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 31/08/2024 17:00
Portfolio	1M	3M	6M	1Y	3Y pa	ITD pa*
INTERNATIONAL EQUITIES	-0.68%	-3.08%	4.40%	12.19%	10.70%	16.70%
MSCI WORLD AUD	-1.21%	4.46%	6.19%	20.56%	9.58%	12.93%
VALUE ADD	+0.53%	(7.54%)	(1.79%)	(8.37%)	+1.12%	+3.77%

* 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	220.82	3.23	362.05
ALB US	Albemarle	4	High	Medium	12/02/2024	115.75	76.88		-33.58
BABA US	Alibaba Group Holding	6	Moderate	Medium	27/11/2019	194.97	81.20	1.96	-57.35
BTU US	Peabody Energy	4	High	Medium	18/05/2023	20.90	20.96	0.38	2.11
BX US	Blackstone Group	6	Moderate	Medium	07/10/2022	102.62	137.11	4.25	37.75
CCJ US	Cameco Corp	3	High	Medium	06/06/2024	54.25	36.98		-31.83
CMG US	Chipotle Mexican	4	Moderate	Medium	24/03/2022	30.97	53.69		73.36
FCX US	Freeport McMoRan	6	Moderate	Medium	20/07/2022	32.17	40.00	0.89	27.11
FSLR US	First Solar	6	High	Medium	18/05/2023	187.45	208.65		11.31
GOLD US	Barrick Gold	5	Moderate	Medium	18/03/2021	20.59	19.01	0.66	-4.47
HCA US	HCA Healthcare	3	Moderate	Medium	01/11/2023	225.77	387.89	0.65	72.10
MSFT US	Microsoft Corp	5	Moderate	Medium	25/02/2020	172.07	401.70	6.79	137.40
PSHZF US	Pershing Square Capital	4	Moderate	Long	18/05/2023	34.74	48.97	0.86	43.44
SNOW US	Snowflake Inc	5	High	Medium	28/07/2022	150.73	108.58		-27.96
TTD US	The Trade Desk	5	High	Medium	24/04/2020	42.31	100.31		137.08
UBS US	UBS Group	5	Moderate	Medium	22/08/2023	25.44	28.54	0.23	13.09
WFC US	Wells Fargo & Co	6	Moderate	Medium	27/11/2019	51.26	54.01	2.84	10.91
YETI US	YETI Holdings	5	Moderate	Medium	28/02/2023	38.89	37.31		-4.06
ZG US	Zillow Group	3	High	Medium	06/06/2024	41.64	51.53		23.75

Portfolio cash position: 10%

**Recent Sales** UPDATED 23/05/2024 09:00 trade now
Company code	STOCK NAME	WEIGHT(%)	RISK	TIME HORIZON	EXIT DATE	ENTRY PRICE ($)	CLOSE PRICE ($)	DIVIDENDS ($)	GAIN / LOSS (%)
DE US	Deere & Co	6	Moderate	Long	06/08/2021	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

04/09/2024 06:40

Pershing Square Capital (PSHZF US) US$47.71

We wrote about Pershing Square back in June - Here - and to be clear, we do not own the headstock, we own their closed-ended hedge fund vehicle incorporated in Guernsey, that trades in the US under code PSHZF US. Bill Ackman is a well-known investor and outspoken activist on many issues and has built a huge following. Geoff Wilson of Wilson Asset Management is a big fan and was even encouraged to get on Twitter as a result of meeting Bill. That aside, PSHZF has been a good holding for our international portfolio, having bought when it was trading at a steep discount 30% to its assets and we're now sitting on a 43% open profit.

03/09/2024 10:03

Zillow Group (ZG US) $US53.43

Zillow (ZG US) was our preferred property classified play into Monday morning's news; we still like it very much, although RMV is likely to shine this month. Zillow’s 2Q result in August reaffirmed our view that the stock is turning around nicely, with our June purchase already up ~30%. Zillow is a $US12.6bn company similar to REA Group (REA) but exposed to the much bigger North American market.

29/08/2024 09:34

Apple Inc (AAPL US) $US226.49

Apple Inc. is facing some headwinds moving forward, especially now that future sales are being questioned in China, which was previously one of its growth areas—imagine if Trump wins! Greater China, which includes mainland China, Hong Kong, and Taiwan, is Apple’s third largest region by revenue, representing 19% of Apple’s total sales during the 2023 fiscal year. Apple’s revenue in the region has declined year-over-year in six out of the seven most recent quarters, although it wasn’t as bad as many feared last quarter.

22/08/2024 16:59

Snowflake (SNOW US) $US135.06

Reported Q2 results after market in the US overnight, and while the stocks was up 2.3% ahead of the results, they traded down after hours by ~5%.

21/08/2024 09:14

HCA Healthcare (HCA US) $375.31

Truth be told, we’ve been weighing up what to do with HCA Healthcare (HCA US) in the International Equities Portfolio since their better-than-expected quarterly result last month (covered here), which showed strong momentum across their ~2500+ healthcare sites in the US and UK. The better quarterly and upgraded FY24 guidance has seen the stock up another ~10% in the last month, stretching its valuation further. HCA has been an outstanding stock for us in recent years; we first bought it back in July of 2022 around $US170, sold that position for $US290 in June of 2023 before re-entering ~$US225 in November of 2023, with HCA closing overnight at $US374.21 – if only they all performed so well!

20/08/2024 09:26

Cameco Corp (CCJ US) $US41.22

The uranium sector has been under significant pressure over recent months, with CCJ correcting ~37%. However, in a similar fashion to industrial metal copper, we remain bullish on the long-term outlook for nuclear power, believing it’s arguably the only way the world will achieve its zero-emission goals over the coming years.

15/08/2024 09:19

UBS Group (UBS) $US30.89

2Q24 results were out for UBS in Switzerland just as our market was closing yesterday, and overall, they were stronger than expected, with shares trading 5.6% higher overnight. While profit for the quarter was about twice expectations, the focus was more on the integration of Credit Suisse, which is on track, resulting in faster cost savings and the sell-off of non-core assets, though, they implied regulatory processes were still taking time.

14/08/2024 09:07

Barrick Gold (GOLD US) $US19.13

Newmont (NEM) is the world’s largest producer of Gold having bought Newcrest in 2022, however Barrick sits comfortably in No 2 spot, and on Monday they guided to FY24 gold output of 3.9-4.3m ounces at an all-in-sustaining cost base of $US1320 to $US1420. With Gold prices at US$2464 this morning, the metrics of their diverse operations really stack up.

12/08/2024 09:45

Results

JB Hi-Fi (JBH): FY24 results this morning which are a beat on first pass – conference call 10.30am.

09/08/2024 09:32

YETI Holdings (YETI US) $US43.12

The maker of high-end coolers (and soon-to-be Skillets!) reported Q2 sales and profits that were nicely ahead of expectations overnight, while they also increased annual guidance, a beat and bump pushing the stock up 16.5%. Our thesis on YETI is about quality, innovation and brand, and the overnight results were great, particularly given it’s been a challenging period for management as they grappled with higher costs. How a business performs in the tougher times is really important, and YETI has delivered.