The Market Matters Flagship Growth Portfolio provides an active approach to investing in ASX listed large cap stocks – Click here to view
The MM Flagship Growth Portfolio slipped -1.44% last week against the backdrop of a weak market. MM continues to hold an elevated 14% cash position making us flexible and by definition in “buy mode”, ideally at lower levels. The portfolios top performers last week were Macquarie Group (MQG) +1.7%, OZ Minerals (OZL) +1.5% and Ramsay Healthcare (RHC) +1.2% while weakness flowed through from Goodman Group (GMG) -6.6%, HUB24 (HUB) -5.7% and Iluka (ILU) -5.1%.
The index continues to retreat from its mid-August high under central bank headwinds which in turn is helping MM feel comfortable holding elevated cash positions but obviously, we are keen to put this money to work, at this stage, we envisage most of our buying will unfold through September and October – so far the markets slowly coming to us! The stocks on our Hitlist remain reasonably consistent as have the levels where we intend to start buying each, the top 6 today have evolved to the following:
- Seek (SEK), REA Group (REA), Super Retail Group (SUL), National Australia Bank (NAB), Sandfire Resources (SFR) and GPT Group (GPT).
With US 10-year bonds slowly but surely edging towards their June highs and the Japanese Yen falling to fresh 24-year lows the pieces of the MM roadmap continues to unfold as expected – we are looking for a number of financial markets to bottom/top out over the coming weeks which should create a tailwind for equities as a whole.
