We sold JBH in August after the trading update for July showed a decent slowdown in like-for-like sales growth, which led to negative earnings revisions. However, last week’s less than hawkish commentary from RBA Governor Michele Bullock and a cooler CPI print have set the stage for a turnaround in sentiment towards interest-rate sensitive stocks. We are taking a 4% position in JBH – we think inflation is near its peak, and with the premium retailer trading well below its 2025 and 2026 highs, it looks poised for a rebound.
MM is buying JBH in the Active Growth Portfolio, allocating 4% around $70
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