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.

 

Over the past six weeks, we were busy buying ‘The Bill Ackman bottom’.

As it turned out, he was right. Wish we’d bought more.

 

Source: Geiger Capital / X

 

A powerful thing I’ve learnt over the years as a market investor is this: Watch the numbers. Watch what people do, not what they say. And, especially, row in the opposite direction of mainstream media fear.

 

Source: Ryan Detrick / X

 

Managed Account performance*

 

For the month of April 2026, we were up 6.35% across the composite portfolio (total aggregate TWR return across all portfolios following the strategy).

Our average annualised return since inception is 14.20% p.a.

Please see our performance chart for more details.

 

Benchmarking

 

Our MSCI EAFE benchmark was up 3.76%.

The S&P 500 benchmark was up 9.63%.

Our blended MSCI EAFE/S&P 500 benchmark was up 4.64%.

 

Markets are moving on

 

Markets struggle to price uncertainty. They tend to throw the baby out with the bathwater.

That’s your moment to save the baby.

 

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).

 

 

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