Copper miner SFR resides in both our Active Growth Portfolio and Emerging Companies Portfolio; we continue to believe the recent stock price action has been encouraging, considering the mixed leads from both copper and China. However, after failing in the short term following another foray above $7, we are reticent to consider increasing our exposure until further notice.
- While we like SFR we would only consider increasing our exposure further below $6 for our Growth Portfolio; the Emerging Companies Portfolio is already heavily committed holding a 6% exposure.
NB SFR will deliver it’s quarterly today which may influence our view especially as we have been discussing a switch to Iluka (ILU) as a stock offering more upside from current levels to move down the risk curve.
MM is long and bullish towards SFR medium-term
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