Top 10 — Materials — 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.
Get this list's changes every morning
One short email a day: who entered, who left, and the reason — with the score moves behind it.
Informational only — not financial advice. One email a day, unsubscribe in one click.
Timeline
1 Oct 2026
1 in, 0 out, 9 held, 2 passed over
Ball Corporation (BALL) — Entered 1 Oct 2026: score 58.9, rank 11 (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).
Coeur Mining, Inc. (CDE) — Not selected 1 Oct 2026 despite rank 5: it moves too closely with companies this list already holds (HL, NEM, RGLD, AU, SCCO, HCC, USLM), 0.53 against a cap of 0.35.
SSR MINING INC (SSRM) — Not selected 1 Oct 2026 despite rank 6: it moves too closely with companies this list already holds (AU, NEM, RGLD, HL, SCCO, HCC), 0.52 against a cap of 0.35.
4 Sep 2026
1 left between rebalances
Carpenter Technology Corporation (CRS) — 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
AngloGold Ashanti (AU) — Entered 1 Sep 2026: score 78.8, 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).
COMMERCIAL METALS (CMC) — Left 1 Sep 2026: score 55.1, rank 16 (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
CF Industries (CF) — Entered 18 Aug 2026: first selection for this list at rank 3, score 67.4.
COMMERCIAL METALS (CMC) — Entered 18 Aug 2026: first selection for this list at rank 7, score 59.7.
Carpenter Technology Corporation (CRS) — Entered 18 Aug 2026: first selection for this list at rank 8, score 59.4.
WARRIOR MET COAL INC (HCC) — Entered 18 Aug 2026: first selection for this list at rank 9, score 59.4.
Hecla Mining Co (HL) — Entered 18 Aug 2026: first selection for this list at rank 2, score 70.3.
Newmont (NEM) — Entered 18 Aug 2026: first selection for this list at rank 1, score 73.2.
Royal Gold (RGLD) — Entered 18 Aug 2026: first selection for this list at rank 5, score 64.8.
Southern Copper (SCCO) — Entered 18 Aug 2026: first selection for this list at rank 4, score 66.4.
Sonoco (SON) — Entered 18 Aug 2026: first selection for this list at rank 10, score 59.0.
UNITED STATES LIME AND MINERALS IN (USLM) — Entered 18 Aug 2026: first selection for this list at rank 6, score 61.4.
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 | AngloGold Ashanti (AU) | hold | — | 2 | 0.0 | 72.0 | Held 1 Oct 2026: score 72.0, 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 | Ball Corporation (BALL) | enter_refill | — | 11 | 0.0 | 58.9 | Entered 1 Oct 2026: score 58.9, rank 11 (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 | Coeur Mining, Inc. (CDE) | skipped_correlation_cap | — | 5 | 0.0 | 66.0 | Not selected 1 Oct 2026 despite rank 5: it moves too closely with companies this list already holds (HL, NEM, RGLD, AU, SCCO, HCC, USLM), 0.53 against a cap of 0.35. |
| 1 Oct 2026 | CF Industries (CF) | hold | — | 4 | 0.0 | 66.3 | Held 1 Oct 2026: score 66.3, 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). |
| 1 Oct 2026 | WARRIOR MET COAL INC (HCC) | hold | — | 10 | 0.0 | 59.5 | Held 1 Oct 2026: score 59.5, 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 | Hecla Mining Co (HL) | hold | — | 13 | 0.0 | 57.7 | Held 1 Oct 2026: score 57.7, 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 | Newmont (NEM) | hold | — | 1 | 0.0 | 72.1 | Held 1 Oct 2026: score 72.1, 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 | Royal Gold (RGLD) | hold | — | 7 | 0.0 | 63.3 | Held 1 Oct 2026: score 63.3, 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 | Southern Copper (SCCO) | hold | — | 3 | 0.0 | 67.2 | Held 1 Oct 2026: score 67.2, 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 | Sonoco (SON) | hold | — | 9 | 0.0 | 59.7 | Held 1 Oct 2026: score 59.7, rank 9 (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 | SSR MINING INC (SSRM) | skipped_correlation_cap | — | 6 | 0.0 | 65.2 | Not selected 1 Oct 2026 despite rank 6: it moves too closely with companies this list already holds (AU, NEM, RGLD, HL, SCCO, HCC), 0.52 against a cap of 0.35. |
| 1 Oct 2026 | UNITED STATES LIME AND MINERALS IN (USLM) | hold | — | 8 | 0.0 | 61.2 | Held 1 Oct 2026: score 61.2, 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). |
| 4 Sep 2026 | Carpenter Technology Corporation (CRS) | 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 | AngloGold Ashanti (AU) | enter_refill | — | 1 | 0.0 | 78.8 | Entered 1 Sep 2026: score 78.8, 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 | CF Industries (CF) | hold | — | 5 | 0.0 | 70.5 | Held 1 Sep 2026: score 70.5, 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 | COMMERCIAL METALS (CMC) | exit_rank_dropped | — | 16 | 0.0 | 55.1 | Left 1 Sep 2026: score 55.1, rank 16 (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 | Carpenter Technology Corporation (CRS) | hold | — | 15 | 0.0 | 56.5 | Held 1 Sep 2026: score 56.5, rank 15 (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 | WARRIOR MET COAL INC (HCC) | hold | — | 8 | 0.0 | 65.9 | Held 1 Sep 2026: score 65.9, rank 8 (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 | Hecla Mining Co (HL) | hold | — | 7 | 0.0 | 68.6 | Held 1 Sep 2026: score 68.6, 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). |
| 1 Sep 2026 | Newmont (NEM) | hold | — | 2 | 0.0 | 75.7 | Held 1 Sep 2026: score 75.7, 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 | Royal Gold (RGLD) | hold | — | 9 | 0.0 | 65.0 | Held 1 Sep 2026: score 65.0, 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 | Southern Copper (SCCO) | hold | — | 6 | 0.0 | 68.8 | Held 1 Sep 2026: score 68.8, 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 | Sonoco (SON) | hold | — | 10 | 0.0 | 60.5 | Held 1 Sep 2026: score 60.5, rank 10 (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 | UNITED STATES LIME AND MINERALS IN (USLM) | hold | — | 11 | 0.0 | 59.1 | Held 1 Sep 2026: score 59.1, rank 11 (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 | CF Industries (CF) | enter_initial | — | 3 | 0.0 | 67.4 | Entered 18 Aug 2026: first selection for this list at rank 3, score 67.4. |
| 18 Aug 2026 | COMMERCIAL METALS (CMC) | enter_initial | — | 7 | 0.0 | 59.7 | Entered 18 Aug 2026: first selection for this list at rank 7, score 59.7. |
| 18 Aug 2026 | Carpenter Technology Corporation (CRS) | enter_initial | — | 8 | 0.0 | 59.4 | Entered 18 Aug 2026: first selection for this list at rank 8, score 59.4. |
| 18 Aug 2026 | WARRIOR MET COAL INC (HCC) | enter_initial | — | 9 | 0.0 | 59.4 | Entered 18 Aug 2026: first selection for this list at rank 9, score 59.4. |
| 18 Aug 2026 | Hecla Mining Co (HL) | enter_initial | — | 2 | 0.0 | 70.3 | Entered 18 Aug 2026: first selection for this list at rank 2, score 70.3. |
| 18 Aug 2026 | Newmont (NEM) | enter_initial | — | 1 | 0.0 | 73.2 | Entered 18 Aug 2026: first selection for this list at rank 1, score 73.2. |
| 18 Aug 2026 | Royal Gold (RGLD) | enter_initial | — | 5 | 0.0 | 64.8 | Entered 18 Aug 2026: first selection for this list at rank 5, score 64.8. |
| 18 Aug 2026 | Southern Copper (SCCO) | enter_initial | — | 4 | 0.0 | 66.4 | Entered 18 Aug 2026: first selection for this list at rank 4, score 66.4. |
| 18 Aug 2026 | Sonoco (SON) | enter_initial | — | 10 | 0.0 | 59.0 | Entered 18 Aug 2026: first selection for this list at rank 10, score 59.0. |
| 18 Aug 2026 | UNITED STATES LIME AND MINERALS IN (USLM) | enter_initial | — | 6 | 0.0 | 61.4 | Entered 18 Aug 2026: first selection for this list at rank 6, score 61.4. |
Informational only — NOT financial advice.