Top 10 — Industrials — history
Every change to this list, with the reason recorded at the time. 3 rebalances so far.
The Top 10 score is a published weighted sum of percentile ranks, rebalanced on the first trading day of each month. A list is a published formula and its output, not a recommendation. These rows span method versions 1 and 3 and 4 — the formula changed between them, so a score is only comparable within one version.
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Timeline
1 Oct 2026
5 in, 3 out, 5 held, 4 passed over
Allison Transmission (ALSN) — Entered 1 Oct 2026: score 64.7, rank 5 (not compared with 1 Sep 2026 — those rows were scored under method version 3, this pass under 4, and the formula changed between them, so a score is only comparable within one version).
BRADY CORP (BRC) — Entered 1 Oct 2026: score 61.3, rank 13 (not compared with 1 Sep 2026 — those rows were scored under method version 3, this pass under 4, and the formula changed between them, so a score is only comparable within one version).
Delta Air Lines (DAL) — Entered 1 Oct 2026: score 61.2, rank 14 (not compared with 1 Sep 2026 — those rows were scored under method version 3, this pass under 4, and the formula changed between them, so a score is only comparable within one version).
MCGRATH RENT (MGRC) — Entered 1 Oct 2026: score 63.4, rank 8 (not compared with 1 Sep 2026 — those rows were scored under method version 3, this pass under 4, and the formula changed between them, so a score is only comparable within one version).
Nordson Corporation (NDSN) — Entered 1 Oct 2026: score 61.9, rank 10 (not compared with 1 Sep 2026 — those rows were scored under method version 3, this pass under 4, and the formula changed between them, so a score is only comparable within one version).
ARGAN INC (AGX) — Left 1 Oct 2026: score 57.2, rank 46 (not compared with 1 Sep 2026 — those rows were scored under method version 3, this pass under 4, and the formula changed between them, so a score is only comparable within one version) (a member leaves above rank 15).
Andersen Group Inc. (ANDG) — Left 1 Oct 2026: score 57.2, rank 45 (not compared with 1 Sep 2026 — those rows were scored under method version 3, this pass under 4, and the formula changed between them, so a score is only comparable within one version) (a member leaves above rank 15).
Paychex (PAYX) — Left 1 Oct 2026: score 60.8, rank 18 (not compared with 1 Sep 2026 — those rows were scored under method version 3, this pass under 4, and the formula changed between them, so a score is only comparable within one version) (a member leaves above rank 15).
Ametek (AME) — Not selected 1 Oct 2026 despite rank 6: it moves too closely with companies this list already holds (NVT, WTS, EME, MLI, ESE, ALSN), 0.53 against a cap of 0.34.
ITT Inc. (ITT) — Not selected 1 Oct 2026 despite rank 11: it moves too closely with companies this list already holds (WTS, NVT, ESE, MLI), 0.39 against a cap of 0.34.
Johnson Controls (JCI) — Not selected 1 Oct 2026 despite rank 12: it moves too closely with companies this list already holds (NVT, EME, ESE, WTS, MLI), 0.42 against a cap of 0.34.
KENNAMETAL INC (KMT) — Not selected 1 Oct 2026 despite rank 9: it moves too closely with companies this list already holds (MGRC, WTS, ESE, MLI, ALSN), 0.38 against a cap of 0.34.
8 Sep 2026
1 left between rebalances
Comfort Systems USA (FIX) — Left 8 Sep 2026: no longer eligible — it is in the most expensive tenth of the field on valuation, so it is ranked as a growth story rather than on fundamentals.
4 Sep 2026
1 left between rebalances
Howmet Aerospace (HWM) — Left 4 Sep 2026: no longer eligible — it is in the most expensive tenth of the field on valuation, so it is ranked as a growth story rather than on fundamentals.
1 Sep 2026
1 in, 1 out, 9 held
Andersen Group Inc. (ANDG) — Entered 1 Sep 2026: score 67.5, rank 2 (not compared with 18 Aug 2026 — those rows were scored under method version 1, this pass under 3, and the formula changed between them, so a score is only comparable within one version).
POWELL INDUSTRIES INC (POWL) — Left 1 Sep 2026: score 59.6, rank 20 (not compared with 18 Aug 2026 — those rows were scored under method version 1, this pass under 3, and the formula changed between them, so a score is only comparable within one version) (a member leaves above rank 15).
18 Aug 2026
10 in, 0 out, 0 held
ARGAN INC (AGX) — Entered 18 Aug 2026: first selection for this list at rank 2, score 67.9.
Emcor (EME) — Entered 18 Aug 2026: first selection for this list at rank 7, score 63.9.
ESCO TECHNOLOGIES INC (ESE) — Entered 18 Aug 2026: first selection for this list at rank 4, score 65.4.
Comfort Systems USA (FIX) — Entered 18 Aug 2026: first selection for this list at rank 1, score 70.0.
Howmet Aerospace (HWM) — Entered 18 Aug 2026: first selection for this list at rank 9, score 63.5.
Mueller Industries (MLI) — Entered 18 Aug 2026: first selection for this list at rank 10, score 62.7.
nVent Electric (NVT) — Entered 18 Aug 2026: first selection for this list at rank 8, score 63.8.
Paychex (PAYX) — Entered 18 Aug 2026: first selection for this list at rank 3, score 66.1.
POWELL INDUSTRIES INC (POWL) — Entered 18 Aug 2026: first selection for this list at rank 5, score 64.9.
WATTS WATER TECHNOLOGIES INC (WTS) — Entered 18 Aug 2026: first selection for this list at rank 6, score 64.0.
Members over time
still in the listleft the list
The ledger
Every row this list has ever written, newest first. Append-only: a sentence recorded here is never rewritten.
| Date | Company | Event | Rank before | Rank after | Score before | Score after | Reason |
|---|---|---|---|---|---|---|---|
| 1 Oct 2026 | ARGAN INC (AGX) | exit_rank_dropped | — | 46 | 0.0 | 57.2 | Left 1 Oct 2026: score 57.2, rank 46 (not compared with 1 Sep 2026 — those rows were scored under method version 3, this pass under 4, and the formula changed between them, so a score is only comparable within one version) (a member leaves above rank 15). |
| 1 Oct 2026 | Allison Transmission (ALSN) | enter_refill | — | 5 | 0.0 | 64.7 | Entered 1 Oct 2026: score 64.7, rank 5 (not compared with 1 Sep 2026 — those rows were scored under method version 3, this pass under 4, and the formula changed between them, so a score is only comparable within one version). |
| 1 Oct 2026 | Ametek (AME) | skipped_correlation_cap | — | 6 | 0.0 | 63.6 | Not selected 1 Oct 2026 despite rank 6: it moves too closely with companies this list already holds (NVT, WTS, EME, MLI, ESE, ALSN), 0.53 against a cap of 0.34. |
| 1 Oct 2026 | Andersen Group Inc. (ANDG) | exit_rank_dropped | — | 45 | 0.0 | 57.2 | Left 1 Oct 2026: score 57.2, rank 45 (not compared with 1 Sep 2026 — those rows were scored under method version 3, this pass under 4, and the formula changed between them, so a score is only comparable within one version) (a member leaves above rank 15). |
| 1 Oct 2026 | BRADY CORP (BRC) | enter_refill | — | 13 | 0.0 | 61.3 | Entered 1 Oct 2026: score 61.3, rank 13 (not compared with 1 Sep 2026 — those rows were scored under method version 3, this pass under 4, and the formula changed between them, so a score is only comparable within one version). |
| 1 Oct 2026 | Delta Air Lines (DAL) | enter_refill | — | 14 | 0.0 | 61.2 | Entered 1 Oct 2026: score 61.2, rank 14 (not compared with 1 Sep 2026 — those rows were scored under method version 3, this pass under 4, and the formula changed between them, so a score is only comparable within one version). |
| 1 Oct 2026 | Emcor (EME) | hold | — | 3 | 0.0 | 65.8 | Held 1 Oct 2026: score 65.8, rank 3 (not compared with 1 Sep 2026 — those rows were scored under method version 3, this pass under 4, and the formula changed between them, so a score is only comparable within one version). |
| 1 Oct 2026 | ESCO TECHNOLOGIES INC (ESE) | hold | — | 7 | 0.0 | 63.6 | Held 1 Oct 2026: score 63.6, rank 7 (not compared with 1 Sep 2026 — those rows were scored under method version 3, this pass under 4, and the formula changed between them, so a score is only comparable within one version). |
| 1 Oct 2026 | ITT Inc. (ITT) | skipped_correlation_cap | — | 11 | 0.0 | 61.8 | Not selected 1 Oct 2026 despite rank 11: it moves too closely with companies this list already holds (WTS, NVT, ESE, MLI), 0.39 against a cap of 0.34. |
| 1 Oct 2026 | Johnson Controls (JCI) | skipped_correlation_cap | — | 12 | 0.0 | 61.4 | Not selected 1 Oct 2026 despite rank 12: it moves too closely with companies this list already holds (NVT, EME, ESE, WTS, MLI), 0.42 against a cap of 0.34. |
| 1 Oct 2026 | KENNAMETAL INC (KMT) | skipped_correlation_cap | — | 9 | 0.0 | 62.1 | Not selected 1 Oct 2026 despite rank 9: it moves too closely with companies this list already holds (MGRC, WTS, ESE, MLI, ALSN), 0.38 against a cap of 0.34. |
| 1 Oct 2026 | MCGRATH RENT (MGRC) | enter_refill | — | 8 | 0.0 | 63.4 | Entered 1 Oct 2026: score 63.4, rank 8 (not compared with 1 Sep 2026 — those rows were scored under method version 3, this pass under 4, and the formula changed between them, so a score is only comparable within one version). |
| 1 Oct 2026 | Mueller Industries (MLI) | hold | — | 2 | 0.0 | 66.3 | Held 1 Oct 2026: score 66.3, rank 2 (not compared with 1 Sep 2026 — those rows were scored under method version 3, this pass under 4, and the formula changed between them, so a score is only comparable within one version). |
| 1 Oct 2026 | Nordson Corporation (NDSN) | enter_refill | — | 10 | 0.0 | 61.9 | Entered 1 Oct 2026: score 61.9, rank 10 (not compared with 1 Sep 2026 — those rows were scored under method version 3, this pass under 4, and the formula changed between them, so a score is only comparable within one version). |
| 1 Oct 2026 | nVent Electric (NVT) | hold | — | 1 | 0.0 | 67.9 | Held 1 Oct 2026: score 67.9, rank 1 (not compared with 1 Sep 2026 — those rows were scored under method version 3, this pass under 4, and the formula changed between them, so a score is only comparable within one version). |
| 1 Oct 2026 | Paychex (PAYX) | exit_rank_dropped | — | 18 | 0.0 | 60.8 | Left 1 Oct 2026: score 60.8, rank 18 (not compared with 1 Sep 2026 — those rows were scored under method version 3, this pass under 4, and the formula changed between them, so a score is only comparable within one version) (a member leaves above rank 15). |
| 1 Oct 2026 | WATTS WATER TECHNOLOGIES INC (WTS) | hold | — | 4 | 0.0 | 65.8 | Held 1 Oct 2026: score 65.8, rank 4 (not compared with 1 Sep 2026 — those rows were scored under method version 3, this pass under 4, and the formula changed between them, so a score is only comparable within one version). |
| 8 Sep 2026 | Comfort Systems USA (FIX) | exit_ineligible | 2 | — | 67.0 | 0.0 | Left 8 Sep 2026: no longer eligible — it is in the most expensive tenth of the field on valuation, so it is ranked as a growth story rather than on fundamentals. |
| 4 Sep 2026 | Howmet Aerospace (HWM) | exit_ineligible | — | — | 0.0 | 0.0 | Left 4 Sep 2026: no longer eligible — it is in the most expensive tenth of the field on valuation, so it is ranked as a growth story rather than on fundamentals. |
| 1 Sep 2026 | ARGAN INC (AGX) | hold | — | 6 | 0.0 | 63.5 | Held 1 Sep 2026: score 63.5, rank 6 (not compared with 18 Aug 2026 — those rows were scored under method version 1, this pass under 3, and the formula changed between them, so a score is only comparable within one version). |
| 1 Sep 2026 | Andersen Group Inc. (ANDG) | enter_refill | — | 2 | 0.0 | 67.5 | Entered 1 Sep 2026: score 67.5, rank 2 (not compared with 18 Aug 2026 — those rows were scored under method version 1, this pass under 3, and the formula changed between them, so a score is only comparable within one version). |
| 1 Sep 2026 | Emcor (EME) | hold | — | 14 | 0.0 | 60.8 | Held 1 Sep 2026: score 60.8, rank 14 (not compared with 18 Aug 2026 — those rows were scored under method version 1, this pass under 3, and the formula changed between them, so a score is only comparable within one version). |
| 1 Sep 2026 | ESCO TECHNOLOGIES INC (ESE) | hold | — | 9 | 0.0 | 61.9 | Held 1 Sep 2026: score 61.9, rank 9 (not compared with 18 Aug 2026 — those rows were scored under method version 1, this pass under 3, and the formula changed between them, so a score is only comparable within one version). |
| 1 Sep 2026 | Comfort Systems USA (FIX) | hold | — | 1 | 0.0 | 68.2 | Held 1 Sep 2026: score 68.2, rank 1 (not compared with 18 Aug 2026 — those rows were scored under method version 1, this pass under 3, and the formula changed between them, so a score is only comparable within one version). |
| 1 Sep 2026 | Howmet Aerospace (HWM) | hold | — | 12 | 0.0 | 61.1 | Held 1 Sep 2026: score 61.1, rank 12 (not compared with 18 Aug 2026 — those rows were scored under method version 1, this pass under 3, and the formula changed between them, so a score is only comparable within one version). |
| 1 Sep 2026 | Mueller Industries (MLI) | hold | — | 4 | 0.0 | 64.2 | Held 1 Sep 2026: score 64.2, rank 4 (not compared with 18 Aug 2026 — those rows were scored under method version 1, this pass under 3, and the formula changed between them, so a score is only comparable within one version). |
| 1 Sep 2026 | nVent Electric (NVT) | hold | — | 5 | 0.0 | 63.7 | Held 1 Sep 2026: score 63.7, rank 5 (not compared with 18 Aug 2026 — those rows were scored under method version 1, this pass under 3, and the formula changed between them, so a score is only comparable within one version). |
| 1 Sep 2026 | Paychex (PAYX) | hold | — | 3 | 0.0 | 65.7 | Held 1 Sep 2026: score 65.7, rank 3 (not compared with 18 Aug 2026 — those rows were scored under method version 1, this pass under 3, and the formula changed between them, so a score is only comparable within one version). |
| 1 Sep 2026 | POWELL INDUSTRIES INC (POWL) | exit_rank_dropped | — | 20 | 0.0 | 59.6 | Left 1 Sep 2026: score 59.6, rank 20 (not compared with 18 Aug 2026 — those rows were scored under method version 1, this pass under 3, and the formula changed between them, so a score is only comparable within one version) (a member leaves above rank 15). |
| 1 Sep 2026 | WATTS WATER TECHNOLOGIES INC (WTS) | hold | — | 7 | 0.0 | 63.3 | Held 1 Sep 2026: score 63.3, rank 7 (not compared with 18 Aug 2026 — those rows were scored under method version 1, this pass under 3, and the formula changed between them, so a score is only comparable within one version). |
| 18 Aug 2026 | ARGAN INC (AGX) | enter_initial | — | 2 | 0.0 | 67.9 | Entered 18 Aug 2026: first selection for this list at rank 2, score 67.9. |
| 18 Aug 2026 | Emcor (EME) | enter_initial | — | 7 | 0.0 | 63.9 | Entered 18 Aug 2026: first selection for this list at rank 7, score 63.9. |
| 18 Aug 2026 | ESCO TECHNOLOGIES INC (ESE) | enter_initial | — | 4 | 0.0 | 65.4 | Entered 18 Aug 2026: first selection for this list at rank 4, score 65.4. |
| 18 Aug 2026 | Comfort Systems USA (FIX) | enter_initial | — | 1 | 0.0 | 70.0 | Entered 18 Aug 2026: first selection for this list at rank 1, score 70.0. |
| 18 Aug 2026 | Howmet Aerospace (HWM) | enter_initial | — | 9 | 0.0 | 63.5 | Entered 18 Aug 2026: first selection for this list at rank 9, score 63.5. |
| 18 Aug 2026 | Mueller Industries (MLI) | enter_initial | — | 10 | 0.0 | 62.7 | Entered 18 Aug 2026: first selection for this list at rank 10, score 62.7. |
| 18 Aug 2026 | nVent Electric (NVT) | enter_initial | — | 8 | 0.0 | 63.8 | Entered 18 Aug 2026: first selection for this list at rank 8, score 63.8. |
| 18 Aug 2026 | Paychex (PAYX) | enter_initial | — | 3 | 0.0 | 66.1 | Entered 18 Aug 2026: first selection for this list at rank 3, score 66.1. |
| 18 Aug 2026 | POWELL INDUSTRIES INC (POWL) | enter_initial | — | 5 | 0.0 | 64.9 | Entered 18 Aug 2026: first selection for this list at rank 5, score 64.9. |
| 18 Aug 2026 | WATTS WATER TECHNOLOGIES INC (WTS) | enter_initial | — | 6 | 0.0 | 64.0 | Entered 18 Aug 2026: first selection for this list at rank 6, score 64.0. |
Informational only — NOT financial advice.