• Marcus Bogdan

Portfolio Changes - Increased CSL (CSL), Medibank (MPL), Qube (QUB), TPG Telco (TPG) & Sold Chrous

Encouragingly, recent economic indicators reflect a V-shaped recovery in profits over the next 12 months. Global manufacturing PMIs have exhibited continued strength into December reaching a 36-month high, reflecting a broad-based improvement that is taking place with output and new orders remaining close to the cycle-highs.

In anticipation of a recovery in corporate earnings, the December quarter was notable for investors starting to rotate toward stocks more sensitive to a recovery in the economic cycle, with cyclical/value stocks showings signs of revival. The portfolios are adding to a basket of ‘recovery plays’ including: CSL Limited (CSL), Medibank Private (MPL), Qube (QUB), TPG Telecom (TPG) and Santos (STO).

We have sold the holding in Chorus (CNU) to part-fund the buying of Santos, TPG Telecom and Qube Holdings. Whilst, acknowledging CNU’s virtues of defensiveness and attractive dividend profile, the portfolio tilt towards earnings recovery and growth requires both funding and reduced defensive exposure.

Contact Us

   Level 2

       302 Lygon Street

       Carlton VIC 3053

   Postal Address

       GPO Box 1887

       Melbourne  VIC  3001

  • Black LinkedIn Icon
  • Black Twitter Icon
Subscribe To Receive Portfolio Updates
Contact Us
  • White LinkedIn Icon
  • White Twitter Icon

© 2018 Blackmore Capital

Art Direction by Michele Douglas
Designed By T.McDowell

Blackmore Capital Pty Ltd (ABN 72 622 402 895) (Blackmore Capital) is a Corporate Authorised Representative (CAR) of Artesian Venture Partners Pty Ltd (AFSL 284492)