Annuity investment firm CGF rallied strongly yesterday to close up 6.7% after reporting a 21% lift in NPAT to $238mn for the 1st half year. This is a noxiously complex business to analyse and frankly, they’ve dropped the ball a number of times in terms of the portfolio skews they use / risk they take on to underpin their written annuities – it’s not an easy business but it can also be a good one if they get it right. With no immediate fundamental concerns on the horizon CGF is starting look attractive after its tough few years, we believe the next 15-20% is probably up but MM is unlikely to appear on the share register.
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Performance update for March, stocks that drove returns & our current positioning
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Thursday 18th April – DOW -45pts, SPI +20pts
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Market Matters Research Lead Shawn Hickman with David Koch
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Wednesday 17th April – ASX200 +15pts, Evolution (EVN), Rio Tinto (RIO) & BOQ
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MM is bullish CGF looking for a break of 2021 highs
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