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%	+8.44%	+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	125.26	1.61	9.61
B US	Barrick	5	Moderate	Medium	18/03/2021	20.59	39.13	1.11	95.43
BABA US	Alibaba	6	Moderate	Medium	27/11/2019	194.97	157.09	1.96	-18.42
BTU US	Peabody Energy	4	High	Medium	18/05/2023	20.90	26.59	0.67	30.43
BX US	Blackstone	6	Moderate	Medium	07/10/2022	102.62	143.43	6.62	46.22
CCJ US	Cameco Corp	4	High	Medium	06/06/2024	50.78	87.34	0.09	72.17
CMG US	Chipotle Mexican Grill	5	Moderate	Medium	24/03/2022	35.96	33.40		-7.12
FCX US	Freeport McMoRan	6	Moderate	Medium	20/07/2022	32.17	41.06	1.12	31.12
FSLR US	First Solar	4	High	Medium	18/05/2023	187.45	260.36		38.90
GOOGL US	Alphabet	5	Moderate	Medium	12/09/2024	153.80	323.44	0.82	110.83
GS US	Goldman Sachs	5	Moderate	Medium	04/04/2025	525.43	802.41	7.00	54.05
JD US	JD.com	4	High	Medium	11/02/2025	40.99	29.14		-28.91
MSFT US	Microsoft Corp	6	Moderate	Medium	25/02/2020	213.34	476.99	8.96	127.78
PSHZF US	Pershing Square Capital	5	Moderate	Long	18/05/2023	36.95	61.95	1.17	70.83
TTD US	The Trade Desk	5	Moderate	Medium	24/04/2020	42.31	39.09		-7.61
UBS US	UBS Group	5	Moderate	Medium	22/08/2023	25.44	37.58	0.68	50.39
YETI US	YETI	5	Moderate	Medium	28/02/2023	38.89	41.23		6.02
ZG US	Zillow	5	High	Medium	06/06/2024	46.65	72.24		54.86

Portfolio cash position: 11%

**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 (%)
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

26/11/2025 09:36

Alibaba (BABA US) $US156.85

Alibaba’s reported a mixed quarterly update overnight, highlighting solid top-line strength but with some bottom-line pain. Revenue beat expectations, driven by a great result in the cloud division and a still-solid domestic e-commerce business, but profitability took a heavy hit as the company pushes to gain market share in China’s brutal instant-delivery war. The stock dipped ~2.5% as they chalked up back-to-back quarters of negative free cash flow, the first since listing in 2014.

25/11/2025 09:52

Freeport-McMoRan (FCX US) $40.75

19/11/2025 16:20

International Equities Portfolio – Amendment

We are taking a 50+% profit on a healthcare stock.

12/11/2025 09:31

HCA Healthcare (HCA US) $US462.31

We provided an update on our position in HCA in August, following a stronger-than-expected quarterly result. At the time we said; 'While we retain our neutral stance on HCA around $US400, we do think the momentum is improving in the business and HCA can now justify a valuation at the upper end of its current range'.

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.