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 30/06/2026 17:00
Portfolio	1M	6M	1y	3y pa	5y pa	ITD pa	Total
INTERNATIONAL EQUITIES	-2.53%	-5.27%	21.55%	18.55%	14.76%	18.58%	229.8%
MSCI WORLD AUD	3.11%	5.59%	14.78%	17.66%	13.28%	13.91%	149.3%
VALUE ADD	(5.64%)	(10.86%)	+6.77%	+0.89%	+1.48%	+4.67%	+80.5%

* 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 (%)
ASH US	Ashland	4	Moderate	Medium	05/02/2026	63.16	68.30	0.42	8.80
B US	Barrick	4	Moderate	Medium	18/03/2021	22.92	35.92	0.94	60.82
BABA US	Alibaba	6	Moderate	Medium	27/11/2019	194.97	117.70	1.96	-38.63
BTU US	Peabody Energy	4	High	Medium	18/05/2023	21.74	23.56	0.75	11.82
BX US	Blackstone	6	Moderate	Medium	07/10/2022	104.49	127.03	9.27	30.44
CB US	Chubb	4	Moderate	Medium	05/02/2026	331.79	337.41		1.69
CCJ US	Cameco Corp	4	High	Medium	06/06/2024	50.78	90.97	0.33	79.80
CMG US	Chipotle Mexican Grill	5	Moderate	Medium	24/03/2022	35.96	34.65		-3.64
HCA US	HCA Healthcare	4	Moerate	Medium	17/06/2026	392.38	378.90		-3.44
IREN US	IREN	3	High	Short	24/03/2026	41.88	38.28		-8.60
FCX US	Freeport McMoRan	6	Moderate	Medium	20/07/2022	38.22	61.00	0.75	61.56
FSLR US	First Solar	4	High	Medium	18/05/2023	187.45	223.82		19.40
JD US	JD.com	4	High	Medium	11/02/2025	40.99	29.28	1.00	-26.13
MSFT US	Microsoft Corp	6	Moderate	Long	25/02/2020	213.34	395.63	10.78	90.50
NVO US	Novo Nordisk	4	High	Medium	11/12/2025	49.96	50.54	0.91	2.98
PSHZF US	Pershing Square Capital	5	Moderate	Long	18/05/2023	38.55	53.35	1.53	42.36
SPOT US	Spotify Technology	3	High	Medium	11/12/2025	606.80	485.48		-19.99
TTD US	The Trade Desk	5	Moderate	Medium	24/04/2020	42.31	19.37		-54.22
UBS US	UBS Group	6	Moderate	Long	22/08/2023	28.24	55.06	0.68	97.38
YETI US	YETI	5	Moderate	Medium	28/02/2023	38.89	48.34		24.30

Portfolio cash position: 8%

**Recent Sales** UPDATED 05/02/2026 09:00 trade now
Company code	STOCK NAME	ACTIVITY	RISK	TIME HORIZON	EXIT DATE	ENTRY PRICE ($)	CLOSE PRICE ($)	DIVIDENDS ($)	GAIN / LOSS (%)
GOOGL US	Alphabet Inc	Sold 5% position	Moderate	Medium	06/02/2026	153.8	323.32	0.82	110.75
ZG US	Zillow	Sold 5% position	Moderate	Medium	06/02/2026	46.65	54.48		16.78
GS US	Goldman Sachs	Sold 5% position	Moderate	Medium	21/01/2026	525.43	946.38	11	82.2
FCX US	Freeport McMoran	Trimmed 2%	Moderate	Medium	21/01/2026	32.17	59.1	1.12	87.19
B US	Barrick Mining	Trimmed 2%	Moderate	Medium	21/01/2026	20.59	50.35	1.28	150.72
ALB US	Albemarle	Sold 4% position	High	Medium	21/01/2026	115.75	161.4	2.02	41.18
HCA US	HCA Healthcare	Sold 3% position	Moderate	Medium	19/11/2025	310.9	478	1.44	54.21
IREN US	Iren Ltd	Sold 2.5% position	High	Medium	16/09/2025	11.98	37.46	0	212.69
CCJ US	Cameco Corp	Trimmed 1%	High	Medium	02/07/2025	50.78	71.46	0.11	40.94
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

15/07/2026 09:40

YETI Holdings Inc (NYSE: YETI) US$47.34

YETI has now reached our initial target and is trading near the top of its recent range following a strong recovery in the share price. We continue to like the business and remain comfortable holding it in the International Equities Portfolio, although the position now warrants a more disciplined approach after the gains already delivered.

15/07/2026 09:39

UBS Group AG (NYSE: UBS) US$53.82

Like YETI covered above, UBS has now also reached our initial target and is trading toward the top of its recent range following a solid recovery in the share price. We continue to like the business and remain comfortable holding it in the International Equities Portfolio, although the near-term risk-reward is less compelling after the recent gains.

15/07/2026 09:38

HCA Healthcare (NYSE: HCA) US$363.60

HCA Healthcare (HCA US) fell -6.95% overnight after the hospital operator released preliminary second-quarter results early and lowered its FY26 earnings guidance, with a sharp deterioration in payer mix and softer surgical volumes weighing on the outlook.

24/06/2026 09:34

Ashland Inc (NYSE: ASH) US$63.94

Ashland has had a difficult run over the past few years, so the recent share price strength on takeover speculation has been a welcome development for shareholders, including MM. While the stock has rallied sharply over the past few weeks, it still trades on 16x depressed earnings, suggesting the market remains sceptical of its ability to turn things around.

17/06/2026 15:32

Portfolio Amendments – International Equities Portfolio

MM is buying HCA Healthcare in the International Equities Portfolio

10/06/2026 09:31

HCA Healthcare (NYSE:HCA) $US374.90

We’re adding HCA Healthcare to the Market Matters International Hitlist. This is a stock we’ve owned several times in the past, and it has been good to us (6th most fertile stock we’ve held since 2019). Our most recent sale was for a ~50% profit in November 2025.

22/05/2026 09:17

Spotify (NASDAQ: SPOT) $US489.93

A very interesting investor day held by Spotify overnight, laying out a series of ambitious long-term targets and a broader premium product roadmap. The most obvious aspect we took from this update was that Spotify wants the market to think less about quarterly subscriber volatility and more about its ability to grow revenue, expand margins and monetise its very large user base more effectively over time. This is a big shift away from a land grab type approach to one focussed on sensible monetisation of their huge 300m user base.

20/05/2026 09:09

IREN Ltd (Nasdaq: IREN) $US47.74

It has been a big couple of weeks for IREN after the company announced a five-year, US$3.4bn AI cloud contract with Nvidia, a deal that materially improves revenue visibility and gives its neocloud strategy a major endorsement. Nvidia has also been granted the right to buy up to 30 million IREN shares at $US70, representing a potential $US2.1bn investment. For a company still transitioning from bitcoin mining toward AI infrastructure, this is a significant validation point.

15/05/2026 09:22

YETI Holdings (NYSE:YETI) $US40.69

YETI delivered a solid 1Q result overnight and raised FY26 guidance. The stock opened up over 15% higher, before closing up ‘only’ 6%. The outdoor lifestyle brand continues to show decent pricing power and consumer relevance across its core categories of drinkware, coolers and equipment, while the wholesale channel was the standout, suggesting retailers are restocking and/or giving more shelf space to new products. The offset was softer direct-to-consumer momentum, some international softness and the ongoing risk that tariffs and a weaker US consumer environment start to bite later in the year.

13/05/2026 09:41

JD.com Inc. (Nasdaq: JD) US$31.49

JD.com delivered a better-than-expected March quarter result overnight, with revenue and profit ahead of expectations, while the key positive was evidence that losses in its newer businesses, particularly food delivery, are narrowing. We own JD.com in the International Equities Portfolio, and while the stock has been weighed down by concerns around China’s consumer backdrop and aggressive food-delivery competition, this result should help rebuild some confidence that the core retail business remains profitable and management is getting better control of investment spend.