29/06/2022 09:22

Flagship Growth Portfolio

The MM Flagship Growth Portfolio rallied +4.52% last week outperforming the market which gained +3.68%, our cash position remains at 1%. The tech stocks dominated the gains with HUB24 (HUB) +11.9%, Altium (ALU) +11.2% and Xero (XRO) +9.4% all contributing to the portfolio’s outperformance while Newcrest (NCM) -5.8% and Qantas (QAN) -0.2% were the only stocks which failed to advance.

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28/06/2022 09:29

Xero Ltd (XRO) $83.15

XRO has gone from hero to villain in a very short space of time as highly priced growth stocks have suffered under the weight of huge value compression. Similar to RMD we like our position in XRO, but it feels on the large side in the current economic environment hence we will consider reducing our exposure into further strength.

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22/06/2022 09:25

Flagship Growth Portfolio

The MM Flagship Growth Portfolio slipped -2.65% last week inline with the market while our cash position remains at 1%. Newcrest Mining (NCM) managed to rally +2.3% along with Bank of Queensland (BOQ) +1.4% and TPG Telecom (TPG) +1%, the losers corner was a little more crowded following the markets decline with HUB24 (HUB) -11%, Xero (XRO) -7.8% and BHP Group (BHP) -7.4% catching our attention for the wrong reasons.

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15/06/2022 09:26

Flagship Growth Portfolio

The MM Flagship Growth Portfolio slipped -4.4% last week versus a market that fell -5.8%, while our cash position remains at 1%. The positive relative performance last week was aided by ResMed (RMD) +2.7%, Xero (XRO) +2.1% and Aristocrat (ALL) +2.1% while on the other side of the ledger we saw Bank of Queensland (BOQ) -11.3%, Commonwealth Bank (CBA) -10.6% and Qantas (QAN) -9.2% all weigh.

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15/06/2022 09:22

Xero Ltd (XRO) $81.90

XRO rallied over 7% from its open yesterday and we’re sticking to our short-term bullish call that XRO can break back above $100 over the coming months, if MM wasn’t already long MM would be buying this morning.

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08/06/2022 09:22

Flagship Growth Portfolio

The MM Flagship Growth Portfolio slipped -2.37% last week while our cash position remained at a small 1%. The portfolio enjoyed gains by Woodside Energy (WDS) +10.2%, BHP Group (BHP) +3.8% and TPG Telecom (TPG) +3.5% but unfortunately these advances were more than offset by weakness across the growth and battery metals names such as Xero (XRO) -10.2%, IGO Ltd (IGO) -6.5% and Goodman Group (GMG) -5.4%.

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01/06/2022 09:46

Flagship Growth Portfolio

The MM Flagship Growth Portfolio added +0.87% last week while our cash position remained at a small 1%. The positive performance last week was aided by IGO Ltd (IGO) +6.6%, Goodman Group (GMG) +5.7% & ResMed (RMD) +5.1%  while on the other side of the ledger TPG Telecom (TPG) -1.5% and CSR Ltd (CSR) -0.9% weighed on the portfolios performance.

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24/05/2022 08:46

Xero Ltd (XRO) $90.48

NZ based on-line accounting business XRO has seen its share price basically halve as valuation contraction hammered the growth stocks and in particular those like XRO who were trading on extremely large P/E’s. However we still like the core business its just a matter of what’s a fair price in todays rapidly evolving market, at this stage the $110-120 area feels about right.

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19/05/2022 09:17

Xero Ltd (XRO) $88.42

MM has written about XRO a few times of late which is no great surprise considering it’s a stock we hold and it’s been absolutely hammered over the last 6-months. We continue to believe that this quality online accounting business has been the victim of valuation contraction as opposed to anything more sinister. We were asked about the company’s medium / longer-term outlook in Saturday’s “Ask James” report...

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12/05/2022 17:24

Xero (XRO) $76.90

XRO -11.58%: Hit hard today following their FY22 results (March year-end) with a few swings and roundabouts in the update. The headline numbers were solid, and XRO is delivering on its long term aspirations, however, as we know in this market, growth is being shunned and any semblance of weakness in the composition of results is being dealt with harshly. The key takeaway’s as follows: Revenue of $1.1bn was a slight...

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