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Ranked lists

Top 100: Most cash

Backtest from 31 Mar 2010 to 30 Sept 2026 · quarterly · hypothetical

Watch this strategy
Return a year
+15.0%
S&P 500 +14.0%
Last 12 months
+21.7%
S&P 500 +15.7%
Sharpe ratio
0.83
S&P 500 0.86
Biggest drop
−25.8%
S&P 500 −23.9%
$10.0k$20.0k$40.0k$80.0k 201020122014201620182020202220242026 $100k$87.2k
Top 100: Most cashS&P 500 $10,000 in Top 100: Most cash from 31 Mar 2010 against the S&P 500 (total return) over the same dates, marked quarterly, log scale. Hypothetical: before taxes and trading costs.

About

Holds the top 100 companies on our “most cash” list, equal weight, rebuilt every quarter from figures in quarters that ended at least 90 days earlier, the same rules as the live list.

The live list →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+15.0%+14.0%
Total return+904%+772%
Last 12 months+21.7%+15.7%
Last 3 months+1.1%—
Last month+1.1%—
This year so far+16.4%—
Volatility a year17.2%15.1%
Sharpe ratio0.830.86
Biggest drop−25.8%−23.9%
Beta to the S&P 5001.081.00
Alpha a year (t-statistic)+0.2% (0.13)—
Share of quarters up76%—

Sharpe ratio uses returns above the 3-month Treasury bill rate. Alpha is the yearly return left after allowing for the strategy's exposure to the S&P 500 (CAPM); a t-statistic below about 2 means it cannot be told apart from luck.

Insights

CompanyWeightHeld sinceReturn since
C1.0%——
JPM1.0%——
BAC1.0%——
WFC1.0%——
GS1.0%——
MS1.0%——
TM1.0%——
AMZN1.0%——
USB1.0%——
GOOGL1.0%——
COF1.0%——
AXP1.0%——
SCHW1.0%——
AAPL1.0%——
TFC1.0%——
ORCL1.0%——
PNC1.0%——
UNH1.0%——
APO1.0%——
HDB1.0%——
MU1.0%——
CNC1.0%——
KKR1.0%——
MSFT1.0%——
JNJ1.0%——
GM1.0%——
AVGO1.0%——
MET1.0%——
BABA1.0%——
COST1.0%——
BHP1.0%——
T1.0%——
MTB1.0%——
BKNG1.0%——
EQH1.0%——
SYF1.0%——
BKR1.0%——
HBAN1.0%——
TSLA1.0%——
JEF1.0%——
AMGN1.0%——
NVDA1.0%——
GEV1.0%——
INTC1.0%——
CFG1.0%——
DELL1.0%——
CVS1.0%——
AMP1.0%——
WMT1.0%——
XOM1.0%——
KO1.0%——
BLK1.0%——
PEP1.0%——
ELV1.0%——
UAL1.0%——
LNC1.0%——
RJF1.0%——
PG1.0%——
RF1.0%——
CVX1.0%——
GE1.0%——
NFLX1.0%——
LYV1.0%——
NEM1.0%——
LLY1.0%——
CRM1.0%——
HON1.0%——
BMY1.0%——
COIN1.0%——
PYPL1.0%——
RTX1.0%——
DE1.0%——
VLO1.0%——
ALLY1.0%——
MPC1.0%——
PNFP1.0%——
SMCI1.0%——
BNY1.0%——
GME1.0%——
BA1.0%——
IBM1.0%——
BHF1.0%——
CSCO1.0%——
HUM1.0%——
MRK1.0%——
CAT1.0%——
EXPE1.0%——
COP1.0%——
ABBV1.0%——
CFR1.0%——
AMAT1.0%——
CI1.0%——
VRTX1.0%——
AFL1.0%——
PM1.0%——
JXN1.0%——
WAL1.0%——
IREN1.0%——
NTRS1.0%——
UMBF1.0%——

Equal weight at the latest rebalance, rebuilt every quarter.

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest31 Mar 2010 to 30 Sept 2026+15.0%+14.0%0.830.86−25.8%1.08+0.2% (0.13)
2018 onwards31 Mar 2018 to 30 Sept 2026+14.7%+15.1%0.680.75−25.8%1.03−0.4% (−0.16)
Last three years31 Dec 2023 to 30 Sept 2026+24.3%+20.2%1.601.25−1.9%0.88+5.2% (1.55)
DateCompanyAction
30 Sept 2026VRTXBought
30 Sept 2026VLOBought
30 Sept 2026UMBFBought
30 Sept 2026SMCIBought
30 Sept 2026PNFPBought
30 Sept 2026PMBought
30 Sept 2026NTRSBought
30 Sept 2026MRKBought
30 Sept 2026MPCBought
30 Sept 2026LLYBought
30 Sept 2026JXNBought
30 Sept 2026JEFBought
30 Sept 2026IRENBought
30 Sept 2026HUMBought
30 Sept 2026HONBought
30 Sept 2026GMEBought
30 Sept 2026EXPEBought
30 Sept 2026COPBought
30 Sept 2026CATBought
30 Sept 2026BHPBought
30 Sept 2026BHFBought
30 Sept 2026AFLBought
30 Jun 2026WALBought
30 Jun 2026UALBought
30 Jun 2026TMBought

Dated at the rebalance that made the change.

DateCompanyAction
30 Sept 2026VZSold
30 Sept 2026VALESold
30 Sept 2026UBSSold
30 Sept 2026STTSold
30 Sept 2026STLASold
30 Sept 2026SHELSold
30 Sept 2026SAPSold
30 Sept 2026PUKSold
30 Sept 2026PDDSold
30 Sept 2026PBRSold
30 Sept 2026NTESSold
30 Sept 2026LISold
30 Sept 2026HSBCSold
30 Sept 2026GILDSold
30 Sept 2026FLGSold
30 Sept 2026BUDSold
30 Sept 2026BNTXSold
30 Sept 2026BBDSold
30 Sept 2026BSold
30 Sept 2026ASMLSold
30 Sept 2026ADBESold
30 Sept 2026ABTSold
30 Jun 2026UMBFSold
30 Jun 2026UBERSold
30 Jun 2026TMOSold

Dated at the rebalance that made the change.

Backtests are hypothetical and use today's listed companies only, which flatters results. Past performance does not predict future returns. This is research, not investment advice. How we backtest