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 30/04/2026 17:00
Portfolio	1m	6m	1y	3y pa	5y pa	ITD pa	Total
ACTIVE GROWTH	2.05%	-2.17%	13.33%	7.67%	9.12%	12.43%	221.6%
ASX 200 ACCUMULATION	2.18%	-0.87	10.12%	9.66%	8.36%	9.17%	139.8%
VALUE ADD	(0.13%)	(1.30%)	+3.21%	(1.99%)	+0.76%	+3.26%	+81.8%

* Inception date 10/05/2016

**Portfolio Holdings** 20 MINUTES DELAYED trade now
CODE	NAME	WEIGHT (%)	RISK	TERM	BUY DATE	BUY PRICE ($)	LAST PRICE ($)	DIVIDENDS ($)	DAILY CHANGE (%)	GAIN / LOSS (%)
AMC	Amcor	4	Moderate	Long	06/02/2026	69.24	53.68	0.93	0.75	-21.13
ANZ	ANZ Bank	6	Moderate	Long	08/02/2023	25.29	35.50	7.65	0.51	70.62
APA	APA Group	4	Moderate	Medium	12/12/2024	7.38	10.30	0.54	-0.29	46.88
BHP	BHP Group	8.5	Moderate	Long	27/08/2019	39.06	59.75	11.61	1.10	82.69
EVN	Evolution Mining	4	High	Medium	19/01/2026	12.24	12.17		3.14	-0.57
GMG	Goodman Group	5	Moderate	Medium	21/02/2025	34.16	30.28	0.30	-1.85	-10.48
GQG	GQG Partners	5	Moderate	Medium	08/08/2025	1.75	1.54	0.10	-2.22	-6.29
JBH	JB Hi Fi	5	Moderate	Medium	26/02/2026	81.25	72.71	3.00	1.06	-6.82
JHX	James Hardie Industries	5	High	Medium	12/12/2024	51.22	28.45		1.64	-44.46
LNW	Light & Wonder	4	High	Medium	11/12/2025	143.35	114.80		-1.43	-19.92
MGR	Mirvac	4	Moderate	Medium	10/03/2026	1.875	1.69		-1.17	-9.87
PDN	Paladin Energy	4	High	Medium	06/06/2024	11.20	11.07		5.93	-1.16
QBE	QBE Insurance	4	High	Medium	06/02/2026	20.11	23.57	0.88	-1.34	21.58
RMD	Resmed	4	Moderate	Medium	26/02/2026	35.53	29.37	0.06	-0.78	-17.17
SFR	Sandfire Resources	4	High	Medium	07/04/2025	8.90	18.64		3.50	109.44
WBC	Westpac	5	Moderate	Medium	21/02/2025	31.08	36.55	3.29	0.74	28.19
WHC	Whitehaven Coal	4	High	Medium	15/11/2022	8.18	8.16	1.85	-0.49	22.37
WOR	Worley	5	High	Medium	08/05/2023	15.66	12.48	1.20	2.38	-12.64
WTC	WiseTech Global	5	High	Medium	20/05/2025	75.52	37.09	0.16	-1.44	-50.68
XRO	Xero	5	Moderate	Medium	18/07/2025	140.93	75.84		-0.91	-46.19

Portfolio cash position: 5.5%

**Recent Sales** UPDATED 21/01/2026 17:00 trade now
Company code	STOCK NAME	ACTIVITY	RISK	TIME HORIZON	EXIT DATE	ENTRY PRICE ($)	CLOSE PRICE ($)	DIVIDENDS ($)	GAIN / LOSS (%)
NEM	Newmont Corp	Sold 3% position	High	MEdium	03/03/2026	118.51	182.05	0.27	53.8
SUL	Super Retail Group	Sold 4% position	Moderate	Medium	26/02/2026	15.2	14.01	1.37	1.2
CSL	CSL Limited	Sold 5% position	Moderate	Medium	26/02/2026	239.65	145.18	2.48	-38.4
HUB	HUB24	Sold 4% position	Moderate	Medium	06/02/2026	71.36	83.59	0.73	18.2
CAR	CAR Group	Sold 4% position	High	Long	05/02/2026	33.31	25.64		-23
MIN	Mineral Resources	Sold 3% position	High	Long	21/01/2026	44.12	60.44	0.25	37.6
NSR	National Storage	Sold 5% position	Moderate	Long	11/12/2025	2.22	2.79	0.22	35.6
MIN	Mineral Resources	Trimmed 1%	High	Long	14/11/2025	44.12	50.47	0.34	15.2
MGR	Mirvac Group	Sold 5% position	High	Long	30/10/2025	2.08	2.3	0.09	14.9
EVN	Evolution Mining	Sold 4% position	High	Long	16/09/2025	8.15	9.44	0.19	18.2
CAR	CAR Group	Sold 4% position	Moderate	Medium	20/03/2025	34.45	37.54	0.47	10.3
HUB	HUB24	Trimmed 1%	Moderate	Medium	09/07/2025	71.36	95.68	0.34	34.6
XRO	Xero	Sold 4% position	Moderate	Long	18/06/2025	101.29	193.5		91
SFR	Sandfire Resources	Trimmed 1%	High	Medium	18/06/2025	8.32	11.68		40.4
ALL	Aristocrat Leisure	Sold 5% position	High	Long	20/05/2025	65.13	62.55		-4
ILU	Iluka Resources	Sold 4% position	High	Medium	20/05/2025	6.02	3.85	0.06	-35
BHP	BHP Group	Trimmed 2%	Moderate	Long	07/04/2025	39.63	34.31	11.18	14.8
NXT	NEXTDC	Sold 5% position	Moderate	Medium	02/04/2025	17.06	11.39		-33.2
EVN	Evolution Mining	Sold 3% position	High	Long	31/03/2025	2.94	7.1	0.25	150
SFR	Sandfire Resources	Sold 4% position	High	Medium	28/03/2025	6.44	10.85		68.5
TWE	Treasury Wine Estates	Sold 5% position	High	Medium	12/03/2025	13.6	9.8	1.23	-18.89
CSL	CSL Limited	Sold 6% position	Moderate	Medium	24/02/2025	277	259.25	2.2	-5.61
HLS	Healius	Sold 4% position	High	Medium	24/02/2025	1.72	1.29		-25
AGL	AGL Energy	Sold 4% position	Moderate	Medium	12/12/2024	10.22	10.79	0.35	9
S32	South32	Sold 4% position	Moderate	Medium	12/12/2024	3.28	3.46	0.07	7.6
MFG	Magellan Financial Group	Sold 4% position	Moderate	Medium	06/12/2024	9.15	11.22	0.43	27.3
CAR	CAR Group (CAR)	Sold 4% position	Moderate	Medium	06/12/2024	33.13	40.1	0.47	22.5
GPT	GPT Group	Sold 4% position	Moderate	Medium	07/11/2024	4.66	4.45		-4.5
SFR	Sandfire Resources	Trimmed 1%	Moderate	Medium	30/10/2024	6.44	10.31		60.1
S32	South32	Trimmed 1%	Moderate	Medium	30/10/2024	3.28	3.71	0.07	15.2
EVN	Evolution Mining	Trimmed 1%	Moderate	Medium	20/08/2024	2.94	4.26	0.08	47.6
JBH	JB Hi-Fi (JBH)	Sold 4% position	Moderate	Medium	13/08/2024	56.8	75.44		32.82
NAB	Nation Australia Bank	Sold 6% position	Moderate	Medium	05/08/2024	30.33	35.06	3.59	27.43
GMG	Goodman Group	Sold 3% position	High	Medium	01/08/2024	21.15	36.44	0.36	73.99
RHC	Ramsay Healthcare	Sold 5% position	Moderate	Long	17/07/2024	68.86	47.25	0.93	-30.03
GMG	Goodman Group	Trimmed 1%	High	Medium	12/07/2024	21.15	35.58	0.36	69.92
XRO	Xero	Trimmed 1%	Moderate	Long	12/07/2024	101.29	140.35		38.56
PLS	Pilbara Minerals	Sold 4% position	High	Medium	12/06/2024	3.48	3.44		-1.15
CTD	Corporate Travel	Sold 4% position	Moderate	Medium	30/05/2024	16.46	13.06		-20.66
ILU	Iluka	Sold 4% position	High	Medium	10/05/2024	7.2	7.68	0.06	7.5
RMD	ResMed	Sold 5% position	Moderate	Medium	19/04/2024	33.23	27.92	0.39	-14.81
EVN	Evolution Mining	Trimmed 1%	Moderate	Medium	5/04/2024	2.94	3.85	0.016	31.5
PDN	Paladin Energy	Sold 4% position	High	Medium	5/04/2024	1.18	1.42		20.33
ORA	Orora		Moderate	Medium	3/04/2024	2.8	2.24	0.05	-18.21
LLC	Lendlease	Sold 5% position	High	Medium	6/03/2024	7.2	6.18		-14.14
ALU	Altium	Sold 5% position	High	Medium	31/01/2024	42.53	49.27		15.85
MQG	Macquarie Group	Sold 6% position	Moderate	Medium	31/01/2024	177.99	189.41	13.29	13.88
NST	Northern Star	Sold 5% position	High	Medium	18/01/2024	11.14	12.16	0.16	10.59
PDN	Paladin	Trimmed 3%	High	Medium	15/01/2024	0.83	1.31		57.83
MFG	Magellan Financial Group	Sold 4% position	High	Medium	08/01/2024	9.22	9.09	0.93	8.68
WDS	Woodside	Sold 4% position	Moderate	Medium	24/10/2023	35.66	35.23	1.78	3.79
CWY	Cleanaway Waste Management	Sold 5% position	High	Medium	05/10/2023	2.69	2.34	0.02	-12.27
NCM	Newcrest Mining	Sold 5% position	Moderate	Medium	25/08/2023	29.35	25.42	2.52	-4.8
ELD	Elders	Sold 3% position	High	Medium	25/08/2023	7.11	6.47		-9
SEK	Seek	Sold 3% position	High	Medium	17/08/2023	24.29	23.35	0.34	-2.47
GMG	GMG	Sold 5% position	Moderate	Medium	11/08/2023	23.43	20.17	0.3	-12.63
ILU	Iluka	Sold 5% position	Moderate	Medium	21/06/2023	10.74	11.66	0.64	14.53
JHX	James Hardie	Sold 4% position	High	Medium	21/06/2023	31.2	39.89		27.85
CSL	CSL Limited	Sold 4% position	Moderate	Medium	15/06/2023	260.92	279.41	3.82	8.55
JHX	James Hardie	Trimmed 1%	High	Medium	26/05/2023	31.2	37.83		21.25
XRO	Xero	Trimmed 2%	High	Long	22/05/2023	92.85	108.79		17.16
WDS	Woodside	Sold 3% position	Moderate	Medium	08/05/2023	30.23	34.05	5.28	30.1
IGO	Independence Group	Sold 3% position	Moderate	Medium	28/04/2023	10.66	13.61	0.27	30.21
SFR	Sandfire Resources	Sold 3% position	High	Medium	20/04/2023	4.1	6.93		69.02
CSL	CSL Ltd	Trimmed 2%	Moderate	Medium	20/04/2023	260.92	300.94	3.82	16.8
REA	REA Group	Sold 2% position	High	Medium	20/04/2023	120.42	140.69	1.07	17.72
ALU	Altium	Sold 5% position	High	Medium	12/04/2023	28.8	37.65	1.08	34.48

OPINION
ACTION

Opinions for stocks held in the Growth Portfolio

20/05/2026 17:09

James Hardie Industries (ASX:JHX) $26.55

JHX -0.86%: Posted a solid fourth quarter update however FY27 guidance came in slightly below expectations, with softer assumptions around US housing activity and weather disruptions weighing on sentiment despite a resilient underlying result.

20/05/2026 09:05

Aristocrat Leisure Ltd (ASX: ALL) v Light & Wonder (ASX: LNW)

19/05/2026 09:56

Infrastructure (Real Assets)

Toll roads, pipelines, electricity networks and airports often have revenues contractually linked to CPI. They are textbook inflation hedges: cash flows rise with inflation, asset values increase in replacement-cost terms, and the essential nature of the assets helps protect volumes. The caveat is that they are also rate-sensitive and can behave like long-duration bonds from a valuation perspective. If rates rise sharply, multiples can compress in the short term, even if underlying cash flows remain resilient. That said, we believe portfolios should have an allocation to this space as we head into EOFY.

19/05/2026 09:54

Commodities – Coal

In 2022, as is the case today, energy stocks led the market, with the US-Iran conflict helping the sector rally +27% so far this year. Energy remains the most direct inflation trade: company revenues rise with commodity prices, while much of the cost base is largely fixed, particularly where wells and mines are already developed, releasing a surge of free cash flow. However, there is another positive factor in play today: the enormous energy demand expected from AI.

19/05/2026 09:44

Short duration value stocks

Long-duration assets, typically growth stocks, are investments where a large share of their value is derived from cash flows expected well into the future. They traditionally struggle when bond yields rise, as the present value of those future cash flows declines. The flip side is that shorter-duration value stocks — companies making money today, trading on low P/Es and paying dividends now — should be better placed to outperform.

14/05/2026 16:55

Xero (XRO) $73.68

XRO -9.04%: reported FY26 results this morning that on the face of it, were solid, and a shade above consensus, but as the day wore on, the sellers got stuck in, looking beyond the headline earnings beat, focussing on profit quality, FY27 reinvestment, Melio-related noise and rising AI-related competitive risk.

14/05/2026 09:34

BHP Group (ASX: BHP) v Commonwealth Bank (ASX: CBA)

While CBA captured the news yesterday for all the wrong reasons, BHP again made new all-time highs, trading above $62 for the first time as copper continued to rally. As a sidenote, the game of musical chairs between BHP and CBA continued on Wednesday, with the “Big Australian” as BHP was referred to on the old trading floors reclaimed top spot as the ASX’s largest company after a session which saw a more than 13% difference in performance.

12/05/2026 09:50

BHP Group Ltd (BHP) $58.33

BHP has evolved into first and foremost a copper miner, well supported by iron ore and potash into the future. The stock still looks to have significant upside potential as investors scramble to gain exposure to copper. It would be easy to grab a profit with BHP set to break $60 for the first time today, but until we see signs that the copper euphoria is getting ahead of itself &/or could blow up, like iron ore did ~15 years ago, we believe its prudent to stay long, especially in a market that’s punishing losers and chasing winners.

07/05/2026 17:16

Light and Wonder (ASX:LNW) $102.66

LNW -8.34% was hit today, down as much as 12.5% at the lows after delivering a mixed March-quarter update, with revenue and earnings missing expectations, though margins held up better than feared and management reiterated confidence in the FY26 growth profile.

07/05/2026 09:24

Amcor (ASX:AMC) $52.70

Amcor rallied strongly in the US, up as much as 8.9%, after delivering a third-quarter result that was broadly in line for earnings, but the top line (revenue) was better, while importantly, its downgraded full-year guidance was not as bad as the market had feared.