So far in 2023 XRO is up +71% while Altium (ALU) has only gained +7% i.e. another potential candidate for some performance catch-up. We can see XRO pulling back in line with US tech names but at this stage, we have tweaked how we intend to play this stock given the explosive re-rate it has had. For a time, XRO was one of our largest weightings in the Flagship Growth Portfolio, however, we did trim the position back in May at ~$109, affording us some further flexibility with the balance of our holding, ultimately can see the $130-$140 area on the upside hence we’re unlikely sellers.
- We are bullish on XRO into the 2H targeting another 10-20% upside hence we’re unlikely to switch.
MM is happily running XRO at this stage
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