A very volatile month dominated by Trump's ever-changing announcements on Iran, with markets falling on his plans "blow up desalination plants in Iran if no deal reached" or "obliterate Iranian oil and energy sites if it refuses a deal to [...]
A mixed month in relative terms, dominated by a very volatile reporting season. In a quick note vis-à-vis the situation in Iran, in both Portfolios we have significant exposures to energy - 17% in the Income Portfolio and 14% in [...]
The reporting season for February 2026 concluded for us today with the toll road owner Atlas Arteria. Atlas Arteria (ALX) This morning, the Transurban of Eastern France, Atlas Arteria, released their 2025 results. Similar to Transurban, ALX provides few surprises on [...]
This morning, Dalrymple Bay Infrastructure (DBI), the world's largest met coal export terminal, reported its first half 2026 results, which demonstrated strong earnings and distributions. The HNW Core Portfolio has a 2.5% allocation to DBI. Key Points: Record Profits: DBI's full-year profits [...]
This morning, Woodside (WDS) reported its full-year 2025 results, which were around +5% ahead of expectations. Overall, a solid result from Australia’s largest energy company. The HNW Core Portfolio holds a 4.5% weight to WDS. Key Points: Profit: Net profits of US$2,649 million, [...]
Lendlease (LLC), the formerly multinational construction and asset management company, reported its half-year results for 2026, which showed that the turnaround plan still has a way to go. The HNW Core Portfolio holds a 1% weight to LLC, the smallest position [...]
This morning, Ampol (ALD), Australia's largest energy distributor and retailer, released its full-year results for 2025, demonstrating the strength of recent refining margins and the ongoing success of convenience retailing. The HNW Core Portfolio has a 3.6% weight to ALD, with the [...]
Mineral Resources (MIN): This morning, the diversified miner and mining services company reported its half-year 2026 results, which were largely in line with market expectations, given that it gave an update in January. The HNW Core Portfolio holds a 4% [...]
QBE Insurance (QBE): The global insurer released its full-year 2025 profit results, confirming the continuation of positive trends in the insurance industry with increasing premiums, lower claims inflation and benefits from the company cleaning up the business. Overall, an excellent result [...]
Wesfarmers (WES): This morning, the last conglomerate on the ASX, presented its half-year 2026 results, demonstrating that WES's businesses are performing well, taking market share. Given current valuations, it was always going to be tough for WES’ share price to be [...]
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