Active Growth Portfolio

For those seeking an active approach to investing in large cap ASX stocks

About The Portfolio

The Market Matters Active Growth Portfolio provides an active exposure to Australian large-cap shares, aiming for reduced volatility. Returns will be achieved through a combination of capital appreciation and income with an overall objective of outperformance of the S&P/ASX 200 Accumulation Index over the medium term (3 years).

**Portfolio Performance** UPDATED 31/03/2024 17:00
Portfolio	1m	3m	6m	1y	3y pa	ITD pa*
ACTIVE GROWTH	5.82%	7.50%	15.46%	20.96%	15.43%	14.91%
ASX 200 ACCUMULATION	3.27%	5.33%	14.17%	14.45%	9.62%	9.48%
VALUE ADD	+2.55%	+2.17%	+1.29%	+6.51%	+5.81%	+5.43%

* Inception date 10/05/2016

**Portfolio Holdings** 20 MINUTES DELAYED trade now
COMPANY CODE	STOCK NAME	WEIGHT (%)	RISK	TIME HORIZON	ENTRY DATE	ENTRY PRICE ($)	LAST PRICE ($)	DIVIDENDS ($)	DAILY CHANGE (%)	GAIN / LOSS (%)
ANZ	ANZ Bank	6	Moderate	Long	08/02/2023	25.29	28.46	2.29	0.32	21.59
BHP	BHP Group	8	Moderate	Long	27/08/2019	39.51	45.17	12.38	1.64	45.66
CTD	Corporate Travel Mgmt	4	Moderate	Medium	6/03/2024	16.46	15.94		1.05	-3.16
EVN	Evolution Mining	4	Moderate	Medium	1/12/2022	2.94	4.04	0.08	-2.88	40.14
GMG	Goodman Group	4	High	Medium	24/10/2023	21.15	30.49	0.15	-2.56	44.87
ILU	Iluka Resources	4	High	Medium	07/02/2024	7.20	7.42	0.06	2.49	3.89
MFG	Magellan	4	High	Medium	6/03/2024	9.15	8.97		-0.66	-1.97
MIN	Mineral Resources	5	High	Medium	16/03/2023	73.73	70.01	0.80	0.89	-3.96
NAB	National Australia Bank	6	Moderate	Medium	15/12/2022	30.33	33.46	2.39	0.94	18.20
NSR	National Storage REIT	5	Moderate	Medium	11/08/2023	2.22	2.22	0.06	0.45	2.70
PLS	Pilbara Minerals	4	High	Medium	18/01/2024	3.48	3.89		1.17	11.78
RHC	Ramsay Healthcare	5	Moderate	Long	12/04/2023	68.86	50.55	0.36	-1.04	-26.07
RMD	Resmed	5	Moderate	Medium	28/10/2021	33.23	27.86	0.39	-3.53	-14.99
SFR	Sandfire Resources	4	High	Medium	18/05/2023	5.87	9.14		1.50	55.71
S32	South32	4	Moderate	Medium	05/04/2024	3.19	3.28		0.92	2.82
TWE	Treasury Wine Estates	5	High	Medium	20/04/2023	13.60	11.92	0.66	-0.46	-7.50
WHC	Whitehaven Coal	4	High	Medium	15/11/2022	8.18	7.88	1.16	1.03	10.51
WOR	Worley	4	High	Medium	08/05/2023	15.85	16.50	0.50	1.04	7.26
XRO	Xero	5	Moderate	Long	02/04/2020	101.29	119.51		0.67	17.99

Portfolio cash position: 10%

**Recent Sales** UPDATED 03/04/2024 17:00 trade now
Company code	STOCK NAME	WEIGHT(%)	RISK	TIME HORIZON	EXIT DATE	ENTRY PRICE ($)	CLOSE PRICE ($)	DIVIDENDS ($)	GAIN / LOSS (%)
EVN	Evolution Mining	1	Moderate	Medium	5/04/2024	2.94	3.85	0.016	31.5
PDN	Paladin Energy	4	High	Medium	5/04/2024	1.18	1.42		20.33
ORA	Orora	5	Moderate	Medium	3/04/2024	2.8	2.24	0.05	-18.21
LLC	Lendlease	5	High	Medium	6/03/2024	7.2	6.18		-14.14
ALU	Altium	5	High	Medium	31/01/2024	42.53	49.27		15.85
MQG	Macquarie Group	6	Moderate	Medium	31/01/2024	177.99	189.41	13.29	13.88
NST	Northern Star	5	High	Medium	18/01/2024	11.14	12.16	0.16	10.59
PDN	Paladin	3	High	Medium	15/01/2024	0.83	1.31		57.83
MFG	Magellan Financial Group	4	High	Medium	08/01/2024	9.22	9.09	0.93	8.68
WDS	Woodside	4	Moderate	Medium	24/10/2023	35.66	35.23	1.78	3.79
CWY	Cleanaway Waste Management	5	High	Medium	05/10/2023	2.69	2.34	0.02	-12.27
NCM	Newcrest Mining	5	Moderate	Medium	25/08/2023	29.35	25.42	2.52	-4.8
ELD	Elders	3	High	Medium	25/08/2023	7.11	6.47		-9
SEK	Seek	3	High	Medium	17/08/2023	24.29	23.35	0.34	-2.47
GMG	GMG	5	Moderate	Medium	11/08/2023	23.43	20.17	0.3	-12.63
ILU	Iluka	5	Moderate	Medium	21/06/2023	10.74	11.66	0.64	14.53
JHX	James Hardie	4	High	Medium	21/06/2023	31.2	39.89		27.85
CSL	CSL Limited	4	Moderate	Medium	15/06/2023	260.92	279.41	3.82	8.55
JHX	James Hardie	1	High	Medium	26/05/2023	31.2	37.83		21.25
XRO	Xero	2	High	Long	22/05/2023	92.85	108.79		17.16
WDS	Woodside	3	Moderate	Medium	08/05/2023	30.23	34.05	5.28	30.1
IGO	Independence Group	3	Moderate	Medium	28/04/2023	10.66	13.61	0.27	30.21
SFR	Sandfire Resources	3	High	Medium	20/04/2023	4.1	6.93		69.02
CSL	CSL Ltd	2	Moderate	Medium	20/04/2023	260.92	300.94	3.82	16.8
REA	REA Group	2	High	Medium	20/04/2023	120.42	140.69	1.07	17.72
ALU	Altium	5	High	Medium	12/04/2023	28.8	37.65	1.08	34.48
CBA	Commonwealth Bank	5	Moderate	Long	08/02/2023	59.88	110.4	11.9	104.24
SEK	Seek	5	Moderate	Medium	03/02/2023	19.86	25.55		28.65
MQG	Macquarie Group	2	Moderate	Medium	03/02/2023	178.3	190.89	6.34	10.61
SFR	Sandfire Resources	1.07	High	Medium	18/01/2023	4.1	6.15		50
HUB	HUB24	4	Moderate	Medium	09/01/2023	22.79	27.66	0.37	22.99
SFR	Sandfire Resources	1.5	High	Medium	08/12/2022	4.07	5.38		32.18

OPINION
ACTION

Opinions for stocks held in the Growth Portfolio

18/04/2024 09:07

Iluka Resources Ltd (ILU) $7.24

ILU has been in the mineral sands business for many years, but now it has added a major rare earth string to its bow via its Eneabba rare earth refinery project. After a challenging 2023, the mineral sands industry appears to have stabilised, with sentiment improving in most areas. We believe downgrades have gone too far, which could see the stock rapidly “pop” ~10%.

18/04/2024 09:03

Whitehaven Coal Ltd (WHC) $7.80

Coal miner WHC rallied +2% on Wednesday, making a new 10-week high in the process. We have been almost stubbornly bullish on WHC over the last year, but its fortunes are turning, and a test of its 2024 high is starting to feel like a matter of time. Remember last week, influential broker UBS significantly upgraded the miner, increasing their price target from $6.30 to $8.70; it's not often you see an almost 40% upgrade without left-field news.

17/04/2024 16:50

Evolution Mining (EVN) $4.16

EVN +7.49%: the gold & copper miner hit near 2-year highs today on the back of a 3Q update that was better than feared. They produced 185koz of gold in the quarter, up 15% from 2Q where they faced a few production issues including wet weather. The company also produced 20kt of copper, up ~30% which helped their net gold All In Sustaining Cost (AISC) number fall to $1,464/oz.

17/04/2024 09:35

ResMed (RMD) versus CSL Ltd (CSL)

The Australian Healthcare is trading at a ~70% premium to the ASX 200 on a 1-year forward PE, which is close to its recent normal; hence, we are considering switching with the sector as opposed to outright buying or selling. RMD & CSL are two very different healthcare businesses, although both suffered in 2023 at the hands of Ozempic et al.. In both cases, the sell-off was over-blown in our opinion, but that’s the nature of stocks when the crowd runs as one.

16/04/2024 09:25

South32 Ltd (S32) $3.44

On Monday, S32 was the second-best performer in the ASX200, surging +4.6% following higher base metal prices. MM has been watching S32 carefully through its decline, looking for an optimum entry-level; we finally pressed the “Buy Button” earlier this month, already sitting on an ~8% gain. If we are correct and China’s economy is basing, and the global economy will continue to prove resilient, S32 will be very well positioned moving through 2024/5.

12/04/2024 09:14

Active Income Portfolio – Amendment

We are adding a stock to the Income Portfolio today

12/04/2024 09:07

Xero Ltd (XRO) $121.80

MM remains a big fan of this online cloud-based accounting software company XRO, but after more than doubling from its 2022 low, we are closer to trimming than adding to our 5% position. However, this is a quality company, and we have no plans to sell into weakness; in line with our ”three steps forward, two back” outlook, we may trim into strength, but we are likely to be fussy.

12/04/2024 09:04

Iluka Resources Ltd (ILU) $7.44

ILU is one of a few “quasi-plays” on the Chinese economy, which has slowly started to show signs of stabilisation after a very tough few years. We believe its $6-8 trading range is likely to prevail for most of 2024; hence, we may tweak our position accordingly.

12/04/2024 09:04

Goodman Group (GMG) $32.07

GMG reversed ~80% of its early losses on Thursday to end the session down just 0.8%, a very impressive performance considering the US Retail Sector fell -4.1%. Also, NEXTDC (NXT), another alternative for exposure to data centres, albeit very different, launched a significant $1.3bn capital raise. We continue to believe this $61bn business is the number one stock in the Australian Property Sector and will remain a core holding for us until further notice.

12/04/2024 09:03

ResMed Inc (RMD) $29.56

RMD rallied +1.5% in a falling market on Thursday, an encouraging move for the sleep disorder business, which has been on a wild Ozempic ride over the last year – unfortunately, overnight trade in the US suggests it will struggle this morning. At MM, we’ve commented on many of RMD’s twists and turns through its volatile journey since many of us first heard about miracle slimming drugs, and after its 43% recovery, the risk/reward is diminishing fast for the bulls.