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 31/10/2025 17:00
Portfolio	1M	3M	6M	1y	3y pa	5y pa	ITD pa*
INTERNATIONAL EQUITIES	3.45%	14.69%	39.16%	24.01%	23.68%	19.66%	21.04%
MSCI WORLD AUD	3.26%	6.25%	18.16%	22.08%	20.74%	17.22%	14.62%
VALUE ADD	+0.19%	+2.50%	+21.00%	+1.93%	+2.94%	+2.44%	+6.42%

* 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 (%)
ALB US	Albemarle	4	High	Medium	12/02/2024	115.75	97.23	1.61	-14.61
B US	Barrick	5	Moderate	Medium	18/03/2021	20.59	33.10	1.11	66.15
BABA US	Alibaba	6	Moderate	Medium	27/11/2019	194.97	166.37	1.96	-13.66
BTU US	Peabody Energy	4	High	Medium	18/05/2023	20.90	30.40	0.60	48.33
BX US	Blackstone	6	Moderate	Medium	07/10/2022	102.62	145.96	6.62	48.68
CCJ US	Cameco Corp	4	High	Medium	06/06/2024	50.78	92.29	0.09	81.92
CMG US	Chipotle Mexican Grill	5	Moderate	Medium	24/03/2022	35.96	30.57		-14.99
FCX US	Freeport McMoRan	6	Moderate	Medium	20/07/2022	32.17	39.82	1.12	27.26
FSLR US	First Solar	4	High	Medium	18/05/2023	187.45	267.64		42.78
GOOGL US	Alphabet	5	Moderate	Medium	12/09/2024	153.80	278.83	0.82	81.83
GS US	Goldman Sachs	5	Moderate	Medium	04/04/2025	525.43	786.34	7.00	50.99
HCA US	HCA Healthcare	5	Moderate	MEdium	17/01/2025	310.90	476.70	1.44	53.79
JD US	JD.com	4	High	Medium	11/02/2025	40.99	31.79		-22.44
MSFT US	Microsoft Corp	6	Moderate	Medium	25/02/2020	213.34	496.82	8.96	137.08
PSHZF US	Pershing Square Capital	5	Moderate	Long	18/05/2023	36.95	63.50	1.01	74.59
TTD US	The Trade Desk	5	Moderate	Medium	24/04/2020	42.31	43.00		1.63
UBS US	UBS Group	5	Moderate	Medium	22/08/2023	25.44	38.31	0.68	53.26
YETI US	YETI	5	Moderate	Medium	28/02/2023	38.89	36.29		-6.69
ZG US	Zillow	5	High	Medium	06/06/2024	46.65	70.81		51.79

Portfolio cash position: 6%

**Recent Sales** UPDATED 03/07/2025 09:00 trade now
Company code	STOCK NAME	ACTIVITY	RISK	TIME HORIZON	EXIT DATE	ENTRY PRICE ($)	CLOSE PRICE ($)	DIVIDENDS ($)	GAIN / LOSS (%)
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

07/11/2025 09:46

The Trade Desk (TTD US) $US45.90

TTD beat expectations for the quarter and guided to a better-than-expected 4Q result, initially sending shares up ~11% after hours before they reversed to settle down ~3% in late trade.

07/11/2025 09:45

YETI Holdings (YETI US) $US35.13

YETI delivered a solid 3Q25 result overnight, with earnings coming in mildly ahead of expectations, though, they were still down YoY.

06/11/2025 09:26

Cameco Corp (CCJ US) $US96.00

Canadian uranium giant Cameco slipped ~1% overnight after its third-quarter revenue missed estimates, although earnings still rose as the company reaffirmed FY25 sales guidance of $US3.3-3.55bn.

05/11/2025 09:50

First Solar (FSLR US) $US263.75

We’ve written extensively about energy demand in a new data heavy world. AI/data centres, electrification and on-shoring are all pushing baseload needs higher and tightening power markets. That’s fuelling renewed interest in nuclear, but it’s also catalysing on-site/commercial solar where economics, speed-to-deploy and energy security matter. FSLR sits squarely in that area: US-made, utility-scale capable, and increasingly leveraged to corporates that want price certainty and domestic supply.

31/10/2025 09:44

Peabody Energy Corp (BTU US) $US25.87

Peabody’s Q3 numbers underwhelmed, with earnings coming in well below expectations as pricing and margins across key divisions softened.

31/10/2025 09:43

Chipotle Mexican Grill (CMG US) $US32.53

An underwhelming 3Q25 results out for the Mexican fast-food chain overnight, with the stock falling ~18% - it’s worst single day move since 2012, after the company cut its same-store sales outlook for the third time this year.

31/10/2025 09:42

First Solar Inc (FSLR US) $US233.58

First Solar posted another profitable quarter, but the tone of its guidance was more cautious, trimming the top end of revenue and shipment expectations despite strong execution in Q3.

30/10/2025 09:47

Alphabet Inc (GOOGL US) $US274.57

Alphabet’s September-quarter result comfortably beat expectations, underscoring the company’s broad-based growth and the accelerating contribution from AI-related products. Shares were trading up ~8% after hours.

30/10/2025 09:46

Microsoft Corp (MSFT US) US541.55

Microsoft delivered another strong quarterly result, with revenue and earnings beating forecasts across the board, though the market reaction was muted as expectations for its AI and cloud business remain sky-high. Shares were trading down ~2.6% in after-hours trade, despite an impressive set of numbers.

29/10/2025 09:37

Cameco Corp (CCJ US) $US106.82

Uranium stocks surged higher overnight on the news that Westinghouse Electric (49% owned by CCJ) had secured a major contract with the US government to build new nuclear reactors.