Equity Mates · Oct 4, 2026 · 33m · 22m saved
With Bryce Leske, Co-founder of Equity Mates · Alec Renehan, Co-founder of Equity Mates
Hub24 is down 45% from its high and Netwealth is down 55%, even though Hub24 has led Australia's advice platforms for inflows for 10 straight quarters. Alec Renehan has not bought Hub24 yet, but labeled it a buy in this month's update.
September was a losing month almost everywhere: the ASX 200 fell 4% and gold fell 5.8%. Both hosts' portfolios ended roughly flat, and the moves they described were mostly into stocks that had already fallen hard.
"Well, relative to market, I would say it's held up well, Ren." — Bryce Leske
Bryce Leske and Alec Renehan co-founded Equity Mates, the Australian investing media company that is now part of the Betashares Group, and report their own portfolios to listeners every month. This episode covers September's returns, Leske's purchases and Renehan's buy, hold and sell.
The full episode is covered here so you can skip it. 33 minutes of audio, 11 minutes of reading.
Here are the 9 calls that matter.
Key Takeaways
Both portfolios were close to flat in a month when the ASX 200 fell 4%
Leske was down 0.39%, Renehan down 0.07%
Leske is adding to Intuitive Surgical, down 18% this year for him, because it was priced for perfection and has come off
da Vinci and Ion procedures rose 16% in total, and procedures drive the recurring revenue
Waymo's revenue is about 0.1% of Alphabet's, even though it now drives 6.4 million kilometers a week
Renehan sold QXO, down 58% from its high, because he had backed Brad Jacobs rather than the building-materials business
Axon's revenue rose 35%, its 10th straight quarter above 30%, but its profit margin was 3%, so Renehan is holding, not adding
Hub24 now serves 37% of Australian financial advisers, up from 21% in June 2022, and Renehan expects to take a small position soon
Leske's worry is a fee war with Netwealth
1. A Tough Month Everywhere
Almost every major market fell in September
The show read out the month's moves:
ASX 200 down 4%
S&P 500 flat, down 0.02%
FTSE 100 down 1.5% and Stoxx 600 down 2%
Hang Seng down 4% and CSI 300 down 6%
Nikkei 225 down 1.3%
Bitcoin up 7.6%, and gold down 5.8%
