Fund Status:
Portfolio Val: $1,176,292
Performance: Portfolio -0.77% | Benchmark +0.48%
Cash: $107,175
Bought/Sold None
Overnight Markets
Friday was a strong session in the US. Both large (S&P500 +0.43%) and small caps (Russell 2000 +0.85%) posted gains. On the commodity front: Gold, Copper and Oil are all tracking up. Meanwhile the US 10Y yield is up to 4.738%. Scott Bessent announced that the debt repurchase program will double to $4billion from September 9th. Will this be enough to appease the bond market? Unlikely given a) this is at odds with Kevin Warsh’s stance to let markets balance themselves and b) the program is small in comparison to the bond market activity, like paling a few buckets out of the ocean to lower the sea level. In other news, Claude has been valued at $965 billion after a new funding round and the founders will get extra voting power shares.
Australian Market
The ASX 200 gained +0.49%, fuelled by a massive buying across Materials (+2.43%). This was driven by Friday’s rally in London metal prices (copper, aluminium, nickel, tin, and zinc all gaining between 1–3%). This combined with a softer US dollar. Tech (+0.96%) and Healthcare (+0.81%) rallied as growth assets found support.
Financials and underperformed as major banks fell again. Rate sensitive names are facing selling pressure post earnings season.
Portfolio Commentary
The portfolio fell -0.77%, lagging the benchmark by 125 basis points due to stock specific volatility across tech. Month to Date the fund is still outperforming the benchmark by +2.59%
Key contributors were:
OBM (+3.72%) following the gold rally.
SHA (+3.14%): Bucked broader weakness with a solid gain.
XRO (+2.04%) benefitting from flows into large-cap SaaS.
Key detractors were:
MVF (-6.71%) after delaying its FY2026 results to 31 August 2026
MP1 (-5.01%) experiencing post-earnings profit taking.
BVS (-4.55%) fell following a strong run.
Caretaker / CCL (CCL, -3.04%) & PC2 (PC2, -2.56%): Pulled back after significant gains during last week’s reporting cycle.
Investment Activity
None
Disclaimer: This is a paper portfolio. Content is for educational purposes only and does not constitute financial advice. Always do your own research.