MQG can often be regarded as a high Beta “Banking Play”; hence, if/when it breaks above its 2023 high, it may provide an ideal opportunity to migrate down the risk curve within this influential sector, e.g. we could switch into Commonwealth Bank (CBA) in time for its attractive February dividend even though the country’s largest bank will look “rich” above $115 – at MM we are real money investors and as such maintain exposure to equities even if we are cautious, but after holding only 3% in cash through December today’s 10% level already illustrates our increased flexibility to accumulate into weakness.
- We can see MQG testing the $200 area over the coming weeks if the ASX200 pushes towards 7700.
MM is considering taking profit on our MQG position around the $200 area
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