GRNY Beat COWZ by 11 Points This Year. Oil Prices and Interest Rates Will Decide Who Wins Next

COWZ ranks the Russell 1000 by free cash flow yield and holds the top 100 names using a rules-based screen without human override. The portfolio emphasizes mature, capital-returning businesses, with sector weights led by Health Care, Information Technology, and Energy. GRNY is an actively managed large-cap ETF built from stocks appearing across multiple Fundstrat thematic baskets, using an analyst-overlap conviction screen. GRNY tilts toward long-duration themes such as AI, electrification, energy security, and millennial spending, favoring companies that may not meet strict free-cash-flow-yield criteria. Over the past 12 months, GRNY returned 29.35% versus COWZ at 17.84%, while both funds share some overlapping holdings such as Qualcomm.

"COWZ ranks the Russell 1000 by free cash flow yield and takes the top 100 names, a rules-based screen with no human override. GRNY is Tom Lee's actively managed expression of stocks that show up in multiple Fundstrat thematic baskets, a conviction screen built on analyst overlap. The strategies should produce sharply different portfolios. The trailing 12-month returns show why they have not."

"COWZ buys companies whose current cash generation looks cheap relative to enterprise value. That bet leans into mature, capital-returning businesses. The fund's top sector weights are Health Care at 22.01%, Information Technology at 18.47%, and Energy at 16.06%, with ConocoPhillips at a 2.25% top position and Qualcomm at 1.99%. Pfizer, AT&T, Verizon, and Altria round out the cash-rich roster."

"GRNY bets that stocks sitting at the intersection of several long-duration themes (AI, electrification, energy security, millennial spending) will compound faster than the index. That tilts the portfolio toward names like NVIDIA and GE Vernova, which would never clear a strict FCF-yield screen. NVIDIA trades at a trailing PE of 46; GE Vernova at a trailing PE of 31."

"Over the past year, GRNY returned 29.35% versus COWZ at 17.84%, with the S&P 500 at 26.49%. ConocoPhillips is up 27.29% YTD, Qualcomm up 25.43% YTD, and GE Vernova up 62.8% YTD. Qualcomm shows up in both funds. The cash-flow screen and the conviction screen are arriving at some of the same names through different doors, which is why the divergence is narrower than the methodologies suggest."

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