The latest Bank of America Fund Managers Survey identified long ESG assets at 8% making it one of the 3 most crowded trades, and on cue, we’ve seen some weakness from the likes of Allkem (AKE), IGO Ltd (IGO) and Pilbara Minerals (PLS) – crowded trades can often see knee jerk reactions against them. MM holds IGO in our Flagship Growth and PLS in our Emerging Companies Portfolios with PLS no longer an Active buy while we are also contemplating reducing our exposure to IGO.
- We like IGO medium/long term but it looks vulnerable to a meaningful pullback after hitting our $16 target area i.e. we might trim our 5% position.
MM remains long and bullish IGO medium term
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