03/05/2022 14:37

Flagship Growth Portfolio – Amendments

MM are switching from A2M into TWE.

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20/04/2022 09:26

A2 Milk (A2M) $4.60

Rising COVID-19 cases in China and the administration’s focus on zero-tolerance are likely to be the final nails for our position in A2 Milk (A2M). While their last update in February was a positive one providing evidence that new management had a solid handle on the business, the turnaround discussed at the time underpinning a return to revenue growth in FY22 is now likely to be delayed, in MM’s view. While we can...

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13/04/2022 08:45

Flagship Growth Portfolio

The MM Growth Portfolio fell by -1.67% for the week with cash sitting at 9%. The consumer staples sector threw up the portfolio’s best and worst performers in Woolworths (WOW) & A2 Milk (A2M) respectively, while the banks tried to offset some of the weakness felt amongst our technology holdings. Overall, a tough week for relative & absolute returns coming off a solid quarter.

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06/04/2022 09:39

Flagship Growth Portfolio

The MM Growth Portfolio added +0.7% last week with cash sitting at 9%. This week we saw some clear sector rotation with tech stocks finally adding to the portfolios performance.  Xero (XRO) +5.6% and Altium (ALU) +5.5% while both a2 Milk (A2M) -5.8% and Aristocrat (ALL) -4.9% were the standout losers.

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30/03/2022 09:31

Flagship Growth Portfolio

The portfolio added +1.23% last week while cash sits at 9%. We again saw miners / banks figure strongly in the winners enclosure including BHP Group (BHP) +9%, Newcrest Mining (NCM) +6.3%, and Macquarie Group (MQG) +4% while our main laggards were HUB24 (HUB) -7.5%, ResMed (RMD) -6.6% and a2 Milk (A2M) -0.9%.

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23/02/2022 09:26

Flagship Growth Portfolio

The MM Growth Portfolio slipped 1.18% last week as the Ukraine tensions caused markets to de-risk across the board, our growth names suffered the most including Xero (XRO) -9.6% & Altium (ALU) -7.2% while Virgin Money (VUK) also surrendered some its recent gains on European fears falling -6.7%. Elsewhere the defensive and recovery names stood out on...

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21/02/2022 17:33

A2 Milk (A2M) $5.89

A2M +11.13%: It’s been a tough few years for A2M and more often than not, results day has been met with a large sell-off as they miss the mark, today that was different. The 1H22 scorecard released this morning was void of nasty surprises and confirms the new management team now have a handle on the business. While the headlines are weak with profit down 53%, they were...

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09/02/2022 09:51

a2 Milk (A2M) $5.28

A2M has gone from hero to villain in just 18-months after a number of issues conspired to see the stock plunge by around 75%, fortunately we tried to pick a bottom after the stock had already endured 80% of its losses but the trend would have been our friend here if we had simply stayed away. We’ve actually held A2 on multiple occasions over the past ~5 years and we’re down...

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09/02/2022 09:50

Flagship Growth Portfolio

The MM Growth Portfolio bounced back 2.24% last week, the big winners being Qantas (QAN) +12%, BHP Group (BHP) +9.4%, Macquarie Group (MQG) +6.9% but a more than 20% plunge by Appen (APX) undid some of this good work. Since inception, this portfolio has delivered an annual return of 14.27%%, beating its return objective. Having said that, there are...

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27/01/2022 09:10

A2 Milk (A2M) $5.45

The NZ based milk / baby food manufacturer A2M rallied over 7% on Tuesday, clearly a good move on a very weak day until we consider the plunge over last 12-months, a large short position could easily see this squeeze continue. The rally following ongoing rumours that the embattled business had become a takeover target with Canadian diary giant...

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