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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15/06/2022 09:32

International Equities Portfolio

The MM International Equities Portfolio had a soft week down by -5.89%, pretty much in line with broader markets although the currency was a help. Cash sits at 9%.  PayPal (PYPL) was the weakest link down -14.5% however the banks in the US were also hit in line with our own, we own Wells Fargo (WFC) in the space which fell 13.95%. Chinese tech bounced with JD.com (JD US) +5.83% and Tencent (700 HK) +6.86%.

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08/06/2022 09:28

International Equities Portfolio

The MM International Equities Portfolio had a solid week up by 1.13% despite the market being down. Cash sits at 9%. The Chinese facing technology stocks Alibaba (BABA US) +8.08% & JD.com (JD US) +9.47%  benefitted from reopening while Brunswick (BC US) was the weakest link down by -3.39%.  

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01/06/2022 09:55

International Equities Portfolio

The MM International Equities Portfolio had a solid week up by +5.44% even after the currency detracted -1.12%. Cash sits at 9%.  Volatility within The Trade Desk (TTD US) remained high with the stock rebounding +20% while Alibaba (BABA US) +15.11% and JD.com (JD US) +11.87% were also highlights. Barrick Gold (GOLD US) -4.03% was the only real detractor from portfolio performance.

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11/05/2022 09:39

International Equities Portfolio

The MM International Equities Portfolio fell -7.2% during the week with cash remaining at 8%.  Trade Desk (TTD US) was whacked -26% and JD.com -15.6% while Brunswick (BC US) advancing just +0.5% was, unfortunately, the only green across our portfolio. While this portfolio is filled with high-quality companies, a number of these have fallen substantially this year dragging performance with them. In hindsight...

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