The portfolio’s strongest performers were led by Telstra and BGL, which delivered the most meaningful gains and provided stability, supported by steady contributions from Aurizon and other defensive holdings. These gains were largely offset by weaker performances from Yancoal, HCW and ACL, which were the main detractors, alongside softer results from growth-oriented ETFs. Overall, the portfolio showed a clear split between dependable, income-style winners and more cyclical or thematic laggards, reinforcing its defensive positioning and capital-preservation focus.

I am honoured