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International Equities Portfolio

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 MM International Equities portfolio fell -6.7% last week while cash sits at 8%. Every stock in the portfolio was down, the worst performers were PayPal (PYPL US) -16.6%, Glencore (GLEN US) -11.6% and Amazon.com (AMZN US) -8.9% while Brunswick Corp (BC US) was our best performer and it still fell -1.8%.

We are holding a reasonable cash position in this portfolio but not high enough to make us feel compelled to buy current weakness in stocks. Overall our portfolio composition is ok but we’re still looking for a decent bounce in growth names to lighten our exposure to this high value area of the market. Taking profit on 3 resources positions in 2022 is starting to pay dividends with our next portfolio rotation likely to be from a tech holding, hopefully at higher levels, into healthcare i.e. more defensive. However following some poor earnings reports after the US close this morning any bounce in tech is unlikely to be immediate.

  • Texas Instruments (TXN US), Alphabet (GOOGL US), Microsoft (MSFT US) and Juniper Networks (JNPR US) are all falling in late US trade.

We will be watching out for a classic case of “buy on rumour sell on fact” playing out in reverse with TXN on our radar ~$US150 although we have no intention of increasing our tech exposure even further hence any purchase would be a switch.

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