Mandate Memo - 23rd March 2026
Strike on Qatar’s Ras Laffan facility
Fund Status:
Bal Start: $984,358
Bought: WDS
Sold: None
Bal End: $980,180
Cash: $649,884
Market Commentary
It was another down day for markets. The strike on Qatar’s Ras Laffan facility has knocked out 17% of the country’s LNG export capacity. Repairs are expected to take up to five years. Qatar also expects to lose 18m barrels of production. Phosphate, which is used in agriculture, is now under serious threat due to the conflict. The middle east has a lot of sulfur production. Expect both LNG and Agriculture chemicals to increase in price.
The Australian 10-year bond yield went higher, reflecting a sell-off market wide. The Australian Tech Index is at its lowest since October 2023. Gold has fallen below $4,500 per troy ounce.and the miners have followed. Those with higher AISC costs will be under pressure. According to Bloomberg, the correlation between the Mag 7 and S&P 500 equal weight has turned negative. This potentially means tech could rebound against the momentum of the market. LNG supply fears are increasing, I expect Woodside Energy (WDS) and Santos (STO) to be the local winners in the gas market.
Portfolio Commentary
OBM was the largest loser today, dropping -10.8%. Surprisingly LOV rallied. It is trading at a 52 week low. So this could be the market testing the bottom. It is up 4% today. JBH similarly has reached its 52 week low price and rebounded 2% today. 360 also made a minor gain, 1.5%. It was at this price 12months ago. The fundamentals still hold, and lets not forget it also had a good reporting season. CBO detracted a little but we invested at the right time so we are still up. A single analyst on Tradingview has a strong buy on the stock. Whereas Commsec shows fair value at $3.09 quantitatively
Investment Rationale
Portfolio Management Adjustment
I noticed none of my paper trades on Tradingview had fees. So I went through each transaction since inception and added in a trading commission, based on the CMC pricing structure. About 0.10% per transaction. Will have to do this going forward.
Disclaimer: This is a simulated portfolio. Content is for educational purposes only and does not constitute financial advice. Always do your own research.