We expect RIO to be hit on open this morning on broader commodity weakness overnight. Having trimmed BHP from a ~12% prevailing weight back to an 8% target early last month, we are now recycling the capital into Rio Tinto following an aggressive pullback, inline with our view of adding quality commodity exposure into weakness. Risk/reward looks appealing below $150.
MM is buying RIO in the Active Growth Portfolio, allocating 4% around $150.00
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