We are selling our 6% holding in Vale (VALE US) taking a ~100% profit. We view the Iron Ore price as unsustainably high and are using strength to lock in a solid result for this position.
MM are selling VALE US in the International Equities Portfolio, taking profit around $US22.11
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We are buying PayPal (PYPL US) in the US to gain exposure to global electronic payments – a growing sector which we have no exposure to in this portfolio.
MM are buying PYPL US the International Equities Portfolio, allocating 6% around $US290.00
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