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 had a softer week down -2%, largely a result of the stronger AUD which detracted -1.7% from returns. Cash sits at 2%. A decent earnings beat and less dire outlook saw HCA Healthcare (HCA US) rally +12.33%, a nice pop from a recent purchase while Alphabet (GOOGL US) -9.72% and The Trade Desk (TTD US) -8.88% were the biggest drag. These two are exposed to similar trends in online advertising spend and were hurt by the poor update from SNAP due to weak advertising revenue although true to form, Google has just released a strong earnings report aftermarket and is trading up ~5%.
We also saw Mexican restaurant chain Chipotle (CMG US) report its quarterly earnings this morning with lower-than-expected sales offset by stronger margins helping profit beat expectations. Their ability to raise prices and expand margins in this environment is very pleasing – shares traded up 8% after hours.
