Hi,
We wrote the following on both stocks during the week:
Xero (XRO): 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.
Beach (BPT): We aren’t huge fans of BPT (given operational challenges over many years due to the complexity of their assets) preferring sector rival WDS but we can see another test of $2 in the 2H of 2023 i.e. +25%.