In the five years I've been running a screen based on the investment process of fund management legend John Neff, it has delivered excellent returns of 168 per cent on a cumulative basis, compared with 59.7 per cent from the FTSE All-Share. But as the current bull market has got longer in the tooth, the screen has become less and less productive. Indeed, last year just two shares passed all of the screen's tests and this year none have made the grade. So over recent years I've resorted to tweaking the criteria in order to boost the results and it's probably fair to say that the returns from these portfolios have in general looked less impressive than the earlier versions of the screen when stocks that made the grade were plentiful.
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