International Equities Portfolio

For those seeking international direct equities exposure

18.98% Inception-to-date Performance

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 31/08/2026 17:00
Portfolio	1M	6M	1y	3y pa	5y pa	ITD pa	Total
INTERNATIONAL EQUITIES	2.72%	6.50%	14.11%	18.23%	15.62%	18.98%	247.90%
MSCI WORLD AUD	0.53%	9.21%	9.93%	16.12%	11.65%	13.51%	148.60%
VALUE ADD	+2.19%	(2.71%)	+4.18%	+2.11%	+3.97%	+5.47%	+99.30%

* 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	Moderate	High	17/08/2026	135.14	128.52		-4.90
ASH US	Ashland	4	Moderate	Medium	05/02/2026	63.16	73.46	0.84	17.64
B US	Barrick	4	Moderate	Medium	18/03/2021	22.92	44.97	1.11	101.05
BABA US	Alibaba	6	Moderate	Medium	27/11/2019	194.97	113.13	1.96	-40.97
BTU US	Peabody Energy	4	High	Medium	18/05/2023	21.74	29.02	0.83	37.30
BX US	Blackstone	6	Moderate	Medium	07/10/2022	104.49	137.02	10.58	41.26
CB US	Chubb	4	Moderate	Medium	05/02/2026	331.79	343.14		3.42
CCJ US	Cameco Corp	4	High	Medium	06/06/2024	50.78	100.94	0.33	99.43
CMG US	Chipotle Mexican Grill	5	Moderate	Medium	24/03/2022	35.96	37.19		3.42
HCA US	HCA Healthcare	4	Moerate	Medium	17/06/2026	392.38	406.57		3.62
IREN US	IREN	3	High	Short	24/03/2026	41.88	43.81		4.61
FCX US	Freeport McMoRan	6	Moderate	Medium	20/07/2022	38.22	73.25	0.90	94.01
FSLR US	First Solar	4	High	Medium	18/05/2023	187.45	206.81		10.33
JD US	JD.com	4	High	Medium	11/02/2025	40.99	28.26	1.00	-28.62
MSFT US	Microsoft Corp	6	Moderate	Long	25/02/2020	213.34	500.31	11.69	139.99
NVO US	Novo Nordisk	4	High	Medium	11/12/2025	49.96	46.59	0.91	-4.92
PSHZF US	Pershing Square Capital	5	Moderate	Long	18/05/2023	38.55	52.92	1.71	41.71
SPOT US	Spotify Technology	3	High	Medium	11/12/2025	606.80	543.32		-10.46
UBS US	UBS Group	5	Moderate	Long	22/08/2023	28.24	55.47	0.68	98.83
YETI US	YETI	4	Moderate	Medium	28/02/2023	38.89	41.39		6.43

Portfolio cash position: 11%

**Recent Sales** UPDATED 04/08/2026 09:00 trade now
Company code	STOCK NAME	ACTIVITY	RISK	TIME HORIZON	EXIT DATE	ENTRY PRICE ($)	CLOSE PRICE ($)	DIVIDENDS ($)	GAIN / LOSS (%)
TTD US	The Trade Desk (USD)	Sold 5% position	High	Medium	17/08/2026	42.31	13.78		-67.4
UBS US	UBS Group	Trimmed 1%	Moderate	Medium	03/08/2026	28.24	52.93	0.68	89.84
YETI US	YETI Holdings	Trimmed 1%	Moderate	Medium	03/08/2026	38.89	49.48		27.23
GOOGL US	Alphabet Inc	Sold 5% position	Moderate	Medium	06/02/2026	153.8	323.32	0.82	110.75
ZG US	Zillow	Sold 5% position	Moderate	Medium	06/02/2026	46.65	54.48		16.78
GS US	Goldman Sachs	Sold 5% position	Moderate	Medium	21/01/2026	525.43	946.38	11	82.2
FCX US	Freeport McMoran	Trimmed 2%	Moderate	Medium	21/01/2026	32.17	59.1	1.12	87.19
B US	Barrick Mining	Trimmed 2%	Moderate	Medium	21/01/2026	20.59	50.35	1.28	150.72
ALB US	Albemarle	Sold 4% position	High	Medium	21/01/2026	115.75	161.4	2.02	41.18
HCA US	HCA Healthcare	Sold 3% position	Moderate	Medium	19/11/2025	310.9	478	1.44	54.21
IREN US	Iren Ltd	Sold 2.5% position	High	Medium	16/09/2025	11.98	37.46	0	212.69
CCJ US	Cameco Corp	Trimmed 1%	High	Medium	02/07/2025	50.78	71.46	0.11	40.94
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

01/09/2026 09:31

Peabody Energy Corp (NYSE: BTU) US$29.69

26/08/2026 09:30

Alibaba (ADR: BABA) US$119.44

Alibaba (BABA) shares have come under pressure this week after the Chinese ecommerce and cloud giant announced plans to raise HK$80bn (US$10.2bn) through a new share placement, with the proceeds earmarked entirely for artificial intelligence infrastructure. The placement involves 710 million newly issued ordinary shares at HK$112.70 each and is expected to close today (26 August). Hong Kong-listed shares fell more than 8% on the news, while the ADRs – which we own, were only down around ~1.5%.

25/08/2026 09:26

Cameco Corp (CCJ US) US$102.27

CCJ is a US$44bn uranium giant CCJ which is more than 10x larger than local player Paladin (PDN). CCJ like many in the sector has endured a volatile 2026, with CCJ and the URNM ETF peaking and bottoming at almost identical times, although CCJ has modestly outperformed the ETF YTD thanks to its scale, diversified operations and exposure to Westinghouse. The January rally was fuelled by enthusiasm around nuclear power, AI-driven electricity demand and uranium contracting, while a C$2.6bn supply agreement with India in March reinforced the longer-term demand story.

24/08/2026 09:09

Chart of the Week: Freeport-McMoRan (FCX US) US$76.66

The largest listed copper miner FCX soared over +7% on Friday night in US trade, its best one-day move since April last year, breaking out to new highs in the process.

19/08/2026 09:17

Pershing Square Holdings (PSHZF US/PSHD LN) $US53.15

At the end of July, NAV was US$77.10 per share, while recent buybacks were being completed around US$52.39. That implies a discount of roughly 32%. In other words, investors are still paying only around 68c for every dollar of underlying assets. However, the narrowing of the discount over the past three years hasn’t really played out as we had envisaged, and this remains an issue with the holding.

17/08/2026 15:39

Portfolio Amendments – International Equities Portfolio

We are making three changes to the International Equities Portfolio

14/08/2026 09:21

JD.com Inc-ADR (NASDAQ: JD) US$29.30

JD.com delivered a better-than-expected second quarter, with profit comfortably ahead of consensus despite softer revenue. The key positive was a clear improvement in earnings quality, helped by solid profitability in the core retail business and continued narrowing of losses in food delivery.

14/08/2026 09:19

YETI Holdings Inc (NYSE: YETI) US$45.47

YETI delivered a strong second-quarter result, with earnings and margins comfortably ahead of expectations, but shares fell ~10% on softer drinkware growth and a second-half outlook that looks a little light relative to consensus.

12/08/2026 09:28

Barrick Mining (NYSE: B) US$40.13

Barrick provided a quarterly update on Monday night in the US and produced a reasonable second quarter operationally, with stronger-than-expected gold production and costs helping earnings (EBITDA) beat expectations. However, the result was overshadowed by its agreement with Newmont over Nevada Gold Mines, with some obvious disappointment around the implied valuation of Barrick’s highly regarded Fourmile project.

05/08/2026 09:32

Spotify Tech. (NYSE: SPOT) US$478.17

Spotify delivered a broadly solid second quarter, with operating profit, margins and premium subscriber growth ahead of expectations. However, shares traded modestly lower, down 1.7%, after third-quarter guidance for monthly active users and operating income fell short of consensus.