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 had a great week up +8.27%, while cash sits at 9%. A +44.47% rally from Alibaba (BABA US) and a +35% increase in JD.com (JD US) the main drivers, simply huge gains however we also enjoyed a +21.29% increase in The Trade Desk (TTD US) & a 13.15% increase in Glencore (GLEN LSE). Only 2 stocks fell, Barrick Gold (GOLD US) the weakest link down -1.69% however the main detractor on performance came from the rise in the Australian Dollar which took -3.46% from portfolio returns, in other words, the portfolio added +11.46% in $US terms before the AUD headwind.
Last week we discussed Alibaba (BABA US) and we commented “If we had no position this would be a prime candidate for a speculative buy” right on cue the company announced a $US25bn share buyback which has sent the stock soaring over 55% in less than 2-weeks – note we still believe its cheap around $US115. MM believes this could be the 1st announcement of a few across China Tech as the sector sits on the attractive combination of large cash balances and depressed share prices.
