APX +7.99%: A strong performer on the market today and technically APX looks great for a continued rally. Their 2nd largest shareholder – London based asset manager Mondrian Investment Partners who manages around $US10bn – filed up this morning going from a 6.18% holding to 7.37%, showing confidence in the Artificial Intelligence business. There is a lot of conjecture around whether or not APX will meet guidance, Macquarie think they’ll miss, Citi think they’ll meet while a few are sitting on the fence. We own the stock in our Flagship Growth Portfolio from $11.76, so we’re down around 10% however given the large deterioration in SP over the past 12 months, we think the risk/reward favours the buyers, even if this result is a tough one. APX report on 24th Feb with the market expecting EBITDA of $94m.
MM is bullish APX
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