ASX Drops as Capital Rotates From Materials to Technology. Xero up +5.54%.
Paper Mandate Market & Portfolio Commentary | 14 August 2026
Fund Status:
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
Disclaimer: This is a paper portfolio. Content is for educational purposes only and does not constitute financial advice. Always do your own research.