |
| 21 | VRTX | 68.5 | Interesting but messy | Vertex is an elite cystic-fibrosis franchise with substantial net cash and pipeline optionality, though its quality is already well recognized in the valuation. |
| 22 | IPAR | 68 | Interesting but messy | Interparfums is a high-return licensed-fragrance compounder with net cash and a strong launch pipeline, tempered by license-renewal and concentration risk. |
| 23 | PRDO | 68 | Interesting but messy | Perdoceo is a cash-generative education operator with net cash and buybacks whose discount largely reflects regulatory and reputation risk. |
| 24 | OSPN | 67.5 | Interesting but messy | OneSpan is a profitable authentication and e-signature software business with recurring revenue, free cash flow, and net cash, offset by legacy-product decline. |
| 25 | CRUS | 67 | Interesting but messy | Cirrus Logic is a high-return mixed-signal semiconductor franchise with net cash and buybacks, but Apple concentration and semiconductor cyclicality matter. |
| 26 | NBIX | 67 | Interesting but messy | Neurocrine combines INGREZZA-led free cash flow, net cash, and a broader neuroscience pipeline, with product concentration and competition as the primary risks. |
| 27 | SOLS | 67 | Interesting but messy | Solstice Advanced Materials is a recent specialty-materials spin with improving guidance and growth, while transaction leverage and integration risk complicate the setup. |
| 28 | LECO | 66.5 | Interesting but messy | Lincoln Electric is the welding-category leader with a durable distributor franchise, high returns on capital, and a long dividend record. |
| 29 | BMRN | 66 | Interesting but messy | BioMarin has a profitable rare-disease base led by VOXZOGO and a broadened earnings profile, offset by acquisition execution and prior pipeline disappointment. |
| 30 | DLO | 66 | Interesting but messy | dLocal offers rapid payment-volume growth, net cash, and an attractive earnings yield, but take-rate compression and emerging-market regulatory risk are material. |
| 31 | PAYX | 66 | Interesting but messy | Paychex is an elite payroll and human-capital-management annuity with strong margins and AI-enabled product investment, though the valuation gap appears moderate. |
| 32 | CHCI | 65.5 | Interesting but messy | Comstock is an asset-light, debt-free real-estate fee business with an attractive small-cap value profile and meaningful size and customer-concentration risk. |
| 33 | DBX | 65.5 | Interesting but messy | Dropbox is a high-margin free-cash-flow business with aggressive buybacks and AI optionality, balanced against stagnant users and disruption risk. |
| 34 | ROST | 65.5 | Interesting but messy | Ross Stores is a durable off-price retailer with strong treasure-hunt economics and buybacks, while consumer, wage, and tariff pressures deserve monitoring. |
| 35 | VRSN | 65.5 | Interesting but messy | VeriSign operates a highly durable .com and .net registry franchise with recurring cash flow and buybacks, but the market already recognizes much of that quality. |
| 36 | COKE | 65 | Interesting but messy | Coca-Cola Consolidated is a family-controlled bottler with strong territory cash flows and buybacks, offset by capital intensity and a narrower valuation gap after re-rating. |
| 37 | INCY | 65 | Interesting but messy | Incyte is a profitable biopharma business supported by Jakafi and Opzelura earnings and net cash, with the 2028 patent cliff and product concentration as key risks. |
| 38 | NDSN | 64.5 | Interesting but messy | Nordson is a precision-dispensing, testing, and medical-products franchise with high switching costs, offset by acquisition leverage and a modest valuation gap. |
| 39 | NSIT | 64.5 | Interesting but messy | Insight Enterprises is a scaled IT solutions provider with real free cash flow and buybacks, while thin margins, acquisition leverage, and enterprise-spending cycles cap the case. |
| 40 | ADUS | 64 | Interesting but messy | Addus HomeCare combines personal care, home health, and hospice growth with favorable demand, while Medicaid reimbursement dependence remains the central risk. |
Benchmark
NASDAQ Composite comparison.
ONEQ is the benchmark for this portfolio because it represents the broader NASDAQ Composite across company sizes. A NASDAQ-100 benchmark would introduce a heavy mega-cap bias that does not match this all-size candidate universe.
| Benchmark | Entry Date | Entry Price | Status |
|---|---|---|---|
| ONEQ | August 3, 2026 close | $102.07 | Started |
Audit trail
Timestamp and source discipline.
This page should be preserved as-published. If a correction is needed later, add a dated correction note rather than silently rewriting the old record.
Publication Ledger
| Run ID | MFI-NASDAQ-2026-08-02-v0.1 |
|---|---|
| Published timestamp | August 2, 2026 |
| Source file | Consolidated_Aug-3-26_NASDAQ_Run_FINAL.xlsx |
| Public CSV SHA-256 | 24ae7f1fa6cf63e21ef9301c86d9355c59e30661896892ba67fdf99cf20d81cf |
| Model CSV SHA-256 | ae267ab34616ae158378b6372e6a71549a5117b40f0d91cbcd229403a49dc530 |
| Entry-price rule | Use August 3, 2026 close for this run. Entry prices remain pending until after that market close. |
| Revision status | Original publication. No corrections recorded. |
Method notes
How to read this archive.
| Item | Note |
|---|---|
| Universe | Stocks came from Magic Formula / Modern Formula screens and passed the current Category 1 technical overlay. |
| Score | The score is an absolute Greenblatt-style triage score, not a prediction of future returns. |
| Model portfolio | Only the top 40 names are used for model tracking, with rank-weighted target allocations reserved for members. |
| Entry price | This run uses the next trading day's close as the model entry price. |
| Revisions | Old archive posts should not be silently rewritten. Corrections should be dated and visible. |
Disclosure
General research only.
Modern Formula Investing is an educational research publication. Rankings, scores, categories, model outputs, and commentary are impersonal research outputs and are not individualized investment, legal, or tax advice.
Investing involves risk, including possible loss of principal. Readers should do their own research and consult qualified professionals before making financial decisions.