Blended Australian Equities Portfolio
We have recently reduced our holding in News Corp (NWS) in the Blended and Concentrated Portfolio, benefiting from its strong price performance over the last twelve months with 30.7% uplift in total return, compared to ASX200 of 17.6%. The company reported an 11% drop in EBITDA and a 43% drop in Net Income for the March quarter, attributed to an insipid advertising market, rising costs, and lower property prices. In the short term, we are cautious about the increased risk on NWS’ advertising and property revenues due to the slowdown in the global economy.