The exclusions
The 250 companies we will not own.
Everyone publishes what to buy. The most durable finding in this research is the other half: the weakest companies on cash generation trailed the rest by about four points a year, in the first half of the record and again in the second.
So the list is free, and this is all of it. Check it against what you already own. Set on 31 July 2026, next revised at the January review.
250
excluded this period
50%
of the 500 largest US companies
9
sectors represented
4.0%
a year they trailed the rest by
The largest of them
The 16 biggest, ordered by company size, because these are the ones most likely to already be in a portfolio. Each has a page of its own explaining the measures it failed. All 250 are listed below →
TickerCompanyWhy it is out
Where they cluster
50
Industrials
49
Technology
31
Healthcare
31
Real Estate
22
Basic Materials
22
Consumer Cyclical
20
Energy
13
Consumer Defensive
The full list
A company is here because it ranks in the bottom 250 of the 500 on the combined measure. That is not a forecast that it will fall. It is where the rules stop looking, and plenty of these will do well.
AAgilent Technologies
ranks in the bottom 250 on the combined measure
AAAlcoa
generates little cash against the assets it owns · earns a low gross profit on the assets it employs · produces little free cash flow for the share price
ADMArcher-Daniels-Midland
earns a low gross profit on the assets it employs
ADPAutomatic Data Processing
generates little cash against the assets it owns · earns a low gross profit on the assets it employs
AEISAdvanced Energy Industries
generates little cash against the assets it owns · produces little free cash flow for the share price
AKAMAkamai Technologies
takes longer than its peers to file results
ALBAlbemarle
generates little cash against the assets it owns · earns a low gross profit on the assets it employs
AMCRAmcor
generates little cash against the assets it owns · earns a low gross profit on the assets it employs
produces little free cash flow for the share price · takes longer than its peers to file results
AMEAmetek
earns a low gross profit on the assets it employs
AMKRAmkor Technology
earns a low gross profit on the assets it employs · produces little free cash flow for the share price
AMRZAmrize
earns a low gross profit on the assets it employs
AMTAmerican Tower
earns a low gross profit on the assets it employs
APDAir Products & Chemicals
earns a low gross profit on the assets it employs · produces little free cash flow for the share price
produces little free cash flow for the share price
ASTSAST Spacemobile
generates little cash against the assets it owns · earns a low gross profit on the assets it employs · produces little free cash flow for the share price · takes longer than its peers to file results
ATIATI
produces little free cash flow for the share price
AURAurora Innovation
generates little cash against the assets it owns · earns a low gross profit on the assets it employs · produces little free cash flow for the share price
AVBAvalonbay Communities
generates little cash against the assets it owns · earns a low gross profit on the assets it employs · produces little free cash flow for the share price
produces little free cash flow for the share price · takes longer than its peers to file results
AXONAXON Enterprise
generates little cash against the assets it owns · produces little free cash flow for the share price
generates little cash against the assets it owns · earns a low gross profit on the assets it employs · produces little free cash flow for the share price
BALLBALL
generates little cash against the assets it owns · earns a low gross profit on the assets it employs
BBIOBridgebio Pharma
generates little cash against the assets it owns · produces little free cash flow for the share price
BDXBecton Dickinson
generates little cash against the assets it owns
BEBloom Energy
generates little cash against the assets it owns · earns a low gross profit on the assets it employs · produces little free cash flow for the share price
BGBunge Global
generates little cash against the assets it owns · earns a low gross profit on the assets it employs · produces little free cash flow for the share price
BKRBaker Hughes
generates little cash against the assets it owns · earns a low gross profit on the assets it employs
BWXTBWX Technologies
earns a low gross profit on the assets it employs · produces little free cash flow for the share price
CARRCarrier Global
generates little cash against the assets it owns · earns a low gross profit on the assets it employs
produces little free cash flow for the share price
CBRECBRE
generates little cash against the assets it owns · produces little free cash flow for the share price
CCICrown Castle
earns a low gross profit on the assets it employs
CDECoeur Mining
generates little cash against the assets it owns · earns a low gross profit on the assets it employs
CDWCDW
generates little cash against the assets it owns
CICigna
generates little cash against the assets it owns · earns a low gross profit on the assets it employs
CLHClean Harbors
ranks in the bottom 250 on the combined measure
CMICummins
ranks in the bottom 250 on the combined measure
CNHCNH Industrial
generates little cash against the assets it owns · earns a low gross profit on the assets it employs
COHRCoherent
generates little cash against the assets it owns · earns a low gross profit on the assets it employs · produces little free cash flow for the share price
COOCooper Companies
generates little cash against the assets it owns
CORCencora
generates little cash against the assets it owns · earns a low gross profit on the assets it employs
CPAYCorpay
generates little cash against the assets it owns · earns a low gross profit on the assets it employs · takes longer than its peers to file results
CPNGCoupang
produces little free cash flow for the share price
CRWDCrowdstrike
produces little free cash flow for the share price
CRWVCoreweave
earns a low gross profit on the assets it employs · produces little free cash flow for the share price · takes longer than its peers to file results
CSGPCostar
generates little cash against the assets it owns · produces little free cash flow for the share price
CSXCSX
earns a low gross profit on the assets it employs · produces little free cash flow for the share price
CTVACorteva
generates little cash against the assets it owns
CVNACarvana
generates little cash against the assets it owns · produces little free cash flow for the share price
CVSCVS Health
generates little cash against the assets it owns
earns a low gross profit on the assets it employs
CWCurtiss Wright
produces little free cash flow for the share price
DASHDoordash
produces little free cash flow for the share price
DDDupont De Nemours
generates little cash against the assets it owns · earns a low gross profit on the assets it employs
DDOGDatadog
produces little free cash flow for the share price
DEDeere
generates little cash against the assets it owns · earns a low gross profit on the assets it employs
DELLDELL Technologies
takes longer than its peers to file results
DHRDanaher
generates little cash against the assets it owns · earns a low gross profit on the assets it employs
generates little cash against the assets it owns · earns a low gross profit on the assets it employs · takes longer than its peers to file results
DKSDick'S Sporting Goods
produces little free cash flow for the share price · takes longer than its peers to file results
DLRDigital Realty
generates little cash against the assets it owns · earns a low gross profit on the assets it employs · produces little free cash flow for the share price
DOCHealthpeak Properties
generates little cash against the assets it owns · earns a low gross profit on the assets it employs · produces little free cash flow for the share price
DOCNDigitalocean
produces little free cash flow for the share price
DOWDOW
generates little cash against the assets it owns · earns a low gross profit on the assets it employs · produces little free cash flow for the share price
DTMDT Midstream
earns a low gross profit on the assets it employs
ECHOEchostar
generates little cash against the assets it owns · earns a low gross profit on the assets it employs · produces little free cash flow for the share price · takes longer than its peers to file results
ECLEcolab
produces little free cash flow for the share price
ELANElanco Animal Health
generates little cash against the assets it owns · produces little free cash flow for the share price
EMREmerson Electric
generates little cash against the assets it owns
ENTGEntegris
generates little cash against the assets it owns · earns a low gross profit on the assets it employs · produces little free cash flow for the share price
EPDEnterprise Products Partners
earns a low gross profit on the assets it employs
EQIXEquinix
earns a low gross profit on the assets it employs · produces little free cash flow for the share price
ESSEssex Property
generates little cash against the assets it owns · earns a low gross profit on the assets it employs · produces little free cash flow for the share price
ETEnergy Transfer
generates little cash against the assets it owns · earns a low gross profit on the assets it employs
ETNEaton
generates little cash against the assets it owns · produces little free cash flow for the share price
EWEdwards Lifesciences
produces little free cash flow for the share price
EXASExact Sciences
generates little cash against the assets it owns · produces little free cash flow for the share price · takes longer than its peers to file results
EXRExtra Space Storage
generates little cash against the assets it owns · earns a low gross profit on the assets it employs
FFord Motor
generates little cash against the assets it owns · earns a low gross profit on the assets it employs
FANGDiamondback Energy
earns a low gross profit on the assets it employs · produces little free cash flow for the share price
FCXFreeport-Mcmoran
earns a low gross profit on the assets it employs · produces little free cash flow for the share price · takes longer than its peers to file results
FISFidelity National Information Services
generates little cash against the assets it owns · earns a low gross profit on the assets it employs · takes longer than its peers to file results
FISVFiserv
generates little cash against the assets it owns · earns a low gross profit on the assets it employs
FIVEFIVE Below
takes longer than its peers to file results
FLEXFLEX
generates little cash against the assets it owns · earns a low gross profit on the assets it employs · produces little free cash flow for the share price · takes longer than its peers to file results
FLUTFlutter Entertainment
generates little cash against the assets it owns
FNFabrinet
generates little cash against the assets it owns · earns a low gross profit on the assets it employs · produces little free cash flow for the share price · takes longer than its peers to file results
FTAIFTAI Aviation
generates little cash against the assets it owns · produces little free cash flow for the share price
FWONALiberty Media
generates little cash against the assets it owns · earns a low gross profit on the assets it employs
generates little cash against the assets it owns · earns a low gross profit on the assets it employs · produces little free cash flow for the share price
GEHCGE Healthcare Technologies
generates little cash against the assets it owns
GENGEN Digital
takes longer than its peers to file results
GLPIGaming & Leisure Properties
generates little cash against the assets it owns · earns a low gross profit on the assets it employs · produces little free cash flow for the share price
GLWCorning
produces little free cash flow for the share price
GNRCGenerac
produces little free cash flow for the share price
GPNGlobal Payments
generates little cash against the assets it owns · earns a low gross profit on the assets it employs · takes longer than its peers to file results
GWREGuidewire Software
produces little free cash flow for the share price
HHyatt Hotels
generates little cash against the assets it owns · earns a low gross profit on the assets it employs · produces little free cash flow for the share price
HEIHeico
produces little free cash flow for the share price
HIIHuntington Ingalls Industries
earns a low gross profit on the assets it employs
HONHoneywell International
generates little cash against the assets it owns · earns a low gross profit on the assets it employs
HPEHewlett Packard Enterprise
generates little cash against the assets it owns · earns a low gross profit on the assets it employs · takes longer than its peers to file results
HRLHormel Foods
generates little cash against the assets it owns · earns a low gross profit on the assets it employs
HSTHost Hotels & Resorts
earns a low gross profit on the assets it employs · takes longer than its peers to file results
HWMHowmet Aerospace
produces little free cash flow for the share price
IFFInternational Flavors & Fragrances
generates little cash against the assets it owns · earns a low gross profit on the assets it employs · produces little free cash flow for the share price
INSMInsmed
generates little cash against the assets it owns · produces little free cash flow for the share price
generates little cash against the assets it owns · earns a low gross profit on the assets it employs · produces little free cash flow for the share price
INVHInvitation Homes
generates little cash against the assets it owns · earns a low gross profit on the assets it employs
IONQIONQ
generates little cash against the assets it owns · earns a low gross profit on the assets it employs · produces little free cash flow for the share price
IOTSamsara
produces little free cash flow for the share price · takes longer than its peers to file results
IPInternational Paper
generates little cash against the assets it owns
IQVIqvia
earns a low gross profit on the assets it employs
IRIngersoll Rand
generates little cash against the assets it owns · earns a low gross profit on the assets it employs
IRMIron Mountain
generates little cash against the assets it owns · earns a low gross profit on the assets it employs · produces little free cash flow for the share price
ITTITT
generates little cash against the assets it owns · earns a low gross profit on the assets it employs · produces little free cash flow for the share price
JJacobs Solutions
generates little cash against the assets it owns · takes longer than its peers to file results
JBLJabil
generates little cash against the assets it owns · earns a low gross profit on the assets it employs · takes longer than its peers to file results
JCIJohnson Controls International
generates little cash against the assets it owns · produces little free cash flow for the share price
KKellanova
generates little cash against the assets it owns · produces little free cash flow for the share price
KDPKeurig Dr Pepper
generates little cash against the assets it owns · earns a low gross profit on the assets it employs
KHCKraft Heinz
generates little cash against the assets it owns · earns a low gross profit on the assets it employs · takes longer than its peers to file results
KIMKimco Realty
generates little cash against the assets it owns · earns a low gross profit on the assets it employs
KMIKinder Morgan
generates little cash against the assets it owns · earns a low gross profit on the assets it employs
KVUEKenvue
generates little cash against the assets it owns · takes longer than its peers to file results
LAMRLamar Advertising
ranks in the bottom 250 on the combined measure
LENLennar
generates little cash against the assets it owns · earns a low gross profit on the assets it employs · produces little free cash flow for the share price · takes longer than its peers to file results
LHXL3Harris Technologies
generates little cash against the assets it owns · earns a low gross profit on the assets it employs
produces little free cash flow for the share price
LITELumentum
generates little cash against the assets it owns · earns a low gross profit on the assets it employs · produces little free cash flow for the share price · takes longer than its peers to file results
LNGCheniere Energy
earns a low gross profit on the assets it employs
LYBLyondellbasell Industries
generates little cash against the assets it owns · earns a low gross profit on the assets it employs
LYVLive Nation Entertainment
ranks in the bottom 250 on the combined measure
MAAMid America Apartment Communities
generates little cash against the assets it owns · earns a low gross profit on the assets it employs · produces little free cash flow for the share price
MARMarriott International
ranks in the bottom 250 on the combined measure
MCHPMicrochip Technology
generates little cash against the assets it owns · earns a low gross profit on the assets it employs · produces little free cash flow for the share price · takes longer than its peers to file results
MCKMckesson
generates little cash against the assets it owns · earns a low gross profit on the assets it employs · takes longer than its peers to file results
MDLZMondelez International
generates little cash against the assets it owns · earns a low gross profit on the assets it employs
MDTMedtronic
generates little cash against the assets it owns
MKCMccormick
generates little cash against the assets it owns · earns a low gross profit on the assets it employs
MKSIMKS
generates little cash against the assets it owns · produces little free cash flow for the share price
MLMMartin Marietta Materials
generates little cash against the assets it owns · earns a low gross profit on the assets it employs
MODModine Manufacturing
produces little free cash flow for the share price · takes longer than its peers to file results
MRNAModerna
generates little cash against the assets it owns · earns a low gross profit on the assets it employs · produces little free cash flow for the share price
generates little cash against the assets it owns · earns a low gross profit on the assets it employs · produces little free cash flow for the share price
MSTRStrategy
generates little cash against the assets it owns · earns a low gross profit on the assets it employs · produces little free cash flow for the share price
MTSIMacom Technology Solutions
produces little free cash flow for the share price
MTZMastec
generates little cash against the assets it owns · earns a low gross profit on the assets it employs · produces little free cash flow for the share price
NETCloudflare
produces little free cash flow for the share price · takes longer than its peers to file results
NKENike
generates little cash against the assets it owns · produces little free cash flow for the share price
NLYAnnaly Capital Management
generates little cash against the assets it owns · earns a low gross profit on the assets it employs · produces little free cash flow for the share price
NSCNorfolk Southern
generates little cash against the assets it owns · earns a low gross profit on the assets it employs · produces little free cash flow for the share price
NTRANatera
generates little cash against the assets it owns · produces little free cash flow for the share price · takes longer than its peers to file results
NUENucor
earns a low gross profit on the assets it employs · produces little free cash flow for the share price · takes longer than its peers to file results
NVTNvent Electric
generates little cash against the assets it owns · produces little free cash flow for the share price
NWSANews
generates little cash against the assets it owns · takes longer than its peers to file results
NXTNextpower
takes longer than its peers to file results
ORealty Income
generates little cash against the assets it owns · earns a low gross profit on the assets it employs · produces little free cash flow for the share price
OHIOmega Healthcare Investors
earns a low gross profit on the assets it employs · produces little free cash flow for the share price
OKEOneok
generates little cash against the assets it owns · earns a low gross profit on the assets it employs
OMCOmnicom
generates little cash against the assets it owns · earns a low gross profit on the assets it employs
ONON Semiconductor
earns a low gross profit on the assets it employs
ONTOONTO Innovation
produces little free cash flow for the share price
earns a low gross profit on the assets it employs · produces little free cash flow for the share price
OXYOccidental Petroleum
earns a low gross profit on the assets it employs
PAAPlains All American Pipeline
generates little cash against the assets it owns · earns a low gross profit on the assets it employs · takes longer than its peers to file results
PCARPaccar
earns a low gross profit on the assets it employs
PFEPfizer
generates little cash against the assets it owns
PFGCPerformance Food
generates little cash against the assets it owns · takes longer than its peers to file results
PKGPackaging Corp Of America
earns a low gross profit on the assets it employs · takes longer than its peers to file results
PLDPrologis
generates little cash against the assets it owns · earns a low gross profit on the assets it employs · produces little free cash flow for the share price
PRPermian Resources
produces little free cash flow for the share price
PSXPhillips 66
generates little cash against the assets it owns · earns a low gross profit on the assets it employs · produces little free cash flow for the share price
PWRQuanta Services
earns a low gross profit on the assets it employs · produces little free cash flow for the share price
QQnity Electronics
generates little cash against the assets it owns · earns a low gross profit on the assets it employs · produces little free cash flow for the share price · takes longer than its peers to file results
QSRRestaurant Brands International
generates little cash against the assets it owns · earns a low gross profit on the assets it employs
QXOQXO
generates little cash against the assets it owns · earns a low gross profit on the assets it employs · produces little free cash flow for the share price · takes longer than its peers to file results
RBARB Global
generates little cash against the assets it owns · earns a low gross profit on the assets it employs
RBCRBC Bearings
generates little cash against the assets it owns · earns a low gross profit on the assets it employs · produces little free cash flow for the share price · takes longer than its peers to file results
RCLRoyal Caribbean Cruises
produces little free cash flow for the share price
REGRegency Centers
generates little cash against the assets it owns · earns a low gross profit on the assets it employs
RGLDRoyal Gold
earns a low gross profit on the assets it employs
RIVNRivian Automotive
generates little cash against the assets it owns · earns a low gross profit on the assets it employs · produces little free cash flow for the share price
RKLBRocket Lab
generates little cash against the assets it owns · earns a low gross profit on the assets it employs · produces little free cash flow for the share price
ROIVRoivant Sciences
generates little cash against the assets it owns · earns a low gross profit on the assets it employs · produces little free cash flow for the share price · takes longer than its peers to file results
ROPRoper Technologies
generates little cash against the assets it owns · earns a low gross profit on the assets it employs
RPMRPM International
takes longer than its peers to file results
RPRXRoyalty Pharma
earns a low gross profit on the assets it employs
RRXRegal Rexnord
generates little cash against the assets it owns · earns a low gross profit on the assets it employs
RSGRepublic Services
takes longer than its peers to file results
generates little cash against the assets it owns · earns a low gross profit on the assets it employs
RVMDRevolution Medicines
generates little cash against the assets it owns · earns a low gross profit on the assets it employs · produces little free cash flow for the share price
SBACSBA Communications
earns a low gross profit on the assets it employs
SGISomnigroup International
generates little cash against the assets it owns · takes longer than its peers to file results
SITMSitime
generates little cash against the assets it owns · earns a low gross profit on the assets it employs · produces little free cash flow for the share price
SMCISuper Micro Computer
generates little cash against the assets it owns · earns a low gross profit on the assets it employs · produces little free cash flow for the share price · takes longer than its peers to file results
SMMTSummit Therapeutics
generates little cash against the assets it owns · earns a low gross profit on the assets it employs · produces little free cash flow for the share price
SNSharkninja
produces little free cash flow for the share price
SNPSSynopsys
generates little cash against the assets it owns · earns a low gross profit on the assets it employs · produces little free cash flow for the share price
SNXTd Synnex
generates little cash against the assets it owns · earns a low gross profit on the assets it employs
SPGSimon Property
earns a low gross profit on the assets it employs · takes longer than its peers to file results
STESteris
takes longer than its peers to file results
STLDSteel Dynamics
generates little cash against the assets it owns · earns a low gross profit on the assets it employs · produces little free cash flow for the share price
STRLSterling Infrastructure
produces little free cash flow for the share price
STZConstellation Brands
takes longer than its peers to file results
SUISun Communities
generates little cash against the assets it owns · earns a low gross profit on the assets it employs · produces little free cash flow for the share price
SUNSunoco
generates little cash against the assets it owns · earns a low gross profit on the assets it employs
SWSmurfit Westrock
generates little cash against the assets it owns · earns a low gross profit on the assets it employs
SYKStryker
takes longer than its peers to file results
SYMSymbotic
earns a low gross profit on the assets it employs · produces little free cash flow for the share price · takes longer than its peers to file results
TDGTransdigm
generates little cash against the assets it owns · takes longer than its peers to file results
TDYTeledyne Technologies
generates little cash against the assets it owns · earns a low gross profit on the assets it employs
TEVATEVA Pharmaceutical Industries
generates little cash against the assets it owns
TKOTKO
earns a low gross profit on the assets it employs
TMOThermo Fisher Scientific
generates little cash against the assets it owns · earns a low gross profit on the assets it employs
TRGPTarga Resources
produces little free cash flow for the share price
TRMBTrimble
generates little cash against the assets it owns
earns a low gross profit on the assets it employs · produces little free cash flow for the share price
TSNTyson Foods
generates little cash against the assets it owns · earns a low gross profit on the assets it employs
TTMITTM Technologies
generates little cash against the assets it owns · earns a low gross profit on the assets it employs · produces little free cash flow for the share price
TTWOTake TWO Interactive Software
generates little cash against the assets it owns · produces little free cash flow for the share price · takes longer than its peers to file results
TWLOTwilio
ranks in the bottom 250 on the combined measure
TXTTextron
generates little cash against the assets it owns · earns a low gross profit on the assets it employs
generates little cash against the assets it owns
USFDUS Foods
takes longer than its peers to file results
VEEVVeeva Systems
takes longer than its peers to file results
VGVenture Global
earns a low gross profit on the assets it employs · produces little free cash flow for the share price · takes longer than its peers to file results
VICIVICI Properties
generates little cash against the assets it owns · earns a low gross profit on the assets it employs
VLOValero Energy
earns a low gross profit on the assets it employs
VMCVulcan Materials
earns a low gross profit on the assets it employs
VMRKVivmark Residential
generates little cash against the assets it owns · earns a low gross profit on the assets it employs
VNOMViper Energy
earns a low gross profit on the assets it employs · produces little free cash flow for the share price
VTRVentas
generates little cash against the assets it owns · earns a low gross profit on the assets it employs · produces little free cash flow for the share price
VTRSViatris
generates little cash against the assets it owns · earns a low gross profit on the assets it employs
WABWestinghouse Air Brake Technologies
generates little cash against the assets it owns · earns a low gross profit on the assets it employs
WATWaters
generates little cash against the assets it owns · earns a low gross profit on the assets it employs · produces little free cash flow for the share price · takes longer than its peers to file results
WBDWarner Bros Discovery
generates little cash against the assets it owns · earns a low gross profit on the assets it employs
WCCWesco International
generates little cash against the assets it owns · produces little free cash flow for the share price
WELLWelltower
generates little cash against the assets it owns · earns a low gross profit on the assets it employs
WLKWestlake
generates little cash against the assets it owns · earns a low gross profit on the assets it employs · produces little free cash flow for the share price
WMBWilliams Companies
earns a low gross profit on the assets it employs · produces little free cash flow for the share price
WMGWarner Music
generates little cash against the assets it owns
WPCW P Carey
generates little cash against the assets it owns · earns a low gross profit on the assets it employs
WWDWoodward
produces little free cash flow for the share price
WYWeyerhaeuser
generates little cash against the assets it owns · earns a low gross profit on the assets it employs · produces little free cash flow for the share price
earns a low gross profit on the assets it employs
XYLXylem
generates little cash against the assets it owns
XYZBlock
generates little cash against the assets it owns
YUMCYUM China
takes longer than its peers to file results
And the 250 we will
The other 250 companies are what the three portfolios are drawn from. The tightest of them returned 17% a year over 28.5 years against 9% for , with falls to match. The first seven days are free.
See the portfolios →Required disclosures · producer, method, ratings, conflicts
- Producer
- Purple Turtle, a research publication produced in a personal capacity in Denmark. Not authorised or supervised by Finanstilsynet: general investment research published identically to every reader does not require authorisation. The legal person behind Purple Turtle is named in full on the terms page.
- Completed and first disseminated
- Ranking completed on 31 July 2026 using prices to 31 August 2026. Published on the same date and unchanged since. The next ranking is produced on 31 January 2027.
- Methodology
- The 500 largest US companies by market value, excluding financials and utilities, are ranked on four measures: cash return on assets, free cash flow against price, gross profit against assets, and days taken to file quarterly results (reversed). Ranks are added with equal weight. The bottom 250 are removed and the remainder held, weighted by company size with a 100% ceiling on any one holding. No price targets are issued and no forecasts are made. Only accounts already filed with the regulator are used, plus 60 days. Full method.
- Rating scale and frequency
- Two ratings only: held (in the published book) and not held (removed). A company can be neither, and most are. There is no buy, sell or hold rating and no target price. Ratings are reviewed twice a year, in January + July, and do not change in between except where a company ceases to trade.
- Rating distribution
- Of the 500 companies covered this period: 50% held, 50% not held, and 0% neither — ranked above the exclusion line but outside this particular book.
- Holdings and conflicts
- The producer's own positions are disclosed with each ranking. No trade is made in any covered company from five trading days before publication to two trading days after. No position exceeds 0.5% of any issuer's share capital. No compensation of any kind has been received from any issuer, and no issuer has been shown this material before publication.
- Nature of this material
- General investment research, produced to a fixed method and published identically to every reader. It is not a personal recommendation: no assessment has been made of any reader's circumstances, objectives, or financial situation. Facts are distinguished from estimates throughout, and past performance does not predict future results. Your capital is at risk.
- Availability
- Offered to residents of the EU and EEA. Not offered to US or UK persons.