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 30/09/2025 17:00
Portfolio	1M	3M	6M	1y	3y pa	5y pa	ITD pa*
INTERNATIONAL EQUITIES	6.29%	16.78%	29.57%	23.66%	25.12%	19.18%	20.37%
MSCI WORLD AUD	2.28%	6.43%	12.81%	23.05%	22.61%	16.30%	14.31%
VALUE ADD	+4.01%	+10.35%	+16.76%	+0.61%	+2.51%	+2.88%	+6.06%

* 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	96.50	1.61	-15.24
B US	Barrick	5	Moderate	Medium	18/03/2021	20.59	33.04	1.11	65.86
BABA US	Alibaba	6	Moderate	Medium	27/11/2019	194.97	173.68	1.96	-9.91
BTU US	Peabody Energy	4	High	Medium	18/05/2023	20.90	31.84	0.60	55.22
BX US	Blackstone	6	Moderate	Medium	07/10/2022	102.62	160.65	6.62	63.00
CCJ US	Cameco Corp	4	High	Medium	06/06/2024	50.78	86.73	0.09	70.97
CMG US	Chipotle Mexican Grill	5	Moderate	Medium	24/03/2022	35.96	40.89		13.71
FCX US	Freeport McMoRan	6	Moderate	Medium	20/07/2022	32.17	43.31	1.12	38.11
FSLR US	First Solar	4	High	Medium	18/05/2023	187.45	234.30		24.99
GOOGL US	Alphabet	5	Moderate	Medium	12/09/2024	153.80	241.53	0.82	57.57
GS US	Goldman Sachs	5	Moderate	Medium	04/04/2025	525.43	779.96	7.00	49.77
HCA US	HCA Healthcare	5	Moderate	MEdium	17/01/2025	310.90	418.87	1.44	35.19
JD US	JD.com	4	High	Medium	11/02/2025	40.99	33.97		-17.13
MSFT US	Microsoft Corp	6	Moderate	Medium	25/02/2020	213.34	522.40	8.96	149.07
PSHZF US	Pershing Square Capital	5	Moderate	Long	18/05/2023	36.95	64.00	1.01	75.94
TTD US	The Trade Desk	5	Moderate	Medium	24/04/2020	42.31	54.09		27.84
UBS US	UBS Group	5	Moderate	Medium	22/08/2023	25.44	40.13	0.68	60.42
YETI US	YETI	5	Moderate	Medium	28/02/2023	38.89	33.17		-14.71
ZG US	Zillow	5	High	Medium	06/06/2024	46.65	68.19		46.17

Portfolio cash position: 6%

**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 (%)
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

08/10/2025 09:41

YETI Holdings (YETI US) $US33.20

The high-end cooler, drinkware and accessories company has been a stock we’ve liked for a while now, having bought in early 2023. To date, it’s been underwhelming and we’re sitting on an open loss of 14%.

01/10/2025 09:17

Zillow Group (ZG US) $US74.44

Zillow remains one of our high-conviction positions in the International Equities Portfolio, even as the share price has corrected in recent months. We’ve owned the stock since mid-2024 (around $46), and while it has been volatile—typical for high-growth, high-valuation names—the fundamental story remains intact.

25/09/2025 09:08

Alibaba Group (BABA US) $US176.44

Alibaba Group shares surged to their highest in nearly four years after revealing plans to ramp up AI spending past an original $US50 billion-plus target, joining US tech leaders pledging ever-greater sums toward a global race for technological breakthroughs.

24/09/2025 09:13

Peabody Energy (BTU US) $US23.85

BTU has been on a good run of late, with the share price more than doubling since the April 2025 low, implying that our local coal producers should be performing a little better than they are. For context, Peabody remains one of the world’s leading coal producers with 17 mines across the US and Australia, supplying both thermal coal (for power generation) and metallurgical coal (for steelmaking).

03/09/2025 09:35

Alibaba (BABA US) $US138.55

Alibaba has been a tough hold for investors over recent years – MM included – with regulatory overhang, slowing Chinese growth, and intensifying competition all weighing on the stock. Last week’s 1Q earnings, however, provided a more constructive undertone, prompting a sharp rally in the shares.

27/08/2025 09:48

HCA Healthcare Inc (HCA US) $US401.96

We covered the private hospital operator a few months ago here, flagging the expansion in its earnings multiple as the primary driver of the share price, prompting us to turn more neutral. The stock fell on queue, and we were left holding our 5% position. They’ve now recovered strongly, so, what’s changed between May and now?

20/08/2025 09:34

First Solar (FSLR US) $US210.96

It’s been a wild ride holding First Solar shares in recent times, however, recent news flow has been supportive, pushing shares sharply higher over the week.

15/08/2025 08:29

JD.com (JD US) $US31.58

The China-based online marketplace reported its second-quarter results on Thursday, beating at the revenue line and showing solid growth, though margins remain a challenge—impacting overall earnings.

13/08/2025 09:25

The Trade Desk (TTD US) $US53.27

13/08/2025 09:23

Zillow (ZG US) $U80.17

ZG US reported its 2Q results on Thursday (7th August) that were mildly ahead of consensus expectations, and guidance was inline for 3Q revenue, and broadly in line in terms of earnings. The stock initially traded higher, before pulling back in the few sessions since.