Most strategies have specific guidelines for excluding industries. The Greenblatt Magic formula, for instance, excludes financial companies and utilities. We don't remove any companies from our base set, but specific industries can be removed very easily using this filter. There are three ways to do this:

• Tick the checkbox next to the specific industry.
• Click on the industry group to select all industries belonging to this group.
• Click on 'Select All' to select all industries.

The screener grid is refreshed after every list closing (by clicking outside of the list control).

The industries filter will also be used to define the stock universe on which relative scores such as the Magic Formula, the ERP5 and the O'Shaughnessy Value Composites (VC1, VC2, VC3) are calculated.

We use 'The Refinitiv Business Classification'. The NAICS structure consists of 32 business sectors, 61 industry groups and 153 industries. For more information, visit this link.