Why these All Ords shares have been smashed this month

Although the All Ordinaries index is racing materially higher this month, not all shares have been able to follow its lead.

Here’s why these ASX shares are taking a tumble in November:

The Kogan share price has tumbled a disappointing 21% lower since the start of the month. This ecommerce company’s shares have been caught up in a seismic rotation by investors out of COVID winners and into value shares. In addition to this, a broker note by UBS earlier this month hasn’t helped investor sentiment. While UBS has retained its neutral rating on its shares, it has reduced its price target from $22.00 to $18.00. The broker has concerns that recent gross margin strength is unsustainable.  

The McPherson’s share price has lost…