International Equities Portfolio

For those seeking international direct equities exposure

20.03% Returns pa since inception to 31-03-22

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 01/05/2022 09:00
Portfolio	1M	3M	6M	1Y	2Y pa	ITD pa*
International Equities	-4.63%	-6.76%	1.19%	1.86%	17.95%	16.62%
Target 10%	0.83%	2.50%	5.00%	10.00%	10.00%	10.00%
Difference	-5.46%	-9.26%	-3.81%	-8.14%	+7.95%	+6.62%

* Inception date 26/06/2019

**Portfolio Holdings** UPDATED 18/05/2022 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	368.4	2.8	-3.96
AAPL US	Apple	6	Moderate	Medium	26/06/2019	48.49	149.24	2.75	213.45
BABA US	Alibaba Group Holding Ltd	6	Moderate	Medium	27/11/2019	194.97	91.99		-52.82
BC US	Brunswick Corp/DE	5	Moderate	Medium	07/04/2021	96.96	79.38	1.38	-16.71
CMG US	Chipotle Mexican	6	High	Medium	24/03/2022	1548.47	1322.06		-14.62
DE US	Deere & Co Ltd	6	Moderate	Long	6/08/2021	367	384.26	3.15	5.56
GLEN LN	Glencore (GBp)	6	Moderate	Long	25/11/2021	355	498.25		40.35
GOLD US	Barrick Gold Corp	7	Moderate	Medium	18/03/2021	20.59	20.47	0.25	0.63
GOOG US	Alphabet	6	High	Medium	27/01/2022	2627.22	2329.46		-11.33
JD US	JD.com	5	High	Medium	16/07/2021	76.87	53.67		-30.18
MSFT US	Microsoft Corp	9	Moderate	Medium	25/02/2020	172.07	266.82	2.63	56.59
PYPL US	PayPal Holdings Inc	6	High	Medium	02/07/2021	290.84	79.75		-72.58
TSCO LN	Tesco PLC (GBP)	5	Moderate	Medium	11/05/2022	277.6	278.3		0.25
TTD US	Trade Desk Inc/The	6	High	Medium	24/04/2020	35.77	53.37		49.2
WFC US	Wells Fargo & Co	6	Moderate	Medium	27/11/2019	51.26	43.71	1.54	-11.72

Portfolio cash position: 9%

**Recent Sales** UPDATED 12/05/2022 09:00 trade now
Company code	STOCK NAME	WEIGHT(%)	RISK	TIME HORIZON	EXIT DATE	ENTRY PRICE ($)	CLOSE PRICE ($)	DIVIDENDS ($)	GAIN / LOSS (%)
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
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

18/05/2022 09:40

The Trade Desk (TTD US) US$53.37

This advertising technology stock is extremely volatile and certainly not for the faint-hearted. Having added TTD in the portfolio back in April of 2020 around $US35, we have seen our funds triple and now more than half in the recent tech sell-off. With a market capitalisation of $US26bn – about the same size as Goodman Group (GMG) in Australia, TTD is not a small business however on an estimated P/E of 61x it is in the growth camp.

18/05/2022 09:38

International Equities Portfolio

The MM International Equities Portfolio had a solid week up +1.99% with The Trade Desk (TTD US) adding +20.73% and Glencore (GLEN LN) up by +9.61%. The biggest drag was Apple (AAPL US) which lost -4.41% as the larger cap technology stocks joined the recent sell-off in growth.

11/05/2022 13:54

International Equities Portfolio – Amendments

We are selling Amazon (AMZN US) & buying Tesco (TSCO LN)

11/05/2022 09:39

International Equities Portfolio

The MM International Equities Portfolio fell -7.2% during the week with cash remaining at 8%. Trade Desk (TTD US) was whacked -26% and JD.com -15.6% while Brunswick (BC US) advancing just +0.5% was, unfortunately, the only green across our portfolio. While this portfolio is filled with high-quality companies, a number of these have fallen substantially this year dragging performance with them. In hindsight...

04/05/2022 09:38

JD.com (JD US) $US62.17

The one major theme catching our attention this week is we prefer the value in Asian tech when compared to its US peers although we do expect both to bounce in the coming weeks with tonight’s Fed rate hike potentially the catalyst for investors to finally move on from their bearish skew towards growth stocks – one that does make sense medium / longer term. Hence we are looking to lighten our US tech exposure into...

04/05/2022 09:37

International Equities Portfolio

The MM International Equities Portfolio added 3.75% during the week with cash at 8%. Amazon.com (AMZN US) falling -9.8% was the only negative, in the winners circle we saw Tencent (700 HK) +14.4%, JD.com (JD US) +18.2% and Alibaba (BABA US) +20.9% - overall a solid set of numbers.

27/04/2022 09:29

International Equities Portfolio

The MM International Equities portfolio fell -6.7% last week while cash sits at 8%. Every stock in the portfolio was down, the worst performers were PayPal (PYPL US) -16.6%, Glencore (GLEN US) -11.6% and Amazon.com (AMZN US) -8.9% while Brunswick Corp (BC US) was our best performer and it still fell -1.8%.

20/04/2022 09:34

International Equities Portfolio

The portfolio added +1.71% for the week while cash sits at 8%. Our most recent purchase of Chipotle Mexican Grill (CMG US) did well up 6.87% while Amazon (AMZN US) +5.23% & Brunswick (BC US) +4.94% more than offset weakness in PayPal (PYPL US) -3.90%.

13/04/2022 08:54

International Equities Portfolio

The portfolio fell -3.34% for the week while cash sits at 8%. Technology stocks the major drag on performance thanks to higher bond yields over the period, although signs overnight of yields peaking should help. You could throw a blanket over our tech holdings with most down ~6%, Microsoft (MSFT US) was particularly weak down by 8.16%. Barrick Gold (GOLD US) was the best of the bunch up by 5.27%.

06/04/2022 09:49

International Equities Portfolio

The portfolio fell -2.4% last week while cash sits at 8%. Glencore (GLEN LN) was our best performer rallying +6.2% while Brunswick Corp (BC US) had a shocker falling over 15% following a more bearish Jefferies report into the US leisure market, specifically around boat sales.