ALL has corrected almost 40% from its late 2021 high although it remained firm for the last 5/6 months i.e. it’s clearly highly correlated to the tech/growth stocks but it’s a profitable business that clearly has many investors like ourselves perceiving value is on offer below $35. We trimmed our position back from 7% to 5% into July’s strong rally which still feels prudent but eventually, we believe the next 15-20% move is on the upside.
- We liked the company’s trading update last May where it announced a $500mn buyback – the board step up to the plate again in mid-November.
MM is bullish and long ALL initially targeting the $39-40 area
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