In October the HNW Australian Equity Portfolio declined by -4.78%, behind the index’s return of -3.78% in a market dominated by geopolitical concerns and higher interest rates rather than company specific news, despite many companies giving positive trading updates at their AGMs . Equities globally had a broad-based sell-off with global markets down between -2% and -4%.

Medibank (0%), QBE (-1%) and JB Hi-Fi (-1%) were the better performing stocks on a relative basis. On the negative side, if the ledger performance was hurt by Mineral Resources (-14%), Transurban (-7%), Ampol (-6%), CSL (-7%) and Woodside (-6%). Frustratingly TCL, ALD and WDS all reported record quarters at their AGMs in October and CSL confirmed guidance for profit growth between +13% and +17% in FY24.

The HNW Equity Income Portfolio similarly had a weak month down -4.46% behind the blended benchmark’s return of -1.59%.  Positions in Ampol (-6%), Woodside (-6%), Transurban (-7%) and Janus (-9%) hurt performance despite ALD, WDS and TCL giving positive trading updates. JHG had a good quarterly 2nd November which was well received along with November results for Westpac (-3%) and Macquarie Bank (-4%). While very frustrating to underperform, the underlying companies held in both portfolios are performing well.

 November has seen a reversal in our fortunes with both Portfolios up on both an absolute and relative basis.

Full Reports in to follow shortly.