Risk-On! Smalls Up, Gold Up, Energy Down. US/Iran Deal Spurred Market Rally.
Paper Mandate Market & Portfolio Commentary | 15 June 2026
Fund Status:
Bal Start: $1,147,809
Bought None
Sold: None
Bal End: $1,171,583
Cash: $115,284
Overnight Markets
Hoorah, hoorah. A US/Iran deal has been reached. The market, and the world, are expecting the details of the MoU (Memorandum of Understanding) to be released on 19 June. WTI and Brent fell on the news, as well as gas prices. Not to drag everyone down, but critical energy infrastructure in the region was either damaged or destroyed. It is, surely, doubtful that energy prices will go back to pre-conflict levels in the short to medium term. To wrap global markets on Friday, S&P500, Nasdaq, FTSE, and more, were all up following the SpaceX IPO (which rallied 19% on the day). In news closer to home, ASIC has fined ASX Ltd for misleading the market about its CHESS replacement project. The fine is $20.5m, a round of drinks compared to the $250million write-off ASX made on the hubris attempt to create a blockchain for the exchange.
Australian Market
The ASX market was green across the board. The Gold index was the standout performer increasing by +9.12%. Resources was definitely the star of the show today, Materials led the sector +4.0% while Energy fell -5.58%, driven by the US/Iran deal. Small caps also caught a big over large with the ASX Small Ords up +2.54% vs the ASX 20 +1.14%. It was definitely a risk on sentiment today.
Portfolio Commentary
The portfolio value increased +2.07% today vs the ASX300 +1.28%. Most of the performance came from Materials as a sector, up +9.2% for the portfolio, led by OBM (+16.3%), and PC2 (+5.6). Energy was the leading detractor, solely from WDS (-5.7%) as our only Energy name. Other notable performers and fallers were ZIP (+6.4%), MND (+5.6%), BVS (-3.1%), and COL (-2.1%). The market favoured growth assets over defensive ones given the positive news.
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.