84% Increase in PC2 MRE Gold Reserve while Tech Rebounds w/ MP1 (+5.1%) and SKS (+5.5%)
Paper Mandate Market & Portfolio Commentary | 21 July 2026
Fund Status:
Bal Start: $1,122,617
Bought None
Sold: None
Bal End: $1,121,589
Cash: $96,627
Overnight Markets
Some interesting overnight moves; Energy (+0.55%) and Tech (+0.10%) of the S&P500 both posted gains (sectors that haven’t teamed up in recent history) while all other sectors were down. Kimi K3, the AI model, continues to create waves, raising questions regarding the capex spend on AI and data centres. In the UK, the price of Gilts (Government Bonds) fell as Andy Burnham, the new PM, spoke about “fiscal flexibility” in his speech. The market interpreted this as “higher spending”.
Australian Market
The ASX closure, while up, was somewhat anemic, ending the day up only +0.02%. An interesting mix of Technology (+3.26%), Materials (+1.33%) and Real Estate (+0.58%) were the top performing sectors. In addition, the Gold Index provided a nice rally (+3.64%). There was a clear move into large cap tech names, as household names like Xero (+2.05%), Wisetech (+0.86%), NextDC (+7.74%), TechOne (+2.53%) and Codan (+0.92%) all posted gains. Meanwhile, Healthcare as a sector was down -1.05% with select names finding bids (Ryman Healthcare +8.82%). One event of particular note was Aura Consolidated Group (+15.70%) rallying post the completed acquisition of Qoria (the child and school cyber safety company). It will be interesting to see how the company performs as a CDI going forward.
Portfolio Commentary
The portfolio was slightly down -0.09% vs the benchmark +0.04%. SKS and Megaport led the portfolio, rallying +5.48% and +5.10% respectively. Gold names provided some support with Ora Banda up +2.49%. Unfortunately PC2 fell -12.8% due to heavy profit taking. They announced an 84% increase in their Mineral Resource Estimate (MRE) and have secured Federal and State Environmental and Mining permits for open pit mining. Judo slipped -4.71% amid a broader financial sector rotation, while Netwealth (-4.05%) and Lovisa ( -3.02%) gave back gains.
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.