Mandate Memo - 31st March 2026
First month end
Fund Status:
Bal Start: $970,634
Bought: None
Sold: None
Bal End: $978,779.40
Cash: $504,714
Market Commentary
US markets were down overnight. The FTSE100 was up though. Gold is holding steady at $4,510 while the oil price jumps over $100 p/b. While the US market overall was down, Almost all sectors were in the green except for Industrials (-1.6%) and IT (-1.5%). Two sectors dragging everyone down. The Australian Government announced it would halve the excise on fuel, which will help consumers at the pump. Other commodities like Aluminium, Lithium, Coal, and Helium all go higher. AU futures are up. .
Today ended better with ASX200 up 0.39%. Technology had a rebound day as investors bought on the weakness. Energy retraced again -1.15% after news came out that the US gov was looking to re-escalate. Selected names in technology, and mining won the day: XRO, GMD, WGX. Other more interesting rallies were IEL, GDG and NWL.
Portfolio Commentary
XRO and OBM added significantly to the fund today but they are coming off low bases from prior drawdowns. CBO, ZIP and 360 also provided solid contributions. Meanwhile, LOV, MND and SHA were minor detractors to performance. Overall the fund was down for the month vs the benchmark. There will be an ex-post analysis conducted.
I will conduct a proper performance attribution shortly.
Investment Rationale
Did not trade today.
Disclaimer: This is a simulated portfolio. Content is for educational purposes only and does not constitute financial advice. Always do your own research.