Having EVN on this list illustrates that we’re happy to increase positions irrespective of whether they are above or below our initial entry point, which goes against many investors’ natural instinct i.e. only averaging positions that are down, but thats often the wrong philosophy when trying to add portfolio alpha/value. We are fans of both gold and copper into 2024, and EVN has both, with ~25% of its revenue from industrial metal. If we do see a final “pop” to fresh highs by short-term bond yields, it’s likely to weigh on gold names, which could take EVN down to our accumulation area.
- We like EVN into weakness, another 6-7% lower, and we will consider topping up our position – we hold EVN in our Flagship Growth Portfolio.
MM is a keen buyer of EVN, around $3.30
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