MM has been active in XRO over recent months, exiting a long-standing position well above $190 before re-entering in July after their capital raise to expand into the US via payments platform Melio. As discussed here in June, we like this deal. In hindsight, we re-entered XRO too early, but when we like a business, it can be hard watching from the sidelines for too long! At the time, we only allocated 4% to XRO, with the intention of adding to it into further weakness (if it were to prevail) with our “Buy Zone” approaching fast.
- We are looking to average our XRO position around $140, or 4-5% lower: MM owns XRO in its Active Growth Portfolio.
MM is long and bullish XRO
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