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KMI, long position. The IJ Fund aims to build a low-beta portfolio, composed of undervalued stocks. KMI stock has experienced a steady decline in value over the past year. Only in the beginning of November did the company begin to regain its value as consumption and demand began to increase. The fund’s management has reason to believe that the loss of the stock’s value during 2020 has largely been due to an overreaction to the impact of the crisis. With historic averages on certain valuation metrics being considerably higher than what they currently are, the fund estimates the ‘fair value’ of Kinder Morgan to be closer to $20. The company has a beta of 0.97, which is slightly above the fund target beta. The market capitalization is $33Bn.The company industry classifies as Energy.
KMI, long position. Our fund's investment strategy is passive value investing. We focus on buying the stocks that have a high book-to-market ratio compared to its sector's peers from the S&P 100 list. Thus, following our strategy, this stock offers a good expected return on investment and a maximum weight of 5% ($60k) is allocated. This is in-line with our portfolio’s target leverage of 1.2.