+37% GDG Surge as Higher Bond Yields Hit Tech Sector after Aus Eco added 76,000 Jobs.
Paper Mandate Market & Portfolio Commentary | 23 July 2026
Fund Status:
Bal Start: $1,124,436
Bought None
Sold: None
Bal End: $1,125,190
Cash: $85,493
Overnight Markets
US equities closed lower overnight with the S&P 500 (-0.1%) and Nasdaq Composite (-0.6%) dragged after Alphabet fell 4% on softer advertising revenue growth and Tesla missing profit expectations. This was compounded by SpaceX (-6.7%) continuing its post-IPO slide. Despite the US tech drag, crude rallied +3.84%.
Australian Market
The ASX 200 posted a strong return (+1.1%). The June employment print showed 76,000 jobs were added (vs. 15,000 expected), which sent 10-year Australian bond yields higher (5.0%) and heightened expectations for a rate hike. This triggered a rotation out of long duration and rate sensitive names: WiseTech (-7.0%) and Xero (-5.0%). Meanwhile Materials (+1.4%) and Energy (+1.0%) rose.
Portfolio Commentary
Our portfolio posted a slightly positive result +0.07% but it lagged the ASX300 (+0.18%) due to our overweight to technology (a long duration and high beta sector). As a result our portfolio was damaged by Xero (-5.01%), Life360 (-5.45%), Zip (-4.68%), and PC Gold (-8.50%). A combined weight of 22% of the portfolio. Whereas the benchmark’s performance was driven by mining and banks. However, our top performer was GDG which spiked +37.13% following a very positive update. Symal (+1.84%), Monash IVF (+1.49%), and Woodside (+0.47%) gained today, supporting the portfolio.
Investment Activity
None
Disclaimer: This is a paper portfolio. Content is for educational purposes only and does not constitute financial advice. Always do your own research.