Semis Streak, PC2 Results & An Opening Lesson
Paper Mandate Market & Portfolio Commentary | 24 April 2026
Fund Status:
Bal Start: $1,066,268
Bought JDO, PC2
Sold: None
Bal End: $1,075,510
Cash: $223,539
Market Commentary
All US indices closed down overnight, S&P500 (-0.41%), Nasdaq (-0.89%) and Dow (-0.36%). Other global indices in Canda, China, Japan and UK were also down. Oil prices were up +3.11% as middle east tensions continue to permeate our lives. The ceasefire was extended further to give more time for negotiations. Utilities and Industrials were the top performing sectors, while Tech and Consumer Discretionary were the worst. Despite the Tech sector lagging, the Philadelphia Semiconductor Index (SOX) has gone up every day for 17 straight days. This is the longest streak in decades. Expectations today are Tech and Materials down (based on ETF movements) following the US market
The ASX 200 finished the week down -1.88%. Today was the fourth consecutive day of losses. No surprising given markets overnight. Energy (+1.47%) and Utilities (+2.17%) were the material performers while Materials (-1.01%) and Real Estate (-0.34%) were the worst. The Tech sector pulled back as well as finishing down -0.28%. Pleasingly the portfolio held up in this market, finishing up +0.87% compared to the ASX 300 finishing down -0.10%.
Portfolio Commentary
CCL announced the completion of their acquisition of Paymark. The French Works Council has signed off on the deal. Worldline (Paymark parent) has exercised the put options (selling the shares to Cuscal). The acquisition is expected to complete on 29 May 2026. JDO reaffirmed its guidance for FY26 NPAT $180m - $190m. We added 1% to the portfolio.
PC2 released their quarterly update. They had some fantastic drill results. There were two fantastic results: 25 meters of gold graded at 36g/t AU and another 4.5m of gold graded 28g/t AU. If these can be translated to an indicated amount of gold to mine, this is a significant asset. The stock is down today, we are adding 1%.
Investment Rationale
JDO results
A Lesson
Don’t buy stock on open when the momentum is against you. I made the mistake of buying JDO on the open and the price limit order ($1.375) got hit as the stock was trading down in the early minutes of the session. Getting into the buying exuberance can be a painful lesson. The stock ended up today, $1.40 (+1.45%). Luckily the stock ended higher than my entry but it could have been bought at a cheaper price. The first couple of minutes of the market open are always volatile, no harm in waiting 10-15mins before trading to not get swept up in the frenzy.
Disclaimer: This is a simulated portfolio. Content is for educational purposes only and does not constitute financial advice. Always do your own research.