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ETFs · Index funds · Workplace funds · Stocks · Mana Credit · Compare halal products ↗ · Terms · PrivacyOctober's momentum-screened, Shariah-checked watchlist, led again by semis, and an honest look at September's -10.9% month. A talking point, not a buy list.
Each month we run a simple momentum screen over the S&P 500 Shariah Index (SPUS), cross-check every surviving name for Shariah compliance on Zoya, then put it through four plain fundamental filters. What comes out is a watchlist, a talking point to learn from, not a buy list and not financial advice. Mana only encourages investing in funds. We show these single names so you can see how a rules-based screen actually behaves, misses and all.
Once a name clears the momentum screen and the Zoya Shariah check, we run it through four thresholds. A stock "passes" a filter when it clears the line:
Passing all four is not a signal to buy, and failing one is not a reason to avoid a stock. The filters are a lens for reading the screen honestly. We never present a name that fails a filter as a clean pass.
Semis still dominate, with AMD, SWKS and MRVL all showing a strong trend, but the signal has also picked up CrowdStrike (cybersecurity) and Revvity (life sciences and diagnostics) this round. There are no manual sector calls here. That is simply where the trend strength is sitting right now across the compliant universe. All five are reported Shariah-compliant by Zoya on the review date, so none were dropped.
Zoya verdict, as quoted: Shariah-compliant. AI data-centre chip demand keeps it in a strong trend. It passes three filters (Gross Margin 56%, Debt to Equity 6%, Float 1.6B) but trips on P/E at 166, well above the 100 line. A rich valuation, shown as is.
Zoya verdict, as quoted: Shariah-compliant. A radio-frequency chipmaker trending with the wider semis group. It passes three filters (P/E 43, Debt to Equity 12%, Float 150M) but trips the Gross Margin filter at 41%, under the 50% line.
Zoya verdict, as quoted: Shariah-compliant. Custom AI and data-centre networking silicon. It is the clean one this month: Gross Margin 52%, P/E 94, Debt to Equity 29% and Float 874M all clear the line, though P/E and debt only just.
Zoya verdict, as quoted: Shariah-compliant. A life sciences and diagnostics name that is new to the signal. It passes three filters (Gross Margin 55%, P/E 73, Float 102M) but trips the debt filter with Debt to Equity at 46%, above the 30% line.
Zoya verdict, as quoted: Shariah-compliant. A cybersecurity platform with high-margin subscriptions. It passes three filters (Gross Margin 75%, Debt to Equity 16%, Float 1.0B) but its trailing earnings are close to zero, which pushes the P/E to around 4,648, far past the 100 line. That is a growth story priced on future profits, and we show it plainly.
September was a down month. The watchlist (CRM, NOW and NEM) returned an equal-weight average of -10.9% from the 3 September close to the 30 September close: Salesforce -13.2%, ServiceNow -8.0% and Newmont -11.6%. That is the average of those illustrative picks, not a portfolio, a fund, or a recommendation. It is a good reminder that momentum names can fall hard and fast, and that one month, good or bad, tells you very little. We post every month, including the bad ones, on the picks archive.
This is general guidance to help you learn, not regulated financial advice and not a personal recommendation. These are momentum trades, not long-term holds: you ride the wave and rotate, you do not buy and hold them for years. The fundamentals shown are illustrative round figures captured on the review date, not a live feed, so re-check them before relying on anything. Shariah verdicts are quoted from Zoya as captured that day, not Mana's own ruling, and can change as a company's financials change. Past returns do not represent future results. Research across thousands of investors shows that single stocks do not beat a broad, diversified fund over the long run, which is why we only ever encourage investing in funds. Do your own research and consider speaking to a regulated financial adviser.
See this month's full breakdown, with the per-stock filter tables, on the stock picks page.
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