We are selling our 5% holding in Lendlease (LLC), we’ve got this wrong and while we could sit and wait for the earnings recovery, which we think will happen, there is the prospect that LLC could need capital first.
MM are selling LLC in the Active Growth Portfolio, taking a loss around $6.24
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Corporate Travel (CTD) has had an equally tough time, however the outlook for an earnings recovery is stronger than the stock we are recycling out of (LLC). A better option for growth.
MM are buying CTD in the Active Growth Portfolio, allocating 4% around $16.20
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Having only recently sold MFG at marginally higher levels, this is a quick turnaround, however we think the path to redemption remains, a good balance sheet and a tailwind from strength in equities. Their FUM update out this morning showed small outflows in Feb, but was okay.
MM are buying MFG in the Active Growth Portfolio, allocating 4% around $8.50
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