03/06/2024 08:52

First Up

Uranium, the fuel used for nuclear fission, has sprung to the forefront of investor conversation over recent years, sparked by a mammoth 300% appreciation, which began back in 2021. As would be expected, the related stocks have surged accordingly. Interestingly, so far in 2024, when uranium (chemical symbol U) has corrected over 10%, most of the related stocks have kept going. For example, year-to-date Paladin (PDN) is +62%, and Boss Energy (BOE), the “poorer” cousin, is +16%, pretty good returns when the ASX200 is up less than 2%.

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17/05/2024 09:12

Should we increase our exposure to the uranium story?

Recent years have witnessed some huge moves in cyclical commodities such as coal, lithium, and copper. Uranium is another one that can be added to the list, although it’s a touch less tangible in Australia. We obviously cannot touch the stuff, and there is no nuclear power on our shores. US President Joe Biden has just signed the bill to ban the import of Russian-sourced enriched uranium into the US. We remain very bullish on the outlook for uranium in the next few years, seeing no hurdles to the upside, although Donald Trump may reverse this particular bill if he wins in November's US election. We could easily see uranium another 50% higher in the coming years.

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15/01/2024 08:40

Chart of the Week

The rally by uranium has surprised even the biggest bulls like MM; some consolidation now feels overdue, which is likely to take some froth off of the bullish sector.

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03/10/2023 09:13

First Up

A number of times over recent months, we’ve been looking for some stock/sector reversion, but it has proved elusive as bond yields continue to make fresh multi-year highs, ultimately leaving most of 2023’s trends intact, e.g. an underperforming Healthcare Sector while Tech heads the winner's enclosure. More on this later when we put the increasingly influential bond yields back under the microscope given our views are being challenged.

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11/05/2023 09:16

The Global X Uranium ETF (URA US) $US20.97

This ETF invests in Global Uranium Companies, it’s largest position being in Cameco (CMJ US) while the Sprott Physical Uranium Trust (U-U-CN) is it’s second largest weighting. Those two holdings alone account for 33% of the ETF. Paladin (PDN) is the largest ASX listed holding in the ETF accounting for ~4% of the Fund. While the URA is listed in the US, Global X do have a feeder fund listed on the ASX under code ATOM.AXW. A word of note, be careful trading this, waiting for market makers to participate in the market, & always use limit orders.

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03/11/2021 09:24

Global Macro ETF Portfolio

MM’s Global Macro ETF Portfolio fell 0.57% in a fairly quiet week which saw no positions moving by 3% or more.

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01/11/2021 09:28

Chart of the Week

Uranium stocks have surged in 2021 and we remain bullish into 2022 as the clean energy theme gathers momentum. However, I now ponder what the next big winner / mover might be, as we’ve alluded to over previous weeks MM feels gold might be the surprise package of the next 6-months while Uranium consolidates it’s explosive move of the last few months.

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20/10/2021 09:27

Global Macro ETF Portfolio

MM’s Global Macro ETF Portfolio gained +1.24% with our gold miners (MNRS US) ETF the best on ground advancing 6.24%. Cash sits at ~5%.

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13/10/2021 09:40

Global Macro ETF Portfolio

MM’s Global Macro ETF Portfolio was up 0.99% for the week, again the currency had a negative influence (-0.36%), although not as pronounced as the International Equities Portfolio. Cash sits at ~5%.

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