Starmer Out. Tech & Gold Fall. SpaceX Crash. Portfolio Hit by Tech and Commodity De-risking
Paper Mandate Market & Portfolio Commentary | 23 June 2026
Fund Status:
Bal Start: $1,192,374
Bought None
Sold: None
Bal End: $1,169,745
Cash: $163,532
Overnight Markets
US markets ended down as SpaceX crashed 16% after it announced a debt sale. Commentators are cautious, saying the company will need debt funding until 2028, plus S&P expects it to be cash-flow negative until 2030. Real Estate and Energy were the leading sectors (+1.38% and +1.24%) while Communications was the worst (-3.83%). Small caps appear to be more resilient with the Russell 2000 up +0.83%. Oil and gold were lower. Big news out of the UK, Keir Starmer has resigned from No.10 after pressure from his own party and a declining popularity.
Australian Market
At home, WiseTech came out to say the allegations are related to Richard White’s personal capacity, and nothing to do with the company. Does that matter? An article on Bloomberg released at 3pm stated that White allegedly coerced a former cleaner for WiseTech into a relationship for a visa. The ASX sank -0.37% led by a -3.82% crash in Tech and a -1.17% in Materials. Financials and Staples were slightly up (+0.39% and +0.17%).
Portfolio Commentary
The portfolio value fell -1.93% while the ASX300 only fell -0.37%. Growing anxiety over Tech triggered selling across software and we may also be seeing EOFY selling. We have a higher cash buffer of 13.71% as a cushion. Today’s underperformance was due to Tech selling (-4.26%), led by XRO (-5.28%), Megaport ( -5.11%), and 360 (-3.67%). Financials also got caught in the selloff, with NWL sliding -4.65% and GDG dropping -4.30%. Our Staples allocation (+0.91%) tried its best to defend with COL (+0.72%) and CBO (+1.06%).
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.