19/06/2025 09:18

Insignia Financial Ltd (IFL) $3.45

A bidding war was unfolding for IFL in early 2025 although you wouldn’t know it from the share price:

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11/07/2024 09:30

Insignia Financial Ltd (IFL) $2.32

IFL dropped 7.2% on Wednesday, the most in eight months after the company stated that it was unaware of any offer and had not engaged Citi to field any such offers. The drop comes just one day after the stock surged to three-month highs following a story in the AFR that Private Equity giant Brookfield had the wealth manager under the microscope.

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13/07/2022 10:29

Active Income Portfolio – Amendments

We are making a number of changes to the Income Portfolio.

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13/07/2022 09:37

Likely amendments for the MM Active Income Portfolio

While the portfolio has been resilient during the recent downturn in markets, staying in positive territory over the past 12 months, there are some tweaks we have been assessing over recent weeks to improve the composition of the portfolio further.

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06/07/2022 09:34

Active Income Portfolio

The portfolio was down -1.39% for the week with cash at 1%.  Magellan (MFG) fell ~10% although position size is small, BHP was off -6.93% and Insignia (IFL) declined by -5.21%, a stock that we are now likely to exit. On the flip side, our targeted pullback in bond yields (rise in bond prices) has started to play out with our Government Bond (GSBG25) +1.43% for the week while the Betashares Australian Composite Bond...

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29/06/2022 09:27

Current thinking around the MM Income Portfolio

We’re contemplating a number of amendments in the Income Portfolio as we position for what comes next.  Today’s portfolio update will simply detail our current thinking, not yet our planned actions:   

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01/06/2022 09:50

Active Income Portfolio

The portfolio slipped -0.26% for the week while cash sits at 1%. We saw a rotation out of more defensive stocks into ‘growthier’ names with APA Group (APA) down -1.81% while the banks fell, CBA lost -0.69% while Bank of QLD (BOQ) dropped -0.79%. On the flipside, strength in Magellan (MFG) +6.67% was a positive as was Service Stream (SSM) +5.03% & Insignia (IFL) +3.43% while some slight weakness in the Hybrid space was also...

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27/04/2022 09:21

Insignia Financial (IFL) $3.42

The financial advice and platform business was one of the weaker performers in the Income Portfolio during the week (-6.56%)  having reported a 3Q22 trading update that was okay, but a lot of moving parts which we’ve come to expect from this value stock undergoing a turnaround. Fund Under Administration (FUA) fell $6.7b to $220.3bn, largely a result of market movements while Funds Under Management (FUM) actually saw net...

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16/03/2022 09:26

Active Income Portfolio

The Income Portfolio added +1.50% for the week while cash sits at ~5%. The financials were best on ground with Insignia Financial (IFL) adding +8.74%, Commonwealth Bank (CBA) +8.57% & Bank of QLD (BOQ) +7.81%, while our largest portfolio holding in BHP fell by -6.51%. Despite Magellan (MFG) coming out with poor FUM flows, the stock ‘only’ fell -2.53%, implying to MM that a low is near.

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16/02/2022 09:15

Active Income Portfolio

The Income Portfolio was flat over the course of the week (+0.01%) while cash sits at ~4%. Strong gains from Commonwealth Bank (CBA) +8.15%, Bank of QLD (BOQ) +3.85% and our Crown Hybrid (CWNHB) +3.48% following the acceptance of the Blackstone takeover. While Blackstone do not have to redeem these hybrids, they can source capital a lot cheaper...

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