MM has 5% of our Flagship Growth Portfolio in NCM, the stocks been a significant outperformer in 2023 rallying +21.5% courtesy of the takeover bid from the world’s largest gold company Newmont Corp (NEM US). Unfortunately, the bid is all scrip hence NCM has followed NEM shares lower since May, although it has outperformed most local names only falling -17.9% – the takeover looks increasingly likely to be successful taking the NCM price ever closer to the underlying scrip bid price of Newmont. Conversely, in comparison, Northern Star (NST) has fallen -5.6% year-to-date and -29% from its May high.
- We have patiently been waiting for an ideal time to switch from NCM to NST, relative performance is suggesting the time is approaching.
MM is looking to switch part of our NCM position into NST
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Newcrest Mining (NCM) v Northern Star Resources (NST)
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Newcrest Mining (NCM) v Northern Star Resources (NST)
