Fund Status:
Portfolio Val: $1,148,223
Performance: Portfolio -0.90% | Benchmark -0.19%
Cash: $95,467
Bought/Sold None
Overnight Markets
It was a volatile session on Friday where major US benchmarks surrendered early gains after Federal Reserve Chair Kevin Warsh warned that inflation remains sticky (in his Jackson Hole debut). His comments pushed expectations for a rate hike in September to nearly 60%, driving a sell off in Treasuries and sending gold down. Meanwhile, geopolitical tensions remain after President Trump announced a deal granting the US majority control over more than 65 billion barrels of Venezuelan oil reserves. In Australia, the major banks forecast a rate hike in September.
Australian Market
The ASX200 closed slightly down 0.18% , as hawkish remarks from Federal Reserve Chair Kevin Warsh at Jackson Hole sent a 3% shockwave through global gold prices and heavily weighed on mining and tech stocks. The sell-off was most pronounced across precious metals and rate sensitive growth names, while large-cap banking majors (CBA, WBC) picked up the slack to cushion the broader index from deeper losses.
Portfolio Commentary
The portfolio declined -0.90% for the session, underperforming the benchmark (-0.19%) due to a drag from tech names like Xero (-3.23%) and Megaport (-1.90%), alongside pullbacks in Ora Banda (-3.77%) and SYL (-3.04%). Additional profit taking was witnessed in PC2 (-4.98%) and SKS (-3.76%) adding to the headwinds. There were some solid gains in MVF (+4.41%), Cobram Estate (+2.85%), and EMVision (+2.40%).
Monthly return for August, we are showing +1.92% gain versus then ASX300 +1.62% (+0.30% outperformance). We will conduct our monthly attribution analysis shortly.
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.