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Flagship Portfolio Performance – New buys since 15/11/2022

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Question asked 30/06/2023

Flagship Portfolio Performance – New buys since 15/11/2022

Hi James and Team I started a MM flagship portfolio on 15/11/2022. Below is a list of the MM buys (no sells of stocks bought since 15/11/22). As you can see the performance is pretty ordinary. XAO over the same period has dropped 0.08% (7345.40 ->7285.60). I realize the portfolio has done a lot better if you include the stocks bought prior to 15/11/22. Can you please give an explanation of why these recent purchases have not performed? Is it strategic and you expect the sectors you have gone into this year will turn around. Date of 1st Buy Code "% Buy 23/0/23 Profit % 8/02/2023 ANZ 6% 25.29 22.82 -9.77% 15/06/2023 CWY 4% 2.73 2.56 -6.23% 01/12/2022 EVN 3% 2.83 3.30 16.61% 16/03/2023 MIN 4% 77.92 71.96 -7.65% 21/06/2023 MFG 4% 9.22 8.66 -6.07% 14/03/2023 MQG 6% 177.99 172.78 -2.93% 15/12/2022 NAB 6% 30.33 25.78 -15.00% 28/04/2023 PLS 3% 4.16 4.90 17.79% 12/04/2023 RHC 5% 68.86 54.92 -20.24% 09/03/2023 SEK 3% 24.29 21.59 -11.12% 18/05/2023 SFR 4% 5.87 5.95 1.36% 20/04/2023 TWE 4% 14.06 11.44 -18.63% 21/06/2023 WDS 4% 35.66 33.74 -5.38% 15/11/2022 WHC 4% 8.18 6.66 -18.58% 09/05/2023 WOR 4% 15.85 15.65 -1.26% Regards Nick

Answer

Hi Nick,

Thanks for the question, one that we could discuss at length in terms of why we hold individual stocks, and how they combine to make up a portfolio that performs well over time. Of the list you mentioned, our rationale for buying them is still applicable today and can be seen on the individual stock pages of the Market Matters Website Here

In terms of portfolio performance from 15/11/2022 to 29/6/2023, the Growth Portfolio has actually returned 9.01% made up of 7.06% capital gains and 1.95% in dividends. The index (including dividends) during that time was up 3.12%, meaning our portfolio outperformed the index by 5.89%. Our best stocks during that period were Xero (XRO) +69.05%, Newcrest (NCM) +38.88%, Sandfire (SFR) +37.27%, James Hardie (JHX) +34.28% & Iluka (ILU) +19.94%. The weakest links were Treasury Wines (TWE) -18.9%, IGO -11.44% & Whitehaven (WHC) -11.20%.

Some select points on a few of the stocks mentioned to provide a more balanced view:

ANZ: We switched from CBA into ANZ, selling CBA at $110.40 to buy ANZ on expectation of better relative returns from the latter. That has played out. Importantly, there was also a dividend paid worth $1.16 so the position is around square.
MFG: Now showing a profit, however this is a very new position, we would caution against being too micro/short term.
WHC: Paid a dividend – is down 11% when including that. Not a great position, but we did ‘skin the cat’ on WHC last year.
SFR: Very new position, showing a small profit to date, having sold our last position for a 69% gain. Again, the view seems very micro in nature.
TWE: Your point is fair, they downgraded earnings, but we are sticking with this as we believe it will trade higher from here.

Portfolio performance over time is how we judge ourselves and I think it’s been solid, but different views are what makes a market!

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Growth Portfolio Performance versus Benchmark

LAST UPDATED 29/06/2023 15:21

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