The Market Matters International Equities Portfolio is a high conviction direct international equities portfolio that targets well known global brands – Click here to view
The International Equities Portfolio is 2.27% higher than when we last penned this report with +1.79% of the gain occurring this week. Cash remains at ~4%. A few of the recent ‘pain points’ in the portfolio rallied led by JD.com (JD US) +19.35% & Alibaba (BABA US) +10.37%, offset to some degree by falls in Microsoft (MSFT US) and Apple (AAPL US) off -4.44% and -2.75% respectively.
It was nice to see some buying re-emerge in the two China facing e-commerce giants JD & BABA. They have been hit in recent times on regulatory crackdown concerns and that has prompted some well-known investors to exit their China facing stocks. We think that’s an overreaction in the short term and liquidating these powerful companies into panic selling is the wrong call if you believe in the medium prospects of Chinese consumption, as we do.