Mandate Memo - 25th March 2026
Gold not a safe haven?
Fund Status:
Bal Start: $980,470
Bought: 360, MND, SHA
Sold: None
Bal End: $991,155
Cash: $625,621
Market Commentary
US market indices were down overnight, except for the Russell 2000. Whereas Hong Kong, Japan, Canada, and China Indices gained. Gold rose 1.5% but still sits below the $5,000 price level. Copper and oil rebounded. Australian futures indicate the market will go up.
Many of the household technology names were lower today. Materials as a sector was leading. 4D Medical jumped 30% after it announced it deployed its product at the Mayo Clinic. While good news for them, the company is far from profitable. Australia’s CPI YoY figure came out slightly lower than expectations (3.7% v 3.8%)which sent the ASX upwards
Portfolio Commentary
OBM was the best performer today, closing the day 9% up. There was no news but the gold price increased slightly above $4,500USD/troy ounce. Woodside Energy was the detractor of the day. As the oil price drops, the market is selling off energy names. There is a lag between the price of oil now and the impact on WDS earnings. We won’t see the impact for a while. In addition, sellside analysts will be reluctant to change their forecasts based on oil prices from a geopolitical shock. When the market agrees the higher oil price is structural, sellside will update earnings forecasts on higher prices.
Most of the portfolio up today, LOV, MND, MP1, SHA, CCL, CBO, JBH, GLF. Added to existing positions in MND and SHA to make their weights more meaningful, 2% and 1.5% respectively. In a 30 stock portfolio, minimum 1.5% as a starting weight appears reasonable. There are two other construction stocks that are of interest, MGH and SYL. These will have to be assessed in future.
Investment Rationale
Disclaimer: This is a simulated portfolio. Content is for educational purposes only and does not constitute financial advice. Always do your own research.