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 01/11/2023 09:00
Portfolio	1M	3M	6M	1Y	3Y pa	ITD pa*
International Equities	-3.33%	-5.81%	1.92%	9.14%	11.94%	14.48%
MSCI World AUD	-1.02%	-3.48%	2.72%	11.58%	11.95%	9.91%
Difference to benchmark	(2.31%)	(2.33%)	(0.80%)	(2.44%)	(0.01%)	+4.57%

* 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	188.92	2.98	295.75
BABA US	Alibaba Group Holding	6	Moderate	Medium	27/11/2019	194.97	74.70		-61.69
BTU US	Peabody Energy	4	High	Medium	18/05/2023	20.90	23.94	0.08	14.93
BX US	Blackstone Group	5	High	Medium	07/10/2022	89.48	111.85	3.42	28.82
BC US	Brunswick Corp	5	Moderate	Medium	07/04/2021	96.96	79.25	4.06	-14.08
CCJ US	Cameco Corp	3	High	Medium	22/08/2023	36.20	45.68		26.19
CMG US	Chipotle Mexican	4	High	Medium	24/03/2022	1548.47	2195.00		41.75
DE US	Deere & Co	6	Moderate	Long	06/08/2021	367	362.47	10.46	1.62
FCX US	Freeport McMoRan	6	High	Medium	20/07/2022	32.17	37.29	0.75	18.25
FSLR US	First Solar	6	High	Medium	18/05/2023	187.45	157.03		-16.23
GLEN LN	Glencore (GBX)	6	Moderate	Long	25/11/2021	375.65	448.15	62.09	35.83
GOLD US	Barrick Gold	7	Moderate	Medium	18/03/2021	20.59	17.56	0.46	-12.48
HCA US	HCA Healthcare	3	Moderate	Medium	01/11/2023	225.77	249.10		10.33
MSFT US	Microsoft Corp	5	Moderate	Medium	25/02/2020	172.07	376.06	6.04	122.06
PSHZF US	Pershing Square Capital	4	Moderate	Long	18/05/2023	34.74	40.17	0.13	16.00
SNOW US	Snowflake Inc	3	High	Medium	28/07/2022	140.56	187.77		33.59
TTD US	The Trade Desk	6	High	Medium	24/04/2020	42.31	70.68		67.05
UBS US	UBS Group	3	Moderate	Medium	22/08/2023	23.85	28.13		17.95
WFC US	Wells Fargo & Co	6	Moderate	Medium	27/11/2019	51.26	44.68	2.84	-7.30
YETI US	YETI Holdings	5	High	Medium	28/02/2023	38.89	42.45		9.15

Portfolio cash position: 2%

**Recent Sales** UPDATED 18/07/2023 09:00 trade now
Company code	STOCK NAME	WEIGHT(%)	RISK	TIME HORIZON	EXIT DATE	ENTRY PRICE ($)	CLOSE PRICE ($)	DIVIDENDS ($)	GAIN / LOSS (%)
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
GOOGL US	Alphabet Inc	6	Moderate	Long	7/04/2021	1257.3	2239.03		78.08
XOM US	Exxon Mobil Corp	5	Moderate	Medium	7/04/2021	40.96	56.39	3.48	46.17
JPM US	JPMorgan Chase & Co (GBp)	5	Moderate	Medium	17/03/2021	125.29	155.34	4.5	27.57
AAL LN	Anglo American PLC (GBp)	4	Moderate	Medium	10/03/2021	1962	2874	21.63	47.59
V US	Visa Inc (USD)	5	Moderate	Medium	10/02/2021	203.5	206.52	1.22	2.08

OPINION
ACTION

Opinions for stocks held in the International Equities Portfolio

29/11/2023 09:18

Snowflake (SNOW US) $US170.72

The rise of AI is obviously getting a lot of airtime, and rightly so, this is one of the ‘Megatrends’ that will remain in the spotlight for many years to come, however, for now, it’s the large, well-known beneficiaries of this theme that are attracting the most attention. The companies that run the cloud, Amazon, Google, Microsoft & Oracle, and the providers of processing power such as Nvidia (NVDA US), but there are many other companies in the space that MM should stay firmly across, Snowflake being one of those we already hold in the International Equities Portfolio, and while the position is up ~20%, it has underperformed.

15/11/2023 09:14

Trade Desk Inc (TTD US) $US67.53

A very volatile week for a traditionally very volatile stock. The advertising technology company with a market capitalisation of $US33bn last week reported a 25% year-over-year revenue increase to $493m in Q3, putting them on a YTD run rate of $US1.34bn, up 23% YoY. Despite these very strong earnings numbers, which were ahead of expectations, shares fell ~16% after the result

15/11/2023 09:13

First Solar Inc (FSLR) $US149.17

The designer and manufacturer of solar modules that use thin film technology reported Q3 results last week that were mixed; however, it seems positioning ahead of these numbers was also on the more cautious side i.e. a fair amount of negativity already priced in

08/11/2023 09:18

UBS Group (UBS) US$24.89

While the headline numbers overnight showed a loss in Q3 of $785m, its first in nearly 6-years, the traction they are getting with the CS business is becoming more obvious, with $US22bn in net new money flowing from CS clients into the UBS wealth business in the quarter (v expectations of $US14bn)

01/11/2023 09:00

Cameco Corp (CCJ US) $US40.91

Cameco reported quarterly earnings that were ahead of expectations overnight and talked to a strong backdrop for ongoing strength in the global Uranium market – shares rose 8.06%. Q3 adjusted earnings per share (EPS) of $0.32 compared to $0.03 at the same time last year, driven by higher production (+50%), which has met an environment of higher prices, prompting an upgrade to their full-year revenue forecasts.

31/10/2023 09:17

Microsoft Corp (MSFT US) $US337.31

MSFT shares rose last week after delivering its fiscal first-quarter earnings report – the earnings numbers were solid, as was the outlook for certain segments, including the company’s Azure cloud unit and the anticipated rollout of Microsoft's artificial intelligence product Copilot.

20/10/2023 09:24

Freeport McMoran (FCX US) $US35.27

Overnight, high quality global Copper company Freeport McMoran beat earnings expectations with their 3rd quarter. Revenue of $US5.82bn compared well to the $US5.53bn expected which drove a beat at the earnings line, with EPS of 39c versus consensus of 32c. Overall a good result that just lacked a firm market to enjoy any gains.

20/10/2023 09:23

Blackstone (BX US) $US94.63

Overnight, the world's largest manager of alternative assets, such as private equity and real estate missed earnings estimates as high-interest rates weighed on asset values prompting lower than expected earnings. While higher rates were an issue, the environment for deal making is ‘slow’ to say the least which has prompted them to hold assets for longer than they usually would.

17/10/2023 09:17

Wells Fargo & Co (WFC US) $US41.65

WFC reported a strong 3rd quarter revenue of $US20.9bn, an impressive +7% increase on the same period last year. The gain was propelled by an 8% rise in net interest income to $13.1 billion, primarily attributed to higher interest rates. Profits increased +61% year over year to $US5.7bn, affirming the bank's growth trajectory – nothing not to like in these numbers apart from what comes next if/when bond yields stabilise or decline.

13/10/2023 09:49

Cameco Corp (CCJ US) $US36.18

The journey of uranium and its related stock continues to be a volatile one, and in the short term, we may have been better placed to have taken some profits into last month's explosive move. However, we are bullish over the medium; hence, we are likely to remain fussy on the sell side unless we see a fundamental reason to change our view on nuclear energy and the shortage of uranium over the years ahead.