The ASX All Ordinaries Accumulation Index rose 0.5% in October. The Growth, Balanced and High Conviction Portfolios returned +3.4%, +0.8% and +4.4%, respectively. The Enhanced Yield Portfolio delivered another steady month, returning +0.6% versus the RBA Cash Rate +0.30%.
Across the equities portfolios, cash weightings are elevated between 12–17%, providing flexibility to deploy capital as opportunities emerge. Over the past year, the Growth, Balanced and High Conviction Portfolios have returned +19.6%, +15.0% and +29.8%, compared to +12.5% for the benchmark. Since inception 15 years ago, they have compounded to +441%, +360% and +447% after fees, well ahead of the benchmark’s +263%.Materials led the market higher in October, while healthcare and technology lagged following a run of softer earnings updates. Inflation surprised to the upside, leading the RBA to hold the cash rate steady at 3.60% and strike a more hawkish tone. Despite this, the domestic economy remains resilient. Corporate earnings remain broadly in line with expectations, unemployment is low and business investment continues to firm. We remain cautious on many of Australia’s largest listed companies, where valuations appear stretched and earnings growth modest, while finding better opportunities outside the top 50 in quality, under researched businesses with clearer growth runways and stronger balance sheets.
The Global Wealth Portfolio
We have launched a new portfolio, the Global Wealth Portfolio which is a diversified, all in one solution designed to provide investors with global exposure and steady income through a balanced mix of growth, yield and defensive assets. The portfolio currently holds 40% in global equities, 40% in the Endeavor Growth Portfolio, 10% in the Endeavor Enhanced Yield Portfolio, 5% in listed real estate, and 5% in cash. This structure blends international diversification with Endeavor’s best domestic equity ideas, supported by stable income from high quality yield strategies. Since inception on 1 July, the portfolio has gained +9.7%, in line with the MSCI Global (AUD) +9.6%. It is designed to be stable and diverse without sacrificing returns, demonstrating that diversification does not need to come at the expense of performance. The Global Wealth Portfolio offers a balanced approach for investors seeking exposure across global markets without unnecessary complexity.
October Newsletters
Outlook
With portfolios tilted toward high quality companies and elevated cash levels, we remain positioned to take advantage of opportunities as volatility persists. While valuations have expanded in parts of the market, fundamentals remain supportive for quality growth names with pricing power and strong balance sheets. We continue to focus on disciplined portfolio construction and identifying businesses capable of compounding earnings through the cycle. 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.
