FANGS and big tech have done nothing for the last three months...

FANGS and big tech have done nothing for the last three months or so, while they have treaded water I wouldn’t say they have been under pressure. Obvious beneficiaries have been the COVID losers and cyclicals during this period which have run very hard and looking extremely overnight. Most cyclical have put on circa +30% during the vaccine bounce, have a look at oil, travel and some others. IMO, the next phase of the market will gain momentum from the laggards - tech is front and centre here. In terms of AUD, this may persist a little longer due to strength of commodities and more QE in the US. Agree with customer concentration, but personally, my investment thesis and decision to invest in APX had very little to do with the USD centric element of the revenue base.

Cheers