Report by Copley Fund Research

In this report, Steven Holden screens for stocks at the extreme ends of their positioning or momentum ranges. He synthesises current and historical data on fund positioning with recent manager activity to accurately assess sentiment for each stock within Copley’s coverage. Stocks highlighted include Phoenix Mills and SK Hynix (High Positioning, Positive Momentum); AIA Group and Shenzhen Inovance Technology Co. (High Positioning, Negative Momentum); PT Avia Avian and Wuxi Biologics (Low Positioning, Negative Momentum); New Oriental Education & Technology Group and Shinhan Financial Group (Low Positioning, Positive Momentum).

Consumer Discretionary

Report by Hedgeye

In recent months this EdTech firm has staged an eyewatering rally as investors debate whether the sector’s surge is sustainable - Felix Wang doesn't consider Koolearn's new livestreaming platform to be the next big thing and says the market is already pricing in >70% revenue growth for blended FY23/FY24 which is far too aggressive. Furthermore, based on his channel checks, staff and operations costs are likely to rise substantially. As the company looks to spend capital building out supply chain, fulfilment centres and logistics infrastructure, it will struggle to post a profit. If you are looking for exposure to the sector, New Oriental is the better choice.