CNI advanced +4.4% yesterday, testing its 1-year high in the process as investors position themselves for lower rates through 2024/5 – Centuria opts to leave interest rate exposure unhedged, seeing the full benefit from any fall in bond yield, hence we like the exposure given our view on rates over the next 12 months. We are keen on the company’s recent expansion after a tough few years for the sector, and although buying CNI ~~$1.80 is a medium-term interest rate play, we believe it will pay dividends.
- We like the risk/reward on CNI at around $1.80. MM has a position in CNI in both our Active Income Portfolio and Emerging Companies Portfolio.
MM is long and bullish toward CNI
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