Modified price earnings ratio criteria:

1. A cyclically-adjusted price to earnings ratio (CAPE) significantly below average.  CAPE is current share price divided by the average earnings per share over 7-10 years.

2. A high Piotroski score.  These nine factors indicate whether a company is strengthening its financial position and income flow.

3. Finally, and crucially, the qualitative assessment filter of (a) managerial quality (competence and integrity) and (b) earnings power over the long run, and (c) financial strength.

I present the returns after taking the hit on broker costs, stamp duty and bid/offer spread.

Company	Purchase date	Purchase price	Divs to 31 dec 2019	Price 31 dec 2019	Return to 31 dec 2019
Haynes	11.2.15	115,9p	33,5p	Sold 2.10.19 291,75p	181%
AGA	11.3.15	100,2p	0	Taken over June 2015 145,6p	45%
Hogg Robinson	10.4.15	47,09p	2,37p	Sold June 2016 65,6p	44%
MS International	3.7.15	186p	32,5p	172p	10%
BHP Billiton	24.9.15	1043p	127p	Sold May 2018 1690p	74%
TClarke	5.11.15	79,16p	13,61p	135p	88%
Premier Farnell	8.4.16	122,2p	3,6p	Taken over 20.6.16 163,2p	36%
Braemar	28.6.17	284,8p	20p	Sold June 2018 263,9p	0%
Caffyns	10.8.17	501,2p	45p	350p	-21%
Connect	27.9.17	104,6	9,8p	35p	-57%
MS Intern	14.11.17	184p	16,5p	172p	2%
Connect	14.6.18	28,5p	3,1p	35,1p	34%
N Brown	17.8.18	142p	7,1p	160p	18%
Spaceandpeople	31.10.18	22,4p	0,5p	11p	-49%
Tandem	2.4.19	159p	4,45p	170p	10%
MS International	20.6.19	222p	6,5p	172p	-20
Character	25.10.19	350,6p	0	400p	14%