The Market Matters International Equities Portfolio is a high conviction direct international equities portfolio that targets well known global brands – Click here to view
MM’s International portfolio fell 2.25% during the week with the Aussie dollar being a negative influence while cash sits at 9%. We enjoyed ongoing strength from Exxon Mobil (XOM) whereas PayPal (PYPL US) was the standout loser following rumours it was looking to purchase Pinterest to fuel ongoing growth, the company refuted the claims but the stock hasn’t particularly recovered.
We are looking to align this portfolio a little closer to our medium-term outlook for stocks, sectors and indices. As markets push to fresh highs we’re comfortable with our 9% cash position and we can see it edging higher into Christmas. At this stage we are simply re-evaluating our portfolio mix:
- Buy Freeport-McMoRan (FCX US) – No change, this is one international resources business we still really like at current levels seeing 25-30% upside short-term.
- Sell PayPal (PYPL US) – arguably our weakest position in the portfolio and we are considering taking a loss with FCX our likely vehicle for the funds.
- If / when the NASDAQ pushes towards the 16,000 area we can see ourselves reducing our US tech exposure with healthcare a potential benefactor.
MM is looking to switch PayPal into Freeport-McMoRan
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