Every relationship has its ups and downs. And every year, misunderstandings, broken promises and poor behaviour create a special list that no company wants to end up on - the Dogs of the ASX. These are the stocks that have been punished by the market and banished to the proverbial doghouse. This list is based on the "Dogs of the Dow" strategy, popularised by Michael O'Higgins in the early 90s - a systematic bet on mean reversion. Buy the worst performers from a large-cap index and wait for them to come back. The trick is picking which ones actually will. Hugh Dive from Atlas Funds Management has been tracking the Dogs of the ASX since 2011. In his FY26 breakdown, he notes that last year's cohort returned 66%. What makes this year's list unusual is the names on it. WiseTech, Xero, CSL, Pro Medicus...stocks that not long ago would have sat at the top of every quality growth manager's portfolio. Much like a bad breakup, it's not always fair or justified, and it's not always the full story. In this episode of Buy Hold Sell, Hugh and Jason Teh from Vertium Asset Management debate four of the biggest dogs in the top 10 and share their turnaround picks. This episode was filmed Wednesday 22nd July 2026.

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