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