In July, the HNW Core Portfolio gained +2.22%, matching the benchmark return of 2.26%. The dominant themes driving markets over the month were the predictable resumption of hostilities with Iran, which drove energy prices higher, as well as tech stocks being sold off on concerns about AI hype. The Portfolio was correctly positioned for both themes (large energy weight and no Tech).
Positions in Ampol (+21%), Woodside (+17%), Westpac (+8%), CSL (+7%) and Sonic Healthcare +5%) added value. On the negative side of the ledger, Whitehaven (-8%), Deterra (-7%) and Mineral Resources (-7%) were weaker on falling met coal, lithium, and iron ore prices.
In July, the HNW Income Portfolio had a good month, up 2.81% ahead of its blended benchmark return of 1.44%. We remain pleased with the consistent performance and low volatility of the HNW Income Portfolio. Positions in in Ampol (+21%), Woodside (+17%), Westpac (+8%), CSL (+7%) and Sonic Healthcare +5%) added value.
Full Reports will be issued shortly.
