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Commentary ● September 9

The Neff Approach Capitalizes on Growth at a Reasonable Price

Michael Rose

This week, we cover our strategy that focuses on firms passing the AAII Neff screen. Inspired by John Neff—who served as portfolio manager of the Vanguard Windsor Fund from 1964 until his retirement in 1995—the Neff value investing approach uses a stringent contrarian viewpoint. Neff perennially found undervalued, out-of-favor stocks in the bargain basement. He liked stocks with a combination of low price-earnings (P/E) ratios, solid forecasts in earnings and sales growth, and an increasing dividend yield. Neff searched for stocks that were unattractive and, in his words, matched the fund’s “cheapo” profile. Neff’s book, “John Neff on Investing” (Wiley, 2001), discusses these value investing principles. His book served as the primary source for the construction of our screen.

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Ranked P/B Ratio as of 9/10/2026

COMPANY NAME TICKER P/B RATIO
LanzaTech Global, Inc. LNZA 0.30
Regis Corporation RGS 0.35
Imperial Petroleum Inc. IMPP 0.47
StealthGas Inc. GASS 0.50
AMCON Distributing Company DIT 0.55

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Approach: James O'Shaughnessy

James O'Shaughnessy is the founder, chairman and chief investment officer of O'Shaughnessy Asset Management LLC. O'Shaughnessy is considered a pioneer in quantitative equity analysis. O'Shaughnessy has authored several books, including What Works on Wall Street (1997), for which he backtested 44 years of stock market data to find out which quantitative strategies have worked over the years and which haven't.

Top SSR Watchlist Ideas Ranked by
Value Score (as of 9/10/2026)

COMPANY NAME TICKER Value Score
Embecta Corp. EMBC 98
Bread Financial Holdings, Inc. BFH 96
Greenlight Capital Re, Ltd. GLRE 96
Teekay Corporation Ltd. TK 96
Bausch Health Companies Inc. BHC 94

See All 15 Stocks

Stock Grades

A+ Stock Grades

Stocks with grades of B or better across all quant factors as of 9/10/2026.

COMPANY NAME TICKER VALUE GROWTH MOMENTUM EPS REV QUALITY SECTOR
Score Grade Score Grade Score Grade Score Grade Score Grade
Crown Holdings, Inc. CCK 72 B 77 B 68 B 68 B 85 A Materials
Centene Corporation CNC 93 A 89 A 89 A 67 B 71 B Health Care
CONMED Corporation CNMD 71 B 100 A 64 B 72 B 89 A Health Care
Darling Ingredients Inc. DAR 64 B 83 A 91 A 80 B 83 A Consumer Staples
Edgewell Personal Care Company EPC 77 B 73 B 77 B 65 B 80 B Consumer Staples

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COMPANY NAME TICKER VALUE GROWTH MOMENTUM EPS REV QUALITY SECTOR
Score Grade Score Grade Score Grade Score Grade Score Grade
Abeona Therapeutics Inc. ABEO 13 F 1 F 32 D 31 D 5 F Health Care
Alvotech ALVO 15 F 18 F 40 D 5 F 13 F Health Care
American Superconductor Corporation AMSC 20 F 27 D 15 F 36 D 24 D Industrials
Arbe Robotics Ltd. ARBE 7 F 12 F 18 F 29 D 15 F Information Technology
Ardelyx, Inc. ARDX 23 D 29 D 12 F 29 D 35 D Health Care

See All 51 Stocks

Stock Upgrades and Downgrades

Stock Upgrades & Downgrades

Stocks with at least two upgrades or downgrades across all quant factors. Data as of 9/10/2026, compared to previous trading day.

COMPANY NAME TICKER VALUE GROWTH MOMENTUM EPS REV QUALITY SECTOR
AeroVironment, Inc. AVAV F ▲ D ▲ F ▲ C ▲ D ▲ Industrials
Brown-Forman Corporation BF.B C ▲ C ▲ C ▲ C ▲ A ▲ Consumer Staples
Chewy, Inc. CHWY D ▲ A ▲ D ▲ C ▲ B ▼ Consumer Discretionary
Core Laboratories Inc. CLB C ▲ B ▲ C ▲ D ▲ B ▲ Energy
Envoy Medical, Inc. COCH F ▲ NA ▲ D ▲ B ▲ F ▲ Health Care

See All 17 Stocks

COMPANY NAME TICKER VALUE GROWTH MOMENTUM EPS REV QUALITY SECTOR
Ballard Power Systems Inc. BLDP D ▲ F ▲ C ▼ D ▼ D ▲ Industrials
BlueLinx Holdings Inc. BXC A ▲ D ▲ B ▼ B ▼ C ▲ Industrials
Crocs, Inc. CROX A ▲ C ▲ C ▼ C ▼ A ▲ Consumer Discretionary
Constellium SE CSTM A ▲ B ▲ B ▼ NA ▼ A ▲ Materials
Dover Corporation DOV D ▲ C ▲ D ▼ D ▼ A ▲ Industrials

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Monthly Top Performing Stock Lists

Top Dividend Growth Stocks for September 2026 | Free List from AAII

AAII's September 2026 dividend stock list identifies top dividend-paying stocks screened for reliable income and long-term growth potential. Download the free list, built on research-backed selection criteria.

By AAII Staff | September 2026

Best Small-Cap Stocks to Watch in September 2026 | Free AAII List

AAII's September 2026 small-cap value stock list identifies undervalued companies with strong fundamentals, screened using disciplined investment criteria. Download the free spreadsheet.

By AAII Staff | September 2026

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By AAII Staff | July 2026

Top-Performing Value Stocks to Watch in June 2026

From General Motors and Delta Air Lines to Valero Energy and Fox Corporation, our June 2026 Value Stocks List showcases companies with attractive valuations and strong fundamental characteristics.

By AAII Staff | June 2026

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First Cut Stocks,Market Actions

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Many of the largest declines occurred in software, IT services and enterprise application companies as investors favored businesses supplying the semiconductor, memory and data-center ecosystem.

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Beyond Earnings: Identifying Stocks With a Low Price Relative to Sales

AAII’s Price-to-Sales screen is a solid performer, delivering positive returns in 21 out of the 28 years since its origination.

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