Strong stocks: strategies & selection criteria

“He who cherishes the strong, lets go of the weak” – BEL20 analysis

A correction is not a disaster — it's an opportunity. No gamble on what will ever recover, but an objective reassessment of what nu shows strength. In this contribution we look at the BEL20 of 27/10/2023 to 18/03/2025 and we split the cycle into 7 subperiodsThis way you can clearly see which shares structural perform and which actually take away energy.

Analysis without excuses

We mark the cycle in seven segments (0→1, 0→2, … 0→7) and rank all BEL20 shares by return each time. The result is a recurring pattern: winners confirm, laggards stay behind. You don't need a crystal ball—you need data and discipline.

Winners surprise… not

A summary table with all 7 sub-periods ranks the index members over the full cycle. Then we zoom in on the start (0→3) and the end (3→7). The picture is consistent: strong names deliver by, weak names rarely become leaders.

Look at UCBThis one performs best over the entire cycle. Yet, in the first sub-period, it only ranks 17th. So, it's not exactly a sprint starter, but it is the stock that will yield structural returns if you hold on to it.

Or take Azelis Group. It's ranked number one in the early stages, but drops back later. Not every fast riser is a permanent fixture.

Only in the second upward movement (cycles 0 to 3) does the difference become apparent. Almost all stocks that perform well during this period maintain their strong position until the end of the cycle. Strength confirms itself.

ArgenX is an exception: it previously performed poorly, but has made spectacular gains. This confirms once again: exceptions prove the rule.

What do you do during a correction?

The temptation is great to buy "cheap" laggards. The data shows the opposite: focus on strengthStrong stocks attract capital and attention, weak names require patience and often result in wasted time.

Look at the performance at the peak moments of the BEL20 — on May 15, 2024 (top 3) en March 18, 2025 (top 7) — then you will see this in black and white.

• De top 10 strongest stocks on May 15 together achieve an average return of + 10,59 % (see last column)
• De 10 weakest stocks to deliver average –10,41% up. And that includes the spectacular increase in ArgenX (+63,8%). Without ArgenX, the gap becomes even more stark.

Turn a setback into an opportunity to reassess your portfolio to refresh: release blockers, empower leaders.

Why this works

Strong stocks attract new capital. They're snapped up by institutional investors, funds, and algorithms. And once they rise above the radar, a snowball effect begins.
Weak stocks? They're ignored, or worse: sold off. And it takes a long time, sometimes years, for them to recover.

By focusing on strength at each stage of the cycle, you avoid frustrations, pitfalls, and—most importantly—unnecessary losses.

Ready to see how Snowflake works?

The message is simple: choose what delivers, let go of what blocksYou don't need a fluke—you have a process. Strength is measurable, and those who cherish the strong are the ones who set the clock in their favor.