VAL016Factor HubValue FactorsHigh
Liquidation Value Factor
Graham's NCAV screen — buying below net current asset value, the deepest of deep discounts.
Formula
LiqVal = (流动资产 - 总负债) / 总市值Performance (Top-30 equal-weight long, monthly rebalance)
Annualized return
2.24%
Sharpe ratio
0.21
Max drawdown
-37.21%
Total return
24.84%
Cumulative performance（2016-09 … 2026-08）
2016 -12.4%2017 -11.7%2018 -11.8%2019 +26.1%2020 +19.8%2021 +4.0%2022 +22.5%2023 -16.3%2024 +3.8%2025 -3.0%2026 +12.5%
Current top-30 holdings
| # | Ticker | Company | Score |
|---|---|---|---|
| 1 | PCAR | Paccar | 686.805 |
| 2 | TGT | Target | 447.053 |
| 3 | DELL | Dell Technologies | 285.919 |
| 4 | TER | Teradyne | 231.481 |
| 5 | PEP | PepsiCo | 183.104 |
| 6 | EBAY | eBay | 137.442 |
| 7 | SMCI | Super Micro Computer | 95.580 |
| 8 | CVS | CVS Health | 85.038 |
| 9 | EXC | Exelon | 83.511 |
| 10 | FCX | Freeport-McMoRan | 71.061 |
| 11 | WMB | Williams Companies | 64.749 |
| 12 | EL | Estee Lauder | 29.004 |
| 13 | DOW | Dow | 21.502 |
| 14 | CSX | CSX | 18.647 |
| 15 | FANG | Diamondback Energy | 17.681 |
| 16 | BKR | Baker Hughes | 13.754 |
| 17 | GM | General Motors | 13.136 |
| 18 | BMY | Bristol-Myers Squibb | 11.663 |
| 19 | EMR | Emerson Electric | 11.484 |
| 20 | VICI | VICI Properties | 11.295 |
| 21 | LEN | Lennar | 10.836 |
| 22 | KLAC | KLA | 8.287 |
| 23 | GLW | Corning | 8.065 |
| 24 | PPG | PPG Industries | 7.851 |
| 25 | ZS | Zscaler | 7.815 |
| 26 | PSA | Public Storage | 6.352 |
| 27 | DVN | Devon Energy | 5.761 |
| 28 | VLO | Valero Energy | 5.570 |
| 29 | FDX | FedEx | 5.371 |
| 30 | CE | Celanese | 5.144 |
Holdings computed by the exact formula above at the latest month-end observation on the deterministic research panel (2026-08).
Data export
Exports include formulas, performance statistics, the 120-month series and current holdings — everything needed to replicate results locally.