The fund managers who reluctantly made headlines shorting Platinum Asset Management last year think that Woolworths will again be challenged in 2017 as it finds lean rewards in being the turnaround star of a hard-fought industry.

Jack Lowenstein and Chad Slater, of Morphic Asset Management, admit it's not the edgiest idea in the world, but "being contrarian for the sake of being contrarian is never a good trade," says Slater.