We are trimming our holding in Peabody Energy (BTU). Given strong gains, the position is now ~7% of the portfolio. We are reinforcing the 4% target weight, trimming into strength.
We are buying back into IREN having sat on the sidelines during recent volatility. IREN is successfully transitioning from a Bitcoin miner to AI compute utility, underpinned by scarce power infrastructure. We will cover IREN in more detail tomorrow morning. For past opinions, click here.
We are adding to our existing position in Blackstone (BX US) into weakness. Given the recent pullback, the prevailing weight has slipped sub 5%. We are taking this back to a 6% target weight.
We are adding to our existing position in Barrick Mining (B US), on the view that the recent sell-off in Gold is now complete. Having trimmed the position ~$US48 down to 3%, we are now upweighting again around $37.
Pershing Square (PSHD) is trading at a 25-30% discount to NAV, holding a high conviction portfolio of large cap international stocks. We view the recent pullback as attractive to increase our weighting back to 5% target.
We are increasing our target weight in UBS Group (UBS US) from 5% to 6% into the current pullback.
We are increasing our target weight in Freeport McMoRan (FCX US) from 4% to 6% into the current pullback.
