Blue Chips Surge as Small Caps & Gold Miners Get Beaten Down
Paper Mandate Market & Portfolio Commentary | 10 June 2026
Fund Status:
Bal Start: $1,159,419
Bought WDS
Sold: OBM
Bal End: $1,146,574
Cash: $125,597
Overnight Markets
Major US benchmarks finished lower, with the S&P 500 and Nasdaq down -0.26% and -0.97%, respectively. The recent tech and AI trend has lost momentum, with the Tech sector down -1.82%. Meanwhile, gold prices continue to decline, hitting US$4,259, and WTI fell -2.21% to US$88 a barrel after the US Energy Secretary noted easing supply premiums from increasing traffic in the Strait of Hormuz. Market players are waiting with bated breath for the US May CPI inflation.
Australian Market
The ASX 200 was resilient, ending the day up +0.57%. We saw the market sell out of small caps and rotate to blue chips, showcased by the top 20 gaining +1% while the Small Ords fell -0.96%. This rotation affected the portfolio. There was also selling pressure in Tech, and uranium. Defensive stocks like Coles held their ground, (COL, +4.95%). Materials were also down, with gold names sinking the most following the gold price. There were large sell-offs in PC2 and OBM.
Portfolio Commentary
The portfolio fell -1.11% during the session, caught in the rotation out of small caps and commodities. PC2 dropped -14.58%, followed by OBM (-9.92%). High-growth tech also sold-off with MP1 sliding -5.20% following a broker downgrade by Morgans. ZIP and 360 also dropped -4.76% and -3.58% respectively. However, the portfolio’s defensive side came into play. Coles jumped +4.95% as investors sought a safe haven stock. Surprisingly, consumer discretionary names like JBH (+3.50%) and LOV (+2.58%) rallied as well.
Investment Activity
Disclaimer: This is a paper portfolio. Content is for educational purposes only and does not constitute financial advice. Always do your own research.