Netols Asset Management's Process

Primarily seeks investments in companies with between $100 million and $2 billion in market capitalization (5,000+ stocks) at time of initial purchase
Universe narrowed to statistically cheap stocks (1,500 stocks)
Review of relative valuations by industry performed to achieve watch list (400 stocks)
Fundamental research is performed on companies on the watch list
"Change factors" identified
Companies with the best risk/reward potential make up portfolio (60 - 80 stocks)