XRO has experienced a year to remember as its suffered from huge valuation contraction which was compounded by an average to poor result last month. It was disappointing to see ongoing UK weakness it being an important region for the business making up ~30% of revenue. We trimmed our position in XRO recently nearer ~$100 and we’ll only be interested again if it falls back into new lows.
- We’re not overly happy with XRO’s performance of late and would only increase our holding into a panic like sell-off to fresh 2022 lows.
MM may consider adding to our position in the $60-$70 area
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