US Mega Tech Rallies, ASX Refuses to Follow
Paper Mandate Market & Portfolio Commentary | 28 April 2026
Fund Status:
Bal Start: $1,081,723
Bought None
Sold: None
Bal End: $1,066,110
Cash: $213,476
Market Commentary
The US market was up overnight with the S&P 500 (+0.12%) and Nasdaq (+0.20%) driven by the Mag7 Tech. Nvidia jumped 4.0% even as the broader Philadelphia Semiconductor Index (SOX) finally broke its historic 18-day streak. Geopolitics continued to dominate the conversation as oil edged closer to $100/bbl after U.S. officials rejected an Iranian proposal to reopen the Strait of Hormuz. Interestingly, the VIX dropped -3.69%. Markets appear to be confident and risk-on despite the conflict as Energy and Materials sectors were slightly down. Potentially the market is looking ahead to the FOMC meeting.
Unfortunately the ASX market did not follow the lead from the US. The ASX 200 was down -0.64% (another day in the fall column). What did make sense was the Energy sector rallying +2.21% on the back of the oil price increasing. Every other sector finished in the red. Consumer Discretionary (-2.31%) and Utilities (-2.28%) were the worst performing sector. Utilities drawdown was driven by Origin Energy (ORG) selloff (-3.88%).
Portfolio Commentary
The portfolio was down today (-1.44%) driven by Gold and Tech. Specifically PC2 (-4.5%), 360 (-4.5%), MP1 (-4.4%), and OBM (-4.2%). We have an 8% exposure to MP1 which did most of the damage. Lovisa (LOV) had one of the cofounders increasing his holding by $14m, a pleasing sign. OBM appointed a new Chair (John Richards). Morgans raised Judo Capital (JDO) from Accumulate to Buy. This is also a good sign. Lastly, we had a limit order for 360 execute today because of the fall. Current weight is 3% of the portfolio.
Investment Rationale
360 limit order was executed to take advantage of the fall. Now 3% of the portfolio.
Disclaimer: This is a simulated portfolio. Content is for educational purposes only and does not constitute financial advice. Always do your own research.