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James Montier 'Unholy Trinity' Screen 53 Qualifying in UK


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This is a three point short selling screen based on the approach outlined by James Montier in 2008 to identify potential candidates in weak markets.   1. High Valuation (Price to Sales Ratio > 4) - Calling the Price to Sales ratio 'insane' as a valuation measure due to its lack of focus on profitability,  Montier first screened for companies trading at a multiple of at least 4 times sales. 2. Weak Fundamentals  (F Score < 4) -  With the valuation side covered, he then qualified this list by screening for the financially weak companies having a Piotroski F Score of 3 or less.  3. Poor Capital Discipline (Asset Growth > 10%) -  But unsatisfied with only focusing on high valuation and weak fundamentals, Montier also showed that company executives were often wasteful capital allocators; research showing that companies with low asset growth rates highly outperform companies with high asset growth rates by 13% annually.  To learn more about this strategy please click here »

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About James Montier

Former head of Global Strategy at Société Générale, now works for GMO. Author of 'Behavioural Investing' & 'Value Investing: Tools and Techniques for Intelligent Investment'.


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Value Investing Montier

by James Montier

The seductive elegance of classical finance theory is powerful, yet value investing requires that we reject both the precepts of modern portfolio theory (MPT) and pretty much all of its tools and techniques. This book explains how value investing is the only tried and tested method of delivering sustainable long-term returns.

This screen is based on a UK dataset. It uses the following criteria:

  • Piotroski F-Score < 4
  • P/S > 1
  • Asset Gwth % > 10

Results are sorted by:

  • Piotroski F-Score in ascending order


And limited to the first 100 Results

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James Montier 'Unholy Trinity' Screen Graphical History in

Returns

Timeframe Screen Returns FTSE 100 Outperformance
1 week -1.74% 0.14% -1.9%
1 month -2.53% -5.07% 2.5%
3 months -5.51% -1.69% -3.8%
6 months 5.97% 6.96% -1.0%
1 year -2.58% 15.62% -18.2%
Since inception -19.95% 18.3% -38.3%
Annualised -13.66%

Risk

Maximum Drawdown-32.06%
Average No. of Holdings20.4
Diversification LevelGood

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

 Please note that 'short selling' strategies are designed to underperform the market - they are best used for hedging long portfolios rather than for absolute negative returns.


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53 Qualifying in

Ticker Name Mkt Cap £m P/S Piotroski F-Score Asset Gwth % Sector
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