MMC Contrarian Limited Buy

MMA

MMC Contrarian Limited

Investment Portfolio:
As at 30 April 2005 MMC's portfolio was comprised of Listed Equities (37%), Hybrids (4%) and Fixed Interest and Cash (59%).

Intelligent investor rates as buy and thinks highly of management team.

Number of shares on issue 31/3/06, 216M with NTA of 112.1 cents (pre tax).

At 91.5 this represents an 18% discount to NTA.

Recommend buying small starting position of 4000 shares, compiling full analysis. If analysis returns good risk reward scenario aim will be to build eventual position of between 10-20% of the funds assets.

As MMC have such a high proportion of funds, 59%, in cash they should be buffeted from any market downturn and if such downturn occurs they will be in a strong position to profit from it.

This is an excellently run investment fund, trading at NTA discount of 17.5% and will instantly give the fund exposure to range of ASX listed companies.

NTA Updates

30 April 2006 – 110.9, order placed at 91.5 for 17.5 discount.