MM was getting very frustrated with our LLC position and then a couple of weeks ago we saw a downgrade to guidance following a resurgence in COVID cases, also a kick up in the cost of materials will assumedly also be hurting the contractor who works on a number of fixed price contracts. However as has been typical through 2021 when stocks look their worst its often time to step and buy / average aka Whitehaven Coal (WHC) and a2 Milk (A2M). Now here we are today with more stimulus coming out of China and potentially the same unfolding in Australia and the UK as the COVID picture takes a very real turn for the worse, a potentially excellent tailwind for LLC which remains ~30% below its pre-pandemic levels but 15% above this month’s panic low.
MM remains long and cautiously bullish LLC
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NB MM currently holds a 5% exposure to Lend Lease (LLC) Flagship Growth Portfolio : Click here to view
