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Benjamin Graham NCAV Bargain Screen 200 Qualifying

Benjamin Graham NCAV Bargain is a deep value 'bargain' investing strategy based on rules suggested by legendary investor, Benjamin Graham, who wrote The Intelligent Investor. This is a simple value approach that looks for companies with a market capitalisation that is less than their net current asset value. NCAV is the calculation of current assets minus current liabilities. Ben Graham wrote: "You are neither right nor wrong because the crowd disagrees with you. You are right because your data and reasoning are right." In a study by Henry Oppenhemier in the Financial Analysts Journal, the mean return from discounted net current asset stocks over a 13-year period was 29.4% per year versus 11.5% per year for the NYSE-AMEX Index. Ben Graham advocated buying stocks that, if they were to collapse tomorrow, should still produce a positive return because of the underlying asset backing. To reduce exposure to individual failures, he also looked for a margin of safety of about 33% and suggested diversifying between at least 30 stocks.

To learn more about this strategy please click here »

This is an independent study based upon the methods of...
Picture of Benjamin Graham

Benjamin Graham

Known as the Father of Value Investing, wrote the Intelligent Investor

The Intelligent Investor

by Benjamin Graham

Researchers Xiao and Arnold tested out the NCAV strategy outlined in Benjamin Graham's "The Intelligent Investor" on the London market and found that stocks with an NCAV/MV greater than 1.5 displayed significantly positive market-adjusted returns (annualized return up to 19.7% per year) over five holding years.

This screen uses the following criteria:

  • P/NCAV < 1
  • 3m Avg Vol > 0.25
  • Sector not in F inancials,

Results are sorted by:

  • P/NCAV in ascending order


And limited to the first 200 Results


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Performance Tracking


Returns FTSE 100
1 week -1.6% -1.7% -1.0% -5.6% 2.8% -0.5% 4.8% -0.1%
1 month 7.6% 5.1% 20.1% 2.0% 5.9% 10.8% -3.2% 1.2%
3 months 18.8% 18.0% 61.5% -1.8% 13.5% 19.7% 12.9% 8.8%
6 months 19.1% 12.9% 84.9% - - - - 13.3%
1 year 24.9% 16.5% 107.5% - - - - 17.1%
2 years 0.5% -34.0% 30.6% - - - - 4.1%
Annualised 12.4% -17.2% 14.8% 12.5% 76.4% 50.4% 59.0%
 
Risks
Max Drawdown -33.3% -63.1% -45.8% -20.3% -11.1% -21.0% -13.5%
Avg Holdings 24.7 24.7 23.6 21.5 13.5 25 21
Diversification Good Good Good Good Moderate Good Good

 Studies based on equal weighted portfolios of max 25 stocks rebalanced quarterly. Qualifying shares below updated daily. Past performance not indicative of future returns.



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200 Qualifying

Ticker Name Mkt Cap £m P/NCAV 3m Avg Vol Sector Flag
Subscriber Subscriber Basic Materials United States
Subscriber Subscriber Consumer Cyclicals Netherlands
Subscriber Subscriber Telecoms India
Subscriber Subscriber Technology Germany
Subscriber Subscriber Basic Materials India
Subscriber Subscriber Consumer Cyclicals India
Subscriber Subscriber Healthcare United States
Subscriber Subscriber Industrials United Kingdom
Subscriber Subscriber Consumer Cyclicals India
Subscriber Subscriber Basic Materials United States
Subscriber Subscriber Consumer Cyclicals United Kingdom
Subscriber Subscriber Consumer Defensives India
Subscriber Subscriber Basic Materials India
Subscriber Subscriber Consumer Cyclicals India
Subscriber Subscriber Technology United States
Subscriber Subscriber Consumer Cyclicals United States
Subscriber Subscriber Basic Materials Hong Kong
Subscriber Subscriber Consumer Cyclicals Germany
Subscriber Subscriber Consumer Cyclicals Singapore
Subscriber Subscriber Technology Hong Kong
Subscriber Subscriber Technology Singapore
Subscriber Subscriber Consumer Defensives India
Subscriber Subscriber Energy United States
Subscriber Subscriber Consumer Cyclicals Hong Kong
Subscriber Subscriber Basic Materials Australia
Subscriber Subscriber Basic Materials Turkey
Subscriber Subscriber Basic Materials United States
Subscriber Subscriber Consumer Cyclicals United States
Subscriber Subscriber Consumer Cyclicals India
Subscriber Subscriber Consumer Cyclicals United States
Subscriber Subscriber Basic Materials India
Subscriber Subscriber Healthcare India
Subscriber Subscriber Basic Materials United States
Subscriber Subscriber Consumer Cyclicals Australia
Subscriber Subscriber Technology Hong Kong
Subscriber Subscriber Consumer Cyclicals India
Subscriber Subscriber Industrials India
Subscriber Subscriber Consumer Defensives United Kingdom
Subscriber Subscriber Industrials India
Subscriber Subscriber Consumer Cyclicals Hong Kong
Subscriber Subscriber Basic Materials Hong Kong
Subscriber Subscriber Industrials Hong Kong
Subscriber Subscriber Energy Hong Kong
Subscriber Subscriber Industrials Poland
Subscriber Subscriber Consumer Defensives Hong Kong
Subscriber Subscriber Technology Singapore
Subscriber Subscriber Consumer Cyclicals India
Subscriber Subscriber Consumer Cyclicals Hong Kong
Subscriber Subscriber Basic Materials India
Subscriber Subscriber Technology Denmark
Subscriber Subscriber Industrials India
Subscriber Subscriber Consumer Defensives Hong Kong
Subscriber Subscriber Technology Hong Kong
Subscriber Subscriber Consumer Defensives United States
Subscriber Subscriber Consumer Defensives United States
Subscriber Subscriber Consumer Cyclicals Poland
Subscriber Subscriber Basic Materials Germany
Subscriber Subscriber Technology India
Subscriber Subscriber Consumer Cyclicals India
Subscriber Subscriber Healthcare India
Subscriber Subscriber Consumer Defensives Hong Kong
Subscriber Subscriber Basic Materials India
Subscriber Subscriber Consumer Cyclicals Poland
Subscriber Subscriber Consumer Cyclicals India
Subscriber Subscriber Technology India
Subscriber Subscriber Consumer Cyclicals India
Subscriber Subscriber Basic Materials India
Subscriber Subscriber Telecoms Poland
Subscriber Subscriber Industrials United Kingdom
Subscriber Subscriber Healthcare Germany
Subscriber Subscriber Consumer Defensives United States
Subscriber Subscriber Healthcare United States
Subscriber Subscriber Consumer Cyclicals Hong Kong
Subscriber Subscriber Technology Japan
Subscriber Subscriber Telecoms Singapore
Subscriber Subscriber Industrials Singapore
Subscriber Subscriber Industrials United States
Subscriber Subscriber Industrials Poland
Subscriber Subscriber Industrials Germany
Subscriber Subscriber Consumer Cyclicals Japan
Subscriber Subscriber Basic Materials Singapore
Subscriber Subscriber Energy United Kingdom
Subscriber Subscriber Industrials United States
Subscriber Subscriber Consumer Defensives Hong Kong
Subscriber Subscriber Energy United Kingdom
Subscriber Subscriber Consumer Cyclicals United Kingdom
Subscriber Subscriber Technology United States
Subscriber Subscriber Basic Materials Poland
Subscriber Subscriber Consumer Cyclicals Hong Kong
Subscriber Subscriber Basic Materials Canada
Subscriber Subscriber Consumer Cyclicals Hong Kong
Subscriber Subscriber Consumer Cyclicals India
Subscriber Subscriber Industrials Singapore
Subscriber Subscriber Energy United Kingdom
Subscriber Subscriber Consumer Cyclicals Turkey
Subscriber Subscriber Consumer Defensives Japan
Subscriber Subscriber Energy Canada
Subscriber Subscriber Consumer Cyclicals Singapore
Subscriber Subscriber Consumer Defensives Hong Kong
Subscriber Subscriber Consumer Cyclicals India
Subscriber Subscriber Industrials United Kingdom
Subscriber Subscriber Industrials Hong Kong
Subscriber Subscriber Energy United Kingdom
Subscriber Subscriber Consumer Cyclicals United States
Subscriber Subscriber Basic Materials Australia
Subscriber Subscriber Utilities United Kingdom
Subscriber Subscriber Basic Materials United States
Subscriber Subscriber Healthcare Hong Kong
Subscriber Subscriber Consumer Cyclicals India
Subscriber Subscriber Industrials Japan
Subscriber Subscriber Consumer Defensives India
Subscriber Subscriber Consumer Cyclicals Turkey
Subscriber Subscriber Industrials India
Subscriber Subscriber Technology Hong Kong
Subscriber Subscriber Energy United Kingdom
Subscriber Subscriber Basic Materials India
Subscriber Subscriber Basic Materials Japan
Subscriber Subscriber Technology India
Subscriber Subscriber Technology United States
Subscriber Subscriber Technology Japan
Subscriber Subscriber Consumer Cyclicals Hong Kong
Subscriber Subscriber Consumer Cyclicals Hong Kong
Subscriber Subscriber Industrials Japan
Subscriber Subscriber Industrials Turkey
Subscriber Subscriber Industrials India
Subscriber Subscriber Healthcare United States
Subscriber Subscriber Consumer Cyclicals Poland
Subscriber Subscriber Basic Materials United Kingdom
Subscriber Subscriber Consumer Cyclicals India
Subscriber Subscriber Consumer Cyclicals Japan
Subscriber Subscriber Basic Materials Japan
Subscriber Subscriber Industrials Japan
Subscriber Subscriber Consumer Cyclicals United States
Subscriber Subscriber Consumer Cyclicals Hong Kong
Subscriber Subscriber Energy Singapore
Subscriber Subscriber Basic Materials United States
Subscriber Subscriber Consumer Defensives Hong Kong
Subscriber Subscriber Industrials Japan
Subscriber Subscriber Technology India
Subscriber Subscriber Industrials Japan
Subscriber Subscriber Healthcare United Kingdom
Subscriber Subscriber Basic Materials United Kingdom
Subscriber Subscriber Consumer Cyclicals India
Subscriber Subscriber Consumer Cyclicals Japan
Subscriber Subscriber Industrials Hong Kong
Subscriber Subscriber Basic Materials Australia
Subscriber Subscriber Healthcare United States
Subscriber Subscriber Industrials Korea, Republic of
Subscriber Subscriber Industrials Japan
Subscriber Subscriber Industrials Japan
Subscriber Subscriber Basic Materials Singapore
Subscriber Subscriber Consumer Cyclicals Japan
Subscriber Subscriber Energy India
Subscriber Subscriber Basic Materials Hong Kong
Subscriber Subscriber Technology Japan
Subscriber Subscriber Technology Japan
Subscriber Subscriber Basic Materials Hong Kong
Subscriber Subscriber Healthcare United States
Subscriber Subscriber Industrials Singapore
Subscriber Subscriber Technology Japan
Subscriber Subscriber Technology United States
Subscriber Subscriber Industrials Japan
Subscriber Subscriber Industrials Japan
Subscriber Subscriber Energy Hong Kong
Subscriber Subscriber Technology Singapore
Subscriber Subscriber Consumer Defensives United States
Subscriber Subscriber Basic Materials India
Subscriber Subscriber Technology Japan
Subscriber Subscriber Consumer Cyclicals United Kingdom
Subscriber Subscriber Energy Australia
Subscriber Subscriber Industrials Japan
Subscriber Subscriber Technology India
Subscriber Subscriber Consumer Cyclicals Poland
Subscriber Subscriber Basic Materials Japan
Subscriber Subscriber Industrials Japan
Subscriber Subscriber Consumer Cyclicals Japan
Subscriber Subscriber Industrials Japan
Subscriber Subscriber Technology Japan
Subscriber Subscriber Basic Materials Hong Kong
Subscriber Subscriber Basic Materials Japan
Subscriber Subscriber Technology Japan
Subscriber Subscriber Technology Hong Kong
Subscriber Subscriber Energy Australia
Subscriber Subscriber Healthcare United States
Subscriber Subscriber Basic Materials Japan
Subscriber Subscriber Basic Materials Australia
Subscriber Subscriber Consumer Defensives United Kingdom
Subscriber Subscriber Consumer Cyclicals India
Subscriber Subscriber Industrials Hong Kong
Subscriber Subscriber Technology Singapore
Subscriber Subscriber Consumer Cyclicals Japan
Subscriber Subscriber Industrials Lithuania
Subscriber Subscriber Technology Poland
Subscriber Subscriber Consumer Defensives Japan
Subscriber Subscriber Basic Materials Hong Kong
Subscriber Subscriber Basic Materials India
Subscriber Subscriber Industrials Japan
Subscriber Subscriber Healthcare United States
Subscriber Subscriber Industrials Hong Kong
Subscriber Subscriber Consumer Cyclicals Japan

Can't see the share you expect? View this screen as a checklist to find out why.

You should consider the results of any screening process, including this one, as candidates for further research, not as a buy list. Screening helps to narrow a search based on pre-defined criteria. It is not a substitute for independent research reflecting your individual criteria for investing/trading. Please note that the screening criteria used represents Stockopedia's interpretation of the author's investment approach and are not determined or endorsed by the original strategist.



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