Having a high conviction portfolio limited to 20 positions, tough ‘relative’ calls are common. Today we make a relative call selling Woodside Energy (WDS) to buy Worley (WOR). We think the latter will outperform the former from here. We are taking a ~27% profit on our 3% holding in WDS to allocate 4% into WOR.
MM are selling WDS in the Flagship Growth Portfolio, taking profit around $33.10
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Worley (WOR) is well positioned to take advantage of the global shift towards decarbonisation. Their business is now in good shape operationally, and while skills shortage remains a challenge, the spend towards a cleaner energy will be significant.
MM are buying WOR in the Flagship Growth Portfolio, allocating 4% around $15.50
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