In July, the All Ordinaries Accumulation Index rose 2.6% and our key portfolios outpaced the market: Since the April sell off the Growth, Balanced and High Conviction Portfolios have increased 34%, 26% and 35% respectively. Well above the All Ordinaries Accumulation Index’s 20% gain. We put most of the available cash to work during the April drawdown, then took more profits in July and lifted cash back toward 10% – a comfortable level ahead of August reporting season which often presents mispriced opportunities.
Portfolio Highlights
- Digital platforms: Life360 (360) climbed 25% on record Google Trends interest and rising ad momentum ahead of its 12 August update. Block Inc (XYZ) rallied 18% on S&P 500 inclusion, with earnings due 8 August expected to confirm accelerating payment volumes.
- Healthcare strength: Clarity Pharmaceuticals (CU6) and Neuren Pharmaceuticals (NEU) led the way. After rotating out of CSL in February in favour of both names, CU6 is up 23% and NEU 24% versus CSL’s 1% gain.
- Resources: BHP added 7% as China’s infrastructure push lifted iron ore prices. CIO Hayden Beamish discussed this switch in the AFR earlier in July. We initiated Champion Iron (CIA), exited Benz Mining at a 40% gain and redeployed into Andean Silver’s (ASL) equity raise.
July Newsletters
Outlook
Easier monetary policy, stable economies and ongoing fiscal support give us a constructive six to twelve month view. Geopolitical headlines will add noise, yet the medium-term earnings outlook looks clearer than it has for some time. We enter FY26 positioned for opportunity and confident our investment process will continue to deliver attractive returns. Regards The Endeavor Team
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*Note: Performance of the strategy group is representative of individual client portfolios, although performance can differ due to inherent differences between clients portfolios such as initial entry timing, legacy holdings or requested stock exclusions. Performance measured is after fees, taxes and franking credits. Monthly performance figures include an accrual for fees charged quarterly.
