21/03/2024 17:05

International Equities Portfolio – Amendments

We are adding to 2 positions in the International equities Portfolio

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01/03/2024 09:32

Snowflake (SNOW US) $US188.28

A tough session overnight for data business Snowflake (SNOW US), held in our International Equities Portfolio down 18% after announcing a mildly weaker outlook and the surprise departure of their CEO Frank Slootman - who’s incredibly well regarded. We think this surprise accounts for the majority of the decline and when combined with a slightly weaker-than-expected outlook, overlayed with the ~70% rally the stock has experienced since November, some selling is understandable.

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24/01/2024 09:18

How is the venture capitalist community thinking about technology?

We read an interesting piece of research published by UBS this week following their 2-day VC conference where a bunch of well-regarded firms discuss emerging enterprise technology trends, the companies that these VC firms have invested in and the impacts these trends may have on publicly traded software stocks.

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01/12/2023 09:22

Snowflake Inc (SNOW US) $US187.68

The US-based cloud data company reported 3Q earnings after the market on Wednesday, which was important on several fronts. The company beat expectations and rallied strongly as a consequence – Analysts at Citi described it as the best performance in six quarters!

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29/11/2023 09:18

Snowflake (SNOW US) $US170.72

The rise of AI is obviously getting a lot of airtime, and rightly so, this is one of the ‘Megatrends’ that will remain in the spotlight for many years to come, however, for now, it’s the large, well-known beneficiaries of this theme that are attracting the most attention. The companies that run the cloud, Amazon, Google, Microsoft & Oracle, and the providers of processing power such as Nvidia (NVDA US),  but there are many other companies in the space that MM should stay firmly across, Snowflake being one of those we already hold in the International Equities Portfolio, and while the position is up ~20%, it has underperformed.

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28/06/2023 09:28

Snowflake (SNOW) US$177.02

Artificial Intelligence (AI) is a huge subject and there is little doubt, it will drive incredible change over the coming decades in how we all live and work. We believe it will be akin to the Industrial Revolution where the world moved from hand production to the use of machines in the late 1700’s, driving incredible productivity advantages as a result.

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30/11/2022 09:14

Snowflake (SNOW US) $US136.97

US-listed data analytics business SNOW is one of the pin-ups for unprofitable tech trading on a big multiple (~16x) of revenue, and they report quarterly numbers in the US tonight. We hold 3% of the International Equities Portfolio in the stock having bought around current levels and while we see a huge future for Snowflake, their growth rates will be very important to where the stock trades from here

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14/09/2022 09:28

International Equities Portfolio

The MM International Equities Portfolio enjoyed a strong week even with the aggressive sell-off overnight, the portfolio was up 3.01% outpacing the S&P 500 which added +0.65%. Copper miner Freeport McMorRan (FCX US) +11.72% led the line supported by an 11.68% rally from Snowflake (SNOW US). Only two positions fell with Tesco (TSCO LN) down 3.58% the weakest of them while Alphabet (GOOG US) lost -0.87%.

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07/09/2022 09:30

International Equities Portfolio

The MM International Equities Portfolio was higher during the week up +0.26% however it was more influenced by the weakness in the Australian Dollar versus stock performance. Still, good gains were experienced in our favourite Mexican Chipotle (CMG US) +3.93% & Glencore (GLEN LN) +3.36% although Snowflake (SNOW US) fell by  -5.77%. Cash remains elevated at 9%.

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31/08/2022 09:35

International Equities Portfolio

The MM International Equities Portfolio had a softer week in absolute terms however it did do better than the market overall. Cash sits at 9% as we consider what comes next for global equities. Our most recent purchase of Snowflake (SNOW US) did well up +21.08% for the week as their growth outlook impressed while Alibaba Group (BABA US) +4.81% enjoyed the better rhetoric around Chinese stocks. The UK continues to grapple with many issues, inflation being a key one that has weighed on our Tesco (TSCO LN) holding which fell by -6.19%.

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