Update from the CIO

Today we reported an NTA of $2.94, and the stock is trading just above that this morning.

In case you missed it, we released our Annual Report on Friday. You can view it here.

Of our locally listed conference stocks, JB Hi Fi have reported, surprising everyone and rallying over 10% on the day, and has since reached a new high of $33.24. It also announced a 51c dividend. PagSeguro (the Brazilian money merchant company) hit an all-time high during the week, and Bandai Namco (the Japanese toys, hobbies and video gaming company) has continued its great run post Nikkei inclusion. A couple of our Core stocks have also reported in the last week, with one of them in particular giving disappointing guidance. Its share price reacted accordingly.

Obviously, the portfolio suffered losses on Friday night with Trump and his tweeting about China and tariffs. No portfolio is immune to macro machinations. When an asset class comes under selling pressure, everything is marked down in the short term. In the medium and long term, company fundamentals determine share prices, and we remain comfortable with the quality companies our fund managers have recommended.