Citi lists the contrarian bull and bear inventory requires 2023

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One not like other, Contrarian, On contrary, opposite, be against the trend and be non-conformist

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Citi’s quant staff is casting a jaundiced eye on contrarian trades for the 12 months forward.

“We’ve got learnt to be suspicious of attention-grabbing contrarian methods,” strategist Robert Buckland wrote in a word. “They may make for good stockbroking, however they do not ship good long-term funding observe information.”

Contrarian calls underperformed in 2022, Buckland stated.

“Bearish calls on IT labored, however their contribution was worn out by bullish calls on China and Power shares,” he famous.

For 2023 in belongings, contrarians will possible be “quick each oil (USO) (BNO) and gold (GLD), and lengthy EM (EEM) (VWO) and DM equities,” Buckland stated. “They’d be sellers of the US$ (DXY).”

In shares, contrarians “are at present lengthy Development, bearish Worth and like cyclical to defensive sectors. They’ll possible be bullish on US equities (SPY) (QQQ) (IWM), particularly Tech shares (XLK) (XLC), and bearish Power (XLE). Inside EM, they’ll possible purchase something China-related (MCHI).”

The bull contrarian inventory picks for 2023:

  1. Meta (NASDAQ:META), 12 months up to now efficiency -65%
  2. PayPal (PYPL), -65%
  3. Tesla (TSLA), -62%
  4. AMD (AMD), -57%
  5. Netflix (NFLX), -51%
  6. Salesforce (CRM), -50%
  7. Intel (INTC), -50%
  8. Amazon (AMZN), -49%
  9. Micron (MU) -46%
  10. Edwards Lifesciences (EW), -43%

The bearish contrarian inventory picks for 2023:

  1. Occidental Petroleum (NYSE:OXY), +99%
  2. Marathon Petroleum (MPC), +65%
  3. Exxon Mobil (XOM), +64%
  4. SLB (SLB), +54%
  5. ConocoPhillips (COP), +53%
  6. Valero (VLO), +52%
  7. McKesson (MCK), +48%
  8. Chevron (CVX), +41%
  9. Daiichi Sankyo (OTCPK:DSKYF), +35%
  10. Glencore (OTCPK:GLCNF), +29%

See 2022 in 22 numbers.



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