Quality Growth
The 15 US companies worth $1B+ with high returns on capital and speeding-up revenue growth, from their SEC filings. Rebalanced monthly.
Backtest +26.5% a year vs S&P 500 +15.2% (2016–2026, hypothetical)15 holdings · updated Sep 30, 2026
Since it started being tracked live at the Oct 19 close, it is down 0.4%, while the S&P 500 was up 0.4% over the same days. That is 0.8 points behind.
In a simulation on past data (2016–2026), these rules averaged a gain of 26.5% a year, against 15.2% a year for the S&P 500. A simulation is not a real result, and real results are usually lower.
Its deepest fall from a high in that simulation was 29.1% (the S&P 500's was 23.9%).
It holds 15 stocks and the rules re-run monthly; the next re-run is Oct 30.
This describes a research model. It is not advice, and no one's money is in it.
For information only · Important disclosures
| Period | Quality Growth | S&P 500 (SPY) | Difference |
|---|---|---|---|
| 1D | +2.3% | +0.6% | +1.8 pts |
| 1W | -0.7% | +0.1% | -0.8 pts |
| YTD | -0.4% | +0.4% | -0.8 pts |
| Since start | -0.4% | +0.4% | -0.8 pts |
How it's measured · not investment advice
The published weights, held from the Oct 19, 2026 close and reset only at dated rebalances, valued at delayed daily closes (Yahoo Finance). No backtest figures. In the first year, YTD counts from the start close. Before fees, taxes and trading costs. Research only, not investment advice; SURVYR. doesn't manage money. Not yet: 1M, 3M, 6M, 1Y, until the live record is that long.
Model notes
Quality Growth · Allocation Pie
15 positions · 100%Interactive weighting by individual position or sector/asset sleeve
Holdings (15)
As of the Sep 30, 2026 rebalance · bought SMCI, NTAP · sold ORCL, TPL
SNDKSandiskROIC 89% · revenue +175% (TTM) · growth accelerating +269.4 pts · latest quarter 2026-07-03
6.7%
MUMicron TechnologyROIC 61% · revenue +167% (TTM) · growth accelerating +219.7 pts · latest quarter 2026-05-28
6.7%
NVDANvidiaROIC 65% · revenue +83% (TTM) · growth accelerating +27.7 pts · latest quarter 2026-07-26
6.7%
APPAppLovinROIC 115% · revenue +29% (TTM) · growth accelerating +19.5 pts · latest quarter 2026-06-30
6.7%
FIXComfort Systems USAROIC 103% · revenue +46% (TTM) · growth accelerating +14.9 pts · latest quarter 2026-06-30
6.7%
STXSeagate TechnologyROIC 80% · revenue +34% (TTM) · growth accelerating +24.9 pts · latest quarter 2026-07-03
6.7%
DELLDell TechnologiesROIC 52% · revenue +49% (TTM) · growth accelerating +47.5 pts · latest quarter 2026-07-31
6.7%
FICOFair IsaacROIC 79% · revenue +24% (TTM) · growth accelerating +17.2 pts · latest quarter 2026-06-30
6.7%
MPCMarathon PetroleumROIC 83% · revenue +15% (TTM) · growth accelerating +32.4 pts · latest quarter 2026-06-30
6.7%
TERTeradyneROIC 35% · revenue +58% (TTM) · growth accelerating +71.4 pts · latest quarter 2026-06-28
6.7%
SMCISupermicroROIC 31% · revenue +78% (TTM) · growth accelerating +54.0 pts · latest quarter 2026-06-30
6.7%
APHAmphenolROIC 58% · revenue +54% (TTM) · growth accelerating +5.4 pts · latest quarter 2026-06-30
6.7%
NTAPNetAppROIC 61% · revenue +13% (TTM) · growth accelerating +20.5 pts · latest quarter 2026-07-31
6.7%
PLTRPalantir TechnologiesROIC 27% · revenue +79% (TTM) · growth accelerating +22.4 pts · latest quarter 2026-06-30
6.7%
INCYIncyteROIC 59% · revenue +21% (TTM) · growth accelerating +6.1 pts · latest quarter 2026-03-31
6.7%Why each stock is held
SNDK ROIC 89% · revenue +175% (TTM) · growth accelerating +269.4 pts · latest quarter 2026-07-03. Qualified on ROIC 89%, revenue +175% (TTM), growth accelerating +269.4 pts, latest quarter 2026-07-03. Ranked 1st of 360 at the 2026-09-30 rebalance. Drops out if it falls outside the top 15 at the next rebalance (Oct 30). In the latest preview (2026-10-27) it ranks 2nd.
MU ROIC 61% · revenue +167% (TTM) · growth accelerating +219.7 pts · latest quarter 2026-05-28. Qualified on ROIC 61%, revenue +167% (TTM), growth accelerating +219.7 pts, latest quarter 2026-05-28. Ranked 2nd of 360 at the 2026-09-30 rebalance. Drops out if it falls outside the top 15 at the next rebalance (Oct 30). In the latest preview (2026-10-27) it ranks 3rd.
NVDA ROIC 65% · revenue +83% (TTM) · growth accelerating +27.7 pts · latest quarter 2026-07-26. Qualified on ROIC 65%, revenue +83% (TTM), growth accelerating +27.7 pts, latest quarter 2026-07-26. Ranked 3rd of 360 at the 2026-09-30 rebalance. Drops out if it falls outside the top 15 at the next rebalance (Oct 30). In the latest preview (2026-10-27) it ranks 4th.
APP ROIC 115% · revenue +29% (TTM) · growth accelerating +19.5 pts · latest quarter 2026-06-30. Qualified on ROIC 115%, revenue +29% (TTM), growth accelerating +19.5 pts, latest quarter 2026-06-30. Ranked 4th of 360 at the 2026-09-30 rebalance. Drops out if it falls outside the top 15 at the next rebalance (Oct 30). In the latest preview (2026-10-27) it ranks 12th.
FIX ROIC 103% · revenue +46% (TTM) · growth accelerating +14.9 pts · latest quarter 2026-06-30. Qualified on ROIC 103%, revenue +46% (TTM), growth accelerating +14.9 pts, latest quarter 2026-06-30. Ranked 5th of 360 at the 2026-09-30 rebalance. Drops out if it falls outside the top 15 at the next rebalance (Oct 30). In the latest preview (2026-10-27) it ranks 9th.
STX ROIC 80% · revenue +34% (TTM) · growth accelerating +24.9 pts · latest quarter 2026-07-03. Qualified on ROIC 80%, revenue +34% (TTM), growth accelerating +24.9 pts, latest quarter 2026-07-03. Ranked 6th of 360 at the 2026-09-30 rebalance. Drops out if it falls outside the top 15 at the next rebalance (Oct 30). In the latest preview (2026-10-27) it ranks 10th.
DELL ROIC 52% · revenue +49% (TTM) · growth accelerating +47.5 pts · latest quarter 2026-07-31. Qualified on ROIC 52%, revenue +49% (TTM), growth accelerating +47.5 pts, latest quarter 2026-07-31. Ranked 7th of 360 at the 2026-09-30 rebalance. Drops out if it falls outside the top 15 at the next rebalance (Oct 30). In the latest preview (2026-10-27) it ranks 8th.
FICO ROIC 79% · revenue +24% (TTM) · growth accelerating +17.2 pts · latest quarter 2026-06-30. Qualified on ROIC 79%, revenue +24% (TTM), growth accelerating +17.2 pts, latest quarter 2026-06-30. Ranked 8th of 360 at the 2026-09-30 rebalance. Drops out if it falls outside the top 15 at the next rebalance (Oct 30). In the latest preview (2026-10-27) it ranks 17th.
MPC ROIC 83% · revenue +15% (TTM) · growth accelerating +32.4 pts · latest quarter 2026-06-30. Qualified on ROIC 83%, revenue +15% (TTM), growth accelerating +32.4 pts, latest quarter 2026-06-30. Ranked 9th of 360 at the 2026-09-30 rebalance. Drops out if it falls outside the top 15 at the next rebalance (Oct 30). In the latest preview (2026-10-27) it ranks 20th.
TER ROIC 35% · revenue +58% (TTM) · growth accelerating +71.4 pts · latest quarter 2026-06-28. Qualified on ROIC 35%, revenue +58% (TTM), growth accelerating +71.4 pts, latest quarter 2026-06-28. Ranked 10th of 360 at the 2026-09-30 rebalance. Drops out if it falls outside the top 15 at the next rebalance (Oct 30). In the latest preview (2026-10-27) it ranks 13th.
SMCI ROIC 31% · revenue +78% (TTM) · growth accelerating +54.0 pts · latest quarter 2026-06-30. Qualified on ROIC 31%, revenue +78% (TTM), growth accelerating +54.0 pts, latest quarter 2026-06-30. Ranked 11th of 360 at the 2026-09-30 rebalance. Drops out if it falls outside the top 15 at the next rebalance (Oct 30). In the latest preview (2026-10-27) it ranks 15th.
APH ROIC 58% · revenue +54% (TTM) · growth accelerating +5.4 pts · latest quarter 2026-06-30. Qualified on ROIC 58%, revenue +54% (TTM), growth accelerating +5.4 pts, latest quarter 2026-06-30. Ranked 12th of 360 at the 2026-09-30 rebalance. Drops out if it falls outside the top 15 at the next rebalance (Oct 30). In the latest preview (2026-10-27) it ranks 22nd.
NTAP ROIC 61% · revenue +13% (TTM) · growth accelerating +20.5 pts · latest quarter 2026-07-31. Qualified on ROIC 61%, revenue +13% (TTM), growth accelerating +20.5 pts, latest quarter 2026-07-31. Ranked 13th of 360 at the 2026-09-30 rebalance. Drops out if it falls outside the top 15 at the next rebalance (Oct 30). In the latest preview (2026-10-27) it ranks 28th.
PLTR ROIC 27% · revenue +79% (TTM) · growth accelerating +22.4 pts · latest quarter 2026-06-30. Qualified on ROIC 27%, revenue +79% (TTM), growth accelerating +22.4 pts, latest quarter 2026-06-30. Ranked 14th of 360 at the 2026-09-30 rebalance. Drops out if it falls outside the top 15 at the next rebalance (Oct 30). In the latest preview (2026-10-27) it ranks 23rd.
INCY ROIC 59% · revenue +21% (TTM) · growth accelerating +6.1 pts · latest quarter 2026-03-31. Qualified on ROIC 59%, revenue +21% (TTM), growth accelerating +6.1 pts, latest quarter 2026-03-31. Ranked 15th of 360 at the 2026-09-30 rebalance. Drops out if it falls outside the top 15 at the next rebalance (Oct 30). In the latest preview (2026-10-27) it is outside the top 15.
Next rebalance preview 6 likely in · 6 at risk · not final
NRIX Nurix Therapeutics, Inc.#1Likely to enter
FIGR Figure Technology Solutions, Inc.#5Likely to enter
CDNA CareDx, Inc.#6Likely to enter
AGX Argan, Inc.#7Likely to enter
STRL Sterling Infrastructure#11Likely to enterAPP Held AppLovin#12Safe for nowTER Held Teradyne#13Holding on, near the cutoff
WT WisdomTree Investments, Inc.#14Likely to enterSMCI Held Supermicro#15Holding on, near the cutoff
COCO The Vita Coco Company#16Just outsideFICO Held Fair Isaac#17At risk of leaving
HHH Howard Hughes Holdings Inc.#18Just outside
AMN Amn Healthcare Services, Inc.#19Just outsideMPC Held Marathon Petroleum#20At risk of leavingAPH Held Amphenol#22At risk of leavingPLTR Held Palantir Technologies#23At risk of leavingNTAP Held NetApp#28At risk of leavingINCY Held At risk of leavingRe-runs the rules on prices through Oct 27, 2026. Official holdings are set only on rebalance day (Oct 30).
How it works
What it owns. The 15 companies that combine a high return on invested capital (top half of the eligible list) with revenue growth that is accelerating: the last two quarters grew faster, year over year, than the two before. Ranked 50/50 on return on capital and growth (trailing-12-month growth plus the acceleration). Each gets 1/15 (about 6.7%).
Which stocks qualify. US-listed common stocks of companies that file 10-Ks with the SEC, with a market cap of at least $1B, a price of at least $5 and a 20-day median of at least $5M traded a day. Checked again at every rebalance.
Where the numbers come from. Quarterly 10-Q and 10-K filings from SEC EDGAR. Each figure counts only from its filing date and as first reported, so the backtest never uses a number before investors could have seen it, or a later restatement.
How it was chosen. 12 versions of the scoring were tested on 2016-2021 S&P 500 data only and the best in-sample one kept. In Oct 2026 the list of eligible stocks was widened from the S&P 500 to all US stocks worth $1B+, after comparing floors over the full history.
When it trades. On the last trading day of each month it re-scores every eligible company and swaps names that fell out of the top 15. Turnover is about 25% a month.
What can go wrong. It leans toward fast-growing, highly profitable businesses, so it can crowd into one theme and overlaps with momentum. Smaller companies trade at wider spreads. Banks and insurers rarely qualify because return on invested capital isn't meaningful for them.
Universe: US stocks, $1B+ market cap.
Backtest details in-sample vs out-of-sample
| 16–21 in-sample | 22–26 out-of-sample | Full | |
|---|---|---|---|
| Per year | +24.9% | +28.3% | +26.5% |
| SPY | +18.3% | +12.0% | +15.2% |
| Max drop | -29.1% | -15.2% | -29.1% |
| Volatility | 23.8% | 28.4% | 26.0% |
| Sharpe | 1.06 | 1.02 | 1.04 |
Turnover 26.6% a month. Best year +44.6% (2024), worst -11.8% (2022).
Point-in-time SEC quarterly filings: every number is used only from the day it was filed, as first reported.
Broad US universe: market cap $1B+, price $5+, 20-day median dollar volume $5M+.
Disclosures
Scoring rules (ROIC and revenue-growth acceleration) were fixed on 2016-2021 data. The broad universe was chosen in Oct 2026 after comparing $300M and $1B floors over the full period, so the 2022-2026 column is no longer an untouched test.
Fundamentals: SEC quarterly filings, each number as first filed and used only from its filing date (no restatements, no look-ahead).
Universe: US-listed common stocks with market cap of at least $1B, price of at least $5 and 20-day median dollar volume of at least $5M, re-checked at every rebalance (market cap = SEC-reported shares x price at the time).
Survivorship bias: only companies that still trade today are in the data (acquired or delisted companies have no free price history), so past returns are overstated, likely by more than for an index-member backtest.
Until Oct 2026 this model used S&P 500 members only (point-in-time); that backtest returned 19.1% a year with a -18.8% max drawdown over the same window.
Costs: 10 bps per side ($2B+ market cap), 30 bps (under $2B) on every dollar traded; no taxes or other slippage; cash earns 0%. Backtests are hypothetical.
Research only: a model portfolio for information, not personal advice and not an account anyone manages. Past results don't predict future returns.
Models can be wrong; holdings may be aggressive, speculative or out of date.
The author may hold positions in securities discussed here, including this model's holdings, and may buy or sell them at any time. See the disclaimer.
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Systematic research · Not investment advice · Hypothetical unless marked Live · Data: Yahoo Finance (15-min delayed), SEC EDGAR, House Clerk · Important disclosures · Contact desk@coteau.app
Coteau 0.9 · Oct 21, 2026