02/02/2024 09:10

Brunswick Corp (BC US) $US84.72

The marine/leisure company provided a softer than expected quarterly update overnight, although they increased their share buy-back which helped to support the stock. For the 4Q, they reported adjusted EPS of $1.45 vs consensus of $1.65 on net sales of $1.36bn, a 5% miss at the top line. Looking forward, they guided to 1Q24 net sales of $1.3-1.4bn which is below consensus of $1.64bn while their FY24 guidance was also a touch soft.

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31/01/2024 17:46

International Equities Portfolio – Amendments

We are reducing market exposure in the International Equities Portfolio

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31/01/2024 09:08

Brunswick Corp (BC US) $US82.27

Brunswick is not a well-known global brand, however, it is the owner of many such as Mercury outboards, Bayliner, Sea Ray and Boston Whaler boats, and more recently, the Freedom Boat club, now with over 600 locations around the globe. They’re the world’s largest marine company and have been in the International Equities Portfolio since April of 2021; unfortunately, they haven’t added to returns, and we’re down ~11% on the position.

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13/09/2023 09:13

Brunswick (BC US) US$76.47

The International Equities Portfolio has 5 positions (from a total of 19) that are currently showing a loss, with the world’s largest consumer marine company behind brands such as Mercury, Boston Whaler & Sea Ray, one of those, down by ~17%. Last week JP Morgan wrote a note as they downgraded the stock from Overweight to Neutral

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08/02/2023 09:23

Brunswick (BC US) US$88.70

The world’s largest consumer marine company behind brands such as Mercury, Boston Whaler & Sea Ray, released FY22 results during the week and the share price reacted favourably, up 6.78% since last week’s portfolio report.

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17/08/2022 09:20

International Equities Portfolio

The MM International Equities Portfolio had a strong week in both absolute and relative terms up by 5.62% while cash sits at 7%. The portfolio is now up 14.86% for the financial year to date, well ahead of the market. For a second straight week, The Trade Desk (TTD US) was the standout performer adding +34.67% after a strong quarterly update while two of our more discretionary focussed stocks in recreational boating company Brunswick (BC US) and...

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13/07/2022 09:42

International Equities Portfolio

The MM International Equities Portfolio had a positive week up by +0.54%, although a fall in the AUD was the main positive contributor adding +1.5% to returns.  Cash sits at 9%. After enjoying a strong bounce from recent lows, Asian facing technology/e-commerce stocks fell led by Alibaba (BABA US) -7.46% and JD.com (JD US) -5.39% while Mexican restaurant chain Chipotle...

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22/06/2022 09:31

International Equities Portfolio

The MM International Equities Portfolio had a solid week up by +1.79% against a backdrop of a weaker market. Cash sits at 9%.  Gains were broad based with only 2 stocks in the portfolio trading lower, namely Brunswick (BC US) -3.65% & PayPal (PYPL US) -0.60%.

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08/06/2022 09:28

International Equities Portfolio

The MM International Equities Portfolio had a solid week up by 1.13% despite the market being down. Cash sits at 9%. The Chinese facing technology stocks Alibaba (BABA US) +8.08% & JD.com (JD US) +9.47%  benefitted from reopening while Brunswick (BC US) was the weakest link down by -3.39%.  

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01/06/2022 09:57

Brunswick (BC US) US$75.23

Brunswick is the biggest recreational boating company in the world owning brands like Mercury, Bostan Whaler & Bayliner to mention just a few, however, their reach is significant ranging from propulsion to finance & insurance. We bought BC US about a year ago and the stock has declined since with the position sitting on a ~28% paper loss which begs the question, what should MM do? There are two competing factors at play...

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