Monthly, we update our wholesale investors on what’s happening in the market. Running what’s probably the only late-night trading desk from New Zealand, we’re well-positioned to feel the pulse of the market’s direction.
This month, our compounding snowball made meaningful progress — despite a jagged market landscape.
We remained positioned in high-quality opportunities (wet snow).
We stayed consistent with our multi‑year strategy (long hill).
And we avoided interrupting momentum through excess risk or speculation.
Source: successmovers / X
June was a messy, sideways month for global markets.
Tech suffered a mid‑month wobble.
Sticky inflation kept pressure on valuations.
Sentiment was fragile — which actually afforded us some attractive buying windows.
Our positioning against the grain allowed us to outperform meaningfully.
Several key contributors drove the 3.42% gain across the composite portfolio:
- High-conviction winners in oversold real estate, semiconductors, resources, and selective European recovery.
- Avoidance of major index laggards, which protected capital during drawdowns.
- Stabilising real estate exposure, providing ballast in a volatile month.
- Risk-adjusted positioning, keeping volatility in check.
- Growing dividend income, adding steady compounding to the snowball.
A surprise catalyst also emerged: private equity interest in our rare aviation pick, adding an unexpected tailwind.
Managed Account performance*
For the month of June 2026, we were up 3.42% across the composite portfolio (total aggregate TWR return across all portfolios following the strategy).
Our average annualised return since inception is 14.35% p.a.
Please see our performance chart for more details.
Benchmarking
Our MSCI EAFE benchmark was down –0.54%.
The S&P 500 benchmark was down –1.32%.
Our blended MSCI EAFE/S&P 500 benchmark was down –0.66%.
Looking ahead
Source: Hedgeye / X
If inflation continues to moderate, the expanding money supply following the Iran disruption could provide meaningful tailwinds for equities.
July is shaping up as constructive — but still cautious. That caution creates opportunity for disciplined investors.
We expect prices to grind higher as:
- Inflation pressures ease.
- Oil prices stabilise.
- The AI‑driven capital expenditure cycle remains strong.
Trump’s America continues to outperform Europe and China, supported by resilient earnings and robust corporate investment.
Risks and opportunities
There will be pockets of volatility:
- Higher‑for‑longer interest rates continue to weigh on fixed income and credit.
- Seasonal (Northern Hemisphere) summer holiday volatility may create choppiness.
- Earnings momentum is slowing in some sectors.
Yet broader opportunity remains in:
- High-quality global equities.
- Energy and infrastructure.
- AI‑linked opportunities.
- Selective recovery themes.
Our plan is simple: use the choppiness to expand your compounding snowball.
Regards,
Simon Angelo
Editor, Wealth Morning
*Past performance is not an indicator for future performance. Your actual portfolio will differ from the composite portfolio mentioned. The information contained in this document does not constitute an offer to sell or a solicitation to buy an investment, nor should it be construed as investment advice. Wealth Morning Managed Accounts are available to Eligible Investors and Wholesale Investors (not to Retail Investors) as defined in the Financial Markets Conduct Act (2013).
