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Freeport-McMoRan (FCX US)

$US 49.86
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MM are selling FCX US in the International Equities Portfolio, taking profit around US$50

OPINION

Freeport-McMoRan (FCX US) $US49.86

FCX is one case where some patience has proven profitable as It posted fresh decade highs this week, we now intend to pull the trigger and switch from FCX to Chipotle Mexican Grill (CMG), a stock we’ve also discussed previously i.e. locking in a more than 20% profit in the process.

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International Equities Portfolio

The MM International Equities fell -2.03% last week with cash sitting at 9%. Our tech exposures provided the biggest weight, with both Tencent (700 HK) & JD.com (JD US) falling sharply, while Amazon (AMZN US) +10.9% and Deer & Co (DE US) +8.36% offset most of the decline, while a weaker AUD added +1.75%. If we are correct, the recent decline in tech will reverse very soon.

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International Equities Portfolio

A tough week for the International Equities portfolio falling by 5.51% which was broadly in line with weakness across international markets. Australian equities have outperformed global peers in recent weeks given our skew towards energy & resources versus the US skew towards technology. The Trade desk (TTD US) was the weakest link down by 24.13% while Exxon Mobil (XOM US) advanced by 10.74%.  

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International Equities Portfolio

The MM International Equities Portfolio was higher over the course of the week the up by +1.32% including a negative impact from the higher Australian Dollar of -1.09%. Commodities remained strong which underpinned our position in Freeport-McMoRan (FCX US) which increased by +12.2% while Alibaba (BABA US) and Tencent (700 HK) were off 4-6% on the downside. For February, this portfolio was...

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International Equities Portfolio

The MM International Equities Portfolio added 0.29% over the last week, Barrick Gold (GOLD US) +6.03%, The Trade Desk (TTD US) +4.9%  and Freeport-McMoRan (FCX US) +4.11% the standout performers while PayPal (PYPL US) -4.33% and Amazon (AMZN US) -3.38% continue to struggle albeit not in a major way after recent week.

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International Equities Portfolio

The MM International Equities Portfolio had a strong week up +5.46% while cash remains at 4%. The main support from a performance perspective came from an aggressive bounce back in technology with The Trade Desk (TTD US) up 13.82%, PayPal (PYPL US) +11.50% while Exxon Mobil (XOM US) also benefitted from continued strength in energy prices...

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International Equities Portfolio

MM’s International portfolio gained 0.79% last week with cash at 9%. We enjoyed strong performances from Microsoft (MSFT US), Brunswick (BC US) and happily again Shopify (SHOP US) on the other side of the fence PayPal (PYPL US), Alibaba (BABA US), BHP (BHP LN) and Barrick Gold (GOLD US) weighed on the portfolio.

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ACTION

FCX US
UPDATED 24/03/2022 17:26
MM are selling FCX US in the International Equities Portfolio, taking profit around US$50
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FCX US
UPDATED 23/03/2022 19:03
MM is looking to switch from FCX to CMG
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FCX US
UPDATED 09/03/2022 16:33
MM is considering taking profit from FCX in the coming days
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FCX US
UPDATED 04/11/2021 17:19
MM are buying FCX US in the International Equities Portfolio, allocating 5% around $US38.23
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FCX US
UPDATED 27/10/2021 15:22
MM is looking to switch PayPal into Freeport-McMoRan
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FCX US
UPDATED 20/10/2021 16:56
MM is looking to realign further toward our core view (s) into 2022
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Freeport-McMoRan (FCX US)
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Freeport-McMoRan Inc (FCX US)
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Freeport McMoran (FCX US)
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Freeport-McMoRan Inc (FCX US)
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Freeport-McMoRan Inc (FCX US)
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