Wells Fargo (WFC US)

06/04/2022 09:49

International Equities Portfolio

The portfolio fell -2.4% last week while cash sits at 8%.  Glencore (GLEN LN) was our best performer rallying +6.2% while Brunswick Corp (BC US) had a shocker falling over 15% following a more bearish Jefferies report into the US leisure market, specifically around boat sales.

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23/02/2022 09:36

Microsoft (MSFT US) v Wells Fargo (WFC US)

We are looking at a simple switch in-line with our recent rhetoric towards equities:

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15/02/2022 09:16

Wells Fargo & Co (WFC US) $US58.31

MM is looking for WFC to consolidate around the $US60 area hence we are planning to close this position a little higher, again in line with our outlook that bond yields will struggle in the months ahead i.e. a headwind for the banks. We own WFC in our International Equities Portfolio.

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02/02/2022 09:29

Wells Fargo & Co (WFC US) $US55.75

Again assuming our outlook on bond yields is correct it could prove a headwind for the US banking sector, although it wasn’t the case overnight with WFC rallying over 3%. The stocks almost tripled since its panic low in 2020, importantly this is currently our largest holding with a 9% weighting hence we are considering reducing into current strength.

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02/02/2022 09:28

International Equities Portfolio

The MM International Equities Portfolio had a strong week up +5.46% while cash remains at 4%. The main support from a performance perspective came from an aggressive bounce back in technology with The Trade Desk (TTD US) up 13.82%, PayPal (PYPL US) +11.50% while Exxon Mobil (XOM US) also benefitted from continued strength in energy prices...

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27/01/2022 09:36

International Equities Portfolio

The MM International Equities Portfolio fell -3.84% during the week while cash remains at 4%. The main headwind on performance primarily came from the technology space, The Trade Desk (TTD) fell -12.23% while Amazon (AMZN US) was off -11.40%, although in the same sector Tencent (700 HK) rallied +5.76% while Barrick Gold (GOLD US) put on +6.47%.

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19/01/2022 09:41

Wells Fargo & Co (WFC US) $US56.73

US bank Wells Fargo is our largest holding in our International Portfolio and after surging in recent weeks MM is looking to reduce the holding from 9% to 6%, a great result for a position that was struggling in its early days and had a difficult time through the pandemic.

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19/01/2022 09:39

International Equities Portfolio

The MM International Equities Portfolio fell -2.02% during the week while cash remains at 4%. The main headwind on performance came from The Trade Desk (TTD US) which fell by -16.39% on no specific company news, simply the move out of high value tech. PayPal (PYPL) & Microsoft (MSFT) were also caught up in the move down -8.95% & -3.96% respectively. On the flipside, the resource stocks in this portfolio did well, both BHP and Glencore up more than 6%.

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06/10/2021 09:39

International Equities Portfolio

MM’s International portfolio slipped -1.11% in the volatile week for stocks with as expected the tech holdings struggling while the Energy and financials rallied nicely. This portfolio was our weakest in the month of September down -6.28%  dragging down its FY22 performance to -5.44% - it’s allocation to technology is hurting short term.  

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29/09/2021 09:18

International Equities Portfolio

MM’s International portfolio fell -2.12% in tough / volatile week for stocks, not surprisingly Exxon Mobil (XOM US) was the standout performer while Zoom (ZM US) again frustrated us. We are still holding 9% in cash with 2 moves on our mind at present as we continue to look at ways to take advantage of the current market jitters, unfortunately Glencore (GLEN LN)...

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