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International Equities Portfolio

For those seeking international direct equities exposure

About the International Equities Portfolio

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
Portfolio 1M 3M 1y 3y pa 5y pa ITD pa*
INTERNATIONAL EQUITIES -5.09% -17.79% -2.79% 9.69% 12.75% 12.66%
MSCI WORLD AUD -1.74% -6.70% 13.82% 15.02% 14.47% 12.71%
VALUE ADD (3.35%) (11.09%) (16.61%) (5.33%) (1.72%) (0.05%)
* Inception date 26/06/2019
Portfolio Holdings trade now
CODE NAME WEIGHT (%) RISK TERM BUY DATE BUY PRICE ($) LAST PRICE ($) DIVIDENDS ($) GAIN / LOSS (%)
ALB US Albemarle 4 High Medium 12/02/2024 115.75 57.44 1.21 -49.33
BABA US Alibaba 6 Moderate Medium 27/11/2019 194.97 125.79 1.96 -34.48
BTU US Peabody Energy 4 High Medium 18/05/2023 20.90 14.16 0.53 -29.71
BX US Blackstone 6 Moderate Medium 07/10/2022 102.62 139.81 6.62 42.69
CCJ US Cameco Corp 5 High Medium 06/06/2024 50.78 49.24 0.11 -2.82
CMG US Chipotle Mexican Grill 5 Moderate Medium 24/03/2022 35.96 51.45 43.08
FCX US Freeport McMoRan 6 Moderate Medium 20/07/2022 32.17 37.48 1.05 19.77
FSLR US First Solar 4 High Medium 18/05/2023 187.45 133.76 -28.64
GOLD US Barrick Gold 5 Moderate Medium 18/03/2021 20.59 0.86 -95.82
GOOGL US Alphabet 5 Moderate Medium 12/09/2024 153.80 154.28 0.31
GS US Goldman Sachs 5 Moderate Medium 04/04/2025 525.43 565.70 7.66
HCA US HCA Healthcare 5 Moderate MEdium 17/01/2025 310.90 353.92 0.72 14.07
JD US JD.com 4 High Medium 11/02/2025 40.99 34.12 -16.76
MSFT US Microsoft Corp 6 Moderate Medium 25/02/2020 213.34 438.17 7.30 108.81
PSHZF US Pershing Square Capital 5 Moderate Long 18/05/2023 36.95 48.51 0.84 33.56
TTD US The Trade Desk 5 Moderate Medium 24/04/2020 42.31 59.90 41.57
UBS US UBS Group 5 Moderate Medium 22/08/2023 25.44 31.08 0.68 24.84
YETI US YETI 5 Moderate Medium 28/02/2023 38.89 29.61 -23.86
ZG US Zillow 5 High Medium 06/06/2024 46.65 66.75 43.09
Portfolio cash position: 5%
Recent Sales trade now
Company code STOCK NAME ACTIVITY RISK TIME HORIZON EXIT DATE ENTRY PRICE ($) CLOSE PRICE ($) DIVIDENDS ($) GAIN / LOSS (%)
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
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Opinions for stocks held in the International Equities Portfolio

Trade Desk Inc (TTD US) $US59.90

Trade Desks surged higher after Q1, and EPS beat estimates after the closing bell, sending the stock up around 14% in late trade. The outlook also looks solid, with management confident that second-quarter revenue will come in above $US682mn; the street is currently looking for $US682.7mn.

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Peabody Energy (BTU US) $US14.82

Coal stocks globally have been in a challenging spot for the past 6-months, with most down to the tune of 30-50%, with BTU US being on the weaker side. We’ve held various positions across all portfolios, and they’ve weighed on performance. Our expectation that weaker supply would meet higher demand, pushing up prices, has proven elusive.

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First Solar (FSLR US) US$126.57

The American-based solar technology company reported quarterly earnings late on Tuesday that were lower than expected, and they downgraded FY25 guidance. While this was not a significant shock given the weakness in the shares leading into the result, with FSLR now trading on just 7x earnings, shares did react negatively.

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Cameco Corp (CCJ US) $US45.15

Global uranium stocks have struggled in recent months, although  Canadian-based heavyweight Cameco was trading at an all-time high in December, when local stocks were already a year into their demise.

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Microsoft Corp (MSFT US) $US395.26

After the market closed this morning, MSFT reported better-than-expected sales and profit, suggesting customer demand hasn’t been rattled by tariffs and wider economic uncertainty – shares were trading ~6% higher in extended trading in New York this morning.

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Goldman Sachs (GS US) $US503.98

Overnight, Goldman Sachs’ traders maintained the trend set by its peers, posting their highest quarterly revenue on record, helped by strong equity trading – the stock rose ~2% following the result. The results built on a record year for Goldman in 2024 when the New York-based bank lifted its revenue in its equities division by almost 50%.

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Albermarle Corp (ALB US) $US50.76

The impact of Trump's tariffs was huge overnight, with ALB surging over +19%, albeit from a low base. In February, this $US7bn Li goliath company announced it could generate breakeven free cash flow in 2025 without lithium prices rising, positioning it well if/when Li prices can recover some of their deep losses.

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Zillow (ZG US) $US59.75

Real estate platform ZG is a business we still really like despite a 30% pullback in the share price. We’ve often written it up as a top pick for the International Equities Portfolio, having initially bought mid-way through 2024 at ~$46. Like many high-growth, high-valuation stocks of late, the share price has come under significant pressure.

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International Equities Portfolio – Amendment

US stocks are expected to open sharply lower this evening on tariff concerns, and we are using weakness to add a new position in Goldman Sachs (GS US), a stock that will likely be a key beneficiary later in the year underpinned by pro-growth US policies around lower taxes and regulation.

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Actions for stocks held in the International Equities Portfolio

TTD US
UPDATED 09/05/2025 09:41
MM remains long and bullish on TTD
Add To Hit List
GOLD US
UPDATED 08/05/2025 09:43
MM is bullish long and bullish GOLD
Add To Hit List
BTU US
UPDATED 07/05/2025 09:47
MM remains long & bullish BTU ~$US15
Add To Hit List
FSLR US
UPDATED 02/05/2025 09:41
MM remains long & Bullish FSLR US
Add To Hit List
MSFT US
UPDATED 01/05/2025 09:39
MM is long and bullish MSFT
Add To Hit List
CCJ US
UPDATED 01/05/2025 09:38
MM is long and bullish Cameco
Add To Hit List
GS US
UPDATED 15/04/2025 10:03
MM is long and bullish GS
Add To Hit List
ALB US
UPDATED 10/04/2025 13:59
MM is cautiously bullish towards ALB
Add To Hit List
ZG US
UPDATED 09/04/2025 13:28
MM remains bullish on ZG ~US$59
Add To Hit List
GS US
UPDATED 03/04/2025 17:16
MM are buying GS US in the International Equities Portfolio, allocating 5% around $US563.10
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