Amcor has done well over the last few years as instos have chased it for its solid yield & its slow but consistent EPS growth. But why I'm negative on Amcor is that I think the great unwind is on & global investors who now own 54% - so as bond yields head back up (Intl Funds will be sellers) & with stock on 2017 PE of 17.7x (PE de rating overdue) it is very vulnerable to a big selloff. I think the big offshore yield funds will begin selling down their holding in a number of the Aussie yield stocks & given his was the Number 1 stock that had the biggest win from that buying - I think if the selldown comes it will be one they will sell down. Amcor is known for its value acquisitions - but that looks to be a thing of the past & that should worry shareholders. I think we'll see Amcor back at $13 / $14 over the next 6 to 9 months.


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