Australian CPI Print Lower than Expectations. Tech Outperforms. WiseTech bounces?
Paper Mandate Market & Portfolio Commentary | 24 June 2026
Fund Status:
Bal Start: $1,169,745
Bought None
Sold: None
Bal End: $1,176,668
Cash: $163,532
Overnight Markets
US markets were down overnight, with both large and small caps in the firing line. S&P 500 -1.44%, Nasdaq -2.21% and the Russell 200 -0.96%. Oil prices per barrel are lower as tankers start moving through the Strait, while gold continues to fall (-2.04%). There appears to be a reversal of sentiment and an unwind of previously loved sectors. Tech was the worst performing sector (-3.66%), then Industrials (-2.03%), and Materials (-1.60%). Meanwhile Staples (+1.77%), Healthcare (+1.37%), and Real Estate (+1.35%) were the best performing.
Australian Market
While the headline Australian CPI print came in at 4%, lower than the market expectation of 4.4%., the trimmed mean figure (RBA’s measure) actually rose to 3.6% vs the 3.5% estimate. The largest contributor to the inflation print was housing (as it is every time) and electricity. In a reversal of fortunes, Australia Tech actually rallied, ending the day +5.23% driven by large cap names, WiseTech (bouncing +13% after dropping -20% the day prior) and XRO (up +8.57%). Conversely Energy was the worst performer, following the oil price.
Portfolio Commentary
The portfolio returned +0.59% today vs the ASX300 +0.24%. Most was driven by the relief rally in Tech (+5.21%) led by our positions in XRO (+8.2%), 360 (+3.4%) and MP1 (+3.0%). The largest detractors came from gold positions OBM (-4.9%), C79 (-2.5%) and PC2 (-1.7%). Thankfully Materials is out lowest weight in the portfolio so the impact was muted. Month to date the portfolio is up +3.0% vs the ASX300 +0.8%, which is a great result given the volatility recently.
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.