The fourth annual Sohn Hearts & Minds Investment Leaders Conference was held last Friday down at the iconic Sydney Opera House.

As you should be aware, the next Sohn Hearts and Minds Investment Leaders conference is this Friday, down at the beautiful Sydney Opera House. For HM1, this means we will finally get the new set of stocks for the conference portion of our portfolio.

With the US reporting season in full swing, the last week saw quite a few of our companies release numbers. Whilst most were pleasing, a couple failed to meet investor expectations, and the share prices reacted accordingly.

JB Hi-Fi was up 10% on the back of positive commentary during their AGM, and including dividends paid has now provided us with a return of 64% in 11 months! Remember that this was one of the most heavily shorted stocks in 2018.

Nothing new to report this week. The US reporting season starts up again later this week though, and will go for about 3 weeks, so we expect some news on how some of our stocks are performing financially.

Yesterday we reported an NTA of $3.01, up from $3.00 last week. The share price is trading just below $3.00 this morning. A pretty quiet week for our portfolio.

Last week’s star stock, DocuSign Inc, kicked on again during the week, and logged further gains of just over 11%. On the other hand...

The big mover last week was DocuSign, Inc. which reports slightly out of time with other US stocks. Pleasingly, it surprised on the upside against analyst expectations...

With reporting season both here and in the US now complete, investors now have more information about the financial health of their companies, and prices are reacting accordingly.

Of our locally listed conference stocks, JB Hi Fi have reported, surprising everyone rallying 10% on the day, PagSeguro reached an all-time high and Bandai Namco has continued its great run post Nikkei inclusion...

Earnings season in the US, as usual, caused large moves in company share prices, both up and down. Indeed, with the domestic reporting season also underway, we can expect more surprises.

Weaker global markets (S&P down 3.1%; Nasdaq down 3.9%), and Trump tweets and tariffs all weighed heavily on investors minds this week...

Welcome to the first edition of our CIO blog. A regular update of what's happening in the portfolio.

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