APA only slipped 0.6% on Wednesday and remains near its 2-year high, yielding over 6.5% over the next 12 months. They delivered a solid FY25 result in August, producing no alarm bells. We like this utility as a yield-sensitive defensive position while interest rates are expected to decline, though we now have some question marks over it’s likely growth from here, and therefore place in our Growth strategy.
- We are considering switching out of our position in the growth portfolio: MM holds APA in its Active Growth and Income Portfolios.
MM is long and cautiously bullish APA
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