Companies that shrank their share count by 3% or more in a year while generating free cash.
When a company buys back its own shares, each remaining share owns more of the business. Buybacks funded from free cash flow (not debt) at sensible prices have been one of the most reliable sources of long-run returns.
$10,000 in this list since 2016
Rebuilt every month from the data public at the time
Per year
+15.1%
All stocks +9.4%, S&P 500 +13.8%
Worst fall from a peak
-35%
All stocks -35%
Months ahead of all stocks
55%
120 months tested
Stocks held, on average
178
Equal weights
Past 12 months
+19.9%
All stocks +4.1%, S&P 500 +12.4%
Volatility, per year
21%
All stocks 22%
Sharpe ratio
0.66
All stocks 0.40; return over cash per unit of volatility
Replaced each month
10%
Share of the list that changes at a rebalance
Live since Oct 19, 2026. Holding the list as published, rebought at each month end: +3.3% against +2.1% for all stocks and +0.7% for the S&P 500, to Oct 30, 2026. Too short a period to read much into.
Buyback cannibals
All US stocks, equal weight
S&P 500 (price only)
Year by year
Portfolio
2016from Oct 31
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026to Oct 19
This list
+11%
+23%
-7%
+33%
+13%
+39%
-11%
+26%
+11%
+8%
+14%
All US stocks
+12%
+19%
301 stocks on the list today
As of the close on Oct 30, 2026; 4 joined and 1 left since Oct 29, 2026