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MM International Equities Portfolio

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Question asked 24/10/2026

MM International Equities Portfolio

Hi This comment in Tuesday's report led me to have a look at the composition of the MM International Equities portfolio: "We are 50-50 toward the Nikkei in the short term but would be keen buyers if it tests below 60,000." As far as I can see, all of the companies in that portfolio are listed in the US. And all of the recently sold companies in the portfolio were US companies (again as far as I could see based on what was listed). That's not very geographically diverse although I'm sure every holding deserves its place. Is that because MM can't find any companies worth investing in in Europe or Japan or other markets? Surely there would be some companies on those bourses that are better than some of the US holdings in the portfolio? Just curious. Cheers, Carl

Answer

Hi Carl,

This portfolio invests in US & UK listed equities although companies from all over the world are listed in these markets. Just because they are listed in the US, does not mean these are US centric companies. Current holdings include Alibaba (BABA US), JD.com (JDO US), NVO Nordisk (NVO US) and UBS Group (UBS US) – 2 Chinese, one Swiss and one Danish.

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