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 31/01/2025 17:00
Portfolio	1M	3M	6M	1Y	3Y pa	ITD pa*
INTERNATIONAL EQUITIES	0.97%	7.49%	12.66%	20.84%	15.3%	19.44%
MSCI WORLD AUD	2.77%	10.74%	13.11%	28.66%	14.08%	14.71%
VALUE ADD	(1.80%)	(3.25%)	(0.45%)	(7.82%)	+1.22%	+4.73%

* 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 (%)
ALB US	Albemarle	4	High	Medium	12/02/2024	115.75	79.49	1.21	-30.28
BABA US	Alibaba	6	Moderate	Medium	27/11/2019	194.97	143.20	1.96	-25.55
BTU US	Peabody Energy	4	High	Medium	18/05/2023	20.90	14.00	0.53	-30.48
BX US	Blackstone	6	Moderate	Medium	07/10/2022	102.62	149.72	5.69	51.44
CCJ US	Cameco Corp	5	High	Medium	06/06/2024	50.78	44.19	0.11	-12.76
CMG US	Chipotle Mexican Grill	5	Moderate	Medium	24/03/2022	35.96	48.99		36.23
FCX US	Freeport McMoRan	6	Moderate	Medium	20/07/2022	32.17	40.42	0.97	28.66
FSLR US	First Solar	4	High	Medium	18/05/2023	187.45	129.34		-31.00
GOLD US	Barrick Gold	5	Moderate	Medium	18/03/2021	20.59	19.39	0.86	-1.65
GOOGL US	Alphabet	5	Moderate	Medium	12/09/2024	153.80	163.89		6.56
HCA US	HCA Healthcare	5	Moderate	MEdium	17/01/2025	310.90	334.18	0.72	7.72
JD US	JD.com	4	High	Medium	11/02/2025	40.99	44.83		9.37
MSFT US	Microsoft Corp	6	Moderate	Medium	25/02/2020	213.34	387.82	7.30	85.21
PSHZF US	Pershing Square Capital	5	Moderate	Long	18/05/2023	36.95	48.14	0.84	32.56
TTD US	The Trade Desk	5	Moderate	Medium	24/04/2020	42.31	55.32		30.75
UBS US	UBS Group	5	Moderate	Medium	22/08/2023	25.44	33.07	0.23	30.90
YETI US	YETI	5	Moderate	Medium	28/02/2023	38.89	34.26		-11.91
ZG US	Zillow	5	High	Medium	06/06/2024	46.65	68.85		47.59

Portfolio cash position: 10%

**Recent Sales** UPDATED 11/02/2025 09:00 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

OPINION
ACTION

Opinions for stocks held in the International Equities Portfolio

19/03/2025 09:31

Blackstone (BX US) $US146.19

Blackstone is one of the world’s largest alternative investment firms, specialising in private equity, real estate, hedge funds, and credit. As of the end of December 24, they managed a staggering $US1.13 trillion, which was up nearly 10% from the year prior.

13/03/2025 09:48

Zillow Group (ZG US) $US69.91

Property platform Zillow reported quarterly results last month that were ahead of expectations, though 1Q25 guidance disappointed due to the tough property conditions in the US

06/03/2025 09:23

Freeport-McMoRan Inc (FCX US) $38.12

Freeport-McMoRan Inc. (FCX) US is a leading US mining company focusing heavily on copper; in the fourth quarter of 2024, copper sales contributed over 75% of the company's total revenue. The stock has struggled over the last 6-12 months, tracking the Cu price closely but failing to embrace its recent recovery;

27/02/2025 09:18

HCA Healthcare Inc (HCA US) $US319.91

Topically, HCA is a recent addition to the International Equities Portfolio and they reported earlier this month; we covered it here. We liked the result from the hospital operator, feeling it covered some of the concerns that have seen the stock fall ~30% in recent months.

26/02/2025 09:38

First Solar (FSLR US) $US147.46

As was expected (and priced to a degree), FSLR US reported 4Q earnings this morning and issued FY25 guidance, both were below consensus, though everything we’ve read and heard from the buy side (fund mangers rather than sell side brokers) was an expectation that this result would be on the softer result.

25/02/2025 09:42

Alibaba Group (BABA US) $US129.05

The Chinese e-commerce giant announced its results on Friday, saying it planned to invest further in the AI sector but did not provide an exact figure at the time—a result that has been largely ignored compared to recent macro events.

21/02/2025 17:13

Cameco (CCJ US) US$46.54

Reported FY24 overnight ahead of expectations thanks to a cracking 4th quarter, with over half the company’s annual C$905m cash from operations being generated in in the period due to strong sales.

21/02/2025 09:32

Alibaba Group (BABA US) $US136.00

Alibaba's shares popped more than 8% overnight after cloud unit and e-commerce growth pushed quarterly profit, which was a great combination with Jack Ma’s recent friendly discord with Xi Jinping.

19/02/2025 09:36

Chinese Tech (& Alibaba specifically) – Alibaba (BABA US) $US126.66

In 2020, Chinese Tech giant Alibaba was flying, trading above $US300/sh on the cusp of IPO’ing Ant Group, Alibaba's fintech arm, which was set to raise a record $US37 billion. But that came crashing down quickly, following a speech by Jack Ma, Alibaba’s Co-Founder & CEO, in October 2020, where he criticised Chinese regulators, state-owned banks, and the financial system, suggesting they were stifling innovation.

14/02/2025 09:47

Albermarle Corp (ALB US) $US79.25

ALB rose 3.5% overnight, finally offering some hope for the world's largest lithium (Li) producer, which has struggled over the last few years as the Li price plummeted.