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BHP Billiton (BHP)

$47.01
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MM remains long & bullish BHP

OPINION

BHP Group (BHP) $47.01

BHP +3.18%: The divestment of BHP’s oil unit is getting closer to completion and by extension the dividend returns to shareholders. Acquiror, Woodside Petroleum (WPL), received a final regulatory approval (National Offshore Petroleum Titles Administrator) on 17 May, the only outstanding condition now for the merger is Woodside shareholder approval, which is set for 2022 AGM on 19-May-22 (tomorrow).  Based on the agreed merger...

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Flagship Growth Portfolio

The MM Flagship Growth Portfolio slipped -0.49% last week while our cash position has now risen slightly to 4%. Our performance was aided by TPG Telecom (TPG) +4% and Commonwealth Bank (CBA) +3.4% while CSR Ltd (CSR) -9.7% and Altium (ALU) -7.7% dragged on the portfolio i.e. our defensives remained the backbone through this uncertain period.

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BHP Group Ltd (BHP) $45.66

The “Big Australian” was another point of discussion yesterday and specifically our 6% exposure in the Flagship Growth Portfolio to BHP which is currently significantly underweight the ~11% index weight. We like BHP for a bounce to at least $52-53 but in terms of going back to index weight, a move under $40 now feels a strong possibility due to Chinas COVID stance and the market’s aggressive overweight commodities position.

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Active Income Portfolio

The portfolio fell 2.11% for the week while cash remains at ~2%. G8 Education (GEM) was the only position that moved higher over the course of the week adding 2.79% while Magellan (MFG) -7.25% and BHP -5.54% led the declines.  

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Flagship Growth Portfolio

The MM Flagship Growth Portfolio slipped -1.1% last week while our cash position sits at 2%. The index itself closed marginally lower with our performance helped by Bank of Queensland (BOQ) +6.5%, Qantas (QAN) +4.7% and BHP Group (BHP) +4.4% but meaningful dips in ResMed (RMD) -9.5% and Goodman Group (GMG) -6.8% led to the slight underperformance.

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Active Income Portfolio

The portfolio lost  -2.23% for the week with cash at 3%.  While APA Group (APA) +2.97% & Transurban (TCL) +2.55% proved their defensive qualities, it wasn’t enough to offset the -14.12% decline by BHP, our largest portfolio weighting (~8%), although it is still around 300bps below the benchmark which did help relative returns. With the ASX 200 down by over 3% for the week, it was pleasing...

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BHP Group Ltd (BHP) $45.66

MM have previously written that we can see BHP trading in a range of $45-55 but considering China’s new position we now see risks of undershooting hence considering we already hold 6% of this portfolio in BHP, and we have a low cash position after buying WPL and TPG into weakness, we are likely to adopt a patient stance before increasing our position in BHP via a switch.

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Flagship Growth Portfolio

The MM Growth Portfolio fell -2.02% last week which is never nice to see but it noticeably outperformed the market which fell -3.3% i.e. it paid off to be underweight the resources. Cash now sits at 2%.  We again saw some clear sector rotation with the defensives improving, in our portfolio we saw BHP Group (BHP) -14.1%, HUB24 (HUB) -8.1% and Newcrest (NCM) -4.8% while in the winner’s enclosure we saw Virgin Money (VUK) +4.8%, Goodman Group (GMG) +4.3% and Qantas (QAN) +2.8%.

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BHP Billiton (BHP) $50.70

BHP -3.06%: Q3 update from BHP today confirming that Iron ore continues to perform strongly and on track to achieve full-year volume and cost guidance while their metallurgical coal business delivered strong underlying performance due to strong pricing and decent volumes. Copper production a tad soft, Nickel & Petroleum also lower. They maintained full-year production guidance...

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BHP Billiton (BHP) $51.68

It’s been a very busy 9 months for the big Australian starting with the unification of its structure and we’re now approaching the divestment of its petroleum division which is due for completion in June.  Woodside released their documentation to the deal on Friday with the key details as follows:

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ACTION

BHP
UPDATED 18/05/2022 19:02
MM remains long & bullish BHP
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BHP
UPDATED 12/05/2022 18:58
MM is bullish BHP short-term
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BHP
UPDATED 27/04/2022 10:10
MM is considering increasing our BHP position around $44
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BHP
UPDATED 22/04/2022 09:10
MM is now neutral BHP
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BHP
UPDATED 12/04/2022 10:01
MM remains long BHP in both the Growth & Income Portfolios
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BHP
UPDATED 01/04/2022 16:52
MM is long and short-term bullish BHP
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BHP
UPDATED 30/03/2022 17:24
MM would be sellers of BHP above $55 or buyers nearer $45
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BHP
UPDATED 28/03/2022 17:13
MM remains long & bullish BHP
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BHP
UPDATED 07/03/2022 07:29
MM is bullish and long BHP
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BHP
UPDATED 15/02/2022 17:53
We remain bullish BHP, although we have trimmed our position recently
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The 'Big Australian' - diversified miner

BHP Group (BHP) operates as an international resources company. The Company explores and mines minerals such as coal, iron ore, gold, titanium, ferroalloys, nickel, and copper properties, as well as offers petroleum exploration, production, and refining services. BHP Group serves customers worldwide.
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