09/12/2024 07:11

International Equities Portfolio – Amendment

We are taking profit on a bank holding in the International Equities Portfolio.

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01/11/2024 09:20

Wells Fargo & Co (WFC US) $US65.12

WFC surged higher in October after the bank reported its third-quarter earnings ahead of expectations, a common theme in the sector recently. WFC repurchased $3.5 billion of common stock in the third quarter, bringing its nine-month total to more than $15 billion, or a 60% increase from a year ago - a strong tailwind for the share price.

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17/07/2024 09:11

Wells Fargo (WFC US) $US62.55

WFC reported quarterly earnings on Friday, and shares fell ~6% on the result, and while they’ve recovered, the trends were mixed for the 3rd largest bank in the US based on total assets. The bank's Net Interest Income (NII), which measures the difference between interest revenues and interest expenses, came in at $11.92bn for the quarter, missing consensus by less than 2%.  Revenue was a touch soft, and expenses a touch higher which weighed on margins.

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17/10/2023 09:17

Wells Fargo & Co (WFC US) $US41.65

WFC reported a strong 3rd quarter revenue of $US20.9bn, an impressive +7% increase on the same period last year. The gain was propelled by an 8% rise in net interest income to $13.1 billion, primarily attributed to higher interest rates. Profits increased +61% year over year to $US5.7bn, affirming the bank's growth trajectory – nothing not to like in these numbers apart from what comes next if/when bond yields stabilise or decline.

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31/05/2023 09:13

Wells Fargo & Co (WFC US) $US40.98

Again we’re looking at a stock weighing on our portfolio’s performance with WFC showing us an almost -16% paper loss after tumbling with the US Banking Sector as the regional names came under fire due to savaged bond prices. In hindsight, we should have locked in profits but that’s now irrelevant, what matters is the plan going through the remainder of 2023/4.

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15/03/2023 09:30

Wells Fargo & Co (WFC US) $US40.17

I’m sure all subscribers are aware of the collapse of Silicon Valley Bank (SIVB US) and subsequent acceleration to the downside by the US Banking Sector – the regionals have already corrected a painful -56% with the plunge over the last week just an extension of a bearish trend which has been unfolding since early 2022. Global indices and especially those in the US are not as heavily skewed to the Banking Sector as the ASX with the S&P500’s entire Financial Sector only making up just over 10% of the index, less than half of the local market.

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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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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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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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