Mandate Memo - 2nd April 2026
Defensives winning the day
Fund Status:
Bal Start: $995,547
Bought: C79, JDO
Sold: None
Bal End: $974,154.43
Cash: $439,501.81
Market Commentary
Global markets finished up but were worried about the impending Presidential address to the nation. Gold rose 1.8% but still remains below $5,000. Brent crude price was up 8% after the U.S. vowed to hit Iran “extremely hard” over the next three weeks. While the Nasdaq bounced in a late session, investors buying the dip in tech, while the VIX jumped to 27.8, reflecting anxiety over a prolonged energy shock and potential supply chain disruptions. ASX 200 futures are up.
The ASX 200 fell -1.0% reflecting the worry of global markets. The market was flat from open until Trump’s address whereby the index dropped. The only gains were in Staples and Utilities whereas every other sector was down. The large cap miners and banks were down with the exception of CBA, and ANZ.
Portfolio Commentary
CBO and COL gained as Staples were the winning sector. They are the only exposures in the portfolio to Consumer Defensives. SHA and CCL were slightly up. The rest of the portfolio was down. OBM was the worst performer today. Tech and Financials and Materials are the largest weights in the portfolio and are therefore adversely affected by the market movements.
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.