FMG has now plunged well over 30% from its July high, even more than BHP Group (BHP) which has dipped only 25% but after we take into account the larger yield on offer from FMG it’s a close run thing. While we are cognisant of our highly correlated position in BHP a relatively small position in FMG around $18 is very appealing, alternatively we are considering trimming our position in BHP slightly to help fund part of a FMG purchase.
MM likes FMG below $18
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