MQG fell -3.8% on Wednesday after its asset management arm downgraded its short-term outlook as it expects potential asset sales to push out into the 2H of the banks 2024 FY. Importantly this is just a delay not a cancelled/failed deal hence we regard any ongoing weakness as a buying opportunity with our optimum entry level sub $160. The division has $864bn under management and while it expects fees to meet last year’s numbers asset sales are challenging in the current environment with valuations very open to speculation.
- No change, we reduced our MQG position above $190 and will consider adding below $160 – MM holds MQG in its Flagship Growth Portfolio.
MM remains long and bullish towards MQG
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