Fund Status:
Portfolio Val: $1,153,126
Performance: Portfolio +0.27% | Benchmark +0.05%
Cash: $95,467
Bought/Sold None
Overnight Markets
Most markets were down on Friday. S&P 500 and Nasdaq fell -0.38% and -0.29% respectively. However the Russell 2000 rose +0.25%, small caps again defying the trend. Industrials (+0.41%) and Tech (+0.23%) were the leading sectors while Cyclicals (-1.26%) and Healthcare (-1.04%) were the worst performers. Copper and oil rose while gold fell.
Norway continues to disconnect itself from the USA. After switching the location of its gold stores from the US to the UK, the Norwegian sovereign wealth fund recommended reducing its allocation to US government bonds from 70% to 50% (this is within their fixed income allocation).
Australian Market
The ASX 200 closed flat (+0.06%). Iron ore futures broke back above US$100/t and energy markets rallied driven by oil. Commodities drove buying across miners, and coal producers, while non-commodity sectors faced selling pressure led by rate sensitive tech and growth names. Market sentiment appears subdued due to global yield volatility. The US market will be closed tomorrow, expect another soft day tomorrow.
Portfolio Commentary
The portfolio gained +0.27% to outperform the ASX300 (+0.05%). Contributors were GDG (+5.99%), SKS (+3.61%), and Lovisa (+2.25%). Construction companies had a small rally, namely SRG (+2.09%) and Monadelphous (+2.08%). Detractors were tech names like Xero (-3.94%), Life360 (-3.47%), and Zip (-2.46%). Gold names were mixed: OBM ( -2.20%) and PC2 (+0.90%)
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.