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The Flagship Growth Portfolio rallied +1.22% last week while cash sits at 7%. Performance was helped by Commonwealth Bank (CBA) +8.6%, Qantas (QAN) +8.4%, HUB24 (HUB) +7.8% while the laggards were predominantly from our remaining resources exposure, Newcrest Mining (NCM) -6.7% and BHP Group (BHP) -6.51%.
MM was has already been fairly aggressive with our portfolio moves through March but while we have a few things percolating away the following weeks are likely to be quieter – a big call this year! The most likely move is around holdings in the banks which we touched on earlier in the week.
“Legging” a switch from ANZ to CBA
We are bullish ANZ targeting the $30 area and with an estimated 75c fully franked dividend in May the stocks attractive, thoughts:
- Buy ANZ under $27.
- Look to sell CBA around $110.
There’s likely to be a few weeks gap between the above 2 moves but with the Fed likely to raise interest rates this week we may sit on our hands over the coming few days.
MM is considering switching our 5% position in CBA into ANZ
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