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 30/04/2025 17:00
Portfolio	1M	3M	1y	3y pa	5y pa	ITD pa*
INTERNATIONAL EQUITIES	-5.09%	-17.79%	-2.79%	9.69%	12.75%	12.66%
MSCI WORLD AUD	-1.74%	-6.70%	13.82%	15.02%	14.47%	12.71%
VALUE ADD	(3.35%)	(11.09%)	(16.61%)	(5.33%)	(1.72%)	(0.05%)

* 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	57.22	1.21	-49.52
BABA US	Alibaba	6	Moderate	Medium	27/11/2019	194.97	117.03	1.96	-38.97
BTU US	Peabody Energy	4	High	Medium	18/05/2023	20.90	13.74	0.60	-31.39
BX US	Blackstone	6	Moderate	Medium	07/10/2022	102.62	138.32	6.62	41.24
CCJ US	Cameco Corp	5	High	Medium	06/06/2024	50.78	58.66	0.11	15.73
CMG US	Chipotle Mexican Grill	5	Moderate	Medium	24/03/2022	35.96	50.11		39.35
FCX US	Freeport McMoRan	6	Moderate	Medium	20/07/2022	32.17	39.02	1.05	24.56
FSLR US	First Solar	4	High	Medium	18/05/2023	187.45	156.25		-16.64
B US	Barrick	5	Moderate	Medium	18/03/2021	20.59	19.04	0.86	-3.35
GOOGL US	Alphabet	5	Moderate	Medium	12/09/2024	153.80	171.63		11.59
GS US	Goldman Sachs	5	Moderate	Medium	04/04/2025	525.43	603.72		14.90
HCA US	HCA Healthcare	5	Moderate	MEdium	17/01/2025	310.90	381.38	0.72	22.90
JD US	JD.com	4	High	Medium	11/02/2025	40.99	32.98		-19.54
MSFT US	Microsoft Corp	6	Moderate	Medium	25/02/2020	213.34	458.86	8.13	118.89
PSHZF US	Pershing Square Capital	5	Moderate	Long	18/05/2023	36.95	52.06	1.01	43.63
TTD US	The Trade Desk	5	Moderate	Medium	24/04/2020	42.31	75.56		78.59
UBS US	UBS Group	5	Moderate	Medium	22/08/2023	25.44	31.59	0.68	26.85
YETI US	YETI	5	Moderate	Medium	28/02/2023	38.89	30.15		-22.47
ZG US	Zillow	5	High	Medium	06/06/2024	46.65	65.59		40.60

Portfolio cash position: 5%

**Recent Sales** UPDATED 11/02/2025 09:00 trade now
Company code	STOCK NAME	ACTIVITY	RISK	TIME HORIZON	EXIT DATE	ENTRY PRICE ($)	CLOSE PRICE ($)	DIVIDENDS ($)	GAIN / LOSS (%)
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

28/05/2025 09:35

Alphabet (GOOGL US) $US172.90

The concern around Google is how newer generative AI companies will impact their share of search, and the lucrative revenue that comes with it. In last week’s annual developers conference (I/O), they did a very good job of convincing MM (and hopefully others) that they are at the forefront of this revolution, by integrating generative AI and large language models (LLMs) into its search products.

26/05/2025 09:21

Chart of the Week – Cameco Corp (CCJ US)

This $US25bn US uranium stock puts the ASX sector to shame. It's about to make new highs while local names languish in ugly bear markets—at least for now. Following President Trump's commentary, we believe the US is going to push ever harder into nuclear power, driving up stocks like CCJ in the process.

21/05/2025 09:30

HCA Healthcare (HCA US) $US386.05

HCA has been good to us over the years, presenting several separate opportunities to buy it on a depressed valuation before experiencing a re-rate higher, and we’ve locked in good gains.

14/05/2025 09:24

First Solar (FSLR US) $US191.60

Renewable stocks were in focus overnight after the House Republicans released a draft framework to extend President Trump's tax cuts, which would also overhaul President Joe Biden's climate law, eliminating or phasing out tax credits for renewables, forecast to save the government more than $560 billion on energy tax credits over 10 years. Important to recognise that this is just a first crack at reducing the amount given back to renewables companies to help fund Trump’s wider tax cuts, but it does show where the focus will be, and who the likely winners and losers are.

14/05/2025 09:23

JD.com (JD US) $US 37.25

We haven’t owned JD.com long however there’s been a lot thrown at the position since we entered in early February around ~US$40. A leading player in Chinese e-commerce, JD has been in the cross hairs of sentiment swings around China facing equities; however, operationally, they’ve been performing, overnight reporting the fastest pace of sales growth since 2022, thanks in part to consumer-targeted stimulus that subsidises purchases of electronics and household appliances.

13/05/2025 09:25

Cameco Corp (CCJ US) $US51.16

Canadian-based heavyweight uranium producer CCJ was trading within 19% of its all-time high overnight before drifting into the close, a dream position for the local peers. The pullback from its highs last night suggests some consolidation around $US50 is likely after its 45% recovery.

13/05/2025 09:21

First Solar Inc (FSLR US) $US156.21

Plenty of pockets of the markets illustrated how relative performance can unfold into Christmas as risk regains the ascendancy. A couple of beaten-up stocks in our International Equities Portfolio ran hard overnight, including First Solar (FSLR US), YETI Holdings (YETI US), and The Trade Desk (TTD US), new wave of optimism washed through stocks, i.e. what trade war, what recession!

09/05/2025 09:22

Trade Desk Inc (TTD US) $US59.90

Trade Desks surged higher after Q1, and EPS beat estimates after the closing bell, sending the stock up around 14% in late trade. The outlook also looks solid, with management confident that second-quarter revenue will come in above $US682mn; the street is currently looking for $US682.7mn.

08/05/2025 09:22

Barrick Mining Corp (GOLD US) $US19.40

Toronto-based Barrick Gold reported higher-than-expected earnings overnight, with production at the top end of the guidance at a time of record prices.

07/05/2025 09:25

Peabody Energy (BTU US) $US14.82

Coal stocks globally have been in a challenging spot for the past 6-months, with most down to the tune of 30-50%, with BTU US being on the weaker side. We’ve held various positions across all portfolios, and they’ve weighed on performance. Our expectation that weaker supply would meet higher demand, pushing up prices, has proven elusive.