Gold Surge from OBM (+7.8%) and PC2 (+8.7%) Contributing to Portfolio Gains

Paper Mandate Market & Portfolio Commentary | 22 July 2026

Fund Status:

• Bal Start: $1,121,589

• Bought PC2

• Sold: None

• Bal End: $1,124,436

• Cash: $85,493

Overnight Markets

Overnight, technology lagged the other indices with small caps (Russell 2000) showing a stronger day (+1.53%) than large caps in the S&P500 (+0.89%). Oil rose +2.26% on continued tensions in the Middle East while Gold also rallied +1.51%. Apple announced a leasing program…great. We can now add our phone to the list of subscriptions services we pay for in perpetuity. Welcome to the era of “non-ownership”. TSMC is also having discussions with clients about a 10% price increase for 2027, citing the rising cost of materials.

Australian Market

The ASX 200 finished higher on Wednesday (+0.34%) in a session where commodities did the heavy lifting. Eight of eleven sectors closed in the red, the exceptions being Materials (+2.3%) and the Gold Sub-Index (+4.0%). COMEX copper futures were also higher. Notable moves were Ora Banda (+7.8%) and Regis (+6.6%) for gold, while South32 (+4.6%), Rio Tinto (+2.5%), and BHP (+2.5%) represented the copper rally.

Portfolio Commentary

The portfolio had a solid green session gaining +0.25% while the benchmark rose 0.32%. Best performing names were: PC2 (+8.70%) which we bought more of, OBM (+7.77%) C79 (+5.50%), SKS (+4.11%). Other key positive contributors were HMC (+2.11%), CCL (+1.89%), and NWL (+1.54%). The downside was primarily due to Xero (-2.61%), Life360 (-1.73%) and Monadelphous (-2.62%).

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.