CCL Cranks +3.1%, Data Infrastructure Defies Tech Slump & BVS Rough Start

Paper Mandate Market & Portfolio Commentary | 26 May 2026

May 26, 2026

Fund Status:

Bal Start: $1,106,974
Bought None
Sold: None
Bal End: $1,105,624
Cash: $136,056

Market Commentary

As mentioned yesterday, US markets were closed. However, other global markets were open and it was positive overnight. Indices in Canada (+1.04%), Hong Kong (+0.86%), Germany (+2.01%), India (+1.42%), Japan (+2.87%) and the UK (+0.22%) were all up. Oil continues to track lower, Brent is now at $93 per barrel, while gold is showing signs of a recovery (+1.16%) now priced at $4,569/toz. While details of the US/Iran deal are trickling into our news feeds, the market waits on tender hooks for a deal to be finalised. ASX futures indicate the Australia market is set to rise.

The ASX 200 closed lower (-0.39%) following a quiet Monday night. Geopolitical tensions reignited after US military strikes on missile sites in southern Iran clouded peace deal prospects. We saw trimming across the board. Materials (+0.15%) was the only sector to finish in the green, as copper plays like South32 (+4.8%) and Sandfire Resources (+2.3%) rallying on the back of commodity price rises. Utilities was the greatest laggard (-2.17%)

Portfolio Commentary

The portfolio was more defensive than the benchmark, only falling -0.12% vs -0.38%.

CCL was the best performer on the day with a +3.18% jump. HMC also gained +2.49% alongside MP1 which rebounded +1.92% as investors rotated into data centre infrastructure. On the flip side, SHA was the heaviest detractor, falling -3.32% as investors taking profit. NWL slid -2.85%, along with WTC (-2.57%) as growth technology stocks were dragged down. Meanwhile, C79 and OBM ended slightly down following the gold price down. Unfortunately our newest entry into the portfolio, BVS, has had a rough start, falling -2.6%.

Investment Activity

None.

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