The “Big Australian” was another point of discussion yesterday and specifically our 6% exposure in the Flagship Growth Portfolio to BHP which is currently significantly underweight the ~11% index weight. We like BHP for a bounce to at least $52-53 but in terms of going back to index weight, a move under $40 now feels a strong possibility due to Chinas COVID stance and the market’s aggressive overweight commodities position.
MM is bullish BHP short-term
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