International Equities Portfolio

For those seeking international direct equities exposure

About The Portfolio

A high conviction direct international equities portfolio that targets well known global brands, along with some smaller, high growth opportunities.

Prices in $US unless otherwise stated in the stock name

**Portfolio Performance** UPDATED 31/01/2026 17:00
Portfolio	1M	3M	6M	1y	3y pa	5y pa	ITD pa*
INTERNATIONAL EQUITIES	1.03%	7.02%	22.2%	23.00%	27.19%	19.52%	22.06%
MSCI WORLD AUD	-2.82%	-3.09%	2.49%	5.94%	20.11%	14.94%	13.43%
VALUE ADD	+3.85%	+10.11%	+19.71%	+17.06%	+7.08%	+4.58%	+8.63%

* Inception date 26/06/2019

**Portfolio Holdings** 20 MINUTES DELAYED trade now
CODE	NAME	WEIGHT (%)	RISK	TERM	BUY DATE	BUY PRICE ($)	LAST PRICE ($)	DIVIDENDS ($)	GAIN / LOSS (%)
ASH US	Ashland	4	Moderate	Medium	05/02/2026	63.16	62.43		-1.16
B US	Barrick	3	Moderate	Medium	18/03/2021	20.59	47.64	0.77	135.11
BABA US	Alibaba	6	Moderate	Medium	27/11/2019	194.97	164.32	1.96	-14.72
BTU US	Peabody Energy	4	High	Medium	18/05/2023	20.90	36.77	0.67	79.14
BX US	Blackstone	6	Moderate	Medium	07/10/2022	102.62	133.47	8.11	37.97
CB US	Chubb	4	Moderate	Medium	05/02/2026	331.79	329.07		-0.82
CCJ US	Cameco Corp	4	High	Medium	06/06/2024	50.78	119.18	0.33	135.35
CMG US	Chipotle Mexican Grill	5	Moderate	Medium	24/03/2022	35.96	37.22		3.50
FCX US	Freeport McMoRan	4	Moderate	Medium	20/07/2022	32.17	65.46	0.75	105.81
FSLR US	First Solar	4	High	Medium	18/05/2023	187.45	227.74		21.49
JD US	JD.com	4	High	Medium	11/02/2025	40.99	28.27		-31.03
MSFT US	Microsoft Corp	6	Moderate	Medium	25/02/2020	213.34	404.37	9.87	94.17
NVO US	Novo Nordisk	4	High	Medium	11/12/2025	49.96	48.74		-2.44
PSHZF US	Pershing Square Capital	5	Moderate	Long	18/05/2023	36.95	59.70	1.17	64.74
SPOT US	Spotify Technology	3	High	Medium	11/12/2025	606.80	487.17		-19.71
TTD US	The Trade Desk	5	Moderate	Medium	24/04/2020	42.31	27.23		-35.64
UBS US	UBS Group	5	Moderate	Medium	22/08/2023	25.44	42.27	0.68	68.83
YETI US	YETI	5	Moderate	Medium	28/02/2023	38.89	47.46		22.04

Portfolio cash position: 19%

**Recent Sales** UPDATED 05/02/2026 09:00 trade now
Company code	STOCK NAME	ACTIVITY	RISK	TIME HORIZON	EXIT DATE	ENTRY PRICE ($)	CLOSE PRICE ($)	DIVIDENDS ($)	GAIN / LOSS (%)
GOOGL US	Alphabet Inc	Sold 5% position	Moderate	Medium	06/02/2026	153.8	323.32	0.82	110.75
ZG US	Zillow	Sold 5% position	Moderate	Medium	06/02/2026	46.65	54.48		16.78
GS US	Goldman Sachs	Sold 5% position	Moderate	Medium	21/01/2026	525.43	946.38	11	82.2
FCX US	Freeport McMoran	Trimmed 2%	Moderate	Medium	21/01/2026	32.17	59.1	1.12	87.19
B US	Barrick Mining	Trimmed 2%	Moderate	Medium	21/01/2026	20.59	50.35	1.28	150.72
ALB US	Albemarle	Sold 4% position	High	Medium	21/01/2026	115.75	161.4	2.02	41.18
HCA US	HCA Healthcare	Sold 3% position	Moderate	Medium	19/11/2025	310.9	478	1.44	54.21
IREN US	Iren Ltd	Sold 2.5% position	High	Medium	16/09/2025	11.98	37.46	0	212.69
CCJ US	Cameco Corp	Trimmed 1%	High	Medium	02/07/2025	50.78	71.46	0.11	40.94
FSLR US	First Solar	Trimmed 2%	High	Medium	11/02/2025	187.45	162.55		-13.3
AAPL US	Apple	Sold 5% position	Moderate	Medium	14/01/2025	48.49	232.11	3.48	385.9
WFC US	Wells Fargo & Co	Sold 6% position	Moderate	Medium	06/12/2024	51.26	73.99	3.24	50.1
HCA US	HCA Healthcare	Sold 3% position	Moderate	Medium	12/09/2024	225.77	385.42	0.65	71
SNOW US	Snowflake	Sold 5% position	High	Medium	12/09/2024	150.73	112.6		-25.3
DE US	Deere & Co	Sold 6% position	Moderate	Long	21/05/2024	367	390.93	11.93	9.77
TTD US	The Trade Desk (USD)	Trimmed 1%	High	Medium	31/01/2024	42.31	67.91		60.51
BX US	Blackstone Group	Trimmed 1%	High	Medium	31/01/2024	89.48	125.95	3.42	44.58
BC US	Brunswick Corp	Sold 5% position	Moderate	Medium	31/01/2024	96.96	82.26	4.06	-10.97
GOLD US	Barrick Gold	Trimmed 2%	Moderate	Medium	31/01/2024	20.59	15.76	0.56	-20.74
CCJ US	Cameco Corp	Sold 3% position	High	Medium	16/01/2024	36.2	50.13	0.09	38.73
DIS US	Walt Disney	Sold 5% position	High	Medium	17/07/2023	96.81	88.42		-8.67
AAPL	Apple	Trimmed 1%	Moderate	Medium	22/06/2023	48.49	183.74	2.98	285.1
MSFT US	Microsoft	Trimmed 1%	Moderate	Medium	22/06/2023	172.07	334.12	4.61	96.86
HCA US	HCA Healthcare	Sold 4% position	Moderate	Medium	22/06/2023	168.54	286.49	1.2	70.7
HCA US	HCA Healthcare	Trimmed 1%	Moderate	Medium	18/05/2023	168.54	278.28	0.6	65.47
CMG US	Chipotle Mesican	Trimmed 2%	High	Medium	18/05/2023	1548.47	2060.8		33.09
PYPL US	PayPal	Sold 6% position	High	Medium	18/05/2023	290.84	61.46		-78.87
XOM US	Exxon Mobil Corp	Sold 4% position	Moderate	Medium	28/02/2023	87.58	111.24	2.7	30.1
GOOGL US	Alphabet Inc	Sold 6% position	High	Medium	28/02/2023	131.36	89.33		-32
TSCO LN	Tesco Pls (BP)	Sold 5% position	Moderate	Medium	07/10/2022	277.1	199.3	7.7	-25.29
TTD US	The Trade Desk (USD)	Trimmed 2%	High	Medium	17/08/2022	35.77	72.1		101.57
JD US	JD.com	Sold 5% position	High	Medium	15/08/2022	76.87	56.36	1.24	-25.07
MSFT US	Microsoft (USD)	Trimmed 3%	Moderate	Medium	28/07/2022	172.07	274.32	3.25	61.31
700 HK	Tencent (HKD)	Sold 6% position	High	Medium	20/07/2022	386.51	342	2.8	-10.79
AMZN US	Amazon	Sold 6% position	Moderate	Medium	11/05/2022	3333.2	2162.07		-35.14
FCX US	Freeport-McMoRan	Sold 5% position	Moderate	High	24/03/2022	38.5	50.14	0.07	29.69
XOM US	Exxon Mobil	Sold 5% position	High	Medium	2/03/2022	55.4	80.6		45.49
WFC US	Wells Fargo & Co	Trimmed 3%	Moderate	Medium	23/02/2022	51.26	55.85	1.29	11.47
BHP LN	BHP Group PLC (GBp)	Sold 6% position	Moderate	Medium	28/01/2022	1650	2381	170.43	54.63
SHOP US	Shopify Inc	Sold 6% position	High	Medium	25/11/2021	1324.28	1650		24.6
ZM US	Zoom	Sold 4% position	High	Medium	06/10/2021	369.75	251.3		-32.04
005930 KS	Samsung Electronics Co Ltd (KRW)	Sold 5% position	Moderate	Medium	27/08/2021	46250	74500	3702	69.09
2318 HK	Ping An Insurance Group Co of	Sold 7% position	Moderate	Medium	06/08/2021	91.28	68.05	3.15	-22
VALE US	Vale SA	Sold 6% position	High	Medium	22/07/2021	10.26	22.46		118.91

OPINION
ACTION

Opinions for stocks held in the International Equities Portfolio

11/02/2026 09:37

Spotify (SPOT US) $US476.02

SPOT US shares ripped higher overnight (up as much as ~18% at the peak), its biggest intraday move since 2019, after a strong 4Q result and an upbeat 1Q outlook that directly addresses one of the market’s biggest concerns: margin sustainability. We own the stock, and this was a very good update.

06/02/2026 09:40

Peabody Energy Corp (BTU US) $US34.24

Peabody (BTU) slipped 2.2% overnight in a weak session on Wall Street, supported by solid 4th quarter earnings, which contained no nasty surprises:

06/02/2026 09:39

Barrick (B US) $US43.97

B US shares were initially higher after it reported 4th quarter earnings ahead of estimates, though broader weakness in the gold space overshadowed the strong operational performance.

05/02/2026 21:04

Alphabet (GOOGL US) $US333.04

Alphabet shares were mildly lower overnight after flagging FY26 capex of $175–185bn, well above consensus (~$120bn). The spending shock overshadowed a clean earnings beat, with Search and Cloud both accelerating as AI demand lifts utilisation and pricing power. The debate is simple: near-term free-cash-flow pressure versus longer-term AI leadership.

05/02/2026 20:56

Portfolio Amendments – International Equities Portfolio

We are making several changes to the International Equities Portfolio

04/02/2026 09:23

Novo Nordisk (NVO US) $US50.30

NVO US shares were hit hard overnight, with the ADRs down as much as 15%, after the company delivered weaker-than-expected 2026 sales guidance. While reported results broadly beat expectations, the outlook dominated focus, highlighting intensifying GLP-1 competition, price pressure in the US, and the loss of exclusivity for semaglutide in parts of international markets.

30/01/2026 17:18

Blackstone (BX US) $US142.94

Blackstone reported a good quarterly overnight, with earnings and activity accelerating as lower rates and improved financing conditions reignited dealmaking. Management described the environment as reaching “escape velocity” - language we haven’t heard since pre-COVID. After two years of subdued exits and cautious capital deployment, Blackstone is once again doing what it does best: realising assets, recycling capital, and raising fresh money at scale.

29/01/2026 09:40

Microsoft Corp (MSFT US) $US481.63

MSFT delivered a clean beat across revenue and earnings in the 2Q, the 14th consecutive beat at earnings time, though capital spending was higher than expected, and the stock was trading down ~4% in afterhours trade.

28/01/2026 10:38

Shawn’s Trade Idea: Lifting stops on NOVO Nordisk (NOVO US) to $US59.50

We are lifting our stops on NOVO Nordisk (NOVO US) ahead of Februarys earnings report.

28/01/2026 09:25

Microsoft Corp (MSFT US) $US480.58

We’ve written on multiple occasions that Microsoft is a must-own stock for growth-oriented investors, one that balances the risks of large-scale digital transformation with the significant opportunities it creates. Since peaking in December, MSFT has fallen nearly 20%, caught up in a broader global sell-off across software names.