Bond Sell-off infecting ASX Market. Gold worst performing Sector
Paper Mandate Market & Portfolio Commentary | 20 May 2026
Fund Status:
Bal Start: $1,090,809
Bought None
Sold: C79
Bal End: $1,073,106
Cash: $149,196
Market Commentary
US markets were down overnight, while Euro markets (FTSE, DAX) were up. US 30-year bond yield rose to 5.20% led by concerns over energy prices and inflation fears. SpaceX’s IPO is aiming to raise $75 billion. Higher energy prices also raised Canada’s inflation rate to 2.8%. This is its highest in two years but this was apparently below expectations. Oil prices are still above $100 per barrel, however the futures market for them is slightly down. Gold also fell to below $4,500/toz.
ASX started the day ok, but then completely gave up after lunch. Sectors and stocks that were performing gave back their gains. The ASX200 dropped -1.61% at close. The negative sentiment from the bond sell-off and RBA minutes affecting markets. The RBA indicated underlying inflation could remain sticky until late 2027. BHP fell -2.2% dragging down the sector. Meanwhile TNE jumped +7.34% after positive broker updates on its latest results. Star of the show was Catapult, rallying +17% after its earnings beat consensus.
Portfolio Commentary
GDG has announced that Genlife will provide retirement solutions through the CFS platform. Good development. XRO will be launching a Lite Plan in the Philippines. GLF was the best performing today with no market news.
The portfolio was hurt by gold names. Both OBM and PC2 fell, -6.8% and -7.8% respectively. PC2 doesn’t hurt so much but OBM is a larger weight in the portfolio (6.2% vs PC2 2.9%).
C79 was cut in half as the stock price follows gold down. We were unable to reduce OBM and PC2 as the day got away from us.
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.