US Tech leading while Oz Tech languishes
Paper Mandate Market & Portfolio Commentary | 27 April 2026
Fund Status:
Bal Start: $1,075,510
Bought None
Sold: None
Bal End: $1,081,723
Cash: $223,539
Market Commentary
US markets finished up on Friday, with both the S&P500 and Nasdaq closing on new highs due to Q1 earnings results from tech names like Intel & Nvidia. Breadth appears to be shrinking in the market as the Equal Weight index has moved lower. In terms of sectors, Tech (+2.46%), Consumer Discretionary (+1.36%) and Communications (+0.88%) lead the pack with Healthcare (-1.37%), Industrials (-0.88%) and Financials (-0.64%) dragging. Gold, Copper, and Oil were all slightly down. Alphabet announced it will invest up to US$40bn in Anthropic, with US$10bn cash upfront. The valuation is now calculated at US$350bn. For Australia, NAB downgraded our growth forecasts and lifted the inflation outlook. They see inflation peaking near 5% in June quarter on fuel prices, and expect the RBA to hike 25bps in May.
The S&P/ASX 200 fell for a fifth consecutive session, closing down -0.23%. The market was dragged lower by a -2.8% decline in the Utilities sector. This was driven by Origin Energy which fell -5.0% after a weak quarterly update and a downgrade to its Octopus Energy earnings guidance. Conversely, Materials (+0.63%) was up from a broad recovery in gold and lithium names, the latter benefiting from a 1.7% rise in Chinese lithium carbonate futures.
Portfolio Commentary
MP1 (+5.06%) was the outperformer today, followed by OBM (+4.41%). MP1 has secured a 3-year compute contract valued at $25million USD. Judo Capital also had its TP A$1.85 by Macquarie. The stock is currently trading at $1.45. GDG experienced a cyber incident but according to their ASX release, they caught it quickly and no data was taken. The stock still rose +1.39% on the day.
Investment Rationale
Did not trade today
Portfolio
Disclaimer: This is a simulated portfolio. Content is for educational purposes only and does not constitute financial advice. Always do your own research.