High Conviction: Taking 1/3 Profit on PDN & IXJ

Paladin Energy (ASX: PDN): Sell roughly one third of the current holding around prevailing levels (c. 13 AUD), locking in profits after a strong re‑rating driven by ramp‑up progress, robust margins and a strengthened balance sheet, while retaining two‑thirds for continued leverage to a structurally tight uranium market and completion of the Langer Heinrich ramp‑up.​

iShares Global Healthcare ETF (ASX: IXJ): Sell roughly one third of the current holding around 146–148 AUD (exit reference 145 AUD), crystallising an estimated 12–14% gain on units purchased near 130 in October 2025, while keeping two‑thirds as a core allocation to defensive, long‑duration healthcare earnings.​

Rationale: locking in event‑driven gains, keeping core themes

• For PDN, Q2 FY26 production increased 16% quarter‑on‑quarter to 1.23 Mlb U₃O₈, with H1 FY26 output of 2.30 Mlb and realised prices of 71.8 USD/lb against production costs of 39.7 USD/lb, underpinning strong operating leverage and a fundamental re‑rating.
• PDN also holds a robust liquidity position with 278.4 million USD in cash and investments and an undrawn 70 million USD facility, and a visible growth pipeline across Patterson Lake South and Michelin, yet remains mid‑ramp and exposed to uranium price volatility, execution and permitting risk, and a live class action; trimming one third balances realised gains with ongoing upside participation.
• For IXJ, the ETF has rallied from around 130 in October 2025 to the mid‑140s by mid‑January 2026, with a 5.6% AUD return over 2025 and much of the move occurring in Q4 as global healthcare benefited from a “policy relief + defensive rotation” into quality defensives.​
• With healthcare no longer at a clear discount, real yields still relatively elevated, and renewed U.S. policy and election‑cycle headline risk ahead, taking profits on one third of IXJ uses current price strength to monetise the recent rerating without exiting a structurally attractive sector.​