---
title: "Top 20"
url: https://investbymodel.com/Model/Top_20/
description: "The archived Top 20 model record from investbymodel.com, with its strategy statement and the return tables printed on the original page."
published: 2026-08-10
updated: 2026-08-10
---

# Top 20

Published 2026-08-10

Model record

Model record

$100,000.00 invested on 5/26/2008

Vs. S&P 500 Index

This portfolio is independently monitored by Hulbert Financial Digest, a Marketwatch Company.

## Strategy

The Top 20 model represents our 20 best long ideas in U.S. equities

The goal is to beat the broad market, as represented by the S&P 500.

- Names in the portfolio are diversified by sector.
- In terms of style, this model is multicap and core.
- The holdings range from Small-Cap to Large-Cap.
- The holdings have both "Growth" and "Value" attributes.
- This portfolio will be fully invested (10% maximum cash) at all times and uses no leverage.
- Position sizes will generally not exceed 10%.
- New additions will generally not be less than 3% of the portfolio.
- Tax-efficiency is not a primary goal of this model.

## Performance

*Trailing Returns as of 5/7/2011 (since: 5/26/2008)*

|  | YTD | 3 Month | 6 Month | 12 Month | Inception | Annualized |
|---|---|---|---|---|---|---|
| Top 20 | 9.05 % | 4.45 % | 19.65 % | 40.94 % | 103.20 % | 27.19 % |
| S&P 500 | 7.22 % | 2.09 % | 10.38 % | 23.05 % | 4.04 % | 1.35 % |
| Difference | 1.83 % | 2.36 % | 9.26 % | 17.89 % | 99.16 % | 25.84 % |

*Annual Returns*

| Year | Top 20 | S&P 500 | Difference |
|---|---|---|---|
| 2008 | -27.31 % | -33.32 % | 6.01 % |
| 2009 | 68.80 % | 26.46 % | 42.34 % |
| 2010 | 51.85 % | 15.06 % | 36.79 % |

*Quarterly Returns 2011*

| Qtr | Top 20 | S&P 500 | Difference |
|---|---|---|---|
| Q1 | 9.57 | 5.92 | 3.65 |

*Quarterly Returns 2010*

| Qtr | Top 20 | S&P 500 | Difference |
|---|---|---|---|
| Q1 | 16.96 | 5.39 | 11.57 |
| Q2 | -2.83 | -11.43 | 8.60 |
| Q3 | 7.77 | 11.29 | -3.52 |
| Q4 | 23.98 | 10.76 | 13.23 |

*Quarterly Returns 2009*

| Qtr | Top 20 | S&P 500 | Difference |
|---|---|---|---|
| Q1 | 0.87 | -11.01 | 11.89 |
| Q2 | 32.00 | 15.93 | 16.07 |
| Q3 | 14.74 | 15.61 | -0.86 |
| Q4 | 10.48 | 6.04 | 4.44 |

*Quarterly Returns 2008*

| Qtr | Top 20 | S&P 500 | Difference |
|---|---|---|---|
| Q3 | 0.80 | -8.37 | 9.17 |
| Q4 | -19.41 | -21.94 | 2.54 |

Reproduced from [/Model/Top_20/](https://investbymodel.com/Model/Top_20/) as printed. Figures are historical and have not been recalculated.

Term entry: [Top 20](https://investbymodel.com/glossary/top-20/)