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'Contrarian' trades working. Here are five

A trader works on the floor of the New York Stock Exchange.
Getty Images
A trader works on the floor of the New York Stock Exchange.

On "Seinfeld," Jerry once said to George, "If every instinct you have is wrong, then the opposite would have to be right."

That appears to be true on Wall Street this year as the fund managers picking out-of-consensus plays are beating the market, according to a new report.

Contrarian investing is back in play, according to Thomas Lee, managing partner at Fundstrat Global Advisors, who notes that this type of trading didn't work in the prior 18 months.

The strategist defines a stock outperforming as "contrarian" if it has a small percentage of "buy" ratings from Wall Street analysts.