We discussed TWE over recent months regarding China’s removal of its painful wine tariffs, which in the short term has proven to be a classic case of buy on rumour, sell on fact. TWE is relatively cheap, trading ~8% below its 5-year average, which we believe is appealing as America moves towards luxury brands assisting Penfold’s growth, while China is the obvious fresh catalyst for higher prices.
- We like the risk/reward towards TWE below $12 but have no plans to increase our TWE exposure in our Active Growth Portfolio.
MM is long and bullish towards TWE
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