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 28/02/2026 17:00
Portfolio	1M	6M	1y	3y pa	5y pa	ITD pa	Total
INTERNATIONAL EQUITIES	-9.14%	8.26%	23.61%	23.08%	16.36%	19.29%	223.29%
MSCI WORLD AUD	-0.98%	2.49%	5.87%	18.38%	14.34%	13.10%	125.86%
VALUE ADD	(8.16%)	+5.77%	+17.74%	+4.70%	+2.02%	+6.19%	+97.43%

* 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	50.09		-20.69
B US	Barrick	3	Moderate	Medium	18/03/2021	20.59	40.46	0.77	100.24
BABA US	Alibaba	6	Moderate	Medium	27/11/2019	194.97	134.43	1.96	-30.05
BTU US	Peabody Energy	4	High	Medium	18/05/2023	20.90	36.26	0.67	76.70
BX US	Blackstone	6	Moderate	Medium	07/10/2022	102.62	113.53	8.11	18.53
CB US	Chubb	4	Moderate	Medium	05/02/2026	331.79	327.98		-1.15
CCJ US	Cameco Corp	4	High	Medium	06/06/2024	50.78	109.40	0.33	116.09
CMG US	Chipotle Mexican Grill	5	Moderate	Medium	24/03/2022	35.96	32.64		-9.23
FCX US	Freeport McMoRan	4	Moderate	Medium	20/07/2022	32.17	55.45	0.75	74.70
FSLR US	First Solar	4	High	Medium	18/05/2023	187.45	197.81		5.53
JD US	JD.com	4	High	Medium	11/02/2025	40.99	28.20		-31.20
MSFT US	Microsoft Corp	6	Moderate	Medium	25/02/2020	213.34	391.79	9.87	88.27
NVO US	Novo Nordisk	4	High	Medium	11/12/2025	49.96	37.45		-25.04
PSHZF US	Pershing Square Capital	5	Moderate	Long	18/05/2023	36.95	59.70	1.35	65.22
SPOT US	Spotify Technology	3	High	Medium	11/12/2025	606.80	516.72		-14.85
TTD US	The Trade Desk	5	Moderate	Medium	24/04/2020	42.31	23.55		-44.34
UBS US	UBS Group	5	Moderate	Medium	22/08/2023	25.44	37.39	0.68	49.65
YETI US	YETI	5	Moderate	Medium	28/02/2023	38.89	36.32		-6.61

Portfolio cash position: 19%

**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

12/03/2026 09:06

Freeport-McMoRan Inc (FCX US) $US61.52

FCX is one of the world’s largest listed copper producers, operating major long-life mines in the Americas and Indonesia, with earnings highly leveraged to copper prices. After correcting ~20% from this year’s high on growth concerns tied to the Iran war, buyers emerged, and our preferred scenario is that the stock had already found a base, making the risk/reward attractive around the $US60 area.

11/03/2026 09:18

JD.com (JD US) $US27.73

JD.com remains one of China’s key e-commerce players, combining a direct retail model with a third‑party marketplace and underpinned by a logistics network that continues to be a major competitive advantage. Alongside the core business, JD is building out several adjacencies, including JD Logistics, JD Health and JD Industrials, while also investing more heavily into on‑demand retail and food delivery. These newer areas are absorbing capital and weighing on near‑term earnings, but management is positioning them as longer-term growth engines.

06/03/2026 09:11

Trade Desk Inc (TTD US) $US29.79

TTD surged ~20% overnight on talks that the company is in talks with OpenAI to sell ads - makes sense for both parties, with the TTD having considerable retail media partnerships such as Walmart.

04/03/2026 09:27

The Trade Desk (TTD US) $US25.00

We own TTD in the International Equities Portfolio, and the journey over the past year has been frustrating, with the stock now off ~40% from our original purchase price. What was once a premium, high-conviction growth story has been steadily de-rated as growth slowed, competition intensified, and the macro backdrop turned less friendly for brand advertising.

26/02/2026 09:50

Freeport-McMoRan Inc (FCXUS) $US68.71

Freeport-McMoRan (FCX US) is one of the world’s largest publicly listed copper producers, operating major long-life mining assets across the Americas and Indonesia, with earnings heavily leveraged to global copper prices - not surprisingly its walked a similar path to the ASX's Sandfire Resources (SFR) over the last 12-months.

25/02/2026 09:36

Blackstone (BX US) $US116.41

Blackstone has been caught up in the latest sell-off across alternative managers as markets zero in on private credit’s exposure to software, and the growing concern that AI could compress SaaS moats, pressure cashflows and ultimately lift default risk. This isn’t about a single credit event - it’s about a broader repricing of risk. If software valuations and confidence fall, lenders tighten, refinancing windows narrow, and mark-to-market pain starts to surface across private credit vehicles.

24/02/2026 09:35

NOVO Nordisk ADR (NVO US) $US39.63

Novo Nordisk shares were smashed overnight, falling more than 16% to their lowest level since 2021, after its next-generation obesity drug CagriSema disappointed in head-to-head comparisons with Zepbound from Eli Lilly.

11/02/2026 09:37

Spotify (SPOT US) $US476.02

SPOT US shares ripped higher overnight (up as much as ~18% at the peak), its biggest intraday move since 2019, after a strong 4Q result and an upbeat 1Q outlook that directly addresses one of the market’s biggest concerns: margin sustainability. We own the stock, and this was a very good update.

06/02/2026 09:40

Peabody Energy Corp (BTU US) $US34.24

Peabody (BTU) slipped 2.2% overnight in a weak session on Wall Street, supported by solid 4th quarter earnings, which contained no nasty surprises:

06/02/2026 09:39

Barrick (B US) $US43.97

B US shares were initially higher after it reported 4th quarter earnings ahead of estimates, though broader weakness in the gold space overshadowed the strong operational performance.