I also own the listed coal stocks, but I don't post much under...

I also own the listed coal stocks, but I don't post much under the coal threads, as I don't have much value to add.
But my logic with increasing positions in PTL cum results, is that the coal stocks have run hard, their business models (whilst great now) primarily rely on the external market. ie they don't have a lot of control over their future.

I am not selling any of my coal stocks, but nor am I adding. Coal stocks represent around 8% of the portfolio (mainly because of their share price run).

PTL is more of a 'what's next' for me. ie current positioning for future strategic positioning. FY2023 I could well be starting to sell down my exposure to coal stocks (we will see). In which case I would like some 'boring defensives' already in the portfolio as it transitions.

Every move is like a game of chess, but planning now for moves a year in advance.

As stated above, PTL is one of my 'boring' reasonably safe high dividend yielding (which allows me to be patient, as I get paid adequately to be patient through the dividend) stocks.