Global Opportunities
Portfolio
April 2026 · 1 – 30 April 2026
Month in Brief
The Global Opportunities Portfolio delivered +9.4% (AUD) in April 2026, outperforming the MSCI ACWI benchmark by approximately 401 basis points. Performance was led by the AI Infrastructure sleeve, with Marvell Technology (+113 bps) and Micron Technology (+93 bps) the largest contributors. North American power infrastructure and Asia-Pac/Japan industrial exposure also added meaningfully, led by Powell Industries, Celestica and Fujikura.
The portfolio benefited from diversified exposure across AI infrastructure, grid electrification, European industrials and Asia-Pac/Japan technology supply chains. The main detractors were Nebius Group (−18 bps) and Calix (−11 bps), partially offset by broad strength across semiconductor, power equipment and electrification holdings.
A stronger Australian dollar provided a modest translation headwind during the month, appreciating over 4% against the U.S. dollar. While this reduced reported returns in AUD terms, underlying portfolio performance in base currency was stronger, reinforcing that equity selection—particularly within AI infrastructure and electrification—remains the primary driver of returns.
Performance & Attribution
Performance Summary — AUD Returns to 30 April 2026
| 1 Mth | 3 Mth | 6 Mth | 1 Yr | 2 Yr | SI p.a. | SI Total |
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Portfolio Holdings
Top 5 positions by global portfolio weight. Click any row to expand the investment thesis and Atlas conviction level. Data as at 30 April 2026.
Atlas Signal Dashboard
ECATS monitors four independent signals that inform portfolio positioning.
Portfolio Analytics
Interactive breakdown of the Global Opportunities Portfolio by sector and market capitalisation as at April 2026.