Newmont (NEM), along with many gold stocks has rallied hard. With our original 3% position up 45% in less than 3 months, we are reinforcing our 3% target weighting, in effect, selling down open profit (current prevailing weight ~4.5%). We have turned more neutral on gold in the short term, given crowded positioning and strong advance.
MM is reducing NEM in the Active Growth Portfolio, reinforcing our 3% target weighting around $172
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We are taking profit on Mineral Resources (MIN) after a stellar recovery. Lithium has been hot, Iron Ore has been resilient, however, the risk/reward is now more finely balanced following such a strong rebound. We now prefer to be on the sidelines.
MM is selling MIN in the Active Growth Portfolio, taking profit around $60
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