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  • A2 Milk (A2M) we’ve held 5% of our portfolio in this milk and baby formula business for most of 2021 and even though we bought it into weakness its kept drifting to our frustration and the rumoured takeovers don’t appear to be coming through.
  • NRW Holdings (NWH) we also hold 5% in this mining services business and it may look extremely cheap but the market still has no interest in a potential recovery story at this stage.
  • Northern Star (NST) we allocated 3% into this gold miner a month ago and its drifted over 10% since, we are likely to hold for now but it’s on a very short leash as we also hold 5% in Newcrest Mining (NCM) which is too much towards a sector that is not moving

The charts of a2 Milk (A2M) and NRW Holdings (NWH) have extremely similar look and feel i.e. they’ve been sold off through 2021 and have failed to show any meaningful signs of recovery since. a2 Milk (A2M) is carrying a large 5.67% short position while NWH’s has been rising steadily since May. These are 2 stocks that I would definitely “sleep better” if they were no longer in our Flagship Growth Portfolio, and we are now questioning whether or not to remain patient, or transition elsewhere.

MM is reconsidering our holdings in both A2M and NWH
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NRW Holdings & a2 Milk (A2M)
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