12/02/2024 15:56

International Equities Portfolio – Amendments

We are amending the International Equities Portfolio

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15/09/2023 09:02

Glencore (GLEN LN) GBP450.75

UK-based diversified mining giant Glencore surged +4.4% overnight on the news from  Beijing; we believe this £55bn goliath is poised to rally back above £500 as the news and intentions out of China steadily improve.

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09/08/2023 09:24

Glencore (GLEN LN) £444.60

Glencore is known as a resources conglomerate, either producing or marketing/trading more than 90 commodities and has more than 150 mining locations, offshore oil production assets, farms, and agricultural facilities. While it is a huge business with a market capitalisation of $US70bn, to put things into perspective it’s around half the size of BHP, while Apple could almost buy it from its current cash balance!

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14/06/2023 09:23

Glencore (GLEN LN) £460.00

It’s been a busy period for Glencore, one of the world’s largest natural resource companies as they initially launched a $US23bn take-over tilt for Canadian-based Teck Resources (TECK US) which has been repeatedly rejected, and now they have revised the proposed deal to just buy Teck’s coal business. Teck themselves were in the midst of trying to de-merge their coal business as they push towards energy transition metals, however, the Glencore interest has thrown a spanner in the works and the demerger proposal has been withdrawn.

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05/04/2023 09:25

Glencore (GLEN LN) £460.05

Glencore, the diversified natural resource company involved in the production and trading of commodities around the world (including Coal) has proposed an all-share merger between itself and Teck (TECK US), a $22bn Canadian-based miner while simultaneously demerging the combined coal & metals businesses.

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24/03/2023 09:05

Coal Exposure

Flagship Growth Portfolio: Whitehaven Coal (WHC) ~ 4% portfolio weighting. Emerging Companies Portfolio: Bowen Coal (BCB) ~ 4% portfolio weighting. International Portfolio: Glencore (GLEN US) ~6% portfolio weighting, although not purely coal.

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18/01/2023 09:37

Glencore PLC (GLEN LN) GBP552.90

This diversified resources goliath now has a market cap of GBP70bn and employs well over 80,000 people, post COVID the stocks more than tripled providing an excellent “paper profit” for MM in the process. The stocks paid a 5.57% yield over the last 12 months which makes giving the position some room far easier even if we do see a decent dip short-term.

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07/09/2022 09:30

International Equities Portfolio

The MM International Equities Portfolio was higher during the week up +0.26% however it was more influenced by the weakness in the Australian Dollar versus stock performance. Still, good gains were experienced in our favourite Mexican Chipotle (CMG US) +3.93% & Glencore (GLEN LN) +3.36% although Snowflake (SNOW US) fell by  -5.77%. Cash remains elevated at 9%.

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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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06/07/2022 09:39

International Equities Portfolio

The MM International Equities Portfolio had a solid week up by +0.56% against a backdrop of a weaker market, although a fall in the AUD was a positive contributor.  Cash sits at 9%. Our weakest positions of the last quarter improved, with Chipotle (CMG) +7.56% & PayPal (PYPL) +5.39% leading the line while Glencore (GLEN LN) suffered at the hands of a commodity sell-off to be the weakest link down by -13.83%, nearly 8% of the decline occurring overnight.

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