13/07/2022 10:29

Active Income Portfolio – Amendments

We are making a number of changes to the Income Portfolio.

Read more

13/07/2022 09:37

Likely amendments for the MM Active Income Portfolio

While the portfolio has been resilient during the recent downturn in markets, staying in positive territory over the past 12 months, there are some tweaks we have been assessing over recent weeks to improve the composition of the portfolio further.

Read more

06/07/2022 09:34

Active Income Portfolio

The portfolio was down -1.39% for the week with cash at 1%.  Magellan (MFG) fell ~10% although position size is small, BHP was off -6.93% and Insignia (IFL) declined by -5.21%, a stock that we are now likely to exit. On the flip side, our targeted pullback in bond yields (rise in bond prices) has started to play out with our Government Bond (GSBG25) +1.43% for the week while the Betashares Australian Composite Bond...

Read more

29/06/2022 09:27

Current thinking around the MM Income Portfolio

We’re contemplating a number of amendments in the Income Portfolio as we position for what comes next.  Today’s portfolio update will simply detail our current thinking, not yet our planned actions:   

Read more

01/06/2022 09:50

Active Income Portfolio

The portfolio slipped -0.26% for the week while cash sits at 1%. We saw a rotation out of more defensive stocks into ‘growthier’ names with APA Group (APA) down -1.81% while the banks fell, CBA lost -0.69% while Bank of QLD (BOQ) dropped -0.79%. On the flipside, strength in Magellan (MFG) +6.67% was a positive as was Service Stream (SSM) +5.03% & Insignia (IFL) +3.43% while some slight weakness in the Hybrid space was also...

Read more

27/04/2022 09:21

Insignia Financial (IFL) $3.42

The financial advice and platform business was one of the weaker performers in the Income Portfolio during the week (-6.56%)  having reported a 3Q22 trading update that was okay, but a lot of moving parts which we’ve come to expect from this value stock undergoing a turnaround. Fund Under Administration (FUA) fell $6.7b to $220.3bn, largely a result of market movements while Funds Under Management (FUM) actually saw net...

Read more

16/03/2022 09:26

Active Income Portfolio

The Income Portfolio added +1.50% for the week while cash sits at ~5%. The financials were best on ground with Insignia Financial (IFL) adding +8.74%, Commonwealth Bank (CBA) +8.57% & Bank of QLD (BOQ) +7.81%, while our largest portfolio holding in BHP fell by -6.51%. Despite Magellan (MFG) coming out with poor FUM flows, the stock ‘only’ fell -2.53%, implying to MM that a low is near.

Read more

16/02/2022 09:15

Active Income Portfolio

The Income Portfolio was flat over the course of the week (+0.01%) while cash sits at ~4%. Strong gains from Commonwealth Bank (CBA) +8.15%, Bank of QLD (BOQ) +3.85% and our Crown Hybrid (CWNHB) +3.48% following the acceptance of the Blackstone takeover. While Blackstone do not have to redeem these hybrids, they can source capital a lot cheaper...

Read more

09/02/2022 09:52

Active Income Portfolio

The Income Portfolio added +2.18% over the course of the week while cash sits at ~4%. Strong gains from BHP (+9.39%) & Insignia Financial (IFL) +8.08% provided support while Magellan (MFG) was the weakest link down -9.51% following the reshuffle in the ranks. Since inception, this portfolio has delivered an annual return of 8.19%, beating....

Read more

02/02/2022 09:23

Insignia Financial (IFL) $3.59

At the end of January, Insignia reported a better than feared quarterly trading update which showed early positive signs that their turnaround is working. While outflows continued and there are some swings and roundabouts in terms of adviser numbers declining again, the rate of outflows slowed markedly and there are positive signs emerging in the...

Read more