The ASX200 feels poised to breakout on the upside and if were to add a technical caveat to this “Gut Feel” it would simply be while the index can hold above 7780, i.e. from a trading perspective that’s only a 0.7% lower. However at MM we are Active Investors, not traders, hence short term noise is interesting at times but it doesn’t influence our outlook or subsequent positioning. We have noticed, with some frustration, the markets delivered a noticeable degree of performance reversion on the stock level over the last 4-6 weeks, i.e. our Active Growth Portfolio has surrendered some its outperformance. Hence one factor we are monitoring closely is whether 2024 will become a year of two halves from a performance perspective.
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