Mixed Tech: MP1 Up +26%, XRO Down -9% on Positive Results.
Paper Mandate Market & Portfolio Commentary | 14 May 2026
Fund Status:
Bal Start: $1,081,289
Bought CCL, SHA, LOV, SRG
Sold: None
Bal End: $1,102,415
Cash: $149,149
Market Commentary
US markets closed higher overnight. US 10-year yield briefly hit 4.50%, its highest since Jul-2025. Most US sectors were up, Comms (+2.65%), Tech +0.98%, COn D 0.75%. While Utilities -1.26%. Gold and oil are relatively flat, $4,691/toz and $101/bbl. Senate confirmed Kevin Warsh as Federal Reserve chair in a 54-45 vote on Wednesday, replacing Jerome Powell whose chair term ends May 15, though Powell will remain on the board. US April PPI up 6% year-on-year and 1.4% month-on-month, the largest annual gain since December 2022, with final demand energy prices up 7.8% and gasoline surging 15.6%.
There was an interesting article (link below) on Cerebras. They will be IPO’ing tomorrow. Cerebras Systems was initially priced at $185 per share on May 14, 2026, selling 30 million shares and valuing the company at over $5 billion. The stock is listed on the Nasdaq under CBRS. It has seen strong demand due to the AI trend.
https://www.morningstar.com/stocks/why-ai-chip-designer-cerebras-is-2026s-hottest-ipo-yet
The ASX managed a slight gain by close. It had an initial move down before a late recovery, driven by banking. CBA rose 1.8% in the final hour, helping the index up while technology and consumer were down. Materials was flat despite BHP and Rio both climbing to record highs. The broader market appeared cautious with decliners outnumbering advancers.
Portfolio Commentary
The AFR reports that the Federal Court has ruled Coles misled shoppers with its discount promotions, with implications for the broader retail sector and a pending Woolworths judgment still pending. Stock was down -2.4% today. For WTC, UBS notes DSV confirmed it will migrate from CargoWise to Tango from 2027.
Xero reported FY26 NPAT down -27%. FY27 EBITDA guidance is $860-920m vs. NZ$876m consensus. Melio is expected to reach EBITDA breakeven by 2H28. FY27 revenue guidance of NZ$3.62-3.73bn vs NZ$3.58bn consensus (3% beat). MP1 released results and jumped 26% today. Given it is one of the largest weights in the fund, it will be time to trim the position soon.
Investment Activity
Disclaimer: This is a paper portfolio. Content is for educational purposes only and does not constitute financial advice. Always do your own research.