Is the list of qualifying companies the same as the tracked portfolio?

No, the list on a given Guru Screen, such as John Templeton, is the list of qualifying companies as of today. The lists themselves update on a daily basis reflecting price movements and fundamental updates and you can see the new stocks being added and removed every day here.

In order to track performance in a realistic way, we rebalance our portfolios on a quarterly basis. The performance charts are based on an equal weighted portfolio, with a maximum of 25 qualifying companies for each screen (in some cases, it may be much fewer companies for screens with very stringent criteria). The basket we track therefore reflects the qualifying list of companies at a point in the past, i.e. up to three months earlier. Those companies may or may not be qualifying today depending on what's happened to their prices/fundamentals since the rebalancing date, hence the list we show is the qualifying companies today, as that's the current opportunity set.

Worked Example

If the current date is, say, May 6th, the list of stocks that we show will be those stocks qualifying as of now, i.e. May 6th. However: the performance charts will be based on i) how the list of stocks that qualified as of March 31st (the first quarter rebalancing date) have been doing from March 31st to May 6th, and before that, ii) how the list of stocks that qualified on December 31st were doing up until March 31st, and before that, iii) how the list of stocks that qualified on September 30th did until December 31st, and so on...