Sequential vs. Simultaneous Screening: A Case Study in Quality Investing
研究了质量投资框架下顺序筛选与同步筛选两种股票筛选方法，基于21年美国大盘股样本发现同步筛选表现更优、因子暴露更一致且换手率更低，并通过微软和苹果案例揭示了刚性筛选阈值的实践挑战。
This article examines two stock-screening methodologies—sequential and simultaneous under a quality investing framework. Using a 21-year sample of US large-cap stocks, this study demonstrates that simultaneous screening yields superior performance, more consistent factor exposures against the benchmark, and lower turnovers in contrast to its sequential counterpart. Through case studies on Microsoft and Apple, the author highlights practical challenges associated with rigid screening thresholds, particularly in benchmark-aware strategies. Importantly, this research underscores structural differences between screening methodologies and their implications for portfolio construction. The findings offer actionable insights for practitioners when selecting or designing screening tools.