13/05/2026 09:41

JD.com Inc. (Nasdaq: JD) US$31.49

JD.com delivered a better-than-expected March quarter result overnight, with revenue and profit ahead of expectations, while the key positive was evidence that losses in its newer businesses, particularly food delivery, are narrowing. We own JD.com in the International Equities Portfolio, and while the stock has been weighed down by concerns around China’s consumer backdrop and aggressive food-delivery competition, this result should help rebuild some confidence that the core retail business remains profitable and management is getting better control of investment spend.

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11/03/2026 09:18

JD.com (JD US) $US27.73

JD.com remains one of China’s key e-commerce players, combining a direct retail model with a third‑party marketplace and underpinned by a logistics network that continues to be a major competitive advantage. Alongside the core business, JD is building out several adjacencies, including JD Logistics, JD Health and JD Industrials, while also investing more heavily into on‑demand retail and food delivery. These newer areas are absorbing capital and weighing on near‑term earnings, but management is positioning them as longer-term growth engines.

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15/08/2025 08:29

JD.com (JD US) $US31.58

The China-based online marketplace reported its second-quarter results on Thursday, beating at the revenue line and showing solid growth, though margins remain a challenge—impacting overall earnings.

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14/05/2025 09:23

JD.com (JD US) $US 37.25

We haven’t owned JD.com long however there’s been a lot thrown at the position since we entered in early February around ~US$40. A leading player in Chinese e-commerce, JD has been in the cross hairs of sentiment swings around China facing equities; however, operationally, they’ve been performing, overnight reporting the fastest pace of sales growth since 2022, thanks in part to consumer-targeted stimulus that subsidises purchases of electronics and household appliances.

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12/02/2025 09:21

JD.com (JD US) $US40.80

JD.com is one of China's largest e-commerce platforms and generates most of its revenue from its core retail business, which sells goods across various categories, including electronics, home appliances, clothing, and lots more. Like Amazon,  this is split between direct sales (where JD.com buys goods and sells them directly to consumers) and marketplace sales (where third-party sellers use JD.com’s platform to reach consumers).

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11/02/2025 15:01

International Equities Portfolio – Amendments

We are trimming an overweight position and adding a new position in the International Equities Portfolio.

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10/08/2022 11:26

International Equities Portfolio – Amendment

We are cutting JD.com (JD US). This is our least preferred holding in the portfolio and we want to increase cash to improve portfolio flexibility. 

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03/08/2022 09:42

International Equities Portfolio

The MM International Equities Portfolio had a strong week up by 6.04% while cash sits at 2%. For the month of July, the portfolio was 7.35% higher.  Some big moves played out in the 5 trading sessions since our last update, mostly on the upside with Chipotle (CMG US) rallying 18.29% on a better-than-feared earnings report, Paypal (PYPL US) +16.89% plus they have just...

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20/07/2022 09:33

International Equities Portfolio

The MM International Equities Portfolio had a positive week up by +0.41% including the impact of a stronger AUD which took a significant 2.13% away from portfolio returns.  Cash sits at 4% having added HCA Healthcare (HCA US) to the portfolio last week with the position rallying ~6% since purchase. Elsewhere, Wells Fargo (WFC US) +5.89% had a solid week on a good...

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13/07/2022 09:42

International Equities Portfolio

The MM International Equities Portfolio had a positive week up by +0.54%, although a fall in the AUD was the main positive contributor adding +1.5% to returns.  Cash sits at 9%. After enjoying a strong bounce from recent lows, Asian facing technology/e-commerce stocks fell led by Alibaba (BABA US) -7.46% and JD.com (JD US) -5.39% while Mexican restaurant chain Chipotle...

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