Rio Tinto (ASX: RIO) continued to perform well during the month following the release of a solid quarterly production update in April 2026, in which production across key commodities demonstrated resilience despite weather-related disruptions to Pilbara iron ore shipments. The broader improvement in global market sentiment towards the Chinese economy, alongside supportive policy signals from the Chinese government, provided further tailwinds to the share price during the month. As China is a major importer of iron ore, sentiment towards the Chinese economy and policy changes from its government are significant for Rio Tinto’s business and its share price performance. Rio Tinto remains a core holding in the WAM Leaders investment portfolio, as we continue to see an improvement in sentiment towards China. Valuations also remain attractive, with the implied iron ore price at the current share price representing a meaningful discount to both current and longer-term average market prices.
Goodman Group (ASX: GMG) contributed positively to the investment portfolio performance during the month, despite its third-quarter operational update lacking major headline catalysts such as new data centre leases or partnerships. Commercial negotiations with prospective customers across multiple development projects globally are progressing well, with formal contracts expected to be signed over the rest of the year. This trajectory gave the market increased confidence that upcoming projects will begin generating earnings in the near term. The WAM Leaders investment team continues to see significant runway ahead for Goodman Group, driven by the global infrastructure build-out needed to support artificial intelligence (AI) demand, and the company’s development platform that is difficult to replicate at scale.
