Evolution Mining (EVN) is known as a gold stock although ~25% of its revenue now comes from copper, not a perfect switch but an option. Monday saw EVN gain +2.2%, outperforming SFR’s +1.7% gain as we saw a move towards Chinese facing stocks and away from the $US which created an additional tailwind for gold names. We currently hold 4% of our Flagship Growth Portfolio in SFR, there is room to switch 50% of this into EVN although it would create a major gold position.
- We can see sound reasoning for increasing our EVN position although 5% would be our limit considering we hold Northern Start (NST).
MM remains bullish and long EVN
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