As touched on earlier, Barrick disappointed the market this week with its FY23 result, which is likely to weigh on the stock over the coming weeks/months. While we continue to like the scale of Barrick and the quality of their operations, we are questioning the size (7%) of our current position in the International Equities Portfolio at a time when investors are getting a reality check towards their dovish bets on rate cuts through 2024.
- We intend to hold Barrick and still like it over the coming years, but a break/test of its 2022 low wouldn’t surprise MM in the coming months.
MM is bullish GOLD medium-term, but may trim our large weighting
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