The Market Matters International Equities Portfolio is a high conviction direct international equities portfolio that targets well known global brands – Click here to view
The MM International Equities fell -2.03% last week with cash sitting at 9%. Our tech exposures provided the biggest weight, with both Tencent (700 HK) & JD.com (JD US) falling sharply, while Amazon (AMZN US) +10.9% and Deer & Co (DE US) +8.36% offset most of the decline, while a weaker AUD added +1.75%. If we are correct, the recent decline in tech will reverse very soon.
Our current thinking towards the MM International Portfolio as would be expected is very much aligned to thoughts across local sectors i.e. we are looking to migrate away from resources:
- Sell – our copper exposure through Freeport-McMoRan (FCX US) probably a few days late but still makes sense.
- Buy – we are considering a mixture of UK supermarket Tesco (TSCO LN), US healthcare high flier HCA Healthcare (HCA US), US home improvement retailer Lowes (LOW US), fast food Mexican chain (CMG US) and the Hilton group (HLT US) as a reopening play.
We will look at these overseas names in Friday mornings report if no major news is forthcoming in the next few days.
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