What Worked – Beta and Value bounced up harder this week than they did two weeks ago. Beta has really only worked 4 times since the middle of last October. However, this week Beta came in with a crazy high 46% IC. High Beta names that did well were Sumco up 17%, Alps Electric up 17% and Minebea up 18%. FY1 PE almost did as well as Beta. The last time PE did this well was back in October 2015. Low PE names that were up were IHI up 17%, TDK up 17% and Shinsei was up 14%.
PBR also outperformed this week. Low PBR names that did well were Mitsui OSK up 18%, Inpex up 17% and DMG MORI up 14%. There was a good move into names with a high percent of Foreign Investors. Toshiba was up 20% and Inpex was up 17%. Price reversal was even stronger than Beta this week with a really rarely seen 60% negative IC. Dowa was up 14% and Monotaro was up 14%.
Who Moved – Unfortunately not a lot of names bounced on strong volume. Only 16 names moved on volume this week. On the positive side, Nissan Motors bounced up 13%, Hitachi Capital was up 10% and Zeon was up 10%. On the negative side, overall there were only 74 names with negative returns this week in TPX500. The ones that were down on volume were NEC down 8%, SCSK Corp down 5% and Odakyu Electric down 4%.
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