This first addition to the list might surprise many but however bullish we are on a stock / sector MM always remains open-minded to taking some cream off the top if we feel optimism has stretched too far. We are bullish BHP which is reflected by our 9% weighting (Flagship Growth) in the old “Big Australian” but while I’m confident it will trade higher through 2021 we also anticipate another ~$7 correction which is not irrelevant when adding value / alpha is the objective of Active Investors like ourselves.
BHP is set to open at fresh all-time highs today, well above $51 suggesting at this stage there’s no hurry to press the sell / reduce button.
MM is considering reducing our 9% position to 5-6% closer to $60. .
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