LTR is the “situation play” in the lithium space, with Gina Rinehart owning over 18% of the business, having increased her stake ~$3 to block a $6.6bn takeover attempt by US lithium giant Albemarle (ALB US), doing the US miner an immense favour in the process. We own Albemarle (ALB US) in our International Equities Portfolio, and LTR in our Emerging Companies Portfolio and both positions are hurting at the moment. While we bought both following significant pullbacks, further downside has prevailed.
- At this stage, we are sticking with our small position in LTR, with the view of adding to it when the tide turns, the same is true for ALB.
MM is long but cautious towards LTR
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