International Equities Portfolio

For those seeking international direct equities exposure

23.90% Returns pa since inception to 31-12-21

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 01/01/2022 09:00
Portfolio	1M	3M	6M	1Y	3Y pa	ITD pa*
International Equities	-1.86%	7.98%	2.57%	15.67%	-	23.90%
Target 10%	0.83%	2.50%	5.00%	10.00%	-	10.00%
Difference	-2.69%	+5.48%	-2.43%	+5.67%	-	+13.90%

* Inception date 26/06/2019

**Portfolio Holdings** UPDATED 19/01/2022 09:00 trade now
COMPANY CODE	STOCK NAME	WEIGHT (%)	RISK	TIME HORIZON	ENTRY DATE	ENTRY PRICE ($)	LAST PRICE ($)	DIVIDENDS ($)	GAIN / LOSS (%)
700 HK	Tencent Holdings Ltd (HKD)	6	High	Medium	22/01/2020	386.51	452.8	2.8	17.88
AAPL US	Apple	6	Moderate	Medium	26/06/2019	48.49	169.8	2.3	254.92
AMZN US	Amazon	6	Moderate	Medium	27/08/2021	3333.2	3178.35		-4.65
BABA US	Alibaba Group Holding Ltd	6	Moderate	Medium	27/11/2019	194.97	128.6		-34.04
BC US	Brunswick Corp/DE	5	Moderate	Medium	07/04/2021	96.96	93.95	1.02	-2.05
BHP LN	BHP Group PLC (GBp)	6	Moderate	Medium	24/10/2019	1650	2415	170.43	56.69
DE US	Deere & Co Ltd	6	Moderate	Long	6/08/2021	367	383.91	2.1	5.18
FCX US	Freeport-McMoRan	5	Moderate	High	04/11/2021	38.5	44.29	0.07	15.22
GLEN LN	Glencore (GBp)	6	Moderate	Long	25/11/2021	355	413.8		16.56
GOLD US	Barrick Gold Corp	7	Moderate	Medium	18/03/2021	20.59	18.56	0.24	-8.69
JD US	JD.com	5	High	Medium	16/07/2021	76.87	73.4		-4.51
MSFT US	Microsoft Corp	6	Moderate	Medium	25/02/2020	161.38	302.65	3.32	89.6
PYPL US	PayPal Holdings Inc	6	High	Medium	02/07/2021	290.84	174.46		-40.02
TTD US	Trade Desk Inc/The	6	High	Medium	24/04/2020	35.77	71		98.49
WFC US	Wells Fargo & Co	9	Moderate	Medium	27/11/2019	51.26	56.69	1.04	12.62
XOM US	Exxon Mobil	5	High	Medium	27/08/2021	55.4	73.08		31.91

Portfolio cash position: 4%

**Recent Sales** UPDATED 06/12/2021 08:00 trade now
Company code	STOCK NAME	WEIGHT(%)	RISK	TIME HORIZON	EXIT DATE	ENTRY PRICE ($)	CLOSE PRICE ($)	DIVIDENDS ($)	GAIN / LOSS (%)
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
JHG US	Janus Henderson (USD)	4	Moderate	Medium	9/09/2020	22.84	19.76	1.26	-7.97
700 HK	Tencent (HKD)	2	Moderate	Medium	24/07/2020	386.51	536	1.2	38.99
MSFT US	Microsoft (USD)	2	Moderate	Medium	24/07/2020	161.37	202	0.51	25.49
UNH US	United Health (USD)	4	Moderate	Medium	28/05/2020	245.02	303.77	1.08	24.42
MC FP	LVMH Holdings (EURO)	4	Moderate	Medium	22/05/2020	387.55	359.85		-7.15
BAC US	Bank of America (USD)	5	Moderate	Medium	16/04/2020	30.36	22.19	0.36	-25.72
SH US	ProShares Short S&P500 (USD)	8	Short	High	25/02/2020	26.44	23.99	0.2	-8.51
GOLD US	Barrick Gold (USD)	5	Moderate	Medium	25/02/2020	16.01	22	0.54	40.79
NTFX US	Netflix (US)	5	Moderate	Medium	24/07/2019	382.77	315		-17.71

OPINION
ACTION

Opinions for stocks held in the International Equities Portfolio

20/01/2022 09:15

Gold ($US/oz)

Precious metals enjoyed a strong move overnight with gold rallying over $US30/oz taking its to fresh 2-month highs even as the market factors in rising interest rates, a definite example of a market rallying on theoretically bad news. With the $US struggling and bond yields have already popped to multi year highs MM is comfortable with our overweight exposure to precious metals.

19/01/2022 17:16

BHP Group (BHP) $46.56

BHP -0.3%: the Big Australian was out with their December Quarter update today highlighting operations for the first half which were largely as expected. Where it mattered in iron ore BHP hit the numbers, up 1% QoQ and maintaining guidance. A ramp up in production out of the South Flank operations were slightly offset by a lack of train operators...

19/01/2022 09:41

Wells Fargo & Co (WFC US) $US56.73

US bank Wells Fargo is our largest holding in our International Portfolio and after surging in recent weeks MM is looking to reduce the holding from 9% to 6%, a great result for a position that was struggling in its early days and had a difficult time through the pandemic.

19/01/2022 09:39

International Equities Portfolio

The MM International Equities Portfolio fell -2.02% during the week while cash remains at 4%. The main headwind on performance came from The Trade Desk (TTD US) which fell by -16.39% on no specific company news, simply the move out of high value tech. PayPal (PYPL) & Microsoft (MSFT) were also caught up in the move down -8.95% & -3.96% respectively. On the flipside, the resource stocks in this portfolio did well, both BHP and Glencore up more than 6%.

19/01/2022 09:30

Active Income Portfolio

The Income Portfolio added +0.87% over the course of the week while cash sits at ~4%. AGL Energy (AGL) led the line up +5.60% although after such a strong rally from the lows, some consolidation here would not surprise, BHP was also strong +4.59% while Alumina (AWC) +3.98% has been on the recovery path. The most notable drag was Magellan Financial Group (MFG) down by -5.53%.

19/01/2022 09:29

BHP Group (BHP) $46.70

BHP has experienced a volatile ride over the last 6-months having been heavily influenced by the respective aggressive moves in both iron ore and oil. In less than 2-weeks’ time BHP will no longer be listed in the UK and its market cap in Australia will soar, taking it from around 6% of the ASX200 to closer to 10%, reclaiming its “Big” title in the process. By definition...

19/01/2022 09:28

Flagship Growth Portfolio

The MM Growth Portfolio rallied 0.64% last week outperforming the market which only edged 0.2% higher, our cash positions sits at 2% i.e. we’re still long and bullish. We enjoyed strong performances from a mix of stocks although energy was front and centre i.e. BHP Group (BHP) +4.59%, Santos (STO) +4.9% and ResMed (RMD) +5.73% conversely we saw a...

13/01/2022 09:24

Exxon Mobil Corp (XOM US) $US71.01

MM holds XOM in our International Equities Portfolio, the stocks surged higher this month and another 20% upside in the coming months feels on the cards.

12/01/2022 09:32

Apple Inc (AAPL US) $US174.85

Similar to ALU in our Growth Portfolio this morning we have considered one of our top tech positions in the International Portfolio with a similar conclusion. Again we are looking to pare back our exposure to the lofty tech valuations in 2022 but quality / growth companies cannot be ignored in a market where the strong keep delivering and the weak...

12/01/2022 09:31

International Equities Portfolio

The International Equities Portfolio is 2.27% higher than when we last penned this report with +1.79% of the gain occurring this week. Cash remains at ~4%. A few of the recent ‘pain points’ in the portfolio rallied led by JD.com (JD US) +19.35% & Alibaba (BABA US) +10.37%, offset to some degree by falls in Microsoft (MSFT US) and Apple (AAPL US)...