Pockets of Tech Growth. Netwealth Rises on Expanded Platform & 1% Add to Lovisa.
Paper Mandate Market & Portfolio Commentary | 7 July 2026
Fund Status:
Bal Start: $1,160,366
Bought None
Sold: None
Bal End: $1,156,002
Cash: $140,905
Overnight Markets
The US closed higher as investors rotated back into technology. This momentum masked weak market breadth that saw defensive sectors lag, while Microsoft announced a 2.1% workforce reduction that includes cutting 1,600 Xbox staff.
Some of the exuberance couldn’t be translated into share prices. Specifically, Samsung had a profit record overnight, but the share price fell -6.72%
Australian Market
The ASX 200 fell -0.31% at close. Coal and uranium took a beating with a -8.9% slump in Boss Energy. Materials as a sector falling -2.64%, with Evolution Mining (-5.3%) and Liontown Resources (-7.6%) falling. The Gold sub-index also fell -4.3%. Information Technology rose (+2.01%) to cushion the market fall as NextDC (+3.6%) and Xero (+1.8%) rose.
Portfolio Commentary
The portfolio missed most of the commodity fall, finishing the day slightly down -0.38% compared to the ASX300 return of -0.32%. NWL was the shining star, rising +6.7% after announcing they expanded their platform for Morgan Stanley Wealth Management. Megaport also finished in the green (+0.53%), while Judo added +1.11% to its recovery.
On the downside, CBO was the detractor of the portfolio, falling -6.3% after releasing preliminary results. Their harvest and oil production was lower than 2025, while stating that this was an “off year”. CBO expects next year to be an “on year” derived from this years’ crop. They also expect the cost of water to be higher due to the El Nino (a typically dryer period). On the gold front, both OBM (-3.83%) and PC2 (-3.48%)
Investment Activity
Lovisa (LOV) - BUY
We bought another 1% of LOV. Forward PEs are at 21x vs the current PE of 28x due to higher EPS forecasts coming. UK retail sales growth and consumer spending have been on an uptrend, meaning their UK stores should see good sales. LOV do not provide guidance so like for like sales growth will be what we need to keep an eye on.
Disclaimer: This is a paper portfolio. Content is for educational purposes only and does not constitute financial advice. Always do your own research.