We remain basically fully invested in our MM International Portfolio with a cash position of just 6%, while we remain bullish at MM we do feel the air is getting a little thin in some areas of the market and the time to cut 1 or 2 of our least favourite positions maybe approaching i.e. we would then consider either beefing up an existing position or adding a new stock to our portfolio hopefully into a pullback, in other words we are considering affording ourselves a little more flexibility over the coming weeks.
I remind subscribers that while MM is positive stocks over the year we are anticipating some elevated volatility which should provide some excellent opportunities for Active Investors like ourselves. Hence today as things feel a little stretched on the upside we have looked at a couple of our holdings which might be on the chopping block, note this is more of a tweak as opposed to a conscious move down the risk curve as we are not calling a ~10% pullback at this stage.
NB There is a clear propensity with our selection to cut our underperformers as the quality continues to shine in today’s market.
