A function only returns a value, you will need a macro for this.
You can tie the macro to a change event so it behaves more like a function.
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"Timo" wrote:

I'm trying to search for specific words in a MsExcel spreadsheet and format
them (using either a macro or formula) with multiple font colors

(e.g. search for "MY NAME IS TIM", and format it so the word "NAME" would be
BOLD RED, and all the other text would be black.

I'm basically trying to highlight individual words only, but not the entire
text string or the entire cell.

Is there a way to do this with either a formula or macro?