A systematic, monthly process that filters the benchmark universe down to deeply undervalued, high-quality stocks:

1. Universe — Load all benchmark constituents with Refinitiv financial metrics.
2. Quality filter — Keep only companies in the top 3 quintiles on both ROA and ROIC (removes bottom 40%).
3. Deep Value score — Composite score from forward E/Y, EBITDA/EV, dividend yield & book-to-price, split into 5 quintiles.
4. Best Value cut — Retain only the top quintile (~cheapest 20%).
5. Deep Value sort — Rank by deep value score; cheapest stocks appear first.

New/leaver status is determined by comparing with the previous month. ★ First = never seen before; ↗ New = re-entry after absence.