Morning Expresso – Australasia "Friday 03 July 2026"

Research evidence excerpt

Morning Expresso – Australasia "Friday 03 July 2026"

Australian Retail & Consumer Sector - Jun-26 Investor Positioning in the Australian Retail

& Consumer Sector

Australian Retail & Consumer Sector Crowding Monitor Retail

The UBS Australia Retail & Consumer Sector Crowding Monitor utilises data from the UBS Quantitative

Research team, highlighting net long and short crowded investor positions across our coverage. The

absolute level and change possess insight into directional positioning and flows. A positive value

indicates net crowded long positions while a negative value indicates net crowded short positions. The

UBS Quantitative Research team has created the composite crowding factor based on a proprietary

combination of multiple data sets. It provides a good overall lens for positioning information, albeit is a

directional measure, hence scores around 0 do not exhibit clear long or short crowding. Please contact

the UBS Quantitative Research team for more information.

Crowded Longs and Shorts

JBH is the most long crowded with EDV, GYG, DMP, TWE, SUL & SIG the most short crowded. Jun-26

saw an upward trend m/m in crowding scores (25% of our coverage having a downwards m/m

movement vs 75% having an upwards m/m movement).

Notable changes in positioning

TWE experienced the largest monthly reduction in short crowding, likely attributable to the new 5-year

transformation plan which TWE outlined at its Investor Day, with key brand focus, margin expansion

and gearing targets by FY28E alleviating some shareholder concern. COL saw a reduction in long

crowding, arguably due to some concern about its relative sales performance in Supermarkets vs

WOW Aust Food in 4Q26E and EBIT margin outlook (costs savings weighted to FY26E). BRG recorded a