Portfolio Positioning: The ASX is “knocking on the door” of new all-time highs

The ASX200 feels poised to breakout on the upside and if were to add a technical caveat to this “Gut Feel” it would simply be while the index can hold above 7780, i.e. from a trading perspective that’s only a 0.7% lower. However at MM we are Active Investors, not traders, hence short term noise is interesting at times but it doesn’t influence our outlook or subsequent positioning. We have noticed, with some frustration, the markets delivered a noticeable degree of performance reversion on the stock level over the last 4-6 weeks, i.e. our Active Growth Portfolio has surrendered some its outperformance. Hence one factor we are monitoring closely is whether 2024 will become a year of two halves from a performance perspective.

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Latest Reports

Afternoon report 09/07/2025 17:42

The Match Out: Stocks hit as Trump ramps up tariffs

A weaker session today as Copper tariff news created some volatility amongst the resources, gold stocks were weak, while rate sensitive areas like property felt the pinch from the RBA reticence to cut rates yesterday.

Morning report 09/07/2025 09:46

Portfolio Positioning: The ASX shrugs off no rate cut in just a few hours!

The ASX200 had plenty of reasons to fall on Monday, but again, come 4 p.m., the bears were left disappointed: Trump is throwing around tariffs again like confetti, the Dow dropped over 400 points, and the almost guaranteed RBA rate cut failed to materialise.

Afternoon report 08/07/2025 18:00

The Match Out: ASX flat, the RBA will cut, just not today!

Alerts 08/07/2025 09:54

Trade Alert – Active Growth Portfolio

We are making two changes to the Active Growth Portfolio today, trimming an existing position and adding a new stock.

Morning report 08/07/2025 09:38

What Matters Today: Is it time for MM to re-enter the Healthcare Sector?

The ASX200 closed down 0.2% on Monday, largely shrugging off weakness across US futures markets as Trump’s tariff deadline moved ever closer. Over 40% of the main board managed to close higher, with most of the major movers on the day being news-led.

Afternoon report 07/07/2025 16:43

The Match Out: ASX subdued ahead of a big week, with RBA decision & Tariff deadlines

No trade in the US on Friday night (Independence Day), so a quiet session to kick things off locally ahead of some key data points this week. The RBA should cut rates tomorrow which would be their first back-to-back move in 6-years, while we await the tariff deadline in the U.S on Wednesday night.

Morning report 07/07/2025 09:22

Macro Monday: Can this week’s tariff deadline rein in the “unloved” bull market?

Donald Trump’s second presidency has been volatile, and it's still less than six months since his inauguration. When Congress approved Trump’s budget mega bill on Thursday, it was the latest of the milestones for the president as he follows through on his unconventional election promises.

Weekend report 05/07/2025 09:44

Weekend Q&A: The ASX200 closes above 8600 for the first time

The ASX200 advanced another 1% last week, closing above the psychological 8600 level for the first time. The healthcare, real estate, and materials sectors all closed up around 3%, while the financial sector was the weakest over the five days, closing down 0.7%. For the market to extend the recent gains, it will need to shrug off high valuations and lack of earnings growth, although, as we saw last week, the resources stocks can do some of the heavy lifting after experiencing a tough 18 months.

Afternoon report 04/07/2025 17:03

The Match Out: ASX up ~1% for FY26, Resources find some love

A quiet end to a solid week for stocks, chalking up a positive move to kick off FY26. The FY25 trend of buying certainty at any price has taken a (slight) knock, with sectors and stocks representing better value attracting more flows this week.

Morning report 04/07/2025 09:19

ETF Friday: Using ETFs to ride the resources rally

The ASX 200 finished unchanged on Thursday, but on the stock level, it was a very different story, with the materials sector surging over 3% while 8 of the mainboard 11 sectors retreated, including the financials, which fell 1.3%, a very different story to the last 18 months.