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 19 September, 2023

Morgan Stanley expresses a portfolio of defensive growth is suited to a “late cycle” trading market.
How is your portfolio geared heading into Q4? 

Gold: US$1,945.6 (+0.66%)
Silver: US$23.305 (-0.31%)
Nickel (3mth): US$19,936/t (-1.56%)
Copper (3mth): US$8,375/t (-0.55%)
Oil (WTI): US$91.20 (+0.57%)
Oil (Brent): US$94.27 (+0.14%)
Iron 62pc Fe: US$121.29/t (+0.6%)
AUD/USD: 0.6445 (+-0.02%)
Bitcoin: US$26,604.00 (+0.17%)

Across markets

Australian shares were poised to open lower. US stocks were little changed heading into the close, with a renewed intense focus on the outlook for interest rates.

ASX futures were down 21 points or 0.3% to 7214 near 7am AEST.

  • On Wall St: Dow +0.02% S&P +0.07% Nasdaq +0.01%
  • In New York: BHP -0.3% Rio -0.9% Atlassian +0.9%
  • Tesla -3.3% Apple +1.7% Amazon -0.3%

The local currency edged higher, while the Bloomberg dollar spot index edged lower.

On, bitcoin was 1.2 per cent to $US26,785 at 7.15am AEST; it briefly topped $US27,000.

The yield on the US 10-year note was 3 basis points lower to 4.30 per cent at 4.59pm in New York.

Source: AFR

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Closer to Home

MoneyTalks is Stockhead’s regular recap of the ASX stocks, sectors and trends that fund managers and analysts are looking at right now.

Today we hear from Rusty Delroy, the iconically mulleted founder and investment manager of boutique Cottesloe firm Nero Resources Fund.

Everything about Russell ‘Rusty’ Delroy speaks a man who goes against the grain, and the investment manager based by one of Perth’s famous beaches in Cottesloe strikes a unique figure in Australia’s mining investment game.

He still has the traditional investment banker puffer vest for site visits, but with his party-at-the-back hair and conviction in value investment he’s not afraid to take a contrarian stance.

It comes across in his confidence on the oil and gas sector, where a severe misalignment between company valuations, investor sentiment and actual supply-demand metrics could be brewing.

The fact conventional energy stocks are the largest exposure in the Nero fund, nestled in the heart of WA’s currently battery metals mad western suburbs, speaks volumes of Delroy and Co.’s determination to look for hidden value in the resources investment market.

“Oil and gas is our biggest exposure by sector at present. And interestingly, you know, a lot of the things we’ve been buying are bigger cap offshore names,” he said.

“I know that sounds weird. But stocks, like BP (LON:BP), for example.

“We see a lot of value in oil and gas. We don’t see the sector going away in terms of relevance anytime soon and you’ve got some pretty pristine balance sheets in diversified majors.”
Who will be the real renewables winners?

Distinctions could easily be made between fossil fuel suppliers and companies positioned to compete with them by focusing squarely on renewables and new energy metals.

But Delroy says the reality is the two aren’t as mutually exclusive as many investors believe.

“BP for instance, and a number of these other — particularly European — oil and gas majors, they actually have very substantial renewable businesses as well,” he said.

“They’re not out there waving the arms talking about future industries in decarb, they own decarb industries today and they’ve been building up for long periods of time.

“So I don’t think that’s well appreciated by the market and the offshore names trade at big discounts to some our local names in Woodside (ASX:WDS) and Santos (ASX:STO), on our analysis anyway.”

Where is the market missing a trick? Delroy agrees there’s an ESG overlay to the attractive valuations he sees in firms like the $174 billion BP.

“I think there’s a perception around that perhaps there’s some sort of terminal nature to hydrocarbons or to oil and gas and we disagree with that,” he said.

“So our view is this sector’s here and relevant for a long time to come. We agree with decarb and those sorts of things as well. They’re all very important, I don’t want to discount that.

“But they’re going to take a lot of time and capital to pull off and in the interim there’s certainly a very clear role for gas in the energy mix and we still have a huge number of transportation consumers of oil.

Source: Stockhead

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Recent Peak Deals

Company: Terra Uranium (ASX:T92)
Sector: Uranium
Deal Type: IPO
Raise Amount: $7.5M
Latest Entry Price: $0.20
Today’s Price Change: $0.135 -3.57%

Company: Patagonia Lithium (ASX:PL3)
Sector: Lithium
Deal Type: IPO
Raise Amount: $8.6M
Latest Entry Price: $0.20
Today’s Price Change: $0.135 Unchanged

Company: Gold Mountain Limited (ASX:GMN)
Sector: Lithium
Deal Type: Placement
Raise Amount: $2.25M
Latest Entry Price: $0.0075
Today’s Price Change: $0.007 +16.67%

Company: Unith Ltd. (ASX:UNT)
Sector: AI/ChatGPT
Deal Type: Placement
Raise Amount: $4.5M
Latest Entry Price: $0.033 with a 1:1 UNTO
Today’s Price Change: $0.025 Unchanged

Company: Volt Resources Ltd. (ASX:VRC)
Sector: Battery Metals
Deal Type: Placement
Raise Amount: $5.75M
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Today’s Price Change: $0.008 -5.88%

Company: Castle Minerals Ltd. (ASX:CDT)
Sector: Battery Metals/Base Metals
Deal Type: Placement
Raise Amount: $1.52M
Latest Entry Price: $0.02 with a 2:3 CDTOA
Today’s Price Change: $0.012 +15.29%

Company: Avenira Ltd. (ASX:AEV)
Sector: Phosphate
Deal Type: Placement
Raise Amount: $2.1M
Latest Entry Price: $0.01 with a 1:2 AEVO
Today’s Price Change: $0.0105 Unchanged

Company: Latrobe Magnesium Ltd. (ASX:LMG)
Sector: Magnesium
Deal Type: Placement
Raise Amount: $3M & $11.5M
Latest Entry Price: $0.10 with a 1:4 LMGO
Today’s Price Change: $0.049 +2.08%

Company: Askari Metals Ltd (ASX:AS2)
Sector: Mining
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Raise Amount: $5.7M
Latest Entry Price: $0.35 with a 1:3 AS2O
Today’s Price Change: $0.235 -2.08%

Company: Tymlez Ltd (ASX:TYM)
Sector: Blockchain
Deal Type: IPO/On-market purchase
Raise Amount: $13.3M
Latest Entry Price: $0.004 with a 1:1 option
Today’s Price Change: $0.004 +33.33%

Company: iCandy (ASX:ICI)
Sector: Gaming & Digital Advertising
Deal Type: Placement
Raise Amount: $1.25M
Latest Entry Price: $0.02 with a 1:1 ICIOB
Today’s Price Change: $0.037 -2.63%

Company: Fatfish Group (ASX:FFG)
Sector: Fintech
Deal Type: Placement
Raise Amount: $1.5M
Latest Entry Price: $0.015 with a 1:2 FFGOA
Today’s Price Change: $0.01 -9.09%

Company: Paradigm Biopharma (ASX:PAR)
Sector: Biopharma
Deal Type: IPO Cornerstone
Raise Amount: $1M+
Latest Entry Price: $0.35
Today’s Price Change: $0.71 +4.41%

Company: ReNu Energy Limited (ASX:RNE)
Sector: Energy
Deal Type: Placement
Raise Amount: $1.46M
Latest Entry Price: $0.06 with a 1:1 RNEO
Today’s Price Change: $0.03 -14.29%

Company: Carly Holdings Ltd (ASX:CL8)
Sector: AI and Car subscription
Deal Type: Placement
Raise Amount: $1.25M
Latest Entry Price: $0.025 with a 1:2 CL8O
Today’s Price Change: $0.019 Unchanged

Company: Avecho Biotechnology (ASX:AVE)
Sector: CBD
Deal Type: Placement
Raise Amount: $5M
Latest Entry Price: $0.006 with a 3:2 AVEOA
Today’s Price Change: $0.004 -20.00%

Company: ECS Botanics Holdings Ltd (ASX:ECS)
Sector: Medicinal Cannabis
Deal Type: Placement
Raise Amount: $6.6M
Latest Entry Price: $0.033 with 1:2 ECSO
Today’s Price Change: $0.026 +8.33%

If you would like more information on future Peak deals, please don’t hesitate to get in touch.

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