23/03/2022 09:31

Flagship Growth Portfolio

The MM Growth Portfolio added +3.41% last week while cash sits at 9%. We had a mixed bag in the winners enclosure including BHP Group (BHP) +7.6%, Macquarie Group (MQG) +6.3% and Xero (XRO) +6.3% while the main laggards were Newcrest (NCM) +0.6%, Woolworths (WOW) +1.1% and CSL Ltd (CSL) +0.6% - a rare and pleasing case of all stocks in the portfolio closing up for the week.

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22/03/2022 22:39

CSL Ltd (CSL) $266.97

CSL has been one of the ASX’s huge success stories of the last decade but like most good growth stocks it got a bit ahead of itself from a valuation perspective hence MM wasn’t an owner for the majority of the last 2-years. However after its 30% correction we believe value has returned to this quality healthcare giant and we are now long in our Flagship Growth Portfolio, with a 6% weighting.

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09/03/2022 10:47

Flagship Growth Portfolio – Amendments

We are making a number of changes in the Flagship Growth Portfolio, effectively reducing exposure to commodities and increasing healthcare.

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09/03/2022 09:23

Flagship Growth Portfolio

The MM Growth Portfolio slipped -0.16% outperforming the market which fell around 1.4%. The solid (relative) week was helped by Whitehaven Coal (WHC) +20.4%, Newcrest (NCM) +9.3% and Santos (STO) +9% while the laggards were Virgin Money (VUK) -16.7%, Qantas (QAN) -12.4% and Aristocrat (ALL) -9.9%.

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09/03/2022 09:12

ASX200 Healthcare Sector

The Healthcare Sector currently makes up just over 9% of the ASX200 hence the 8% exposure MM is holding in our Flagship Growth Portfolio is slightly underweight, I’m glad we’ve avoided most of the sectors woes over the last 2-years but we all know in today’s market things are turning when least expected – 2-years ago everybody loved healthcare stocks today they hardly get a mention in market chat. MM believes the...

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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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16/02/2022 17:19

CSL Limited (CSL) $263.69

CSL: +8.51%: A strong 1H22 for CSL relative to market expectations today plus their guidance was positive for the full year. Revenue of $5.81bn was above the $5.56bn expected while 1H22 EBIT of $2.21bn compared well to the $2.03bn forecast for the half and also the $2.96bn pencilled in for the full year. While they said the result would be heavily skewed...

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16/02/2022 09:12

Flagship Growth Portfolio

The MM Growth Portfolio slipped -0.05% last week lagging slightly the local market which rallied around 0.4%, the main laggards were HUB24 (HUB) -6.63%, CSL Ltd (CSL) -5.44%,  and Qantas (QAN) -4.92% while Whitehaven (WHC) +4.81%, Northern Star (NST) +6.84% and Commonwealth Bank (CBA) +8.15% performed strongly - but overall it’s been a choppy consolidation week.

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15/02/2022 09:02

CSL Ltd (CSL) $243.56

MM has probably been knocked more for our conservative stance towards CSL than any other call over recent years yet here we are and the stocks 29% below its early 2020 high. MM has taken a fairly small 4% position a little higher but we want to see a decent spike under $240 before we consider averaging our holding. NB: CSL makes up 5.45% of the ASX 200.  

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04/02/2022 09:15

CSL Ltd (CSL) $257.46

Blood plasma business CSL has followed the sell-off in growth stocks over recent weeks with the $6.3bn capital raise at $273 in December, to buy Swiss biotech giant Vifor Pharma, now down over 5%. The retail SPP component will be wrapped up by Monday and any further weakness as buyers are satisfied by the corporate activity should present good value medium-term. We have...

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