LLC has fallen in tandem with rising bond yields but as we have a core bullish outlook on bonds and bearish yields, we are giving this position more room even as it plumbs multi-year lows, but we are not considering increasing our exposure. We note this move goes against the classic “value add” theory of cutting losses, especially for stocks making new lows, and we would be out if it weren’t for our macro view around interest rates.
- We are watching this position carefully, believing it has the capability to turn as some Healthcare stocks have of late.
MM is cautiously bullish on LLC
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