Back in Q3 of 2023, we took three relatively small positions in Lendlease (LLC), Elders (ELD) and Magellan Financial Group (MFG) in our Growth Portfolio, looking for some performance reversion from the years underperformers – this call looks set to receive the annual wooden spoon, with almost 25% of the year still remaining:
- Lendlease (LLC) – has fallen over -20% since reporting in August, although it’s ground lower as opposed to plunging after a “Big Miss”. Our position is down 9%.
- Elders (ELD) – we cut ELD for a 9% loss in late August, and the stock has subsequently fallen another -13.5%.
- Magellan Financial Group (MFG) – was hammered around -30% over the last two trading sessions following further losses in FUM. We are down 17% on this position in the Growth Portfolio (& 13% in the Income Portfolio)
LLC’s result was okay, but the markets are most definitely not in the mood to let any stocks out of the “naughty corner.” We are considering if this may prove to be another 9% loss that improves our P&L over the ensuing months.
MM is cautious towards our LLC position
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