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Independence Group (IGO)

$9.48
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Market Matters
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MM remains long and bullish IGO

OPINION

Flagship Growth Portfolio

This MM portfolio added +4.26% last week compared to the index which only gained +1.29%, we enjoyed strong performances from Crown Resorts (CWN), OZ Minerals (OZL), Independence Group (IGO), Xero (XRO), a2 Milk (A2M) and HUB24 (HUB) while IAG Insurance (IAG) was the only major drag across our holdings.

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IGO Ltd (IGO) $9.48

Both IGO & OZL rallied well over 4% on Monday entrenching themselves in the indexes top 5 performers, at this rate we will be making plans to cut / reduce our positions into fresh 2021 highs – or a “pop” as I’ve been describing it over recent months. Both stocks are now within 7-9% of our respective target areas. This morning might see a slight pullback by resources early on but we believe the dials turned.

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Lithium & Nickel

I have bracketed these two commodities together due to their association in the new battery world we live – these themes are as in vogue as fossil fuels are out.  We are bullish both commodities which should provide a healthy tailwind for related stocks – MM has direct exposure through IGO Ltd (IGO) where we are looking for 15-20% upside over the coming months.

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Flagship Growth Portfolio

The portfolio rallied 2.44% last week as we enjoyed being overweight in most of the right places even as indices struggled at both home and abroad. Cash sits at 4%. Very strong performances from Whitehaven Coal (WHC), a2 Milk (A2M), Zip (Z1P) and Qantas (QAN) while only our interest rate sensitive holdings in CSL Ltd (CSL), Newcrest (NCM) and...

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IGO Ltd (IGO) $9.07

Yesterday we saw IGO which is on our shopping list falter after enjoying early strength, our position has not changed, we are keen to add to our existing position in the Growth Portfolio into any weakness below $8.50, or over 6% lower.

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IGO Ltd (IGO) $9.18

Yesterday MM elected to increase our exposure to OZ Minerals (OZL) in a coin toss between the copper miner and nickel producer / battery storage company IGO. We remain a keen buyer of IGO into further sector weakness down towards $8.50 but just in case we’ve seen the worst of the Evergrande effect we tweaked our Flagship Growth Porfolio up the risk curve.

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Independence Group (IGO) $9.03

We have an existing ~3% position in the Flagship Growth Portfolio and we’re looking to increase this by a further ~2% around $8.50. Without re-hashing our original investment thesis we are very bullish on future facing commodities that will underpin the global move towards renewable energy. Nickel & Lithium will be two key commodities in this...

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IGO Ltd (IGO) $9.82

IGO is successfully transforming itself to a business 100% focused on clean energy mining and battery storage putting it into the in vogue ESG category. Although IGO is clearly correlated to lithium names we own it making it particularly important to MM:

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IGO Ltd (IGO) $9.75

MM went long IGO not long after our previous report and so far so good with the position showing ~10% paper profit. Interestingly this battery storage focused business looks similar to PLS in our opinion, initially we are looking for another 5-10% upside before a potential period of consolidation. We might be tempted to take some profit here especially...

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ACTION

IGO
UPDATED 19/10/2021 17:17
MM remains long and bullish IGO
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IGO
UPDATED 12/10/2021 17:42
MM remains bullish and long IGO initially targeting the $11 area
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IGO
UPDATED 30/09/2021 07:25
MM is looking to add to our IGO holding
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IGO
UPDATED 29/09/2021 09:38
MM are adding to IGO in the Flagship Growth Portfolio, allocating a further 2% around $8.50, bringing the holding up to 5%
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IGO
UPDATED 28/09/2021 11:17
MM remains a keen buyer of IGO below $8.50
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IGO
UPDATED 23/09/2021 14:03
MM is bullish IGO medium-term
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IGO
UPDATED 22/09/2021 09:52
We plan to increase our IGO position ~$8.50
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OZL
UPDATED 22/09/2021 09:46
MM is looking to add to our IGO and OZL holdings
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IGO
UPDATED 20/09/2021 08:24
MM likes IGO around the $8.50 area
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IGO
UPDATED 07/09/2021 17:12
MM is bullish IGO short-term
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Nickel & Gold, while they've just done a good Lithium deal

IGO is an ASX-listed exploration and mining company with a strategic focus on assets of scale and longevity. The company focuses on aligning the business to the structural shift to energy storage. IGO is headquartered in Perth.

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IGO Ltd (IGO)
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Independence Group (IGO)
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IGO Ltd (IGO)
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IGO ltd (IGO)
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IGO Ltd (IGO)
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Independence Group (IGO)
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IGO Ltd (IGO)
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IGO Ltd (IGO)
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Independence Group (IGO)
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Independence Group (IGO)
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Independence Group (IGO)
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IGO Ltd (IGO)
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IGO Ltd (IGO)
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Independence Group (IGO)
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IGO Ltd (IGO)
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IGO Ltd (IGO)
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IGO Ltd (IGO)
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IGO Ltd (IGO)
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IGO Ltd (IGO)
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