The team at Bell Potter has been making some changes to its core portfolio.
The broker highlights that the Bell Potter Australian Equity Core Portfolio aims to highlight attractive investment opportunities within the Australian share market.
It has a focus on paying the right price for high-quality ASX shares that can deliver long-term growth.
Let's see which ASX 200 shares are among its biggest holdings in the portfolio.
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Which ASX 200 shares feature in the core portfolio?
Bell Potter's top five holdings in its core portfolio (in order) are ANZ Group Holdings Ltd (ASX: ANZ), WiseTech Global Ltd (ASX: WTC), News Corporation (ASX: NWS), Netwealth Group Ltd (ASX: NWL), and Capricorn Metals Ltd (ASX: CMM).
Commenting on its largest holding, ANZ, the broker said:
ANZ is our key pick amongst the banks and rises to 7.5% from 5.0%. CBA (6.0%), NAB (3.0%) and WBC (3.0%) remain underweight relative to index, but the aggregate bank exposure is now higher than it was. We are not calling for a wholesale rotation into banks, but we are recognising that in a firmer rate backdrop the earnings path is supported by higher-for-longer rates deserve more capital than we were giving them.
While the earnings backdrop is more positive, it still does not justify the valuations across the majors and this drives our underweight call. […] ANZ offers the best value in the majors, with cost control and a strong capital position.
The broker also revealed that it is sticking with WiseTech Global despite the selloff caused by AI disruption concerns. Bell Potter believes it is an adapter to AI and will not be displaced. It said:
We remain actively exposed to stocks we think will continue to do well, but we are reducing static weights as the AI trade has driven the benchmark weighting of these companies lower, and AI fears will continue to cap valuation multiples in the short-term.
The stocks we hold are (relative to other tech peers) defensible, have embedded workflows, proprietary data or measurable productivity benefits supporting the earnings path. We keep WiseTech at a lower weight of 3.5% from 4.5% (remains one of our key active positions in the portfolio), reflecting that while valuation and market sensitivity matter, the company remains on the right side of the adapter versus displaced divide.
