New Highs Growth
25 growing US companies worth $1B+ trading near their 52-week highs, spread across AI infrastructure, biotech, pharma, software and energy. Rebalanced monthly.
BacktestCopy this modelLive record
Holdings
As of the 2026-09-30 rebalance · bought LITE · sold JBL
LITELumentum
4.0%
RVMDRevolution Medicines, Inc.
4.0%
DELLDell Technologies
4.0%
ROIVRoivant Sciences
4.0%
PARRPar Pacific Holdings, Inc.
4.0%
DGIIDigi International Inc.
4.0%
FTNTFortinet
4.0%
DINOHF Sinclair
4.0%
JAZZJazz Pharmaceuticals
4.0%
CRWDCrowdStrike
4.0%
PANWPalo Alto Networks
4.0%
DDOGDatadog
4.0%
LFUSLittelfuse
4.0%
NVTnVent Electric plc
4.0%
JNJJohnson & Johnson
4.0%
APHAmphenol
4.0%
NATLNCR Atleos
4.0%Why each stock is held
PRAX Biotech · -25% from 52-week high · biotech, price-only entry · 12-1 momentum +569%. Qualified on Biotech, -25% from 52-week high, biotech, price-only entry, 12-1 momentum +569%. Drops out if it falls outside the top 25 at the next rebalance (Oct 30). In the latest preview (2026-10-19) it is outside the top 25.
LITE AI Infrastructure · -8% from 52-week high · revenue +109% y/y · 12-1 momentum +463%. Qualified on AI Infrastructure, -8% from 52-week high, revenue +109% y/y, 12-1 momentum +463%. Ranked 1st of 589 at the 2026-09-30 rebalance. Drops out if it falls outside the top 25 at the next rebalance (Oct 30). In the latest preview (2026-10-19) it is outside the top 25.
RVMD Biotech · -7% from 52-week high · biotech, price-only entry · 12-1 momentum +346%. Qualified on Biotech, -7% from 52-week high, biotech, price-only entry, 12-1 momentum +346%. Ranked 3rd of 589 at the 2026-09-30 rebalance. Drops out if it falls outside the top 25 at the next rebalance (Oct 30). In the latest preview (2026-10-19) it is outside the top 25.
RLAY Biotech · -13% from 52-week high · biotech, price-only entry · 12-1 momentum +254%. Qualified on Biotech, -13% from 52-week high, biotech, price-only entry, 12-1 momentum +254%. Drops out if it falls outside the top 25 at the next rebalance (Oct 30). In the latest preview (2026-10-19) it is outside the top 25.
DELL AI Infrastructure · -9% from 52-week high · held: still within 25% of its high · 12-1 momentum +245%. Qualified on AI Infrastructure, -9% from 52-week high, held: still within 25% of its high, 12-1 momentum +245%. Drops out if it falls outside the top 25 at the next rebalance (Oct 30). In the latest preview (2026-10-19) it is outside the top 25.
ETON Pharma · -20% from 52-week high · revenue +99% y/y · 12-1 momentum +169%. Qualified on Pharma, -20% from 52-week high, revenue +99% y/y, 12-1 momentum +169%. Drops out if it falls outside the top 25 at the next rebalance (Oct 30). In the latest preview (2026-10-19) it is outside the top 25.
KOD Biotech · +0% from 52-week high · biotech, price-only entry · 12-1 momentum +136%. Qualified on Biotech, +0% from 52-week high, biotech, price-only entry, 12-1 momentum +136%. Ranked 8th of 589 at the 2026-09-30 rebalance. Drops out if it falls outside the top 25 at the next rebalance (Oct 30). In the latest preview (2026-10-19) it ranks 5th.
ROIV Biotech · -13% from 52-week high · biotech, price-only entry · 12-1 momentum +129%. Qualified on Biotech, -13% from 52-week high, biotech, price-only entry, 12-1 momentum +129%. Drops out if it falls outside the top 25 at the next rebalance (Oct 30). In the latest preview (2026-10-19) it is outside the top 25.
PARR Energy & Power · -6% from 52-week high · revenue +57% y/y · 12-1 momentum +123%. Qualified on Energy & Power, -6% from 52-week high, revenue +57% y/y, 12-1 momentum +123%. Ranked 12th of 589 at the 2026-09-30 rebalance. Drops out if it falls outside the top 25 at the next rebalance (Oct 30). In the latest preview (2026-10-19) it ranks 4th.
SEPN Pharma · -19% from 52-week high · revenue +22376% y/y · 12-1 momentum +110%. Qualified on Pharma, -19% from 52-week high, revenue +22376% y/y, 12-1 momentum +110%. Drops out if it falls outside the top 25 at the next rebalance (Oct 30). In the latest preview (2026-10-19) it is outside the top 25.
KNSA Pharma · -8% from 52-week high · held: still within 25% of its high · 12-1 momentum +103%. Qualified on Pharma, -8% from 52-week high, held: still within 25% of its high, 12-1 momentum +103%. Drops out if it falls outside the top 25 at the next rebalance (Oct 30). In the latest preview (2026-10-19) it is outside the top 25.
DGII AI Infrastructure · -11% from 52-week high · revenue +29% y/y · 12-1 momentum +102%. Qualified on AI Infrastructure, -11% from 52-week high, revenue +29% y/y, 12-1 momentum +102%. Drops out if it falls outside the top 25 at the next rebalance (Oct 30). In the latest preview (2026-10-19) it is outside the top 25.
FTNT Software · +0% from 52-week high · revenue +26% y/y · 12-1 momentum +102%. Qualified on Software, +0% from 52-week high, revenue +26% y/y, 12-1 momentum +102%. Ranked 16th of 589 at the 2026-09-30 rebalance. Drops out if it falls outside the top 25 at the next rebalance (Oct 30). In the latest preview (2026-10-19) it is outside the top 25.
DINO Energy & Power · -8% from 52-week high · revenue +53% y/y · 12-1 momentum +100%. Qualified on Energy & Power, -8% from 52-week high, revenue +53% y/y, 12-1 momentum +100%. Ranked 17th of 589 at the 2026-09-30 rebalance. Drops out if it falls outside the top 25 at the next rebalance (Oct 30). In the latest preview (2026-10-19) it ranks 6th.
JAZZ Pharma · -12% from 52-week high · held: still within 25% of its high · 12-1 momentum +94%. Qualified on Pharma, -12% from 52-week high, held: still within 25% of its high, 12-1 momentum +94%. Drops out if it falls outside the top 25 at the next rebalance (Oct 30). In the latest preview (2026-10-19) it is outside the top 25.
CGON Biotech · -12% from 52-week high · biotech, price-only entry · 12-1 momentum +92%. Qualified on Biotech, -12% from 52-week high, biotech, price-only entry, 12-1 momentum +92%. Drops out if it falls outside the top 25 at the next rebalance (Oct 30). In the latest preview (2026-10-19) it is outside the top 25.
CRWD Software · +0% from 52-week high · revenue +26% y/y · 12-1 momentum +89%. Qualified on Software, +0% from 52-week high, revenue +26% y/y, 12-1 momentum +89%. Ranked 21st of 589 at the 2026-09-30 rebalance. Drops out if it falls outside the top 25 at the next rebalance (Oct 30). In the latest preview (2026-10-19) it is outside the top 25.
PANW Software · +0% from 52-week high · revenue +34% y/y · 12-1 momentum +87%. Qualified on Software, +0% from 52-week high, revenue +34% y/y, 12-1 momentum +87%. Ranked 22nd of 589 at the 2026-09-30 rebalance. Drops out if it falls outside the top 25 at the next rebalance (Oct 30). In the latest preview (2026-10-19) it is outside the top 25.
DDOG Software · -5% from 52-week high · revenue +36% y/y · 12-1 momentum +63%. Qualified on Software, -5% from 52-week high, revenue +36% y/y, 12-1 momentum +63%. Ranked 28th of 589 at the 2026-09-30 rebalance. Drops out if it falls outside the top 25 at the next rebalance (Oct 30). In the latest preview (2026-10-19) it is outside the top 25.
LFUS AI Infrastructure · -13% from 52-week high · revenue +19% y/y · 12-1 momentum +61%. Qualified on AI Infrastructure, -13% from 52-week high, revenue +19% y/y, 12-1 momentum +61%. Drops out if it falls outside the top 25 at the next rebalance (Oct 30). In the latest preview (2026-10-19) it is outside the top 25.
NVT Energy & Power · -13% from 52-week high · earnings +97% y/y · 12-1 momentum +57%. Qualified on Energy & Power, -13% from 52-week high, earnings +97% y/y, 12-1 momentum +57%. Drops out if it falls outside the top 25 at the next rebalance (Oct 30). In the latest preview (2026-10-19) it is outside the top 25.
JNJ Pharma · -5% from 52-week high · held: still within 25% of its high · 12-1 momentum +50%. Qualified on Pharma, -5% from 52-week high, held: still within 25% of its high, 12-1 momentum +50%. Drops out if it falls outside the top 25 at the next rebalance (Oct 30). In the latest preview (2026-10-19) it is outside the top 25.
APH AI Infrastructure · -4% from 52-week high · earnings +62% y/y · 12-1 momentum +32%. Qualified on AI Infrastructure, -4% from 52-week high, earnings +62% y/y, 12-1 momentum +32%. Ranked 54th of 589 at the 2026-09-30 rebalance. Drops out if it falls outside the top 25 at the next rebalance (Oct 30). In the latest preview (2026-10-19) it is outside the top 25.
NATL AI Infrastructure · -6% from 52-week high · earnings +44% y/y · 12-1 momentum +18%. Qualified on AI Infrastructure, -6% from 52-week high, earnings +44% y/y, 12-1 momentum +18%. Ranked 68th of 589 at the 2026-09-30 rebalance. Drops out if it falls outside the top 25 at the next rebalance (Oct 30). In the latest preview (2026-10-19) it ranks 50th.
SUPN Pharma · -24% from 52-week high · held: still within 25% of its high · 12-1 momentum -7%. Qualified on Pharma, -24% from 52-week high, held: still within 25% of its high, 12-1 momentum -7%. Drops out if it falls outside the top 25 at the next rebalance (Oct 30). In the latest preview (2026-10-19) it is outside the top 25.
Next rebalance preview 22 likely in · 22 at risk · not final
RNG RingCentral, Inc.#2Likely to enter
NRIX Nurix Therapeutics, Inc.#3Likely to enter
AMRX Amneal Pharmaceuticals#7Likely to enter
TRGP Targa Resources#8Likely to enter
VIR Vir Biotechnology, Inc.#9Likely to enter
PR Permian Resources#10Likely to enter
MRK Merck & Co.#11Likely to enter
LNTH Lantheus Holdings#12Likely to enter
TALO Talos Energy, Inc.#13Likely to enterPAGPPAGP Plains GP Holdings, L.P.#14Likely to enter
OVV Ovintiv#15Likely to enterPAAPAA Plains All American Pipeline, L.P.#16Likely to enter
SM SM Energy Company#17Likely to enter
HALO Halozyme#18Likely to enter
TGTX TG Therapeutics, Inc.#19Likely to enter
HRMY Harmony Biosciences Holdings, Inc.#20Likely to enter
CHRD Chord Energy#21Likely to enterRPRXRPRX Royalty Pharma plc#22Likely to enter
KNTK Kinetik Holdings, Inc.#23Likely to enter
LGND Ligand Pharmaceuticals, Inc.#24Likely to enterREPXREPX Riley Exploration Permian, Inc.#25Likely to enter
DVN Devon Energy#26Just outside
FFIV F5, Inc.#27Just outside
BMY Bristol Myers Squibb#28Just outsideRDVTRDVT Red Violet, Inc.#29Just outside
EXEL Exelixis#30Just outsideNATL Held NCR Atleos#50At risk of leavingSEPNSEPN Held Septerna, Inc.At risk of leavingRLAYRLAY Held Relay Therapeutics, Inc.At risk of leavingRVMD Held Revolution Medicines, Inc.At risk of leavingPANW Held Palo Alto NetworksAt risk of leavingPRAXPRAX Held At risk of leavingNVT Held nVent Electric plcAt risk of leavingDDOG Held DatadogAt risk of leavingJAZZ Held Jazz PharmaceuticalsAt risk of leavingCRWD Held CrowdStrikeAt risk of leavingFTNT Held FortinetAt risk of leavingDELL Held Dell TechnologiesAt risk of leavingLFUS Held LittelfuseAt risk of leavingAPH Held AmphenolAt risk of leavingKNSAKNSA Held Kiniksa Pharmaceuticals International, plcAt risk of leavingSUPNSUPN Held At risk of leavingDGII Held Digi International Inc.At risk of leavingLITE Held At risk of leavingCGONCGON Held CG Oncology, Inc.At risk of leavingROIV Held Roivant SciencesAt risk of leavingJNJ Held Johnson & JohnsonAt risk of leavingETONETON Held Eton Pharmaceuticals, Inc.At risk of leavingRe-runs the rules on prices through 2026-10-19. Official holdings are set only on rebalance day (Oct 30).
How it works
What it owns. Up to 25 stocks at 4% each from five groups: AI infrastructure (chips, networking, computers and storage), biotech, pharma, software, and energy and power. No more than 6 from one group, so no single theme can take over.
How a stock gets in. Within 10% of its 52-week high, above its 200-day average, and growing: year-over-year revenue growth that is positive and not slowing (or, failing that, the same for earnings). Smaller biotechs without meaningful revenue can qualify on price alone. Ranked by 12-1 momentum (the 11 months ending a month ago).
How a stock gets out. A holding stays until it falls more than 25% below its 52-week high or drops out of the eligible list. The wider exit keeps turnover low (about 8% a month in the backtest) and lets winners run.
Which stocks qualify. US-listed common stocks of companies that file 10-Ks with the SEC, with a market cap of at least $1B, a price of at least $5 and a 20-day median of at least $5M traded a day. Sector groups come from SEC industry codes plus a reviewed list.
What can go wrong. Everything it owns is in five growth-heavy groups, so a sell-off in tech or biotech hits it hard. Stocks near their highs can reverse quickly, and a 25% exit band means a holding can fall a long way before it is sold. Empty slots are held in cash.
Universe: US stocks, $1B+ market cap.
Backtest details in-sample vs out-of-sample
| 16–21 in-sample | 22–26 out-of-sample | Full | |
|---|---|---|---|
| Per year | +22.7% | +18.1% | +20.5% |
| SPY | +18.3% | +12.0% | +15.2% |
| Max drop | -11.8% | -13.7% | -15.5% |
| Volatility | 15.5% | 16.9% | 16.1% |
| Sharpe | 1.41 | 1.07 | 1.25 |
Turnover 7.5% a month. Best year +40.7% (2019), worst -12.6% (2022).
Point-in-time SEC quarterly filings for the growth check; prices for everything else.
Broad US universe: market cap $1B+, price $5+, 20-day median dollar volume $5M+.
Disclosures
Rules were designed in Oct 2026 with the full 2016-2026 history in view, so the in-sample / out-of-sample split is shown for comparison only: neither column is an untouched test.
Fundamentals: SEC quarterly filings, each number as first filed and used only from its filing date (no restatements, no look-ahead).
Universe: US-listed common stocks with market cap of at least $1B, price of at least $5 and 20-day median dollar volume of at least $5M, re-checked at every rebalance (market cap = SEC-reported shares x price at the time).
Sector groups (AI infrastructure, biotech, pharma, software, energy and power) come from SEC industry codes plus a reviewed list; stocks outside them are not eligible.
Survivorship bias: only companies that still trade today are in the data (acquired or delisted companies have no free price history), so past returns are overstated, likely by more than for an index-member backtest.
Costs: 10 bps per side ($2B+ market cap), 30 bps (under $2B) on every dollar traded; no taxes or other slippage; cash earns 0%. Backtests are hypothetical.
Research only: a model portfolio for information, not personal advice and not an account anyone manages. Past results don't predict future returns.
Coteau Systematic Strategies publishes stock research and model portfolios. It doesn't manage money or give investment advice. Results are hypothetical unless marked Live. Data: Yahoo Finance (delayed) and SEC EDGAR.