Growth Stocks Tank! Software & Gold are Hit Hard as the Market Flips Defensive
Paper Mandate Market & Portfolio Commentary | 11 June 2026
Fund Status:
Bal Start: $1,138,255
Bought MND, GDG, 360
Sold: MP1
Bal End: $1,133,588
Cash: $120,901
Overnight Markets
US markets fell further overnight, Nasdaq down -1.98%, Dow Jones down -1.87%, and the S&P 500 down -1.62%. Market anxiety increased after the US launched strikes against Iran, prompting Donald Trump to threaten more retaliation. The US headline CPI for May rose to a three-year high of 4.2% yoy. This makes markets expect the Federal Reserve to hike rates. Consequently, the VIX (Fear Index) rose 11.83%, sparking the sell-off. Tech, Materials and Industrials were sold heavily. Gold also got smashed -4.95% to US$4,049.91 per troy ounce.
Australian Market
The ASX followed the US down, in a softer session. Energy (+1.46%) and Staples (+1.29%) led the sectors while Tech (-2.24%) and Financials (-1.45%) were hit hard. Large cap names like XRO (-3.75%), WTC (-2.21%) and NextDC (-4.10%) were all smashed. Similar story in the Financials sector with all the major banks down.
Portfolio Commentary
The portfolio had a challenging day, dropping -0.41%, underperforming the benchmark’s (ASX300) -0.22% dip. This was due to sell-offs in growth and mining names. The primary drag on the portfolio was from technology, led by XRO (-3.58%), WTC (-2.79%). Engineering names MND and SRG dropped -2.96% and -2.88% respectively. We actually took the opportunity to add 50 basis points to MND on the weakness.
Gold names remain volatile, with OBM sliding a further -6.42% as the market digests the gold price breaking major moving averages. Conversely, PC2 surged +9.27% after announcing they bought Camp Infrastructure for their mine. Also on the positive side, MP1 jumped +3.60%. Coles (+1.56%) once again, comes in to defend the portfolio, along with a +1.55% gain in Woodside. Considering we added to the position yesterday, this contributed to the portfolio today.
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.