RBA Holds. Nvidia Bond Sale. Portfolio Beats Flat ASX w/ Tech & Gold
Paper Mandate Market & Portfolio Commentary | 16 June 2026
Fund Status:
Bal Start: $1,171,583
Bought None
Sold: None
Bal End: $1,177,960
Cash: $115,284
Overnight Markets
Another solid session overnight for markets. Almost all indices were up. Large caps (S&P500 +1.65%) rose further than smalls (Russell 2000 +0.72%) driven by the exuberance from the SpaceX IPO and the US/Iran deal. As a result, oil dropped -4.87% while gold rose +2.66%. The largest moves were in Tech (+3.39%) and Communications (+2.42%), with Energy, unsurprisingly, lagging (-3.58%). Nvidia is looking to raise $25bn from the bond market becoming one of the largest bond issuances of the year, alongside those of Amazon ($37bn), Oracle ($25bn) and Meta ($25bn). You have to wonder if the frenzy fuelling this AI capex spend will be worth the price.
Australian Market
The ASX200 ended the day flat +0.04% after the RBA unanimously decided to hold the cash rate steady at 4.35%. Governor Michele Bullock maintained a cautious tone, reminding markets that further tightening remains on the table if inflation persists. This urged the market on late in the day. Sector performance was divided between investors piling into gold, while Energy jumped +1.10% (uncharacteristically). Conversely, growth equities were penalised, dragging Tech down -0.91% via WiseTech Global (-4.2%) and Xero (-1.7%), bad for our portfolio.
Portfolio Commentary
The portfolio outperformed the flat broader market, rallying +0.50% compared to the ASX300 +0.07%. We dodge the rotation out of tech with SKS skyrocketing +10.22% to drive the portfolio’s top line. Also, PC Gold continued its run +5.63% alongside a solid +2.72% gain from Ora Banda Mining. WDS gained +1.97% to help absorb systemic shocks elsewhere. These gains neutralized pockets of pain in our software and wealth management holdings, WiseTech (-4.22%), Bravura (-4.61%), and Generation Development (-2.30%).
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.