Microsoft (MSFT) $US531.01
Microsoft (MSFT) reported after the close and was trading around 3% higher after hours, after delivering another strong quarter led by Azure and broader cloud growth.
International Equities Portfolio
For those seeking international direct equities exposure
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About the International Equities Portfolio
James Gerrish
18.98%
Inception-to-date Performance
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 $US unless otherwise stated in the stock name
| Portfolio | 1M | 6M | 1y | 3y pa | 5y pa | ITD pa | Total |
|---|---|---|---|---|---|---|---|
| INTERNATIONAL EQUITIES | 2.72% | 6.50% | 14.11% | 18.23% | 15.62% | 18.98% | 247.90% |
| MSCI WORLD AUD | 0.53% | 9.21% | 9.93% | 16.12% | 11.65% | 13.51% | 148.60% |
| VALUE ADD | +2.19% | (2.71%) | +4.18% | +2.11% | +3.97% | +5.47% | +99.30% |
* Inception date 26/06/2019
Portfolio Holdings
| CODE | NAME | WEIGHT (%) | RISK | TERM | BUY DATE | BUY PRICE ($) | LAST PRICE ($) | DIVIDENDS ($) | GAIN / LOSS (%) |
|---|---|---|---|---|---|---|---|---|---|
| ASH USACTIVE | Ashland | 4 | Moderate | Medium | 05/02/2026 | 63.16 | 76.28 | 0.84 | 22.10 |
| AMAT USACTIVE | Applied Materials Inc | 4 | High | Medium | 23/09/2026 | 471 | 319.25 | -32.22 | |
| B USACTIVE | Barrick | 4 | Moderate | Medium | 18/03/2021 | 22.92 | 40.34 | 1.11 | 80.85 |
| BABA USACTIVE | Alibaba | 6 | Moderate | Medium | 27/11/2019 | 194.97 | 108.07 | 1.96 | -43.57 |
| BTU USACTIVE | Peabody Energy | 4 | High | Medium | 18/05/2023 | 21.74 | 16.02 | 0.83 | -22.49 |
| BX USACTIVE | Blackstone | 6 | Moderate | Medium | 07/10/2022 | 104.49 | 119.82 | 11.84 | 26.00 |
| CB USACTIVE | Chubb | 4 | Moderate | Medium | 05/02/2026 | 331.79 | 371.63 | 1.02 | 12.32 |
| CCJ USACTIVE | Cameco Corp | 4 | High | Medium | 06/06/2024 | 50.78 | 68.33 | 0.33 | 35.21 |
| CMG USACTIVE | Chipotle Mexican Grill | 5 | Moderate | Medium | 24/03/2022 | 35.96 | 35.40 | -1.56 | |
| HCA USACTIVE | HCA Healthcare | 4 | Moerate | Medium | 17/06/2026 | 392.38 | 507.48 | 0.78 | 29.53 |
| IREN USACTIVE | IREN | 3 | High | Short | 24/03/2026 | 41.88 | 18.03 | -56.95 | |
| FCX USACTIVE | Freeport McMoRan | 6 | Moderate | Medium | 20/07/2022 | 38.22 | 57.90 | 0.90 | 53.85 |
| FSLR USACTIVE | First Solar | 4 | High | Medium | 18/05/2023 | 187.45 | 195.76 | 4.43 | |
| JD USACTIVE | JD.com | 4 | High | Medium | 11/02/2025 | 40.99 | 28.64 | 1.00 | -27.69 |
| MSFT USACTIVE | Microsoft Corp | 6 | Moderate | Long | 25/02/2020 | 213.34 | 535.93 | 11.69 | 156.69 |
| NVO USACTIVE | Novo Nordisk | 4 | High | Medium | 11/12/2025 | 49.96 | 40.30 | 0.91 | -17.51 |
| PSHZF USACTIVE | Pershing Square Capital | 5 | Moderate | Long | 18/05/2023 | 38.55 | 52.92 | 1.71 | 41.71 |
| SPOT USACTIVE | Spotify Technology | 3 | High | Medium | 11/12/2025 | 606.80 | 614.41 | 1.25 | |
| UBS USACTIVE | UBS Group | 5 | Moderate | Long | 22/08/2023 | 28.24 | 48.77 | 0.68 | 75.11 |
| YETI USACTIVE | YETI | 4 | Moderate | Medium | 28/02/2023 | 38.89 | 46.95 | 20.73 |
Portfolio cash position: 11%
Recent Sales
| Company code | STOCK NAME | ACTIVITY | RISK | TIME HORIZON | EXIT DATE | ENTRY PRICE ($) | CLOSE PRICE ($) | DIVIDENDS ($) | GAIN / LOSS (%) |
|---|---|---|---|---|---|---|---|---|---|
| ALB US | Albemarle | Sold 4% position | High | Medium | 17/09/2026 | 135.14 | 112.50 | -16.75 | |
| TTD US | The Trade Desk (USD) | Sold 5% position | High | Medium | 17/08/2026 | 42.31 | 13.78 | -67.40 | |
| UBS US | UBS Group | Trimmed 1% | Moderate | Medium | 03/08/2026 | 28.24 | 52.93 | 0.68 | 89.84 |
| YETI US | YETI Holdings | Trimmed 1% | Moderate | Medium | 03/08/2026 | 38.89 | 49.48 | 27.23 | |
| GOOGL US | Alphabet Inc | Sold 5% position | Moderate | Medium | 06/02/2026 | 153.80 | 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 | 11.00 | 82.20 |
| FCX US | Freeport McMoran | Trimmed 2% | Moderate | Medium | 21/01/2026 | 32.17 | 59.10 | 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 | 161.40 | 2.02 | 41.18 |
| HCA US | HCA Healthcare | Sold 3% position | Moderate | Medium | 19/11/2025 | 310.90 | 478.00 | 1.44 | 54.21 |
| IREN US | Iren Ltd | Sold 2.5% position | High | Medium | 16/09/2025 | 11.98 | 37.46 | 0.00 | 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 | -13.30 | |
| AAPL US | Apple | Sold 5% position | Moderate | Medium | 14/01/2025 | 48.49 | 232.11 | 3.48 | 385.90 |
| WFC US | Wells Fargo & Co | Sold 6% position | Moderate | Medium | 06/12/2024 | 51.26 | 73.99 | 3.24 | 50.10 |
| HCA US | HCA Healthcare | Sold 3% position | Moderate | Medium | 12/09/2024 | 225.77 | 385.42 | 0.65 | 71.00 |
| SNOW US | Snowflake | Sold 5% position | High | Medium | 12/09/2024 | 150.73 | 112.60 | -25.30 | |
| DE US | Deere & Co | Sold 6% position | Moderate | Long | 21/05/2024 | 367.00 | 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 | 36.20 | 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 | 285.10 |
| 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 | 1.20 | 70.70 |
| HCA US | HCA Healthcare | Trimmed 1% | Moderate | Medium | 18/05/2023 | 168.54 | 278.28 | 0.60 | 65.47 |
| CMG US | Chipotle Mesican | Trimmed 2% | High | Medium | 18/05/2023 | 1,548.47 | 2,060.80 | 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 | 2.70 | 30.10 |
| GOOGL US | Alphabet Inc | Sold 6% position | High | Medium | 28/02/2023 | 131.36 | 89.33 | -32.00 | |
| TSCO LN | Tesco Pls (BP) | Sold 5% position | Moderate | Medium | 07/10/2022 | 277.10 | 199.30 | 7.70 | -25.29 |
| TTD US | The Trade Desk (USD) | Trimmed 2% | High | Medium | 17/08/2022 | 35.77 | 72.10 | 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 | 342.00 | 2.80 | -10.79 |
| AMZN US | Amazon | Sold 6% position | Moderate | Medium | 11/05/2022 | 3,333.20 | 2,162.07 | -35.14 | |
| FCX US | Freeport-McMoRan | Sold 5% position | Moderate | High | 24/03/2022 | 38.50 | 50.14 | 0.07 | 29.69 |
| XOM US | Exxon Mobil | Sold 5% position | High | Medium | 2/03/2022 | 55.40 | 80.60 | 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 | 1,650.00 | 2,381.00 | 170.43 | 54.63 |
| SHOP US | Shopify Inc | Sold 6% position | High | Medium | 25/11/2021 | 1,324.28 | 1,650.00 | 24.60 | |
| ZM US | Zoom | Sold 4% position | High | Medium | 06/10/2021 | 369.75 | 251.30 | -32.04 | |
| 005930 KS | Samsung Electronics Co Ltd (KRW) | Sold 5% position | Moderate | Medium | 27/08/2021 | 46,250.00 | 74,500.00 | 3,702.00 | 69.09 |
| 2318 HK | Ping An Insurance Group Co of | Sold 7% position | Moderate | Medium | 06/08/2021 | 91.28 | 68.05 | 3.15 | -22.00 |
| VALE US | Vale SA | Sold 6% position | High | Medium | 22/07/2021 | 10.26 | 22.46 | 118.91 |
Opinions for stocks held in the International Equities Portfolio
Alphabet (GOOGL) $US324.89
Alphabet (GOOGL) reported after the close and was trading around 9% lower after hours, with the market focusing on softer Search and advertising trends, weaker margins and the scale of AI-related capital spending despite another exceptional quarter from Google Cloud.
UBS Group (UBS) $US46.69
UBS Group (UBS) delivered a broadly solid third-quarter result, with strong wealth-management inflows the standout. The stock was essentially flat in US trading post-result, reflecting a decent print but little in the way of a fresh catalyst.
HCA Healthcare (HCA) $US449.96
HCA Healthcare (HCA) initially traded higher overnight after delivering a better-than-expected third-quarter result, but the shares reversed through the session to finish 3.3% lower after management flagged that 2027 earnings are likely to be broadly consistent with 2026, relative to a +1.5% increase baked into consensus. That outlook mildly overshadowed an otherwise solid quarter.
Freeport-McMoRan (FCX) $US65.95
Freeport-McMoRan (FCX) finished +1.2% higher overnight after delivering a better-than-expected third-quarter result, with strong copper pricing offsetting softer volumes. The result itself was solid, although another trim to near-term copper sales guidance and higher capex continue to temper enthusiasm.
Blackstone (NYSE: BX) $US118.75
Blackstone (BX) delivered a mixed third-quarter result overnight, with distributable earnings beating expectations but softer fee-related earnings, real estate fees and deployment highlighting the impact of higher rates on transaction activity. The shares initially fell before reversing to trade up ~8% by the close, with the market ultimately focusing on strong inflows and a still-healthy medium-term outlook.
Spotify (NYSE: SPOT) $US583.66
Spotify (SPOT) delivered a solid third-quarter result overnight, with user and subscriber growth holding up well and the margin outlook coming in better than feared. Revenue was broadly in line, but the market focused on improving profitability and healthy premium subscriber trends, sending the shares up over 11%.
Portfolio Amendment – International Equities
We are adding a new stock to the International Equities Portfolio
Applied Materials (NASDAQ: AMAT) US$472.46
Applied Materials (AMAT) remains an interesting way to gain exposure to the AI semiconductor build-out, particularly after the recent ~40% pullback. The stock has fallen from above US$700 to around US$450, despite earnings expectations continuing to move sharply higher. That combination - strong earnings momentum with a weaker share price, has materially improved the risk/reward.
YETI Holdings (YETI US) US$40.74
As discussed in today’s note, one of the themes we are watching closely is the negative wealth effect and what it means for discretionary spending, particularly at the premium end of the market.
Actions for stocks held in the International Equities Portfolio
Updated
29/10/2026
14:52
GOOGL US
Updated 29/10/2026 14:52
MM is neutral toward GOOGL ~$US320
Updated
29/10/2026
14:52
MSFT US
Updated 29/10/2026 14:52
MM remains long and bullish MSFT ~$US530
Updated
29/10/2026
14:52
UBS US
Updated 29/10/2026 14:52
MM remains long & bullish UBS ~$US46
Updated
28/10/2026
08:50
FCX US
Updated 28/10/2026 08:50
MM remains long & bullish FCX ~$US65
Updated
28/10/2026
08:50
HCA US
Updated 28/10/2026 08:50
MM remains long & bullish HCA ~$US450
Updated
23/10/2026
09:36
BX US
Updated 23/10/2026 09:36
MM remains long & bullish BX US ~$US118
Updated
23/10/2026
09:35
SPOT US
Updated 23/10/2026 09:35
MM remains long & bullish SPOT ~$US580
Updated
21/10/2026
10:11
IREN US
Updated 21/10/2026 10:11
MM prefers IREN to CRWV at current levels
Updated
23/09/2026
14:36
AMAT US
Updated 23/09/2026 14:36
MM is buying AMAT US in the International Equities Portfolio, allocating 4% around $US470
Updated
23/09/2026
09:19
AMAT US
Updated 23/09/2026 09:19
MM is bullish AMAT ~US$470
