• 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.

Leave a comment

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

Leave a comment

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.

Leave a comment

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

Leave a comment

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

None

Leave a comment

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%).

Investment Activity

None

Leave a comment

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

None

Leave a comment

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.

Investment Activity

None

Leave a comment

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%).

Investment Activity

None

Leave a comment

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%).

Investment Activity

None

Leave a comment

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.

Investment Activity

None

Leave a comment

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

Once again, it has been a moment since the last update. After a busy week and reporting season news, we have not had the opportunity to provide a daily update as per usual. Instead, an overview of the week that was, hopefully, fills the gap.

In terms of portfolio changes, there have been none. This is not for lack of trying, more lack of internet access over the week. What a time to not have Wi-Fi!

Overall, the portfolio is still outperforming the benchmark, with a month to date return of +5.23% (as at 21/08), outperforming the Benchmark by +3.89%.

Weekly Fund Performance:

• 14 Aug: Portfolio +0.05% vs Benchmark -0.78%

• 17 Aug: Portfolio -0.67% vs Benchmark -0.41%

• 18 Aug: Portfolio -0.49% vs Benchmark -0.02%

• 19 Aug: Portfolio -0.83% vs Benchmark -0.04%

• 20 Aug: Portfolio +2.63% vs Benchmark +0.37%

• 21 Aug: Portfolio -1.46% vs Benchmark -0.28%

• Total Weekly Move (13/08 to 21/08): -0.82% (vs ASX 300 -1.16%)

• +0.32% Outperformance

Themes of the Week:

• Banking Sell-Off: A hawkish hold from the RBA continued to ripple through rate sensitive sectors. CBA led the retreat across the majors on valuation concerns and soft mortgage growth updates. This triggered institutional profit taking.

• Resources: Gold equities extended their run as spot gold pushed past $4,300/oz before experiencing a brief pullback on Friday. BHP and Rio struggled under dividend reductions, ex-dividend headwinds, and sluggish Chinese industrial demand.

• Earnings Season: Small and mid-cap reporting exhibited large dispersions between the best and the worst. Companies that delivered beats with a clear margin expansion were rewarded, while even minor downgrades or top line misses triggered double digit sell-offs.

Portfolio Movers & Shakers

Top performers in the portfolio were:

• PC2: Jumped +21.65% (20 Aug) and +4.40% (17 Aug) as gold and precious metals sentiment exploded. They also announced a positive result on their mine.

• ZIP: The week’s biggest swing, rocketing +18.22% (20 Aug) post earnings on strong US margins before facing Friday profit-taking -15.74%.

• JDO: Rose +16.30% (18 Aug) after a standout operational update amidst broader banking sector weakness.

• OBM: Rallied +14.39% (20 Aug) and +5.34% (17 Aug) on gold sector momentum.

• SRG: Rose +9.39% (18 Aug) and +3.54% (19 Aug) following contract wins and a strong execution update.

• CCL: Moved up two days in a row, +7.66% (20 Aug) and +5.34% (21 Aug) on strong results. This little compounder keeps pushing.

• GLF: Jumped +6.52% (21 Aug) in advance of its' earnings results on 24 Aug.

• XRO: Gained +5.54% (14 Aug) and +2.35% (20 Aug) as SaaS capital flows held firm.

Notable Detractors:

• ZIP: As mentioned, the stock dropped -15.74% (21 Aug) as short-term traders took profits post the rally the day prior.

• JBH: Dropped -12.31% (17 Aug) due to broader retail margin anxiety.

• LOV: Similarly, LOV retreated -4.23% (19 Aug) amidst discretionary sector weakness.

• 360: Fell -8.17% (18 Aug) and -6.89% (19 Aug) post earnings results.

• SKS: Fell -7.85% (18 Aug) and -4.00% (20 Aug) after the market took profits.

• MP1: Pulled back -5.06% (20 Aug) and -4.82% (21 Aug) at the end of the week.

Here is every holding, the weight and the weekly & monthly return as of 21 Aug 2026 (from 14 Aug 2026)

Investment Activity

None.

Leave a comment

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

• Bal Start: $1,195,277

• Bought None

• Sold: None

• Bal End: $1,195,855

• Cash: $107,175

• % Move: +0.05%

Overnight Markets

US markets closed higher overnight (S&P500 +0.65%), with Materials (+1.52%), Discretionary (+1.34%) and Technology (+1.25%) leading the pack. Software names like Atlassian, Intuit, Adobe, Salesforce all rose 4% - 6%. Energy was the worst performing sector (-1.16%), following the drop in oil prices (-2.43%). Relatedly, OPEC reduced cut its global oil demand forecast from 708k to 580k barrels a day

Australian Market

The ASX 200 fell -0.80% capping off a heavy week as the market rotated out of mining and gold. Materials (-2.8%) led the sell-off, driven by weak iron ore, while gold miners snapped their winning streak. On the good side, Technology surged after positive overnight sentiment in the US (notably SaaS earnings). Local names WiseTech and Xero rose.

Portfolio Commentary

The portfolio was mainly flat (0.05%) and protected the downside, while the ASX 300 fell -0.78%. Xero surged +5.54% as sector-wide tech buying took hold. SKS jumped +3.83%, SRG added +3.41%, and EMV gained +2.89%. CCL (+2.64%) and Bravura (BVS, +1.99%) also continued their positive momentum. Meanwhile, the materials and mining exposure hit the portfolio, with PC2 falling -7.14% and OBM dropping -2.96%.

Investment Activity

None

Leave a comment

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

• Bal Start: $1,193,983

• Bought None

• Sold: None

• Bal End: $1,195,277

• Cash: $107,175

Overnight Markets

US equities closed higher after a tame July CPI print (headline +0.1% m/m, +3.4% y/y) provided some relief on the interest rate outlook. The S&P 500 rose +0.26% and the NASDAQ rose +0.54%. Tech and growth sectors caught a bid offshore as cooling inflation pressures softened Treasury yields, though broader market gains remained somewhat constrained by ongoing Middle East geopolitical headlines.

Australian Market

The ASX200 fell -0.18% as stock specific updates weighed on the index. CBA continued to face post earnings selling, while RIO traded ex-dividend, pulling the Materials lower. TLS also saw profit taking post results. Cleanaway (CWY) was the top performer of the ASX300, jumping +15.2%. Bravura is in second place, having rallied +12.1% (that’s twice in two days).

Portfolio Commentary

The portfolio generated another good session, gaining +0.11% compared to the ASX 300 -0.17%. Top stocks were: BVS jumping another +12.1% post its earnings rally the day prior. MP1 added +4.94%, while GLF (+2.28%) and SKS (+1.67%) also added to the portfolio. On the downside: PC2 dropped -5.77% in contrast to the gold price. GDG (-3.52%), CCL (-2.21%), and EMV (-1.98%) all pulled back. Consumer discretionary names, LOV (-1.80%) and JBH (-1.16%) were also soft, still feeling the effects of the RBA rates sentiment.

Investment Activity

None

Leave a comment

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

• Bal Start: $1,184,649

• Bought None

• Sold: None

• Bal End: $1,193,983

• Cash: $107,175

• % Move: 0.79%

Recap since last update

It’s been a busy time since the last Paper Mandate article. As a quick roundup of the last two weeks:

• There was some higher volatility for the ASX over the last fortnight as corporate earnings season kicked off. The RBA held the cash rate steady at 4.35%. The decision was supported by July’s softer CPI print (3.8%), providing relief to growth and interest rate sensitive stocks.

• Meanwhile global bond yields have remained elevated, driven by a hawkish Federal Reserve and sticky inflation.

• Oil prices have been volatile due to the US Iran conflict and restrictive supply through the Strait of Hormuz.

• Gold found a floor at $4,000 and has recently rallied back to $4,300 as investors hedge against inflation and equities. .

• Early earnings reports saw swings across small and mid-caps, with markets heavily scrutinizing margin expansion, cost inflation, and capital management guidance into FY27.

Life360 Earnings Result

As a recent example of an interesting earnings result, let’s look briefly at Life360. They delivered a strong beat across many metrics:

• Revenue: US$159m (+38% YoY), beating consensus of US$156.5m.

  • Core subscription revenue grew +31% to $115.6m

  • Advertising revenue +315% to $22.0m post the Nativo integration.

• Adjusted EBITDA: US$31.1m (+53% YoY), beating consensus by 22% (US$25.5m).

  • Adjusted EBITDA margin expanded to 19.6% vs. 16.3% expected.

• Operating Cash Flow: US$23.8 million (+79% YoY), with total cash now at $467.7 million.

• Monthly Active Users (MAUs) crossed the 100 million milestone, reaching 102.4 million (+16% YoY) with 4.6 million net additions in Q2. Global Paying Circles grew 27% YoY to 3.2m (185k net additions in Q2).

Despite this, the stock fell -24.76% for the US listing and -19.44% for the Aussie Listing. The disconnect came from hardware shipments falling 18% YoY to 0.7m units. This was due to the exit from brick and mortar retail channels. This triggered a “sell-the-news” reaction despite the fundamental earnings beat.

Overnight Markets

The S&P 500 finished lower -0.32%, led down by tech heavyweights Alphabet (-3.6%) and Amazon (-2.0%). The Nasdaq also fell -0.60%. There appears to be caution in the market ahead of the US CPI, while the US Iran conflict continues pushing Brent up 1.6% to $89.30/bbl. Sector wise Energy (+1.06%) and Utilities (+1.11%) rose while Communication Services (-2.12%) and Real Estate (-0.86%) underperformed. In Australia, reporting season has started in earnest, with CBA reporting a +1% beat on FY26 NPAT. Results from Suncorp, Computershare, and Bravura are also coming through.

Australian Market

The ASX200 fell -0.45% logging a third decline in four sessions after the RBA’s hawkish rate hold continues to weigh on rate sensitive names. Real Estate (-1.0%) and Consumer Discretionary (-0.81%) were the worst performers. A stock of note was Premier Investments (-11.0%) which downgraded and announced an exit from the UK market. Lovisa (-4.5%) was also down. On the upside, Utilities (+2.64%) and Lithium stocks rallied led by Core Lithium (+5.9%) and Liontown (+5.5%). Top performer was Bravura (+12.5%) which jumped on a fantastic earnings result.

Portfolio Commentary

The portfolio gained +0.79%, comfortably beating the ASX300 (-0.45%). Top contributors today were: BVS up +12.54% following a strong FY26 result, our gold favourite PC2 up +9.47%, and MP1 which jumped +3.71%. On the downside, and following the RBA hawkish sell-off, LOV dropped -4.47%, Judo Bank was down -2.62%, while Xero (-1.89%), and Life360 (-1.05%) were only down a little.

Investment Activity

None

Leave a comment

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

Unfortunately, July proved to be a challenging month. As Technology was one of the weakest sectors, our portfolio suffered with our large overweight, (-5.52%), while the S&P/ASX 300 Accumulation Index posted a solid gain of +2.13%. This resulting in a relative underperformance of -7.6% for the month.

Despite the pullback this month, the long-term track record since inception is still delivering an accumulative return of 12.7% versus the benchmark’s 5.1%, a +7.6% net outperformance. Not bad.

Portfolio Attribution

The portfolio’s monthly return was impacted primarily by stock selection (-9.49%), while sector allocation (-1.59%) also presented a headwind, partially offset by positive interaction effects (+3.14%) and residual adjustments (+0.30%).

The negative selection effect was due to our stocks in Financials; ZIP specifically was the largest weight and had the deepest price drop.

Consumer stocks (both Cyclical and Defensive) detracted from the portfolio. Defensive dropped -22.8% while Consumer Cyclicals returned -17.3%. This was due to holdings in JBH, LOV, and CBO.

Energy was the only bright spark, returning +10.2%, driven by WDS.

Key Contributors & Detractors

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

• Bravura (BVS): Rose +25.7% and contributing +0.7% to total return

• Woodside (WDS): Up +16.8%, adding +0.3% to portfolio return.

• Generation Development (GDG): Advanced +14.8%, contributing +0.6%.

Key detractors were:

• Megaport (MP1): Fell -16.1%, detracting -1.8% with a portfolio weight 11.4%

• Zip (ZIP): Dropped -21.3%, detracting -1.4% contribution to return impact.

• Cobram Estate (CBO): Declined -26.4%, detracting -1.1%

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 increased our $1bn to $2bn 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: $5,309m, higher than last month again.

• WA Beta (1Y): 1.19, up from 1.07 indicating a more sensitive portfolio.

• WA P/E Ratio: 22.6x, down from last month

At the end of the month, the largest overweight is still Technology (+16.6% ) but this is lower than the 19% from June. Materials continues to be our largest underweight but is closer the benchmark than the prior month (from -17.2% to -16.6%).

In difference to last month, we initiated on our first Healthcare names: MVF and EMV. We also reduced our weights in MP1 and SKS, taking profits as they had a good run.

Outlook & Strategy

While a down month is never our goal, we are happy with a 12.7% absolute return since inception and the positioning and the fund is solid. We will likely make further changes to the Materials and Technology allocation as the AI sentiment turns from “risk on at any cost” to “risk off from valuation stretch”.

The focus for the coming month will be to again strategically deploy dry powder, continue trimming successful stocks like MP1, and rotate from a high beta tech heavy allocation to more Industrial or Consumer. We will have to see how the market plays out.

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

• Bal Start: $1,108,613

• Bought None

• Sold: None

• Bal End: $1,103,921

• Cash: $107,175

Overnight Markets

The S&P500 tumbled -1.52% and the Dow Jones dropped -2.19%. Equity markets swung lower after a hawkish Fed rate hold saw three policymakers dissent in favour of a hike. This pushed US 30 Year yields up to 5.21%. Renewed Middle East tensions sent WTI jump +6.56% toward $84.50/bbl. Information Technology (-2.50%) and Industrials (-3.24%) led sector losses amid the ongoing semiconductor sell-off.

Australian Market

The ASX 200 closed down -0.78%. The spike in projected diesel input costs triggered a sell off across Gold (-3.6%) and Materials (-1.59%), overshadowing the gold spot price strength. Technology in Australia bucked the global, rallying +0.91%. It was the leading green sector led by WiseTech (+6.7%) and Xero (+1.4%), while Energy (+0.32%) posted a modest gain.

Portfolio Commentary

The portfolio fell -0.42% slightly outperforming the ASX 300 (-0.80%). The smaller decline was cushioned by the higher cash allocation (9.7%). Xero (+1.43%) and Judo (+1.57%) caught some buying interest, along with MVF (+1.46%) and SKS (+1.91%). Unfortunately it was commodities and financials that dragged the portfolio: OBM fell -4.98%. Zip dropped -4.45%, and HMC ended -3.41% down.

In addition, our positions in Cyclicals, Industrials and Real Estate dragged the portfolio down.

Investment Activity

None

Leave a comment

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

• Bal Start: $1,114,145

• Bought None

• Sold: None

• Bal End: $1,108,613

• Cash: $107,175

Overnight Markets

The US market rallied in part, where the Dow Jones (+1.03%) and the S&P 500 (+0.21%) moved higher. But the Nasdaq fell -0.22% particularly because of the semiconductor subsector (-2.67%). This was highlighted by Samsung dropping -13.4% and the Philadelphia Semiconductor Index falling -4.8%. The rampant circular-financing and new Chinese lithography machine developments rattled the AI names. However, broader sentiment was okay, the US 10 Year Treasury yields were down to 4.60% and oil also fell on US/Iran talks. The strongest sectors were Healthcare (+2.33%), Consumer Staples (+1.96%), and Materials (+1.66%).

Australian Market

The ASX 200 had another strong session, jumping 1.02% as cooler inflation data provided a boost to sentiment. Australia’s June-quarter CPI came in at 3.8% (below the 4.0% expected), effectively taking the threat of an August rate hike off the table. A rising tide lifts all boats, but particularly the rate sensitive sectors: Healthcare (+4.2%), Consumer Discretionary (+2.4%), and Staples (+2.3%).

Portfolio Commentary

The portfolio value dropped -0.50%. Tech names like MP1 dropped -8.40% due to global tech deleveraging, while SKS ( -6.59%) and Zip (-3.52%) continued to see post rally pullbacks. Discretionary retail Lovisa jumped +7.88% and JBH rose +4.67%, as the softer CPI reduced rate hike anxieties. We also saw tech rally with XRO (+4.11%) and 360 (+3.66%) both up. Our newer position, MVF also caught a bid (+2.24%). Coles (+2.48%) and JDO (+2.14%) also had nice rises.

Investment Activity

Leave a comment

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

• Bal Start: $1,098,966

• Bought None

• Sold: None

• Bal End: $1,117,379

• Cash: $85,493

Overnight Markets

Global market sentiment stabilized with the temporary pause in US-Iran strikes and progressing talks. US ended Friday on a mixed note with the S&P 500 flat and the Nasdaq slipping slightly amid ongoing tech re-rating. Oil had a sharp fall. There was a recovery in long duration growth names after relief came to bond markets.

Australian Market

The ASX 200 jumped +1.39% in a nice reversal after the rate sensitive sectors were hit hard. Tech led the way, jumping +4.52% as lower bond yields reduce discount rates for higher terminal values. Materials (+2.42%) and Gold (+3.9%) also rallied as lower projected diesel costs are expected to expand operating margins. Meanwhile Energy fell -3.00%.

Portfolio Commentary

Our portfolio gained +1.68%, outperforming the ASX 300 (+1.38%). The unwind of Energy and lower rates directly impacted the growth and tech names. Xero (+6.03%), BVS (+5.88%), 360 (+5.46%), and Zip (+4.76%) all benefited. Simultaneously, our healthcare names MVF (+4.58%) and EMV (+3.90%) jumped. Woodside was down (-2.94%), unsurprisingly. But what was a surprise was SKS dropping -5.67% while MP1 rallied +2.65%.

Investment Activity

None.

Leave a comment

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

It’s been a crazy week so this update will be for Friday. We will published another for today (Monday). In short, technology and software are hurting.

Fund Status:

• Bal Start: $1,125,190

• Bought None

• Sold: None

• Bal End: $1,098,966

• Cash: $85,493

Overnight Markets

Wall Street closed lower, led by a tech wiped out. Earnings disappointments included Tesla (-15%) and Alphabet (-4.0%), while US initial jobless claims dropped to their lowest level since 1969, reinforcing a higher interest rate risk. Middle East tensions have yet to cease, as Brent crude oil jumped US$100 a barrel. The shock drove US 10 Year Treasury yields to 4.70%. Adding to the sell off across tech, base metals, and gold equities.

Australian Market

The ASX 200 finished Friday on a grim note, dropping -0.76%. We were dragged by the spike in oil, increasing worries regarding input costs, sticky inflation, and delayed central bank rate cuts. Energy was up +0.93% from oil, while Materials (-2.38%) and Tech (-2.90%) were the worst performers

Portfolio Commentary

The portfolio was hit hard due to the overweight tech exposure, dropping -2.33% compared to the ASX 300 down -0.78%. Woodside (+1.79%) was up as it is correlated to the oil price and Symal was supportive (+2.17%). The rest of the portfolio, not so much; EMV down -5.52% (pre-revenue healthcare) GDG dropped -5.24% which we attribute to profit taking after a stellar session the previous day. The primary drag came from our tech and software platform names: Xero (-4.45%), 360 (-4.35%), Zip (-4.91%) and NWL (-4.16%).

Investment Activity

None

Leave a comment

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