The MVR ETF aims to track the ASX200’s Resources index. Of the thirty-three stocks held, the largest five holdings are WDS 8.1%, BHP 7.6%, FMG 7%, RIO 6.5%, NST 5.4%, and Santos 6.3% with most position sizes around the 3-5% weighting. From a sector perspective, its main positions are 47% in mining and 18.6% in oil & gas. This ETF is notably less concentrated in the iron ore space than the QRE ETF considered previously.
- The MVR ETF has a relatively small 0.39% expense ratio and tracks its benchmark very well; over the last 3 years, the MVR has advanced by 8.5% while the MVIS Australia Resources Index has gained 9.1%.
The MVR also looks set to follow the MM roadmap into Christmas, testing its 2024 high. However, we can see it underperforming the QRE ETF moving forward.
- We are bullish on the MVR and initially target a test/break of $35, or 5% higher.
MM is cautiously bullish on the MVR ETF through 2025
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