18/08/2026 09:50

Portfolio Amendments – Active Growth & Active Income Portfolios

We are selling JB Hi-Fi (JBH)  in both the Active Growth & Income Portfolios. While their FY26 result was very good, especially in the context of the year (3 rate hikes), the trading update for July shows a decent slow down, which leads to negative earnings revisions.

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18/08/2026 09:43

JB Hi-Fi Ltd (ASX: JBH) $71.65

There are some obvious pros and cons towards JBH after yesterday’s FY26 report.

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17/08/2026 16:56

JB Hi-Fi (ASX: JBH) $71.65

JB Hi-Fi -12.31%: delivered a broadly solid FY26 result, with earnings and margins largely in line with expectations and another strong dividend. However, the issue as a slowdown in fourth-quarter momentum and a weak start to FY27, sending the shares lower.  

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30/07/2026 09:26

JB Hi-Fi (ASX: JBH) $81.80

We discussed JBH and the retail sector last month here after the  Fair Work Commission’s decision to lift minimum and award wages, another headwind for a sector already struggling with rising interest rates and a troubled consumer. JBH isn’t as exposed as some Australian retailers to the housing slowdown, with a decent portion of its goods regarded as must-haves in today's new technology world, although the tough environment is not good for growth or margins.

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03/06/2026 09:30

JB Hi-Fi (ASX: JBH) $71.02

JBH and a number of other discretionary retail stocks were under pressure yesterday following the Fair Work Commission’s decision to lift minimum and award wages by 4.75% from 1 July. The move impacts around 2.8 million workers and has clear implications for labour-intensive sectors such as retail, hospitality and services.

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06/05/2026 17:00

JB Hi-Fi (JBH) $72.98

JBH -6.28%: was hit today after its March quarter update missed expectations, with the Australian business delivering positive but underwhelming comparable sales growth. The result was not bad in absolute terms, JB Australia and The Good Guys are still growing in a tougher retail backdrop, but the market was positioned for better, particularly given the stock’s recent bounce from the lows. The bigger concern for us was around margin pressure, with management calling out supplier cost inflation, stock shortages and heightened competition across technology categories going into an important sales period pre-June 30.

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26/03/2026 09:25

JB Hi-Fi Ltd (JBH) $75.59

We covered JBH after their 1H result last month Here. While we admire JBH as a business we remained on the sidelines during its “certainty trade” blow off top around $120 and during most of its subsequent 40% pullback, but we believe the stock now looks appealing from a risk/reward perspective, finally trading back around its long term average valuation, and ~20% below its 2-year average. This is a great example of how stocks go in and out of favour while nothing operationally changes while in this case an economic slowdown and higher interest rates already look priced in.

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24/03/2026 10:02

Portfolio Amendments – Active Growth Portfolio

We are making several changes to the Active Growth Portfolio

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16/02/2026 17:15

JB Hi-Fi (JBH) $82.40

JBH +7.46%: A solid 1H result, with earnings in line with expectations and the business continuing to execute well in a competitive retail environment. While January trading was softer (+2.4%) and management struck a cautious tone, the market had already priced in plenty of bad news after the stock’s recent pullback. 

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11/12/2025 09:57

JB Hi-Fi (JBH) $90.77

JBH has been smacked in the second half of 2025 as the “Certainty Trade” unwound, and investors finally paid some attention to valuations. Weakness accelerated from late October following its first-quarter update, which came in broadly in line with expectations, but the underlying message was one of resilience rather than acceleration, i.e. a continuation of solid, mature growth rather than anything to excite investors who had pushed the stock's valuation into realms of strong growth.

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