BofA’s Alpha Surprise Model: Lots of Energy additions, Consumer Discretionary deletions
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BofA Securitiesâ Alpha Surprise Model came back at the end of last month with underperformance in the S&P 500 (NYSEARCA:SPY) by -4.9% and a price return of -5.3%, according to the screens for October. 
The model, published on Monday, is a quantitative discipline applied to BofAâs fundamental research franchise, screening for âinexpensive, out-of-consensus stock ideas using our fundamental analystsâ earnings estimates,â according to their analysts. 
The additions as of Sept. 30 are Airbnb Inc. (ABNB), Cencora Inc. (COR), Atmos Energy Corp. (ATO), Bank of New York Mellon Corp. (BK), Chevron Corp (CVX), Deere & Co. (DE), Devon Energy Corp. (DVN), Diamondback Energy Inc. (FANG), EOG Resources Inc. (EOG), Exxon Mobil Corp. (XOM), First Solar Inc. (FSLR), General Mills Inc. (GIS), PPG Industries (PPG), Pioneer Natural Resources Co. (PXD), Rockwell Automation (ROK), 3M Co. (MMM), and Transdigm Group Inc. (TDG).

The deletions are Alaska Air Group Inc. (ALK), Berkley (W R) Corp (WRB), CME Group Inc (CME), Delta Air Lines Inc. (DAL), Dollar General Corp. (DG), Factset Research Systems Inc. (FDS), Fortinet Inc. (FTNT), Healthpeak Properties Inc. (PEAK), Hormel Foods Corp. (HRL), Johnson & Johnson (JNJ), McCormick & Co Inc. (MKC), Resmed Inc. (RMD), Starbucks Corp. (SBUX), T-Mobile US Inc. (TMUS), Verisk Analytics Inc. (VRSK), Wec Energy Group Inc. (WEC), Arch Capital Group LTD (ACGL).
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