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 01/04/2024 09:00
Portfolio	1M	3M	6M	1Y	3Y pa	ITD pa*
INTERNATIONAL EQUITIES	3.74%	6.84%	13.24%	21.25%	14.51%	18.38%
MSCI WORLD AUD	3.17%	13.88%	20.01%	28.44%	14.36%	13.86%
VALUE ADD	+0.57%	(7.04%)	(6.77%)	(7.19%)	+0.15%	+4.52%

* Inception date 26/06/2019

**Portfolio Holdings** 20 MINUTES DELAYED trade now
COMPANY CODE	STOCK NAME	WEIGHT (%)	RISK	TIME HORIZON	ENTRY DATE	ENTRY PRICE ($)	LAST PRICE ($)	DIVIDENDS ($)	GAIN / LOSS (%)
AAPL US	Apple	5	Moderate	Medium	26/06/2019	48.49	168.59	2.98	253.83
ALB US	Albemarle	4	High	Medium	12/02/2024	115.75	113.67		-1.80
BABA US	Alibaba Group Holding	6	Moderate	Medium	27/11/2019	194.97	74.59	0.98	-61.24
BTU US	Peabody Energy	4	High	Medium	18/05/2023	20.90	23.38	0.15	12.58
BX US	Blackstone Group	6	High	Medium	07/10/2022	102.62	123.81	3.42	23.98
CMG US	Chipotle Mexican	4	High	Medium	24/03/2022	1548.47	2936.90		89.66
DE US	Deere & Co	6	Moderate	Long	06/08/2021	367	395.04	11.93	10.89
FCX US	Freeport McMoRan	6	High	Medium	20/07/2022	32.17	47.83	0.89	51.45
FSLR US	First Solar	6	High	Medium	18/05/2023	187.45	175.41		-6.42
GOLD US	Barrick Gold	5	Moderate	Medium	18/03/2021	20.59	16.48	0.56	-17.24
HCA US	HCA Healthcare	3	Moderate	Medium	01/11/2023	225.77	319.48		41.51
MSFT US	Microsoft Corp	5	Moderate	Medium	25/02/2020	172.07	408.07	6.04	140.66
PSHZF US	Pershing Square Capital	4	Moderate	Long	18/05/2023	34.74	52.60	0.13	51.78
SNOW US	Snowflake Inc	5	High	Medium	28/07/2022	150.73	154.10		2.24
TTD US	The Trade Desk	5	High	Medium	24/04/2020	42.31	84.07		98.70
UBS US	UBS Group	5	Moderate	Medium	22/08/2023	25.44	27.45		7.90
WFC US	Wells Fargo & Co	6	Moderate	Medium	27/11/2019	51.26	60.74	2.84	24.03
YETI US	YETI Holdings	5	High	Medium	28/02/2023	38.89	35.74		-8.10

Portfolio cash position: 10%

**Recent Sales** UPDATED 13/02/2024 09:00 trade now
Company code	STOCK NAME	WEIGHT(%)	RISK	TIME HORIZON	EXIT DATE	ENTRY PRICE ($)	CLOSE PRICE ($)	DIVIDENDS ($)	GAIN / LOSS (%)
TTD US	The Trade Desk (USD)	1	High	Medium	31/01/2024	42.31	67.91		60.51
BX US	Blackstone Group	1	High	Medium	31/01/2024	89.48	125.95	3.42	44.58
BC US	Brunswick Corp	5	Moderate	Medium	31/01/2024	96.96	82.26	4.06	-10.97
GOLD US	Barrick Gold	2	Moderate	Medium	31/01/2024	20.59	15.76	0.56	-20.74
CCJ US	Cameco Corp	3	High	Medium	16/01/2024	36.2	50.13	0.09	38.73
DIS US	Walt Disney	5	High	Medium	17/07/2023	96.81	88.42		-8.67
AAPL	Apple	1	Moderate	Medium	22/06/2023	48.49	183.74	2.98	285.1
MSFT US	Microsoft	1	Moderate	Medium	22/06/2023	172.07	334.12	4.61	96.86
HCA US	HCA Healthcare	4	Moderate	Medium	22/06/2023	168.54	286.49	1.2	70.7
HCA US	HCA Healthcare	1	Moderate	Medium	18/05/2023	168.54	278.28	0.6	65.47
CMG US	Chipotle Mesican	2	High	Medium	18/05/2023	1548.47	2060.8		33.09
PYPL US	PayPal	6	High	Medium	18/05/2023	290.84	61.46		-78.87
XOM US	Exxon Mobil Corp	4	Moderate	Medium	28/02/2023	87.58	111.24	2.7	30.1
GOOGL US	Alphabet Inc	6	High	Medium	28/02/2023	131.36	89.33		-32
TSCO LN	Tesco Pls (BP)	5	Moderate	Medium	07/10/2022	277.1	199.3	7.7	-25.29
TTD US	The Trade Desk (USD)	2	High	Medium	17/08/2022	35.77	72.1		101.57
JD US	JD.com	5	High	Medium	15/08/2022	76.87	56.36	1.24	-25.07
MSFT US	Microsoft (USD)	3	Moderate	Medium	28/07/2022	172.07	274.32	3.25	61.31
700 HK	Tencent (HKD)	6	High	Medium	20/07/2022	386.51	342	2.8	-10.79
AMZN US	Amazon	6	Moderate	Medium	11/05/2022	3333.2	2162.07		-35.14
FCX US	Freeport-McMoRan	5	Moderate	High	24/03/2022	38.5	50.14	0.07	29.69
XOM US	Exxon Mobil	5	High	Medium	2/03/2022	55.4	80.6		45.49
WFC US	Wells Fargo & Co	3	Moderate	Medium	23/02/2022	51.26	55.85	1.29	11.47
BHP LN	BHP Group PLC (GBp)	6	Moderate	Medium	28/01/2022	1650	2381	170.43	54.63
SHOP US	Shopify Inc	6	High	Medium	25/11/2021	1324.28	1650		24.6
ZM US	Zoom	4	High	Medium	06/10/2021	369.75	251.3		-32.04
005930 KS	Samsung Electronics Co Ltd (KRW)	5	Moderate	Medium	27/08/2021	46250	74500	3702	69.09
2318 HK	Ping An Insurance Group Co of	7	Moderate	Medium	06/08/2021	91.28	68.05	3.15	-22
VALE US	Vale SA	6	High	Medium	22/07/2021	10.26	22.46		118.91
UBS US	UBS Group AG	4	Moderate	Medium	14/04/2021	12.2	15.7	0.91	36.15

OPINION
ACTION

Opinions for stocks held in the International Equities Portfolio

24/04/2024 09:31

Freeport-McMoRan (FCX US) $US47.99

FCX beat EPS estimates overnight, but the stock still slipped lower in line with a weak copper price after its stellar start to 2024. Interestingly, Scotiabank lowered their price target for FCX from $US55 to $US53; they must think it’s as good as it gets for this major copper miner, we believe they are too conservative.

11/04/2024 09:26

Albemarle Corp (ALB US) $US127.65

We’ve touched US-listed ALB a few times this year as we’ve now got a vested interest in the company. They recently raised $2bn, highlighting the sector's issues, but it created strong support for the stock around $US110. We are initially looking for a further 20% bounce by the world’s largest lithium company by both production and market cap ~$US15bn

28/03/2024 09:41

HCA Healthcare (HCA US) $US331.69

Healthcare operator HCA, has 182 hospitals and 2,300+ sites of care across the US along with operations in the UK i.e. it’s a significant operator and the trends across their business are improving. We are big fans of HCA, but it's now on the expensive side of history, a concern we’ve flagged a number of times but the stock keeps rallying!

21/03/2024 17:05

International Equities Portfolio – Amendments

We are adding to 2 positions in the International equities Portfolio

15/03/2024 09:13

Freeport-McMoRan Inc (FCX US) $US43.32

FCX is the world's largest producer of molybdenum, a major copper producer, and it operates the world's largest gold mine, a perfect mix on Wednesday night, which saw the stock surge +7.6% in just one session. Like most miners, this US giant is likely to follow the prices of the commodities it produces closely.

13/03/2024 09:16

Yeti Holdings (YETI US) $US37.81

The outdoor product company, founded in 2006 and went public in October 2018, has three segments: Coolers & Equipment, Drinkware, and other, comprised of Outerwear & Gear. Everyone seems to love their products, and we certainly do, yet the stock is down ~20% since they reported Q4 earnings towards the end of February.

06/03/2024 09:17

Albemarle (ALB US) $US109.40

We bought ALB in the International Equities Portfolio 3 weeks ago at $US115.75, with the stock having a solid initial run, only to fall ~16% overnight to trade back below our entry-level. They announced a $2bn capital raise via preferred stock, which is clearly a surprise and highlights two issues for the Lithium company and the market more broadly. Cash flows are weak, and they need cash. This is understandable when we consider how the Lithium price has moved as outlined in this table, which looks at a summary of Lithium prices for the past year, along with the move between January and February of 2024.

01/03/2024 09:32

Snowflake (SNOW US) $US188.28

A tough session overnight for data business Snowflake (SNOW US), held in our International Equities Portfolio down 18% after announcing a mildly weaker outlook and the surprise departure of their CEO Frank Slootman - who’s incredibly well regarded. We think this surprise accounts for the majority of the decline and when combined with a slightly weaker-than-expected outlook, overlayed with the ~70% rally the stock has experienced since November, some selling is understandable.

28/02/2024 17:03

Guzman y Gomez – Results

The fast food Mexican is not a listed company but reported results today with a 1H loss of $3m on global sales that reached $471m in the half, up more than 30% on the same period a year ago. It opened 13 restaurants in Australia in the 6-months, and closed one, taking the network to 183 local stores across franchised and corporate-owned sites - same-store sales were up 11%.

28/02/2024 09:44

First Solar (FSLR US) US$144.99

In Australia, we’ve witnessed the boom and bust that has played out in the Lithium sector, as the supply response was significantly higher than many expected. In hindsight, this is understandable, decarbonisation is such a compelling theme, one of the most sure bets over the next 30 years and that in itself is a huge incentive to scale up to capture the benefits.