• Portfolio Val: $1,079,096

• Performance : Portfolio 1.27% | Benchmark 0.01%

• MTD : Portfolio -3.76% | Benchmark 0.46%

• Cash: $77,724

• Bought/Sold JDO, MVF, NWL, SKS / None

Overnight Markets

Markets were up overnight with the S&P up +0.77% but it was the NASDAQ and the Russell who were the standouts, rallying more than 1% each. Sector wise, Technology was up +1.49% while Energy slipped -2.20% as oil fell below $100. Interestingly, Software lost ground (-0.15%) while Semis and Semiconductor Equipment jumped +2.37% in anticipation of Anthropic’s IPO. All eyes are on reporting season as investors parse through the updates.

A company that you would be surprised has exposure to the AI and DC trade is UPS, the package delivery service. DC builders need materials, which UPS delivers and or stores for clients, as well as components for servers, which is predicted to be a recurring revenue stream as servers need refurbishment (new chips) regularly.

Microsoft and Google are due to report overnight with Bloomberg estimates forecasting revenues at $90.63B and $111.24B respectively. The market will pay particular attention to Microsoft’s Azure to judge the strength of their cloud business. Revised financial reporting should make it easier to compare Azure revenue figures, cloud growth, and capex spending.

Australian Market

Top news today was inflation coming in higher than expectations. Trimmed mean CPI was only slightly higher by 0.1% to 3.6%, but more is more. RBA Governor Michelle Bullock stated that subdued economic growth is needed to bring inflation down, while Shadow Treasury Tim Wilson blames (unsurprisingly) current government spending on inflation. The market, while it did drop broadly at 11:30am, remained robust with most of the movements following the performance of the US market the night before.

The ASX200 finished the day flat (-0.03%) as the mix of sector performances evened out; Tech (+2.36%) and Materials (+1.07%) were the only real leaders while all other sectors went lower. Energy (-2.45%) and Discretionary (-1.53%) suffering in particular due to oil names (WDS, STO, ALD) and lower expected consumer spending from higher rates (WES, ALL, TLC).

Portfolio Commentary

The portfolio had a strong recovery today +1.27% against a flat ASX300 benchmark (+0.01%). Performance was driven by a risk-on rally across tech and financials. Namely, SKS (+6.34%), Megaport (+5.12%), C79 (+4.35%), GDG (+4.23%), NWL (+4.00%), and HMC (+3.89%). On the trading front, we made four targeted additions: opportunistically buying Judo, SKS, Netwealth, and Monash IVF. Our good performers covered the softer energy and retail names, Woodside (-3.16%), EMV (-2.91%), JBH ( -2.30%), and Coles (-1.21%). Cash now sits at 7.2%.

Investment Activity

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Disclaimer: This is a paper portfolio. Content is for educational purposes only and does not constitute financial advice. Always do your own research.

Unfortunately, one bad day can ruin best laid plans. 23th October saw red across the board. Not to mention the 30% drop in ZIP. This has increased the underperformance of the fund for the month.

We will do a deeper attribution analysis come month end however, this is a good reminder that position sizing is important. However, as we have a contrarian philosophy, we should a) expect drawdowns but b) (more importantly) view this as an opportunity to take advantage of market dislocation. This is indeed why we are holding more cash.

Fund Status:

• Portfolio Val: $1,049,783

• Performance : Portfolio 0.47% | Benchmark 0.18%

• MTD : Portfolio -6.38% | Benchmark -0.05%

• Cash: $131,705

• Bought/Sold COL / MP1, BVS

Overnight Markets

Friday had a shocking ending to the week in markets. It didn’t matter if you were large (S&P500) or small (Russell), stocks were down. The only sector leading the way was Energy, driven by the eye-watering cost of oil. Brent crude was up $116.72 per barrel. Other sectors were down in the dumps. Post the PHP vulnerability, CrowdStrike, Palo Alto and Cloudflare were up. Software (IGV) outperformed Semis (SOXX) and, at time of writing, SOXX is down -14% for the month.

Australian Market

The ASX 200 finished up (+0.17%) with Material (+1.71%), and Real Estate (+1.32%) leading while Staples (--1.54%) and Discretionary (-0.96%) lagged. Big retailers like Woolworths, Coles and Endeavour dragged down Staple while Wesfarmers and the gambling stock (LNW, ALL, TLC) pulled down Discretionary. Meanwhile, most of the big miners held up the index and Materials. Zip had a recovery after brokers stated, in their opinion, the fraud incident and higher bad debts were temporary. They also pointed out the supportive US growth to credit.

Portfolio Commentary

The portfolio rose +0.47%, outperforming the ASX 300 benchmark (+0.18%). ZIP’s recovery (+11%) from Friday’s -30% is certainly a welcomed relief. Plus we saw some nice rallies in Ora Banda (+6.76%), EMV (+4.45%), and Bravura (ASX: BVS, +3.37%). Unfortunately our smaller companies are struggling in this environment, namely, PC2 (-4.44%), C79 ( -4.20%), and SKS (-3.72%). We have not had a chance to adjust the portfolio in a while but today we found time and took the opportunity to take some profits on winning positions (MP1, BVS) and top up on Coles. Inflation is forecasted to be stable (so elevated) and being in a large cap staples company should provide protection. Cash reserves have risen to 12.5%. We will use this dry powder to add to higher conviction names.

Investment Activity

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Disclaimer: This is a paper portfolio. Content is for educational purposes only and does not constitute financial advice. Always do your own research.

• Portfolio Val: $1,078,723

• Performance: Portfolio -0.12% | Benchmark -0.34%

• Cash: $106,576

• Bought/Sold None

Overnight Markets

Markets rebounded overnight with the Nasdaq and S&P500 up 1.11% and 0.41% respectively. Consumer Discretionary (+2.73%) and Tech (+1.119%) were the leaders while Utilities (-1.97%) and Real Estate (-1.17%) lagged. Oil continues to trend higher ($103) as tensions in the Middle East continue while Gold is holding relatively flat. Gold miners appear to be lagging the spot price, based on the performance of the GDX ETF. Reporting season is starting up with analysts are expecting 29% growth in profits for the S&P500

Australian Market

The ASX 200 finished down (-0.33%) with Consumer Staples (+1.14%), and Health Care (+0.87%) leading while Energy (-1.31%) and Materials (-1.16%) lagged. BHP (-1.6%) dragged the index after releasing their September quarter production figures. They had a 19% y/y drop in copper production. Meanwhile Cochlear (+5.2%) & Telix (+2.3%) rallied along with Healthcare. NextDC went into a trading halt as questions about their energy supply to the DC become a material concern to earnings.

We are starting to see the market narrow as the ASX200 Market cap weight outperforming the ASX200 equal weight. This means the largest parts of the market are leading the way.

Portfolio Commentary

The portfolio fell -0.12%, outperforming the ASX 300 benchmark (-0.34%). We saw rallies PC2 (+4.14%), GDG (+3.28%), Coles (+1.85%), Life360 (+1.77%), C79 (+1.70%), Xero (+1.69%), and JB Hi-Fi (+1.50%). An interesting mix of staples, tech, discretionary and financials. These absorbed headwinds from MP1 (-3.26%), SKS (-3.20%), Zip (-2.30%), and Ora Banda (-1.81%).

Investment Activity

None

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Disclaimer: This is a paper portfolio. Content is for educational purposes only and does not constitute financial advice. Always do your own research.

• Portfolio Val: $1,091,645

• Performance : Portfolio -0.42% | Benchmark -0.64%

• Cash: $106,576

• Bought/Sold None

Overnight Markets

Most markets ended overnight down, in particular the KOSPI fell -5.5% led by falls in SK Hynix and Samsung. Small caps (Russell 2000) are clearly having a worse time than large caps (S&P500). Energy (+1.74%) remains the leading sector driven by higher oil prices, while Healthcare (-1.33%) lag. We are in an interesting market cycle whereby growth indicators (like ISM PMIs) are supportive amid headline inflation increasing. All eyes will be on the US September CPI tonight. Consensus estimates headline of 3.6% y/y.

Australian Market

The ASX finished the day down -0.64%, the worst sectors being Financials (-1.41%) and Materials (-0.88%). Evolution Mining fell short on their gold production estimates which sent the stock down -3.16%. A bright spark in the sector was PLS, lithium, up +2.92%. Financials were down across the board with all the majors suffering share price losses. Consumer credit appears to be the exception here, with ZIP (+4.25%) and EML (+10%) posting gains. Glencore made its ASX debut. This just adds a secondary listing to the primary on the LSE.

Portfolio Commentary

The portfolio fell -0.40%, outperforming the ASX 300 benchmark (-0.64%). This was driven by the tech, and industrial names. Gains in Zip (+4.25%), SKS (+7.98%), C79 (+2.49%), and SYL (+2.69%), supported the portfolio. Meanwhile, PC2 (-6.25%), CBO (-4.51%), and OBM (-2.50%), dragged the portfolio. Pleasingly, Megaport (-1.92%) only had a minor fall, most likely due to Goldman rating the stock a “Buy”. They provide a target price of $25.90 (31% upside).

Investment Activity

None

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Disclaimer: This is a paper portfolio. Content is for educational purposes only and does not constitute financial advice. Always do your own research.

• Our Gross Asset Value (GAV) decreased from $1,121,268 to $1,096,240 (a net change of -2.23%).

• The benchmark by comparison has returned -0.24% month to date.

• We initially had good performance from Industrials and Technology at the start of the month. But there has since been a pullback led by the falls in software and semis related stocks (MP1, SKS)

Fund Status:

• Portfolio Val: $1,096,240

• Returns MTD: Portfolio -2.33% | Benchmark -0.24%

• Cash: $106,576

• Bought/Sold None

Market Commentary

It has been a brutal couple of weeks markets wise. Global markets over the first half of October have continued to grapple with escalating Middle East conflict risks, surging energy inputs, and persistent inflationary pressures that have forced central banks to maintain a hawkish stance.

Australian business sentiment hit a wall, with both the NAB Business Confidence Index and the Westpac Consumer Sentiment plummeting into the negative. Domestic tech and AI infrastructure suffered a sharp reality check after Firmus pulled its IPO. Hope you had a bowl of popcorn while watching the fireworks. Who would have thought that a loss-making, debt heavy, over promising, overvalued, and over hyped and company, with a string of IOUs from AI companies would have imploded…?

OpenAI, and Anthropic also delayed their IPOs on concerns of AI capex spending becoming tougher to justify.

Energy meanwhile has been the bright spark as oil remains above $100 per barrel. Even though the US has stated it will not attack Iran until after midterms (how considerate…), the US recently offered up 40m barrels from the SPR and encouraged other countries to do the same. Now the SPR is at its lowest level in 40+ years.

In other commodity news, copper remains at its near record levels. Low inventories and a tight market are supporting the price.

EOD Australian Market 13/10/2026

The ASX 200 finished flat today (+0.01%), anchored by a late session rally in the major banks led by CBA (+2.3%) offset by selling across Tech (-4.37%) and Materials (-2.03%). Energy (+1.2%) continued to gain on oil related names (Santos +1.60%). There was also a wave of selling across lithium names (PLS Group -8.6%) on European import cap concerns. Notably, sentiment across AI infrastructure names deteriorated sharply after reports that AirTrunk will be delaying its Singapore REIT IPO. SKS (-20.5%) and MP1 (-9.9%) sold off on the news. This was late in the day.

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Disclaimer: This is a paper portfolio. Content is for educational purposes only and does not constitute financial advice. Always do your own research.

We are happy with the performance of the portfolio despite being down in September -2.01%, as it outperformed the S&P/ASX 300 Accumulation Index by +0.42%, which posted a loss of -2.43%.

Our track record since inception is still outperforming the benchmark with an accumulative return of 12.5% versus 4.2%, a +8.3% net outperformance.

The main drivers of returns were rallies in SKS, MP1, and CCL. The rest of the portfolio was dragged due to higher rates, a higher inflation print, and higher input costs (driven by the US/Iran war).

Portfolio Attribution

The portfolio’s monthly return was driven primarily by the Interaction Effect (+2.20%), while Allocation and Stock Effect (-0.51% & -1.28%) were overall detractors.

Most of our sectors had positive selection contribution, meaning most of the individual stocks performed better than their overall sector.

The portfolio’s Technology exposure outperformed the benchmark’s sector return, but drove a negative Allocation Effect (-1.1%) as we had a large overweight (+17.7% vs 2.3%) in the portfolio. Thankfully, the stocks held up in a down market which contributed to the positive Selection and Interaction Effect.

Industrials were the best positive contributors to performance (+1.38%), driven by SKS rallying +30.6%. Now SKS is considered an Industrial by Commsec and other outlets. If we change this Technology, the CTR for the sector improves.

Financials was the largest detractor to the portfolio, especially seeing the Selection Effect (-2.8%) and CTR (-2.41%). While the Benchmark sector fell -1.0%, our Financials were more impacted by the rates move, falling -9.9%. NWL, ZIP and GDG are all particular interest rate sensitive.

Pleasingly, the Residual in the Attribution table was negligible, +0.01%

Key Contributors & Detractors

The NAV decreased -2.01% during August. The specific positions that drove the return by contribution were:

• Megaport (MP1): Rose +24.8% and contributing +1.4% to total return

• SKS Technologies (SKS): Up +30.6%, adding +0.7% to portfolio return.

• Cuscal (CCL): Advanced +11.4%, contributing +0.5%.

Key detractors were:

• Xero (XRO): Fell -31.3%, detracting -1.2%

• Zip Ltd (ZIP): Dropped -18.8%, detracting -1.0% to total return.

• Netwealth (NWL): Declined -21.6%, detracting -0.7% from total return

Portfolio Characteristics & Risk Metrics

The current profile favours the mid-cap sweet spot, with the majority of companies between $1Bn to $5Bn in market cap.

The portfolio liquidity remains the same. Considering a 30% Average Daily Volume (ADV), the portfolio has a Days to Exit of 5 days. This is due to the small FUM size.

Other statistics include:

• Weighted Avg Mkt Cap: $4,571m, lower than last month.

• WA Beta (1Y): 1.16, down from 1.20 indicating a less sensitive portfolio.

• WA P/E Ratio: 28.4x, down from last month

Our Beta sensitivity is still a concern as this will make the performance of the portfolio swing session to session.

The largest contributor to the Weighted Average PE is C79, with a current PE of 437x. This is last twelve months EPS mind you. Forward estimates make the PE much lower, 72x.

At the end of the month, the largest overweight is still Technology (+15.2% ) while Materials continues to be the largest underweight (-17.0%).

There were no large wholesale changes to the portfolio. We sold 1% of MP1 before month-end.

Outlook & Strategy

This was an okay month, outperforming the benchmark, despite not changing the portfolio. The portfolio has generated a 12.5% absolute return since inception.

The AI theme and sentiment remains cautious. At time of writing, we trimmed our exposure to MP1. It is likely further trims to Technology are on the cards. The war in Iran, higher input costs, sticky inflation, and interest rates are a drag for equities. Being fully invested may be a risk to the portfolio.

The focus for the coming months will be to strategically take profits, and invest in areas that are undervalued. Australia is likely at the end or near end of the hiking cycle, so Consumer Discretionary names have are likely near full a derate. This is to keep our contrarian philosophy and not follow the trends.

Disclaimer: This is a paper portfolio. Content is for educational purposes only and does not constitute financial advice. Always do your own research.

August was a positive month as the portfolio return +1.92% while the S&P/ASX 300 Accumulation Index posted a gain of +1.62%. This resulting in a relative outperformance of +0.30% for the month.

Our track record since inception is still outperforming the Benchmark with an accumulative return of 14.8% versus 6.8%, a +8.0% net outperformance.

The initial uplift at the start of the month was driven by strong rallies in SKS, BVS, 360, OBM, ZIP, and PC2. This was due by reporting season results.

Portfolio Attribution

The portfolio’s monthly return was driven primarily by stock selection (+2.90%), while sector allocation (-1.31%) was a headwind. Interestingly, there was a negative contributor by interaction effects (-1.30%). This was driven by a -1.1% interaction effect for our Technology exposure.

We were overweight the sector (+19.3% vs 2.3%) which drove a positive Allocation Effect (+0.7%), however the particular portfolio stocks did not perform as well as the benchmark subsector. This caused a negative Selection and Interaction Effect.

Materials stocks were the best positive contributors to performance (+1.54%), driven by OBM and PC2 (our gold exposure). Interaction Effect suggests that we could have upweighted the stocks, given our significant underweight vs the benchmark.

Interestingly, Financials contributed meaningfully to the Selection Effect (+1.6%) despite a negative contribution to overall performance (-0.16%). While the Benchmark sector fell -5.3%, our Financials were relatively more defensive (-0.6%). The only significant underperforming being GDG (-22.6%) for the month.

Pleasingly, the Residual in the Attribution table was negligible, +0.01%.

Key Contributors & Detractors

The NAV decreased -5.52% during July. The specific positions that drove the return by contribution were:

• Ora Banda (OBM): Rose +34.2% and contributing +1.0% to total return

• Bravura (BVS): Up +24.4%, adding +0.9% to portfolio return.

• Xero (XRO): Advanced +18.4%, contributing +0.7%.

Key detractors were:

• Generation Development (GDG): Fell -22.6%, detracting -1.1%

• Life360 (360): Dropped -21.0%, detracting -1.1% to total return.

• JB Hifi (JBH): Declined -18.3%, detracting -0.9% from total return

Portfolio Characteristics & Risk Metrics

The current profile favours the mid-cap sweet spot, with the majority of companies between $1Bn to $5Bn in market cap. We have decreased our $2bn to $5bn bucket since last month.

The portfolio liquidity remains the same. Considering a 30% Average Daily Volume (ADV), the portfolio has a Days to Exit of 5 days. This is due to the small FUM size.

Other statistics include:

• Weighted Avg Mkt Cap: $5,631m, higher than last month again.

• WA Beta (1Y): 1.20, up from 1.19 indicating a more sensitive portfolio.

• WA P/E Ratio: 31.8x, up from last month

Our Beta sensitivity is a concern as this will make the performance of the portfolio swing session to session. The largest beta contributing stocks are: 360, JDO, LOV, and NWL. All with 1Y Beta above 2 (according to Trading View).

The largest contributor to the Weighted Average PE is C79, with a current PE of 450x. This is last twelve months EPS mind you. Forward estimates make the PE much lower, 72x.

At the end of the month, the largest overweight is still Technology (+16.1% ) while Materials continues to be the largest underweight (-18.0%).

There were no large wholesale changes to the portfolio. We bought 1% more of GDG before month-end, after the price fell.

Outlook & Strategy

This was a positive month despite not changing the portfolio almost at all. The portfolio has generated a 14.8% absolute return since inception.

The AI theme and sentiment remains cautious. At time of writing, and since 31 August 2026, we trimmed our exposure to MP1. It is likely further trims to Technology are on the cards. The war in Iran, higher input costs, stick inflation, and interest rate rises are a drag for equities. Being fully invested may be a risk to the portfolio.

The focus for the coming months (as September is nearly over) will be to strategically take profits, and keep some dry powder due to the higher equity risk. Continue trimming successful Tech and AI stocks like MP1. Plus we definitely need to reduce our high beta exposure.

Disclaimer: This is a paper portfolio. Content is for educational purposes only and does not constitute financial advice. Always do your own research.

• Portfolio Val: $1,102,808

• Performance: Portfolio +0.28% | Benchmark -0.84%

• Cash: $106,576

• Bought/Sold None

Overnight Markets

US indices fell overnight as calls for an AI slowdown put pressure on megacap tech names. In contrast, China’s foreign ministry rejected the AI slowdown push. Meanwhile the US 10-year yield rose toward 5.0%, and oil continued to rise above US$100/bbl. The combination of rising rates and elevated input costs leaves equities vulnerable to a derate. Interestingly, Canada is looking to become an associate member of the EU, rather than get a full membership. This would surely mitigate the risk Canada faces with US tariffs, as the US remains their largest trading partner.

Australian Market

The ASX200 fell -0.89% led by Materials (-2.21%) as we saw weakness in iron ore, and copper names. Energy (-1.63%) surprisingly failed to rally despite oil prices. Meanwhile Healthcare (+1.50%) continues its rally. An interesting market dynamic when materials and financials fall is a rise in healthcare. The rule of thumb that Healthcare is not as affected by macroeconomic factors like yields, oil, or rates appears to be playing out.

Portfolio Commentary

The portfolio posted a positive result (+0.28%) while the ASX300 fell (-0.84%). Contributors were Life360 (+5.02%), BVS (+2.96%), and JBH (+2.85%). An interesting mix of tech and discretionary. Detractors were equally an eclectic mix of names; OBM (-5.26%), Monash IVF (-3.82%), GDG (-2.32%), and WDS (-2.21%).

Investment Activity

None

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Disclaimer: This is a paper portfolio. Content is for educational purposes only and does not constitute financial advice. Always do your own research.

• Portfolio Val: $1,099,684

• Performance: Portfolio -0.75% | Benchmark +0.08%

• Cash: $106,576

• Bought/Sold None

Overnight Markets

Friday in the global markets ended with a rally after a fairly horrendous week. Most of the major indices were up despite the market pricing in an almost certain rate hike from the Fed, following the CPI print. Oil continues to lead investors in the way of allocation and sentiment. Higher oil = higher costs = higher inflation. Gold is holding up surprisingly well at $4,350/toz. In other news, OpenAI is slowing development of its models.

Australian Market

It was a dismal day for the ASX. While the ASX200 was slightly up +.10%, Materials (-0.55%) and Tech (-1.14%) dragged down the index. Uranium stocks had further losses as well as lithium. Small caps took a dive (-0.61%) as well. Healthcare (+1.52%) was the market leader today with CSL (+2.68%) and Telix Pharma (+4.28%) lifting the tide.

Portfolio Commentary

The portfolio fell -0.75%, underperforming the ASX 300 benchmark (+0.08%) as severe drawdowns growth and tech weighed down the portfolio. The single largest fall came from MP1 (-8.30%), compounded by weakness in GDG (-3.82%). Industrials also took a hit; SHA (-2.11%), MND (-2.65%), and SRG (-2.33%). The contributors, however, were Lovisa (+5.73%), Cuscal (+3.15%), and HMC (+0.92%).

Investment Activity

None

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Disclaimer: This is a paper portfolio. Content is for educational purposes only and does not constitute financial advice. Always do your own research.

• Portfolio Val: $1,123,018

• Performance: Portfolio -0.96% | Benchmark -1.02%

• Cash: $106,576

• Bought/Sold: None/MP1

Overnight Markets

It was a bad session overnight. Every sector was down except for Energy (+1.09%). Tech, Staples, Comms, Industrials, nowhere was safe. On the back of this, Iran stated it had no intention of backing off. Meanwhile Scott Bessent, putting good money after bad, increases the size of his bond buyback program once again. Now $6bn. As if it would make a difference. Apple had their showcase and announced a foldable phone called the Duo. An incredible piece of tech, but for $3,500…yikes. The ECB is also expected to hike their deposit rates overnight.

Australian Market

Well...that was an interesting session if not unsurprising. Every sector sold off. There were stock specific bright sparks like St Barbara (+16.4%) and Brainchip (+7.7%) in their respective sectors (Materials and Tech), but that doesn’t change the overall picture. Bond yields continue to make life harder for equities as the Aussie 10Y ends the day at 5.25%, up from yesterday. Off the back of Bathla’s collapse, a report suggested that Stockland and Mirvac could take share. However, Morgan Stanley has indicated the residential housing risks have been overlooked.

Portfolio Commentary

Portfolio was down -0.96% versus the ASX300 -1.02% (slightly more defensive). Contributors were OBM (+4.9%), MP1 (+4.3%) of which we sold 1%, and JDO (+0.0%). Detractors were basically everyone else. But specifically; XRO (-4.0%), NWL (-3.2%), and ZIP (-3.1%).

Investment Activity

MP1 - Trimmed 1%, New Portfolio Weight 5.3%
Software and Semis are breaking down and MP1 was the only bright spark today. Using it as a funding source and concerned it will get dragged by the sector.

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Disclaimer: This is a paper portfolio. Content is for educational purposes only and does not constitute financial advice. Always do your own research.

• Portfolio Val: $1,133,951

• Performance: Portfolio -0.12% | Benchmark -0.01%

• Cash: $95,467

• Bought/Sold None

Overnight Markets

The US market was weak after Labor Day, with the Dow while the US 10 Year yield held near 4.80%. Geopolitical tensions escalated as missile strikes disrupted Saudi energy infrastructure, driving oil up further towards US$99/bbl. Copper jumped as a result of the tariff tantrum. The market feels like it is waiting for the upcoming US CPI and PPI prints.

Australian Market

The ASX 200 dropped -0.11%. Gains from Energy (+2.6%) and Materials (+1.1%) were offset by weakness in Financials (-0.9%) and Tech (-1.4%). Yield sensitive and growth names saw renewed selling pressure as concerns over the direction of rates remained front and centre.

Portfolio Commentary

The portfolio declined -0.12%, slightly underperforming the ASX30 (-0.01%) due to Tech names. Performance was dragged down by GDG (-5.04%), GLF (-4.35%), Xero (-3.53%), and 360 (-1.95%). Thankfully, a few other names came in to defend the portfolio: HMC (+4.22%), SRG (+3.40%), C79 (+3.31%), and MP1 ( +2.97%). Woodside (+2.60%) also rallied following the oil price.

Investment Activity

None

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Disclaimer: This is a paper portfolio. Content is for educational purposes only and does not constitute financial advice. Always do your own research.

• Portfolio Val: $1,135,327

• Performance: Portfolio -1.54% | Benchmark -0.97%

• Cash: $95,467

• Bought/Sold None

Overnight Markets

US markets were closed overnight for the public holiday. So other indices had to pick up the slack. The Nikkei was up +2.12% after the Yen rose beyond its post intervention peak while gold (-0.84%) and oil (-0.09%) fell. Canada is expected to raise retaliatory tariffs on US products. As a result copper rose on expectations the US will apply import tariffs in a tit-for-tat exchange.

Meanwhile in Australia, Bathla’s collapse continues to make news. Clients who paid deposits have no certainty when they will receive their homes let alone their deposits. According to reports, some funds were used to fund projects rather than be held in trust accounts. This will make it difficult for clients to be made whole. Meanwhile, the private credit lenders of Bathla, all 40 of them, will be scrambling to recoup their loans. Reports suggest Centuria’s credit arm is the most exposed.

Australian Market

It was an overall down day with the ASX200 falling -1.0%, led by Discretionary (-1.88%), Tech (-1.76%) and Financials (-1.63%). CBA was down a massive -1.76%. The only bright sparks were Utilities (+0.59%) and Healthcare (+0.45%). The closed US market has shifted the sentiment here to cautious, especially with an RBA rate decision in 3 weeks. Not to mention the US/Iran war is increasing the risk of elevated inflation as oil approaches $100.

Portfolio Commentary

The portfolio fell -1.54% while the ASX300 only fell -0.97%. Selling was broad based across all sectors. Largest detractors were JDO -4.7%, LOV -3.7%, and BVS -2.9%. The contributors did very little contributing; GDG +0.3%, C79 +0.1% and MP1 +0.1%.

Investment Activity

None.

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Disclaimer: This is a paper portfolio. Content is for educational purposes only and does not constitute financial advice. Always do your own research.

• Portfolio Val: $1,153,126

• Performance: Portfolio +0.27% | Benchmark +0.05%

• Cash: $95,467

• Bought/Sold None

Overnight Markets

Most markets were down on Friday. S&P 500 and Nasdaq fell -0.38% and -0.29% respectively. However the Russell 2000 rose +0.25%, small caps again defying the trend. Industrials (+0.41%) and Tech (+0.23%) were the leading sectors while Cyclicals (-1.26%) and Healthcare (-1.04%) were the worst performers. Copper and oil rose while gold fell.

Norway continues to disconnect itself from the USA. After switching the location of its gold stores from the US to the UK, the Norwegian sovereign wealth fund recommended reducing its allocation to US government bonds from 70% to 50% (this is within their fixed income allocation).

Australian Market

The ASX 200 closed flat (+0.06%). Iron ore futures broke back above US$100/t and energy markets rallied driven by oil. Commodities drove buying across miners, and coal producers, while non-commodity sectors faced selling pressure led by rate sensitive tech and growth names. Market sentiment appears subdued due to global yield volatility. The US market will be closed tomorrow, expect another soft day tomorrow.

Portfolio Commentary

The portfolio gained +0.27% to outperform the ASX300 (+0.05%). Contributors were GDG (+5.99%), SKS (+3.61%), and Lovisa (+2.25%). Construction companies had a small rally, namely SRG (+2.09%) and Monadelphous (+2.08%). Detractors were tech names like Xero (-3.94%), Life360 (-3.47%), and Zip (-2.46%). Gold names were mixed: OBM ( -2.20%) and PC2 (+0.90%)

Investment Activity

None

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Disclaimer: This is a paper portfolio. Content is for educational purposes only and does not constitute financial advice. Always do your own research.

• Portfolio Val: $1,131,282

• Performance: Portfolio +0.07% | Benchmark +0.45%

• Cash: $95,467

• Bought/Sold None

Overnight Markets

Most markets were down overnight bar the US indices. S&P 500 and Nasdaq rose about +0.45% each. The Russell 2000 jumped +1.13%, small caps defying the higher rates and inflation risk. Japanese Yen rose driven by the BOJ leaving the door open for rate hikes. Closer to home, Bathla Group’s near-term survival could hinge on talks for a loan of A$4 million with several private lenders. The administrator said it needed to secure A$20 million to cover staff payroll. Bathla owes around A$3.3 billion.

Australian Market

The ASX 200 snapped a three-day losing streak to gain +0.46%. A slight relief amid bond yield mayhem. Australian 10-year yields fell slightly 5.16%. Still high. Top performing sectors were Financials (+0.86%) led by the big banks, Healthcare (+0.80%) led by another gain by CSL. The worst sectors were Energy (-1.24%) and Technology (-0.78%). Of note was Corporate Travel Management (CTD) off its trading halt. The shares opened at $3 and fell to $2.32. The closing price is an 85% fall from its last trading day 1 year ago ($16.07 on the 22nd August 2025).

Portfolio Commentary

The portfolio was essentially flat today with a gain of +0.07%, underperforming the ASX300 (+0.45%) as growth sold-off. Contributors were Life360 (+3.80%), CBO (+3.79%), and Ora Banda (+3.44%). Detractors were SYL (-3.89%), Lovisa (-3.66%), and Woodside (-2.60%).

Investment Activity

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Disclaimer: This is a paper portfolio. Content is for educational purposes only and does not constitute financial advice. Always do your own research.

• Portfolio Val: $1,130,516

• Performance: Portfolio -1.85% | Benchmark -0.99%

• Cash: $95,467

• Bought/Sold None

Overnight Markets

It was another sell-off overnight. Oil prices and bond yield rose, driving Energy (+1.54%) and Utilities (+0.85%) up while the growthier end of the market fell; Tech (-1.00%), Industrials (-1.39%), Cyclicals (-1.89%). Of the Indices, small caps were hit the most (-1.23% Russell 2000). The US 10-year Treasury yield hit 4.78% pushing the yield on the global debt index to the same level as 2008. US job openings were higher in July but demand for workers remains subdued.

Australian Market

The ASX200 suffered a heavy sell-off, dropping -0.97% as rising global bond yields and surging oil prices reignited inflation concerns across equity markets. Weakness was broad based, with heavy selling in Materials (-3.08%) and Tech (-3.35%). Defensive sectors such as Telcos (+0.38%) and Staples (+0.81%) managed to hold ground, but could not offset the whole market. Lastly June quarter GDP came out at 0.4% QoQ, reflecting cautious consumer spending on fuel and travel amidst ongoing geopolitical tensions.

Portfolio Commentary

The portfolio declined -1.85%, underperforming the benchmark (-0.99%) due to losses across high beta tech, and gold. Detractors were Zip (-7.25%), Ora Banda (-6.13%), Life360 (-4.81%), Lovisa (-4.30%), and Megaport (-4.15%). There were some defensive pockets in Monash IVF (+1.99%), EMVision (+1.45%), and Woodside (+1.16%).

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Disclaimer: This is a paper portfolio. Content is for educational purposes only and does not constitute financial advice. Always do your own research.

• Portfolio Val: $1,151,785

• Performance: Portfolio +0.31% | Benchmark -0.02%

• Cash: $95,467

• Bought/Sold None

Overnight Markets

US markets struggled overnight. Both large (-0.33%) and small cap (-0.54% Russell 2000) indices were down. Energy (+2.10%) was the only outperforming sector as oil climbed, driven by geopolitical tensions in the middle east.

What caught our eye was a recent report from Bloomberg about the LPG landscape in India. India is a net importer of LPG, previously buying from the Gulf. Due to the war, India is filling the gap in two ways: 1) increasing their own production by reconfiguring refineries and 2) buying more LPG from the USA. The latter has now become a majority supplier to India. There also happened to be an agreement between the US and India for the latter to buy $3.5 billion of US LPG in exchange for lower tariffs. Diabolical.

Meanwhile, closer to home, Australian private credit funds are in a panic after the collapse of Bathla Group. Bathla owes about $3.3billion to non-bank lenders.

Australian Market

The ASX200 edged lower -0.10% as Wesfarmers (-3.0%) and Woolworths (-2.4%) went ex-dividend, creating a drag on Consumer Discretionary (-1.8%) and Staples (-1.4%). Broad market sentiment was further constrained by the 10-year Treasury yield surging to a 15-year high, following benchmark US yield rises. This triggered a rotation out of wealth platforms and tech names. However, resource names picked up the slack, driven by coking coal and elevated oil prices. Overseas, Anthropic is preparing for an IPO expected to match or exceed SpaceX’s US$86.2bn listing. This may potentially take liquidity out of global equity markets as there is only so much dry powder to go round.

Portfolio Commentary

The portfolio delivered a solid session, gaining +0.31% to outperform the benchmark (+0.02%). There was strong buying in JDO (+6.90%), Zip (+4.80%), and Monash IVF (+7.09%). MP1 also gained +3.45%. Due to headwinds from rising bond yields, a couple of names in financial services fell Netwealth (-3.90%) and GDG (-3.77%), alongside SKS (-5.73%).

Investment Activity

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Disclaimer: This is a paper portfolio. Content is for educational purposes only and does not constitute financial advice. Always do your own research.

• Portfolio Val: $1,148,223

• Performance: Portfolio -0.90% | Benchmark -0.19%

• Cash: $95,467

• Bought/Sold None

Overnight Markets

It was a volatile session on Friday where major US benchmarks surrendered early gains after Federal Reserve Chair Kevin Warsh warned that inflation remains sticky (in his Jackson Hole debut). His comments pushed expectations for a rate hike in September to nearly 60%, driving a sell off in Treasuries and sending gold down. Meanwhile, geopolitical tensions remain after President Trump announced a deal granting the US majority control over more than 65 billion barrels of Venezuelan oil reserves. In Australia, the major banks forecast a rate hike in September.

Australian Market

The ASX200 closed slightly down 0.18% , as hawkish remarks from Federal Reserve Chair Kevin Warsh at Jackson Hole sent a 3% shockwave through global gold prices and heavily weighed on mining and tech stocks. The sell-off was most pronounced across precious metals and rate sensitive growth names, while large-cap banking majors (CBA, WBC) picked up the slack to cushion the broader index from deeper losses.

Portfolio Commentary

The portfolio declined -0.90% for the session, underperforming the benchmark (-0.19%) due to a drag from tech names like Xero (-3.23%) and Megaport (-1.90%), alongside pullbacks in Ora Banda (-3.77%) and SYL (-3.04%). Additional profit taking was witnessed in PC2 (-4.98%) and SKS (-3.76%) adding to the headwinds. There were some solid gains in MVF (+4.41%), Cobram Estate (+2.85%), and EMVision (+2.40%).

Monthly return for August, we are showing +1.92% gain versus then ASX300 +1.62% (+0.30% outperformance). We will conduct our monthly attribution analysis shortly.

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Disclaimer: This is a paper portfolio. Content is for educational purposes only and does not constitute financial advice. Always do your own research.

• Portfolio Val: $1,191,661

• Performance: Portfolio +0.78% | Benchmark -0.34%

• Cash: $107,175

• Bought/Sold: None

Overnight Markets

US major benchmarks finished higher in a chip-led session as semiconductor stocks climbed ahead of Nvidia’s earnings, while Brent crude dipped 4.8% to US$85.95 and copper continued to trend near all time highs. Meanwhile, international trade friction deepened as Canada announced retaliatory tariffs on C$27.6 billion of US goods starting September 8, matching Washington’s ongoing escalation

Australian Market

The ASX 200 slumped 36.8 points (-0.40%) following a hotter than expected domestic CPI print that forced economists to aggressively flag a potential September RBA rate hike. The CPI rose 3.5%, down from 3.8% YoY. The largest contributors were Housing (+5.0%), Food & Beverages (+3.2%) and Recreation (+2.6%). Trimmed mean inflation was 3.6%, unchanged. This is still above the RBA target band.

Despite the broader market sell-off, Consumer Staples outperformed sharply, led by Woolworths surging on a strong earnings beat and dividend hike, while growth tech and energy names faced heavy selling pressure

Portfolio Commentary

The portfolio gained +0.78% while the benchmark slipped -0.34%. Lovisa (+12.73%) after reporting FY26 revenue growth of 17.6% to $938.8M, and gross margin expansion to 82.6%. HMC (+11.26%) gained as its FY26 operating results met guidance alongside a 22% jump in recurring fee revenue, boosting confidence in its platform. SYL ( +6.32%) gained following a strong result with revenue up 28% to $1.14 billion and EBITDA up 17.2% to $124.3 million. These gains comfortably absorbed headwinds from Xero (-5.67%), which fell as rising rate hike expectations hit technology names, alongside modest profit taking in EMVision ( -3.89%) and energy weakness in WDS (-3.27%).

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Disclaimer: This is a paper portfolio. Content is for educational purposes only and does not constitute financial advice. Always do your own research.

• Portfolio Val: $1,182,391

• Performance: Portfolio +0.52% | Benchmark +0.67%

• Cash: $107,175

• Bought/Sold None

Overnight Markets

US markets were a mixed bag overnight, with tech mega caps pulling the S&P 500 and Nasdaq lower while defensives and cyclicals rallied. Gold was flat while oil sank as Iran blacklisted 45 tankers for breaching its Strait of Hormuz transit rules, threatening fines, detention and cargo confiscation. Meanwhile, Canada and the US are trading tit for tat tariff blows. Specifically, the US announced tariffs on all Canadian cars, trucks, auto parts and steel will rise to 50% while Canada’s retaliatory tariffs target US steel, dairy, appliances, agricultural equipment and others.

Australian Market

Despite the global noise from the US, the ASX 200 gained +0.68%. Tech initially fell in the morning but then ended as the best performing sector (+2.25%). Almost all sectors were positive today, with only Energy (-0.78%) and Real Estate (-0.11%) lagging behind. As reporting season continues, we are seeing the market focus on forward looking statements over any earnings beats. For example, MND which posted a record FY26 numbers. Namely, revenue up 31.5% to $2.98bn, NPAT up 52.1% to $127.3m and EBITDA up 42.9% to $226.0, with a margin of 7.58%. Despite this, the stock is down as the market focused on management’s cautious outlook. Strikes as a “sell the news” moment again.

Portfolio Commentary

The portfolio delivered a solid session overall, up +0.52% while the ASX300 rose +0.67%. Gains in JDO (+6.74%), Zip (+5.56%), and LOV (+5.15%) added meaningfully. As mentioned, MND sank -11.96%, which dragged the portfolio. We also saw selling in gold names OBM (-5.37%) and PC2 (-1.75%).

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Disclaimer: This is a paper portfolio. Content is for educational purposes only and does not constitute financial advice. Always do your own research.

• Portfolio Val: $1,176,292

• Performance: Portfolio -0.77% | Benchmark +0.48%

• Cash: $107,175

• Bought/Sold None

Overnight Markets

Friday was a strong session in the US. Both large (S&P500 +0.43%) and small caps (Russell 2000 +0.85%) posted gains. On the commodity front: Gold, Copper and Oil are all tracking up. Meanwhile the US 10Y yield is up to 4.738%. Scott Bessent announced that the debt repurchase program will double to $4billion from September 9th. Will this be enough to appease the bond market? Unlikely given a) this is at odds with Kevin Warsh’s stance to let markets balance themselves and b) the program is small in comparison to the bond market activity, like paling a few buckets out of the ocean to lower the sea level. In other news, Claude has been valued at $965 billion after a new funding round and the founders will get extra voting power shares.

Australian Market

The ASX 200 gained +0.49%, fuelled by a massive buying across Materials (+2.43%). This was driven by Friday’s rally in London metal prices (copper, aluminium, nickel, tin, and zinc all gaining between 1–3%). This combined with a softer US dollar. Tech (+0.96%) and Healthcare (+0.81%) rallied as growth assets found support.

Financials and underperformed as major banks fell again. Rate sensitive names are facing selling pressure post earnings season.

Portfolio Commentary

The portfolio fell -0.77%, lagging the benchmark by 125 basis points due to stock specific volatility across tech. Month to Date the fund is still outperforming the benchmark by +2.59%

Key contributors were:

• OBM (+3.72%) following the gold rally.

• SHA (+3.14%): Bucked broader weakness with a solid gain.

• XRO (+2.04%) benefitting from flows into large-cap SaaS.

Key detractors were:

• MVF (-6.71%) after delaying its FY2026 results to 31 August 2026

• MP1 (-5.01%) experiencing post-earnings profit taking.

• BVS (-4.55%) fell following a strong run.

• Caretaker / CCL (CCL, -3.04%) & PC2 (PC2, -2.56%): Pulled back after significant gains during last week’s reporting cycle.

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Disclaimer: This is a paper portfolio. Content is for educational purposes only and does not constitute financial advice. Always do your own research.