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 30/06/2026 17:00
Portfolio	1M	6M	1y	3y pa	5y pa	ITD pa	Total
INTERNATIONAL EQUITIES	-2.53%	-5.27%	21.55%	18.55%	14.76%	18.58%	229.8%
MSCI WORLD AUD	3.11%	5.59%	14.78%	17.66%	13.28%	13.91%	149.3%
VALUE ADD	(5.64%)	(10.86%)	+6.77%	+0.89%	+1.48%	+4.67%	+80.5%

* 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 (%)
ASH US	Ashland	4	Moderate	Medium	05/02/2026	63.16	72.60	0.42	15.61
B US	Barrick	4	Moderate	Medium	18/03/2021	22.92	36.73	0.94	64.35
BABA US	Alibaba	6	Moderate	Medium	27/11/2019	194.97	122.28	1.96	-36.28
BTU US	Peabody Energy	4	High	Medium	18/05/2023	21.74	21.31	0.75	1.47
BX US	Blackstone	6	Moderate	Medium	07/10/2022	104.49	127.75	9.27	31.13
CB US	Chubb	4	Moderate	Medium	05/02/2026	331.79	350.68		5.69
CCJ US	Cameco Corp	4	High	Medium	06/06/2024	50.78	86.32	0.33	70.64
CMG US	Chipotle Mexican Grill	5	Moderate	Medium	24/03/2022	35.96	37.25		3.59
HCA US	HCA Healthcare	4	Moerate	Medium	17/06/2026	392.38	402.72		2.64
IREN US	IREN	3	High	Short	24/03/2026	41.88	36.80		-12.13
FCX US	Freeport McMoRan	6	Moderate	Medium	20/07/2022	38.22	62.62	0.75	65.80
FSLR US	First Solar	4	High	Medium	18/05/2023	187.45	211.03		12.58
JD US	JD.com	4	High	Medium	11/02/2025	40.99	33.01	1.00	-17.03
MSFT US	Microsoft Corp	6	Moderate	Long	25/02/2020	213.34	464.72	10.78	122.88
NVO US	Novo Nordisk	4	High	Medium	11/12/2025	49.96	47.08	0.91	-3.94
PSHZF US	Pershing Square Capital	5	Moderate	Long	18/05/2023	38.55	53.35	1.53	42.36
SPOT US	Spotify Technology	3	High	Medium	11/12/2025	606.80	499.31		-17.71
TTD US	The Trade Desk	5	Moderate	Medium	24/04/2020	42.31	18.04		-57.36
UBS US	UBS Group	6	Moderate	Long	22/08/2023	28.24	52.72	0.68	89.09
YETI US	YETI	5	Moderate	Medium	28/02/2023	38.89	48.96		25.89

Portfolio cash position: 8%

**Recent Sales** UPDATED 05/02/2026 09:00 trade now
Company code	STOCK NAME	ACTIVITY	RISK	TIME HORIZON	EXIT DATE	ENTRY PRICE ($)	CLOSE PRICE ($)	DIVIDENDS ($)	GAIN / LOSS (%)
GOOGL US	Alphabet Inc	Sold 5% position	Moderate	Medium	06/02/2026	153.8	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	82.2
FCX US	Freeport McMoran	Trimmed 2%	Moderate	Medium	21/01/2026	32.17	59.1	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	161.4	2.02	41.18
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

30/07/2026 09:33

Microsoft (NASDAQ: MSFT) $US390.54

Microsoft reported after the close, delivering a strong fourth-quarter result, sending shares around 3.1% higher after hours.

30/07/2026 09:32

Ashland (NYSE: ASH) $US72.84

A solid +7% bounce in Ashland shares overnight after they delivered a good third-quarter result, with sales and earnings ahead of expectations and full-year guidance maintained.

30/07/2026 09:31

Chipotle Mexican Grill (NYSE: CMG) $US34.24

An encouraging update from CMG overnight, delivering a better second-quarter result and upgraded its full-year sales outlook. The stock was up +2% in normal hours however the result landed post close, with the shares rallying ~5% after hours.

30/07/2026 09:30

UBS Group (NYSE: UBS) $US51.80

UBS dropped their 2Q results this week and it was solid as expected. Earnings, wealth inflows and investment banking all ahead of expectations. The bank also announced a new US$3 billion buyback.

30/07/2026 09:28

Peabody Energy Corp (NYSE BTU) US420.82

Peabody dropped their 2Q result overnight and they were a clear miss. Adjusted EBITDA came in well below expectations, driven by a loss-making Seaborne Metallurgical segment on persistent Centurion mine commissioning issues, a weak Powder River Basin performance, and elevated costs across the business. The stock fell more than 10% by the session's end.

24/07/2026 09:44

Blackstone (BX US) $US124.50

We hold Blackstone in the International Equities Portfolio, and they delivered a strong 2Q result overnight, with earnings, inflows and realisations all comfortably ahead of expectations. The stock has been weak leading into this result, and while it saw only a modest gain (+1.4%), the underlying fundamentals remain supportive.

24/07/2026 09:43

Freeport-McMoRan (FCX) $US63.50

Freeport-McMoRan delivered a better-than-expected second quarter, with stronger realised commodity prices and solid copper volumes offsetting lower production from Grasberg.

23/07/2026 09:55

Alphabet (NASDAQ:GOOGL) $US342.09

Alphabet (GOOGL) delivered a strong second-quarter result, with revenue and earnings ahead of expectations and Google Cloud the clear standout. However, the shares fell around ~5% after hours as investors focused on another sharp increase in capital expenditure and the likelihood that AI-related spending will remain elevated.

15/07/2026 09:40

YETI Holdings Inc (NYSE: YETI) US$47.34

YETI has now reached our initial target and is trading near the top of its recent range following a strong recovery in the share price. We continue to like the business and remain comfortable holding it in the International Equities Portfolio, although the position now warrants a more disciplined approach after the gains already delivered.

15/07/2026 09:39

UBS Group AG (NYSE: UBS) US$53.82

Like YETI covered above, UBS has now also reached our initial target and is trading toward the top of its recent range following a solid recovery in the share price. We continue to like the business and remain comfortable holding it in the International Equities Portfolio, although the near-term risk-reward is less compelling after the recent gains.