We covered ALL excellent 1H result here, which saw with earnings and margins ahead of expectations plus an expansion of the buyback by another $1bn, there was nothing not to like. We’ve included ALL today as it’s followed the movement in bond yields closely in 2026, but over a longer timeframe the correlation is far less pronounced, illustrating the classic phrase: “There are three kinds of lies: lies, damned lies, and statistics.”
ALL looks great, but we wouldn’t include it as “yield play:” despite its strong correlation since March.
- We can see ALL retesting $80 through 2026/7.
MM is bullish towards ALL around $65
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