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 31/10/2024 17:00
Portfolio	1M	3M	6M	1Y	3Y pa	ITD pa*
INTERNATIONAL EQUITIES	2.88%	5.35%	8.55%	23.59%	15.32%	17.84%
MSCI WORLD AUD	3.82%	2.14%	10.17%	29.22%	11.35%	13.28%
VALUE ADD	(0.94%)	+3.21%	(1.62%)	(5.63%)	+3.97%	+4.56%

* 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 (%)
AAPL US	Apple	5	Moderate	Medium	26/06/2019	48.49	243.70	3.48	409.75
ALB US	Albemarle	4	High	Medium	12/02/2024	115.75	104.30	1.21	-8.85
BABA US	Alibaba	6	Moderate	Medium	27/11/2019	194.97	86.27	1.96	-54.75
BTU US	Peabody Energy	4	High	Medium	18/05/2023	20.90	22.53	0.46	10.00
BX US	Blackstone	6	Moderate	Medium	07/10/2022	102.62	187.14	4.25	86.50
CCJ US	Cameco Corp	5	High	Medium	06/06/2024	50.78	61.57	0.11	21.47
CMG US	Chipotle Mexican Grill	5	Moderate	Medium	24/03/2022	35.96	65.51		82.17
FCX US	Freeport McMoRan	6	Moderate	Medium	20/07/2022	32.17	42.48	0.89	34.82
FSLR US	First Solar	6	High	Medium	18/05/2023	187.45	195.86		4.49
GOLD US	Barrick Gold	5	Moderate	Medium	18/03/2021	20.59	16.88	0.76	-14.33
GOOGL US	Alphabet	5	Moderate	Medium	12/09/2024	153.80	174.93		13.74
MSFT US	Microsoft Corp	6	Moderate	Medium	25/02/2020	213.34	444.08	6.47	111.19
PSHZF US	Pershing Square Capital	5	Moderate	Long	18/05/2023	36.95	49.40	0.84	35.97
TTD US	The Trade Desk	5	Moderate	Medium	24/04/2020	42.31	138.12		226.45
UBS US	UBS Group	5	Moderate	Medium	22/08/2023	25.44	32.83	0.23	29.95
WFC US	Wells Fargo & Co	6	Moderate	Medium	27/11/2019	51.26	74.34	3.24	51.35
YETI US	YETI	5	Moderate	Medium	28/02/2023	38.89	42.82		10.11
ZG US	Zillow	5	High	Medium	06/06/2024	46.65	79.57		70.57

Portfolio cash position: 7%

**Recent Sales** UPDATED 13/09/2024 09:00 trade now
Company code	STOCK NAME	WEIGHT(%)	RISK	TIME HORIZON	EXIT DATE	ENTRY PRICE ($)	CLOSE PRICE ($)	DIVIDENDS ($)	GAIN / LOSS (%)
HCA US	HCA Healthcare	3	Moderate	Medium	12/09/2024	225.77	385.42	0.65	71
SNOW US	Snowflake	5	High	Medium	12/09/2024	150.73	112.6		-25.3
DE US	Deere & Co	6	Moderate	Long	21/05/2024	367	390.93	11.93	9.77
TTD US	The Trade Desk (USD)	1	High	Medium	31/01/2024	42.31	67.91		60.51
BX US	Blackstone Group	1	High	Medium	31/01/2024	89.48	125.95	3.42	44.58
BC US	Brunswick Corp	5	Moderate	Medium	31/01/2024	96.96	82.26	4.06	-10.97
GOLD US	Barrick Gold	2	Moderate	Medium	31/01/2024	20.59	15.76	0.56	-20.74
CCJ US	Cameco Corp	3	High	Medium	16/01/2024	36.2	50.13	0.09	38.73
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

OPINION
ACTION

Opinions for stocks held in the International Equities Portfolio

06/12/2024 17:10

International Equities Portfolio – Amendment

We are taking profit on a bank holding in the International Equities Portfolio.

05/12/2024 09:54

Freeport-McMoRan (FCX US) $US42.87

FCX is a major $US61bn resource beast MM has touched on a few times through 2024; the company generates approximately 75–80% of its revenue from copper (Cu), with the remainder coming from gold and molybdenum sales. Through 2024, FCX has advanced around 8i% compared to Sandfire (SFR), which has powered over 40% higher.

04/12/2024 09:34

YETI Holdings (YETI US) $US41.29

1. It’s undervalued for the growth coming through; They’ll grow at ~10% on last year, and that’s the sort of growth YETI will do in the coming years. For context, that’s about twice the growth rate of JB Hi-Fi which trades on 22x and is sitting at all-time time highs, more than 2 standard deviations ‘expensive’ . YETI is trading on 14x, more than 1 standard deviation ‘cheap’ and is 60% below it’s all time high. The stock has been in a funk throughout 2024 though earnings have continued to improve, the business has gotten better, customer love continues to grow.

26/11/2024 09:48

Zillow Group Inc (ZG US) $81.38

Subscribers will be familiar with the local ~$33bn REA Group, which operates realestate.com.au. An incredible 12 million Australians are said to visit the site every month. Zillow is a similar-sized US equivalent, which, by definition, is fishing in a much larger pond. This month's results showed that Zillow is back on track:

20/11/2024 09:28

Pershing Square Holdings (PSHZF US) $45.15

Pershing is a well-known hedge fund run by Bill Ackman that invests in a concentrated portfolio of stocks. Incidentally, Bill was a big supporter of Donald Trump. We own the Pershing Square closed-ended hedge fund vehicle incorporated in Guernsey, that trades in the US under code PSHZF US, having bought in May 2023. The position is up 34% since, though it has pulled back recently from a ~$US56 high in June to ~$US45 today.

13/11/2024 09:26

Cameco (CCJ US) $US54.42

CCJ released 3Q24 results last week that showed strong operational performance, though it was a weaker quarter from an earnings and cash flow perspective. Interestingly, they upgraded production guidance at McArthur River/Key Lake from 18Mlb (100% basis) to 19Mlb while they remain on track for 18Mlb (100% basis) from Cigar Lak

08/11/2024 16:51

The Trade Desk (TTD US) $US132.53

The US listed ad-tech business reported Q3 earnings post-close overnight that beat expectations (mildly), though it does look like the level of growth has slowed a touch.

08/11/2024 09:18

YETI Holdings (YETI US) $US38.87

After market yesterday, the cooler and drinkware maker reported Q3 results ahead of expectations and raised guidance for its full-year earnings. There is a bit to unpack with YETI, so we’ll cover earnings first then focus on what a Trump Presidency could mean given YETI manufactures in China.

08/11/2024 09:18

Zillow Group (ZG US) $US70.11

The property platform similar to REA Group (REA) is doing exceptionally well in a difficult US housing market, Q3 results showed overnight, sending the stock up 25%.

08/11/2024 09:13

Peabody Energy (BTU) $US28.88

Peabody reported solid earnings last week, and it embraced the Trump Trade on Thursday, surging +9.6% - the phrase “Drill Baby Drill” comes to mind even though it referenced oil.