Deep value (low P/B)
Companies priced lowest relative to their book value.
How it works
Every month, buy the ten liquid companies with the lowest price relative to the equity in their latest annual report.
The idea
Benjamin Graham's classic approach: buy assets cheaply. It works best in recoveries and can lag for years when growth stocks lead; many picks are banks, shipping and property companies.
Backtests are simulations on historical data, not investment advice. Past results don't guarantee future returns.