GMG made fresh 2022 lows yesterday in a very similar fashion to Seek, this is a quality business in our opinion that has been re-rated due to rising interest rates and negative sentiment towards the property sector as a whole. MM reduced our exposure to the stock into Augusts strength believing this downside swing was a definite possibility, in hindsight, we should have sold more but we are now considering increasing our exposure into current weakness – this is averaging in line with a pre-laid out plan as we look to add value around the edges of MM’s portfolios.
- We like GMG at current levels again initially looking for a test of August’s swing high by the stock.
MM is bullish GMG under $17
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