Monthly run archive / September 2026
Modern Formula Full Universe Top 40
September 6, 2026 research cycle. Model entry: September 8, 2026 close.
This September research version is being archived after the model entry date. It incorporates research updates through September 10, 2026, after entry. Results are a retrospective model comparison, not evidence of a portfolio published before entry. The run date labels the research cycle; the actual public timestamp is the hosting deployment record.
First worksheet; original rank order.
Model performance
Portfolio and benchmark.
Portfolio closes: September 8, 2026. Benchmark close: September 8, 2026.
- Weighted portfolio return
- 0.00%
- VTI return
- 0.00%
- Difference vs. VTI
- +0.00 pp
Price returns from the entry close, before dividends, fees, and taxes. Splits and other corporate actions require review. Each portfolio is tracked separately; overlapping holdings are not combined into a single track record.
Top-40 model portfolio
Holdings and entry prices.
Per our target weighting, this run uses the top 40 ranked names and applies rank-weighted model allocations. Ranks 1-12, their prices and individual returns, and exact allocations are reserved for members.
Membership access Download public entry snapshot CSV
40 of 40 entry prices recorded. Latest portfolio closes: September 8, 2026.
| Rank | Ticker | Tier | Allocation | Entry date | Entry price | Latest close | Price return |
|---|---|---|---|---|---|---|---|
| 1 | Subscriber Only | Core overweight | Member Only | September 8, 2026 close | Member Only | Member Only | Member Only |
| 2 | Subscriber Only | Core overweight | Member Only | September 8, 2026 close | Member Only | Member Only | Member Only |
| 3 | Subscriber Only | Core overweight | Member Only | September 8, 2026 close | Member Only | Member Only | Member Only |
| 4 | Subscriber Only | Core overweight | Member Only | September 8, 2026 close | Member Only | Member Only | Member Only |
| 5 | Subscriber Only | Core overweight | Member Only | September 8, 2026 close | Member Only | Member Only | Member Only |
| 6 | Subscriber Only | Core overweight | Member Only | September 8, 2026 close | Member Only | Member Only | Member Only |
| 7 | Subscriber Only | Core overweight | Member Only | September 8, 2026 close | Member Only | Member Only | Member Only |
| 8 | Subscriber Only | Core overweight | Member Only | September 8, 2026 close | Member Only | Member Only | Member Only |
| 9 | Subscriber Only | Core overweight | Member Only | September 8, 2026 close | Member Only | Member Only | Member Only |
| 10 | Subscriber Only | Core overweight | Member Only | September 8, 2026 close | Member Only | Member Only | Member Only |
| 11 | Subscriber Only | Core | Member Only | September 8, 2026 close | Member Only | Member Only | Member Only |
| 12 | Subscriber Only | Core | Member Only | September 8, 2026 close | Member Only | Member Only | Member Only |
| 13 | VSNT | Core | Member Only | September 8, 2026 close | $38.25 | $38.25 | 0.00% |
| 14 | CARG | Core | Member Only | September 8, 2026 close | $32.77 | $32.77 | 0.00% |
| 15 | EVER | Core | Member Only | September 8, 2026 close | $24.94 | $24.94 | 0.00% |
| 16 | PAYC | Core | Member Only | September 8, 2026 close | $219.16 | $219.16 | 0.00% |
| 17 | HRB | Core | Member Only | September 8, 2026 close | $45.89 | $45.89 | 0.00% |
| 18 | PRDO | Core | Member Only | September 8, 2026 close | $33.09 | $33.09 | 0.00% |
| 19 | SAIC | Core | Member Only | September 8, 2026 close | $127.55 | $127.55 | 0.00% |
| 20 | STRA | Core | Member Only | September 8, 2026 close | $81.44 | $81.44 | 0.00% |
| 21 | HRMY | Standard | Member Only | September 8, 2026 close | $42.07 | $42.07 | 0.00% |
| 22 | CON | Standard | Member Only | September 8, 2026 close | $33.88 | $33.88 | 0.00% |
| 23 | LEGH | Standard | Member Only | September 8, 2026 close | $27.57 | $27.57 | 0.00% |
| 24 | MAS | Standard | Member Only | September 8, 2026 close | $70.93 | $70.93 | 0.00% |
| 25 | OSPN | Standard | Member Only | September 8, 2026 close | $16.10 | $16.10 | 0.00% |
| 26 | URBN | Standard | Member Only | September 8, 2026 close | $79.43 | $79.43 | 0.00% |
| 27 | ALV | Standard | Member Only | September 8, 2026 close | $120.25 | $120.25 | 0.00% |
| 28 | NWS | Standard | Member Only | September 8, 2026 close | $33.34 | $33.34 | 0.00% |
| 29 | RL | Standard | Member Only | September 8, 2026 close | $347.23 | $347.23 | 0.00% |
| 30 | DSP | Standard | Member Only | September 8, 2026 close | $13.48 | $13.48 | 0.00% |
| 31 | LAUR | Starter | Member Only | September 8, 2026 close | $36.38 | $36.38 | 0.00% |
| 32 | PFE | Starter | Member Only | September 8, 2026 close | $27.79 | $27.79 | 0.00% |
| 33 | UTMD | Starter | Member Only | September 8, 2026 close | $69.16 | $69.16 | 0.00% |
| 34 | ADEA | Starter | Member Only | September 8, 2026 close | $27.20 | $27.20 | 0.00% |
| 35 | CHCI | Starter | Member Only | September 8, 2026 close | $20.97 | $20.97 | 0.00% |
| 36 | CRCT | Starter | Member Only | September 8, 2026 close | $5.45 | $5.45 | 0.00% |
| 37 | EME | Starter | Member Only | September 8, 2026 close | $773.16 | $773.16 | 0.00% |
| 38 | THC | Starter | Member Only | September 8, 2026 close | $259.06 | $259.06 | 0.00% |
| 39 | AYI | Starter | Member Only | September 8, 2026 close | $325.46 | $325.46 | 0.00% |
| 40 | BBY | Starter | Member Only | September 8, 2026 close | $89.33 | $89.33 | 0.00% |
Opportunity notes
Why the top 15 ranked here.
The score measures fit with the opportunity framework, not a forecast of future returns. Commentary summarizes the supplied September research version. Notes for ranks 1-12 are reserved for members.
Rank 1 / 83.5 score
Subscriber Only
Detailed opportunity note reserved for members.
Rank 2 / 76 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 / 74.5 score
Subscriber Only
Detailed opportunity note reserved for members.
Rank 7 / 73 score
Subscriber Only
Detailed opportunity note reserved for members.
Rank 8 / 72.5 score
Subscriber Only
Detailed opportunity note reserved for members.
Rank 9 / 71.5 score
Subscriber Only
Detailed opportunity note reserved for members.
Rank 10 / 71 score
Subscriber Only
Detailed opportunity note reserved for members.
Rank 11 / 70.5 score
Subscriber Only
Detailed opportunity note reserved for members.
Rank 12 / 70.5 score
Subscriber Only
Detailed opportunity note reserved for members.
Rank 13 / 70 score
VSNT
Versant is a January Comcast cable-networks spin-off with higher guidance, maintained free-cash-flow expectations, and additional buybacks. The separation and capital returns create a plausible route for the market to reassess the assets. Secular linear-TV decline remains inseparable from the opportunity and limits how confidently current cash flow can be extended into the future.
Rank 14 / 69.5 score
CARG
CarGurus combines an asset-light marketplace, revenue growth, strong operating margins, net cash, and substantial share-count reduction. Those features support a cash-flow valuation case with limited capital requirements. The key question is how much of that quality and buyback compounding the market already recognizes.
Rank 15 / 69.5 score
EVER
EverQuote's revenue growth, record operating earnings, and net cash strengthen the case that profitability can persist. An attractive enterprise valuation matters only if the earnings base survives a less favorable advertising environment. Insurance-carrier spending cycles and channel concentration keep the opportunity below the cleaner compounders.
Show ranked research
| Rank | Ticker | Score | Band | Opportunity and risk |
|---|---|---|---|---|
| 1 | Subscriber Only | 83.5 | Strong MF fit | Detailed thesis reserved for members. |
| 2 | Subscriber Only | 76 | 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 | 74.5 | Good candidate with hair | Detailed thesis reserved for members. |
| 7 | Subscriber Only | 73 | Good candidate with hair | Detailed thesis reserved for members. |
| 8 | Subscriber Only | 72.5 | Good candidate with hair | Detailed thesis reserved for members. |
| 9 | Subscriber Only | 71.5 | Good candidate with hair | Detailed thesis reserved for members. |
| 10 | Subscriber Only | 71 | Good candidate with hair | Detailed thesis reserved for members. |
| 11 | Subscriber Only | 70.5 | Good candidate with hair | Detailed thesis reserved for members. |
| 12 | Subscriber Only | 70.5 | Good candidate with hair | Detailed thesis reserved for members. |
| 13 | VSNT | 70 | Good candidate with hair | Versant is a January Comcast cable-networks spin-off with higher guidance, maintained free-cash-flow expectations, and additional buybacks. The separation and capital returns create a plausible route for the market to reassess the assets. Secular linear-TV decline remains inseparable from the opportunity and limits how confidently current cash flow can be extended into the future. |
| 14 | CARG | 69.5 | Interesting but messy | CarGurus combines an asset-light marketplace, revenue growth, strong operating margins, net cash, and substantial share-count reduction. Those features support a cash-flow valuation case with limited capital requirements. The key question is how much of that quality and buyback compounding the market already recognizes. |
| 15 | EVER | 69.5 | Interesting but messy | EverQuote's revenue growth, record operating earnings, and net cash strengthen the case that profitability can persist. An attractive enterprise valuation matters only if the earnings base survives a less favorable advertising environment. Insurance-carrier spending cycles and channel concentration keep the opportunity below the cleaner compounders. |
| 16 | PAYC | 69.5 | Interesting but messy | Paycom combines revenue growth, strong automation economics, and an expanding margin outlook. Partly debt-funded buybacks and a substantial recent share-price rise require care when judging balance-sheet support and the remaining valuation gap. |
| 17 | HRB | 69 | Interesting but messy | H&R Block's recurring tax-preparation business produced stronger operating cash flow, shareholder returns, and a higher dividend. Normalized earnings should account for a low fiscal 2026 tax rate moving toward a higher fiscal 2027 rate. |
| 18 | PRDO | 69 | Interesting but messy | Perdoceo combines earnings growth, higher guidance, a dividend increase, and net cash. The discount appears tied primarily to education-sector regulatory risk rather than a weak current earnings base. |
| 19 | SAIC | 69 | Interesting but messy | SAIC's fiscal second-quarter growth, stronger adjusted earnings, and raised guidance support its contracted federal cash-flow case. SilverEdge integration, contract concentration, recompete risk, and budget timing remain the main limits on normalized earnings. |
| 20 | STRA | 69 | Interesting but messy | Strategic Education's Strayer, Capella, and Sophia businesses combine revenue and earnings growth with an employer-funded education model. No debt and a dividend support the balance sheet, while education-sector regulation remains a constraint. |
| 21 | HRMY | 68.5 | Interesting but messy | Harmony's WAKIX growth, profitability, net cash, and patent settlements strengthen its cash-generation case. Dependence on a single commercial product remains the central risk. |
| 22 | CON | 68 | Interesting but messy | Concentra is a large occupational-health provider with recurring business-to-business revenue and a spin-off structure. Reimbursement and labor costs remain the main offsets to its defensive service profile. |
| 23 | LEGH | 68 | Interesting but messy | Legacy Housing combines growing manufactured-home earnings, net cash, and a valuation near book value. Geographic concentration and dealer or borrower credit exposure require attention alongside the housing-affordability opportunity. |
| 24 | MAS | 67.5 | Interesting but messy | Masco's branded building products support returns on capital and buybacks. Tariff refunds should be separated from recurring earnings, and housing or remodeling demand remains cyclical. |
| 25 | OSPN | 67.5 | Interesting but messy | OneSpan combines growing subscription revenue, strong operating margins, net cash, and a dividend. Declining legacy hardware remains the main offset to the recurring software case. |
| 26 | URBN | 67.5 | Interesting but messy | Urban Outfitters has sustained growth across Anthropologie, Free People, and Nuuly, supported by net cash. Tariff refunds benefit reported earnings, while fashion cycles limit the durability that should be assigned to current margins. |
| 27 | ALV | 67 | Interesting but messy | Autoliv's passive-safety franchise and shareholder returns support a credible operating value case. Auto-production cycles and tariffs constrain earnings visibility. |
| 28 | NWS | 67 | Interesting but messy | News Corp's Dow Jones franchise, digital subscriptions, publishing assets, and REA stake create a sum-of-the-parts case supported by cash flow. Conglomerate complexity, control, and cyclical advertising remain the main discounts. |
| 29 | RL | 67 | Interesting but messy | Ralph Lauren's brand elevation supports revenue growth, pricing, margins, and a substantial cash balance. The remaining valuation gap appears modest following the market's reassessment. |
| 30 | DSP | 66.5 | Interesting but messy | Viant combines rapid revenue growth, connected-TV demand, net cash, and no debt in the supplied research. Advertising cycles and competition from larger platforms temper the operating-growth case. |
| 31 | LAUR | 66 | Interesting but messy | Laureate's focused Mexico and Peru education operations show stronger revenue and earnings, higher guidance, and additional buybacks. Country, regulatory, and currency concentration remain the main limits on the opportunity. |
| 32 | PFE | 66 | Interesting but messy | Pfizer offers established global pharmaceutical cash flows at a discounted valuation. Post-pandemic normalization, acquisition debt, and pipeline execution complicate the turnaround case. |
| 33 | UTMD | 66 | Interesting but messy | Utah Medical retains a debt-free balance sheet and operating margins, but lost major customers and declining revenue weaken the earnings outlook. The valuation needs to reflect the reduced demand base rather than assume a quick recovery. |
| 34 | ADEA | 65.5 | Interesting but messy | Adeia's high-margin intellectual-property royalties, licensing renewals, and semiconductor activity support a potentially underappreciated earnings stream. Contract renewals and litigation timing can make that stream uneven. |
| 35 | CHCI | 65.5 | Interesting but messy | Comstock combines rapid growth and an asset-light fee model with no debt. An unrealized investment gain should be excluded when evaluating recurring earnings, and control and customer concentration remain important risks. |
| 36 | CRCT | 65.5 | Interesting but messy | Cricut's paid-subscriber base, net cash, and dividend support the platform-transition case despite falling revenue. Declining engagement and discretionary hobby spending make the durability of the earnings base uncertain. |
| 37 | EME | 65.5 | Interesting but messy | EMCOR combines strong execution, growing revenue and earnings, and a substantial increase in remaining performance obligations. The valuation already recognizes considerable quality, and data-center investment may make current earnings cyclical. |
| 38 | THC | 65.5 | Interesting but messy | Tenet's ambulatory-services mix, volume growth, and raised guidance support the earnings case. Its September 8 refinancing extends debt maturities, while leverage, payer mix, and weaker exchange volumes remain risks. |
| 39 | AYI | 65 | Interesting but messy | Acuity's controls and intelligent-spaces businesses add growth and software exposure to mature lighting operations. Cash generation supports the case, but the recent revaluation narrows the margin of safety. |
| 40 | BBY | 65 | Interesting but messy | Best Buy remains a mature retailer with real cash generation. Tariff refunds should be removed from normalized earnings, and consumer-electronics demand remains structurally cyclical. |
Benchmarks
Comparison baseline.
| Benchmark | Entry date | Entry price | Status |
|---|---|---|---|
| VTI | September 8, 2026 close | $377.60 | Started |
| Magic Formula Top 50 over $50M | Pending constituent list and entry prices | ||
Publication ledger
Research version and record.
- Research cycle
- September 6, 2026
- Entry date
- September 8, 2026 close. September 7 was a market holiday.
- Research updates through
- September 10, 2026
- Publication timing
- Prepared after entry. See the hosting deployment record for the actual public timestamp.
- Source workbook
- Consolidated_Sep-2026_FULL_UNIVERSE_RERUN--FULL-FINAL w Corrected Thesis.xlsx
- Source worksheet
- Consolidated-NEW
- Ranking CSV SHA-256
d20842251bcba2f8b8aa841d64704c426348406842cdc8a8c723e299e19c0657- Portfolio CSV SHA-256
6fdde9366acd598348b078c58f7da3b3ed0cfacea388fe270e3271a6a7c66f69- Manifest
- View publication manifest
Preserve the original publication and record any corrections with a new date. Portfolio closes can be updated separately from the archived research.