Model portfolios get a spring clean

The portfolios have been performing well along with the market, but we’re selling around the edges to increase our dry powder for future opportunities.

At last year’s roadshow event I nominated Caltex as an ugly duckling that could turn into a swan. Once it converted the lousy Kurnell refinery into an import/export terminal the company would be left with a highly profitable fuel retail business benefiting from the increasing use of higher margin fuels, such as diesel.

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