QAV America Light Update — 02 November 2026

Happy Monday (Australian time), QAV America.

And welcome to all of our new members.

 

 

 

Market This Week (S&P 500)

The S&P 500 fell 0.57% over the five trading sessions to Friday 30 October 2026, closing at 7,580.07:

• 28 October: The Federal Reserve voted 10 to 2 to hold the federal funds rate target range at 3.75 to 4 percent, with Governors Lisa D. Cook and Beth M. Hammack dissenting in favor of a quarter-point increase; the FOMC statement noted that inflation remains elevated and upgraded its description of economic activity from solid to strong. (www.federalreserve.gov; www.federalreserve.gov)
• 29 October: The Bureau of Economic Analysis released September personal consumption expenditures data showing the core PCE price index, which excludes food and energy, rose to 3.1 percent year on year from 3.0 percent in August, remaining well above the Fed’s 2 percent target. (www.bea.gov; www.cnn.com)
• 30 October: The Nasdaq Composite fell 747.73 points, or 2.9 percent, to close at 25,437.00 on October 30, its largest one-month decline since March 2025, driven by a broad tech sell-off on concerns that AI-related capital spending had pushed valuations too high. (finance.yahoo.com; www.washingtontimes.com)

 

All the best,
Cameron

 

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PORTFOLIO UPDATE

For All Time, our QAV America Light portfolio is at +7.61% against the S&P 500 at +10.20%, 2.59 percentage points behind the market. Beating the market over the long term is the goal.

What moved in our US Light portfolio this week

PBR (Petroleo Brasileiro SA Petrobras): -15.7% over one week.

TEO (Telecom Argentina SA): -17.8% over one week. On 14 October 2026, Telecom Argentina’s board formally accepted Metrotel’s US$450 million offer for roughly 6 million mobile customers and associated network assets, filing notice with the SEC the same day. The divestiture , a condition regulators attached to TEO’s US$1.245 billion acquisition of Telefónica’s Argentine unit , permanently strips a significant slice of its mobile subscriber base, and the market appears to have repriced the stock accordingly. Source 1 Source 2

PBI (Pitney Bowes): -6.0% over one week. PBI reported Q3 2026 adjusted EPS of $0.42 (up 35%) on 28 October and raised its free-cash-flow guidance midpoint, citing a Presort volume windfall after competitor PCI’s market exit. However, on the 29 October earnings call management flagged a $60,$80 million SendTech revenue headwind for 2027 and CEO Kurt Wolf ruled out a sustainable return to 30%-plus Presort margins, souring sentiment despite the beat and dragging the stock roughly 6% lower over the week. Source 1 Source 2 Source 3

OPRT (Oportun Financial): +7.6% over one week. Business context: Oportun confirmed on 20 October 2026 that it will release Q3 2026 results on 3 November, after market close. In Q2 2026, the company beat adjusted EPS consensus by 27%,reporting $0.42 versus $0.33 expected,with Adjusted EBITDA of $49 million up 56% year-on-year and its 30-plus-day delinquency rate hitting its lowest level since Q4 2021. The Q3 result is the next test of whether improving credit quality and lower funding costs are sustaining that trajectory. Source 1 Source 2

Drill down into the widget above to see different timeframes, or visit our live portfolio page.

 

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SELLS

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BUYS

 

** Please remember to review our Buying Guidelines to understand which cap bands you should be looking at and other important considerations.

DISCLOSURE

Please review our trading and disclosure policy.

FOR NEW MEMBERS

If you’re new to QAV Light, here’s a quick reminder on how it works.

1. We send you an email every Monday advising which stocks we are adding to our Light portfolio.
2. You can copy our trades, but please remember to review our Trading Guidelines to understand which cap you should be looking at and other important considerations. And consult a financial planner before making any decisions.
3. We don’t recommend that you add stocks which are already in our portfolio. Their position on our buy list might have changed since we recommended them. Just start with the stocks recommended after you become a member.
4. If one of the stocks we add breaches one of our sell conditions, we will sell it from our portfolio and you’ll get an email advising of the trade. Again, you can copy our trades, but seek financial advice before making any decisions. And please check your Rule #1 price (see Trading Guidelines).
5. If you come across any QAV terminology that you don’t understand (eg Rule 1, 3PTL, Possibles, etc), please review our terminology guide or just email us for clarification.

That’s it for today!

If we decide to buy or sell something, we’ll let you know.

Got a question?
cameron@qavamerica.com

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