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OPINION

Broker Moves

Collins Foods Rated New Underperform at Barclay Pearce Capital Centuria Industrial Cut to Equal-Weight at Morgan Stanley Charter Hall Long WALE Cut to Equal-Weight at Morgan Stanley

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OPINION

Tyro Payments (TYR) 65c

TYR -16.67%: the CEO & MD has submitted his resignation today, triggering a 6-month notice period for the payment terminals business. Rob Cooke has taken the top job at Star Entertainment (SGR) pending regulatory approval – Star almost needs regulatory approval to take a $5 bet at the blackjack table these days. It’s disappointing to see the CEO leave 5 years into the job after taking Tyro listed in 2019, exiting at a...

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OPINION

Strandline (STA) 35c

STA +6.06%: Strandline has announced that open-pit mining at the Coburn Mineral Sands Project will commence two months early, and with an initial strip ratio of just 0.5x, down from previous 0.7x estimates. The company also notes that the project remains on-budget. In a world where cost inflation and project delays are commonplace, this is a good outcome for the junior mineral sands player.

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OPINION

Global X Copper Miners (COPX US) $US32.61

MM dipped its toe back into the copper market yesterday when we bought OZ Minerals (OZL) following its 40% correction, the Global X Copper Miners ETF (COPX US) isn’t too far behind having slipped -35% and it’s very much back on our radar. At this stage, we are going to be patient after the commodity continues to struggle but we are conscious that stocks usually reach a low before their underlying commodity – it’s on our Hit List.

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OPINION

Global Macro ETF Portfolio

The MM Global Macro ETF Portfolio added +1.43% last week with the Nasdaq ETF (NDQ) +5.76% & Asian Tech (ASIA) +3.6% offering most support while the Invesco Agricultural Fund (DBA US) lagged falling -3.7%.

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OPINION

Freeport-McMoran (FCX US) $US30.79

FCX is major global mining company with a focus on Copper and to a lesser extent Gold – two areas that have been under pressure in recent times, the former as recession fears mount. We have owned FCX in the past, having sold the position in March this year around US$50 into new highs that have subsequently failed. We now see value and are looking to add FCX back into the portfolio to build out our exposure to resources in this current pullback.

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OPINION

International Equities Portfolio

The portfolio was up marginally (+0.20%) during the week, not a great outcome in a strong market. Cash sits at ~9% Positions in The Trade Desk (TTS US) -5.31%, Deere & Co (DE US) -5.23% & Barrick Gold (GOLD US) -4.38% weighed, while Alibaba (BABA US) was a standout adding +10.77% as it appears regulatory pressure is easing in China, a big positive for beaten up / deep value Asian facing technology companies such as BABA which trades on 16x while growing profits at a similar clip.

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OPINION

BWX Limited (BWX) 69.5c

The skin and haircare group saw shares plummet 40% yesterday after being forced to raise capital to keep operations afloat. Just 8 weeks after their most recent downgrade, BWX cut revenue expectations a further 13%, and EBITDA by another ~60% to just $12-16m for FY22. How did management get it so wrong, or did conditions deteriorate that fast for the Sukin owner?

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OPINION

Emerging Companies Portfolio

The portfolio was up 4.94% in the week, ahead of the small ords index which rose 4%. Cash remains at around 4% with no changes to the portfolio. There was a wide spread of performance during the week as the EOFY washing machine of trades flowed through. Audinate (AD8) and Adore Beauty (ABY) rallied 16.9% and 13% respectively. Zip (ZIP) continued its poor run to fall -9.5%, and Tyro Payments (TYR) was also weak, down -8.2%.

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OPINION

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:   

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