Zip (+8.5%) & Bravura (+6.3%) Surge, Offsetting Xero’s -3.5% Drag

Paper Mandate Market & Portfolio Commentary | 15 July 2026

Fund Status:

• Bal Start: $1,142,963

• Bought None

• Sold: None

• Bal End: $1,150,092

• Cash: $129,756

Overnight Markets

The US rallied overnight, buoyed by cooler CPI numbers than consensus, easing interest rate anxieties. The Nasdaq led, rising +0.90%, while the S&P 500 added +0.38%, similar to the Russell 2000. Copper gained +1.33% and WTI oil climbed +2.10% to US$79.83/bbl as the US military enforced a naval blockade on Iranian ports.

Australian Market

The ASX 200 gained +0.37% with Materials (+1.70%) overwhelmingly pulling the market up, led by BHP (+3.2%) alongside Capstone Copper (+4.6%) and Rio Tinto (+1.1%). The gains were partially offset by a -1.20% drop in Communications, dragged by Telstra (-2.0%) as it faced ongoing pressure from its recent network outage. Energy fell (-0.57%) due to high crude prices and the Gold Sub-Index also fell (-1.0%) with Regis Resources (-5.2%) and Evolution Mining (-3.7%) as notable drops.

Portfolio Commentary

The clear standout of the day was Zip which rocketed +8.47%. Our software names also performed well, with SKS (+5.03%), Bravura (+6.25%), and Megaport (+2.51%) adding to the portfolio. On the downside, Xero shed -3.57% continuing the trend following yesterday’s CEO share sale. Ora Banda also fell -2.24% along with PC Gold falling -2.27%, as gold surrendered early session gains.

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.