International Equities Portfolio

For those seeking international direct equities exposure

About The Portfolio

A high conviction direct international equities portfolio that targets well known global brands, along with some smaller, high growth opportunities.

Prices in $US unless otherwise stated in the stock name

**Portfolio Performance** UPDATED 31/03/2025 17:00
Portfolio	1M	3M	1y	3y pa	5y pa	ITD pa*
INTERNATIONAL EQUITIES	-5.62%	-11.99%	-0.22%	10.10%	15.71%	14.23%
MSCI WORLD AUD	-4.65%	-2.42%	12.06%	14.48%	15.71%	13.25%
VALUE ADD	(0.97%)	(9.57%)	(12.28%)	(4.38%)	(0.48%)	+1.07%

* Inception date 26/06/2019

**Portfolio Holdings** 20 MINUTES DELAYED trade now
CODE	NAME	WEIGHT (%)	RISK	TERM	BUY DATE	BUY PRICE ($)	LAST PRICE ($)	DIVIDENDS ($)	GAIN / LOSS (%)
ALB US	Albemarle	4	High	Medium	12/02/2024	115.75	57.70	1.21	-49.11
BABA US	Alibaba	6	Moderate	Medium	27/11/2019	194.97	120.28	1.96	-37.30
BTU US	Peabody Energy	4	High	Medium	18/05/2023	20.90	12.58	0.53	-37.27
BX US	Blackstone	6	Moderate	Medium	07/10/2022	102.62	132.86	5.69	35.01
CCJ US	Cameco Corp	5	High	Medium	06/06/2024	50.78	44.00	0.11	-13.14
CMG US	Chipotle Mexican Grill	5	Moderate	Medium	24/03/2022	35.96	51.78		43.99
FCX US	Freeport McMoRan	6	Moderate	Medium	20/07/2022	32.17	37.33	1.05	19.30
FSLR US	First Solar	4	High	Medium	18/05/2023	187.45	141.86		-24.32
GOLD US	Barrick Gold	5	Moderate	Medium	18/03/2021	20.59	19.04	0.86	-3.35
GOOGL US	Alphabet	5	Moderate	Medium	12/09/2024	153.80	161.96		5.31
GS US	Goldman Sachs	5	Moderate	Medium	04/04/2025	525.43	544.81		3.69
HCA US	HCA Healthcare	5	Moderate	MEdium	17/01/2025	310.90	327.97	0.72	5.72
JD US	JD.com	4	High	Medium	11/02/2025	40.99	32.53		-20.64
MSFT US	Microsoft Corp	6	Moderate	Medium	25/02/2020	213.34	391.85	7.30	87.10
PSHZF US	Pershing Square Capital	5	Moderate	Long	18/05/2023	36.95	49.29	0.84	35.67
TTD US	The Trade Desk	5	Moderate	Medium	24/04/2020	42.31	53.97		27.56
UBS US	UBS Group	5	Moderate	Medium	22/08/2023	25.44	30.02	0.68	20.68
YETI US	YETI	5	Moderate	Medium	28/02/2023	38.89	28.85		-25.82
ZG US	Zillow	5	High	Medium	06/06/2024	46.65	65.19		39.74

Portfolio cash position: 5%

**Recent Sales** UPDATED 11/02/2025 09:00 trade now
Company code	STOCK NAME	ACTIVITY	RISK	TIME HORIZON	EXIT DATE	ENTRY PRICE ($)	CLOSE PRICE ($)	DIVIDENDS ($)	GAIN / LOSS (%)
FSLR US	First Solar	Trimmed 2%	High	Medium	11/02/2025	187.45	162.55		-13.3
AAPL US	Apple	Sold 5% position	Moderate	Medium	14/01/2025	48.49	232.11	3.48	385.9
WFC US	Wells Fargo & Co	Sold 6% position	Moderate	Medium	06/12/2024	51.26	73.99	3.24	50.1
HCA US	HCA Healthcare	Sold 3% position	Moderate	Medium	12/09/2024	225.77	385.42	0.65	71
SNOW US	Snowflake	Sold 5% position	High	Medium	12/09/2024	150.73	112.6		-25.3
DE US	Deere & Co	Sold 6% position	Moderate	Long	21/05/2024	367	390.93	11.93	9.77
TTD US	The Trade Desk (USD)	Trimmed 1%	High	Medium	31/01/2024	42.31	67.91		60.51
BX US	Blackstone Group	Trimmed 1%	High	Medium	31/01/2024	89.48	125.95	3.42	44.58
BC US	Brunswick Corp	Sold 5% position	Moderate	Medium	31/01/2024	96.96	82.26	4.06	-10.97
GOLD US	Barrick Gold	Trimmed 2%	Moderate	Medium	31/01/2024	20.59	15.76	0.56	-20.74
CCJ US	Cameco Corp	Sold 3% position	High	Medium	16/01/2024	36.2	50.13	0.09	38.73
DIS US	Walt Disney	Sold 5% position	High	Medium	17/07/2023	96.81	88.42		-8.67
AAPL	Apple	Trimmed 1%	Moderate	Medium	22/06/2023	48.49	183.74	2.98	285.1
MSFT US	Microsoft	Trimmed 1%	Moderate	Medium	22/06/2023	172.07	334.12	4.61	96.86
HCA US	HCA Healthcare	Sold 4% position	Moderate	Medium	22/06/2023	168.54	286.49	1.2	70.7
HCA US	HCA Healthcare	Trimmed 1%	Moderate	Medium	18/05/2023	168.54	278.28	0.6	65.47
CMG US	Chipotle Mesican	Trimmed 2%	High	Medium	18/05/2023	1548.47	2060.8		33.09
PYPL US	PayPal	Sold 6% position	High	Medium	18/05/2023	290.84	61.46		-78.87
XOM US	Exxon Mobil Corp	Sold 4% position	Moderate	Medium	28/02/2023	87.58	111.24	2.7	30.1
GOOGL US	Alphabet Inc	Sold 6% position	High	Medium	28/02/2023	131.36	89.33		-32
TSCO LN	Tesco Pls (BP)	Sold 5% position	Moderate	Medium	07/10/2022	277.1	199.3	7.7	-25.29
TTD US	The Trade Desk (USD)	Trimmed 2%	High	Medium	17/08/2022	35.77	72.1		101.57
JD US	JD.com	Sold 5% position	High	Medium	15/08/2022	76.87	56.36	1.24	-25.07
MSFT US	Microsoft (USD)	Trimmed 3%	Moderate	Medium	28/07/2022	172.07	274.32	3.25	61.31
700 HK	Tencent (HKD)	Sold 6% position	High	Medium	20/07/2022	386.51	342	2.8	-10.79
AMZN US	Amazon	Sold 6% position	Moderate	Medium	11/05/2022	3333.2	2162.07		-35.14
FCX US	Freeport-McMoRan	Sold 5% position	Moderate	High	24/03/2022	38.5	50.14	0.07	29.69
XOM US	Exxon Mobil	Sold 5% position	High	Medium	2/03/2022	55.4	80.6		45.49
WFC US	Wells Fargo & Co	Trimmed 3%	Moderate	Medium	23/02/2022	51.26	55.85	1.29	11.47
BHP LN	BHP Group PLC (GBp)	Sold 6% position	Moderate	Medium	28/01/2022	1650	2381	170.43	54.63
SHOP US	Shopify Inc	Sold 6% position	High	Medium	25/11/2021	1324.28	1650		24.6
ZM US	Zoom	Sold 4% position	High	Medium	06/10/2021	369.75	251.3		-32.04
005930 KS	Samsung Electronics Co Ltd (KRW)	Sold 5% position	Moderate	Medium	27/08/2021	46250	74500	3702	69.09
2318 HK	Ping An Insurance Group Co of	Sold 7% position	Moderate	Medium	06/08/2021	91.28	68.05	3.15	-22
VALE US	Vale SA	Sold 6% position	High	Medium	22/07/2021	10.26	22.46		118.91

OPINION
ACTION

Opinions for stocks held in the International Equities Portfolio

15/04/2025 09:34

Goldman Sachs (GS US) $US503.98

Overnight, Goldman Sachs’ traders maintained the trend set by its peers, posting their highest quarterly revenue on record, helped by strong equity trading – the stock rose ~2% following the result. The results built on a record year for Goldman in 2024 when the New York-based bank lifted its revenue in its equities division by almost 50%.

10/04/2025 09:41

Albermarle Corp (ALB US) $US50.76

The impact of Trump's tariffs was huge overnight, with ALB surging over +19%, albeit from a low base. In February, this $US7bn Li goliath company announced it could generate breakeven free cash flow in 2025 without lithium prices rising, positioning it well if/when Li prices can recover some of their deep losses.

09/04/2025 09:24

Zillow (ZG US) $US59.75

Real estate platform ZG is a business we still really like despite a 30% pullback in the share price. We’ve often written it up as a top pick for the International Equities Portfolio, having initially bought mid-way through 2024 at ~$46. Like many high-growth, high-valuation stocks of late, the share price has come under significant pressure.

03/04/2025 17:19

International Equities Portfolio – Amendment

US stocks are expected to open sharply lower this evening on tariff concerns, and we are using weakness to add a new position in Goldman Sachs (GS US), a stock that will likely be a key beneficiary later in the year underpinned by pro-growth US policies around lower taxes and regulation.

02/04/2025 09:52

HCA Healthcare (HCA US) $US345.73

Defensive stocks have been sort after into recent weakness, and the largest for-profit hospital operator, as well as outpatient services provider in America has edged higher while the rest of the market has fallen away.

02/04/2025 09:51

Chipotle Mexican Grill (CMG US) $US51.67

It’s been a weak period for the Mexican eatery business with over 3700 stores primarily in the US, with their last result coming in very mildly below expectations in terms of same-store sales growth, which measures the performance of their existing store network (i.e. excluding the impact of new restaurants).

26/03/2025 09:51

UBS Group (UBS US) $US29.09

UBS made a great acquisition of Credit Suisse in 2023, and while the integration is complex and there are some uncertainties around regulatory capital requirements in the short term, we ultimately believe the larger group is incredibly well positioned to take advantage of the resilience shown in Europe, and ultimately, underpin a further push into the US.

26/03/2025 09:50

The Trade Desk (TTD US) $62.00

The advertising technology company reported a poor quarterly and the stock has fallen sharply – more than halving from ~$US140 to this mornings close of $US62. Digital advertising remains the future, and we are confident that one soft quarter has not broken the TTD model. This recent weakness represents a buying opportunity, irrespective of the macro backdrop.

26/03/2025 09:49

Freeport-McMoRan (FCX US) $43.01

Copper has been on a tear, and while there are some shorter-term tariff related impacts at play, the medium-term picture for one of the key metals underpinning global electrification remain sound.

25/03/2025 09:51

Alibaba Group (BABA US) $US134.61

Alphabet has corrected ~24% from the $US200 area, in line with a weaker performance across the AI space, which has led to the correction in Big Tech. The Google parent company posted a cloud revenue miss in February as it ramps up spending on artificial intelligence (AI), worrying investors that the mega-cap technology company may fall short of its aspirations in the AI space.