Australia is a small market and expanding our horizons to give subscribers access to true global players in different industries underpinned our decision to launch the Market Matters International Equities Portfolio midway through 2019. Since then the portfolio has returned 15.27% per annum targeting a high conviction portfolio of around 20 large-cap stocks. While Deere & Co have more than 25 brands, the green and yellow John Deere tractors are very much front and centre and is indicative of the type of stock we want to own in this portfolio i.e. true global companies we simply can’t get exposure to in Australia. Farm incomes have been strong driven by high crop prices and this drives demand for machinery, both large and small. While this ebbs and flows over time, we think their current Est P/E of 14.4x is not expensive given the outlook for double-digit earnings growth over the next two years.
MM remains long & bullish DE US
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