Portfolio Performs While Away
Paper Mandate Market & Portfolio Commentary | 13 May 2026
Fund Status:
Bal Start: $1,076,949
Bought None
Sold: None
Bal End: $1,081,289
Cash: $176,192
Authors Note
Well. It’s been a minute since Paper Mandate has been able to update you on the portfolio. Life got a little busier than usual, and priorities had to be shuffled.
Fortunately, the portfolio kept tracking along. Goes to show what solid fundamental investing can and should do (aka no sleepless nights). The market commentary will be brief so we can focus on the portfolio updates. Let’s go!
Market Commentary
Between 4th May and today (13th May), global markets went from a steady AI-led climb into a volatile period as inflation fears and geopolitical tensions increased. In the US Tech faced a sell-off following a higher CPI than expected (3.8%) and the 10-year Treasury yield increased to 4.45%. In Australia, the ASX200 has been trending down leading up to budget day. It has also been interesting to see the negative effects from the US spill into Australia. The Australian market tends to follow the US down, but not up. In Europe, the ECB paused rates due to volatile energy prices, while in the UK they are calling for Sir Starmer to resign. On the geopolitical front, oil prices are hovering near $100 due to ongoing issues at the Strait.
Portfolio Commentary
For today, the top and bottom performers were:
Since the 4th May to 12th May, there have been a few portfolio updates to sift through.
Ora Banda’s (OBM) target price was raised to $1.92 by Hartleys. It’s gained 10% in the last week.
HMC reaffirmed its guidance for FY26. The stock has moved up 16% over the week.
WTC boosted its guidance but continued to sell off -13%. Enterprise software is still taking a hit.
MP1 had a great ARR growth and also reaffirmed guidance, sending the stock up +10% in a week
ZIP had a strong growth in TTV from US expansion and affirmed guidance, it’s only up 1.7% though.
360 had a good result but still sold off -15% in the AU market.
SKS had their target price raised by Morgans to $8.95. Currently at $8.80. Stock up +13% in a week.
WDS delayed their Browse LNG project. They have struggled in this market. Stock down -6% WTD.
SHA at a record number of project wins and a positive FY26 outlook. Stock is up 31.9% WTD (Nice!).
XRO target price cut by Macquarie to $223 (long way off). Current price is $80. Analyst notes that Xero’s U.S. offering is 80% cheaper than the equivalent from rival Intuit. Stock has dropped -7%. Be aware they are having their results announcement tomorrow!
In the last week the portfolio has kept up with markets, accumulating +1.70% vs the ASX300 detracting -0.20% from 5th May to 13th May.
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.