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 30/06/2026 17:00
Portfolio	1m	6m	1y	3y pa	5y pa	ITD pa	Total
ACTIVE GROWTH	-0.87%	-2.11%	7.37%	8.12%	8.23%	12.30%	223.4%
ASX 200 ACCUMULATION	0.67%	2.37%	6.11%	10.62%	7.76%	9.21%	144.3%
VALUE ADD	(1.54%)	(1.10%)	+1.26%	(2.50%)	+0.47%	+3.09%	+79.1%

* 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	62.14	1.84	0.50	-7.60
ANZ	ANZ Bank	6	Moderate	Long	08/02/2023	25.29	36.20	7.65	0.42	73.39
BHP	BHP Group	8.5	Moderate	Long	27/08/2019	39.06	58.55	11.61	0.46	79.62
EVN	Evolution Mining	4	High	Medium	23/03/2026	12.24	11.45		-1.55	-6.45
GMG	Goodman Group	5	Moderate	Medium	21/02/2025	34.16	29.94	0.30	-0.10	-11.48
GQG	GQG Partners	5	High	Medium	08/08/2025	1.75	1.43	0.10	-0.69	-12.57
HUB	HUB24	4	High	Moderate	08/07/2026	82.01	82.97		0.10	1.17
JBH	JB Hi Fi	5	Moderate	Medium	26/02/2026	81.25	78.53	3.00	0.55	0.34
LNW	Light & Wonder	4	High	Medium	11/12/2025	143.35	104.28		-2.36	-27.25
MGR	Mirvac	4	Moderate	Medium	10/03/2026	1.875	1.70		-0.29	-9.33
PDN	Paladin Energy	4	High	Medium	06/06/2024	11.20	10.13		0.70	-9.55
PME	Pro Medicus	4	High	Medium	02/06/2026	156.72	197.55		0.24	26.05
REH	Reece	4	High	Medium	25/06/2026	16.74	15.59		-0.10	-6.87
S32	South32	4	Medium	Medium	18/06/2026	4.27	3.97		-1.24	-7.03
SFR	Sandfire Resources	4	High	Medium	07/04/2025	8.90	18.43		-2.12	107.08
WBC	Westpac	5	Moderate	Medium	21/02/2025	31.08	36.56	3.29	0.05	28.22
WHC	Whitehaven Coal	4	High	Medium	15/11/2022	8.18	7.48	1.85	0.81	14.06
WOR	Worley	5	Moderate	Medium	08/05/2023	15.66	10.75	1.20	-0.46	-23.69
WTC	WiseTech Global	5	High	Medium	20/05/2025	75.52	33.58	0.16	-1.24	-55.32
XRO	Xero	5	Moderate	Medium	18/07/2025	140.93	71.37		-2.77	-49.36

Portfolio cash position: 6.5%

**Recent Sales** UPDATED 08/07/2026 17:00 trade now
Company code	STOCK NAME	ACTIVITY	RISK	TIME HORIZON	EXIT DATE	ENTRY PRICE ($)	CLOSE PRICE ($)	DIVIDENDS ($)	GAIN / LOSS (%)
QBE	QBE Insurance	Sold 4% position	Moderate	Medium	08/07/2026	20.11	25.28	0.88	30.1
JHX	James Hardie	Sold 5% position	High	Medium	25/06/2026	51.22	37.06		-27.6
APA	APA Group	Sold 4% position	Moderate	Medium	18/06/2026	7.38	10.45	0.54	48.9
RMD	ResMed	Sold 4% position	Moderate	Medium	02/06/2026	35.53	26.05	0.06	-26.5
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

10/07/2026 09:36

BHP Group (ASX: BHP) $56.87

The correlation between BHP and Spot LME Copper over the last 2-years is 0.91, a very high positive correlation, reflecting BHP's significant copper exposure and the market's tendency to price the stock as a copper proxy. BHP's copper assets, including Escondida (the world's largest copper mine) and Olympic Dam, make it one of the most copper-leveraged large-cap miners globally. And as BHP continues to grow its copper revenue, this correlation is likely to remain elevated or even strengthen over time.

08/07/2026 09:39

Portfolio Amendments – Active Growth Portfolio

We are making two changes to the Growth Portfolio.

07/07/2026 09:28

Amcor PLC (AMC) $64.37

Amcor has been a stock that has weighed on our portfolios over recent times but as it comes good now we definitely don’t intend to cut it. This packaging business is an economically sensitive value name, which, with more than 50% of its revenue generated from the US in FY25, is perfectly positioned for the current economic backdrop, especially in the US. The stock continues to trade at a hefty discount to its historical average valuation while yielding close to 6%, mostly franked.

01/07/2026 16:58

South32 (ASX: S32) $4.28

S32 +9.74%: announced the transformational sale of its aluminium, alumina and bauxite business to Alcoa in a deal worth up to US$5.6bn ($8.1bn), materially simplifying the portfolio and accelerating its transition toward a future-facing base metals producer. The consideration includes US$3.1bn in cash, around US$1bn in Alcoa shares, US$750m of assumed net debt and lease liabilities, plus a US$750m contingent value right (CVR) linked to aluminium and alumina prices over the next four years.

01/07/2026 09:33

South32 Ltd (ASX: S32) $3.90

MM bought S32 last month for our Active Growth Portfolio when it wasn’t on our Hitlist; hence this morning we’ve discussed the stock and our reasoning to gain exposure to the miner following its recent pullback.

30/06/2026 09:12

QBE Insurance (ASX: QBE) $24.96

Insurer QBE has advanced +25% so far this year, hitting our initial ~$25 target area. Similar to WOW, we believe QBE is one of the ASX's most compelling AI cost-saving opportunities. The February short & sharp sell-off on disruption fears missed the fact that insurance is ideally suited to AI, with claims processing, underwriting, fraud detection and customer service all ripe for automation. Given QBE's global scale and complex legacy systems, even modest productivity gains should materially boost earnings, making AI more of a tailwind than a threat.

29/06/2026 09:25

Shawn’s Trade Idea: Xero Ltd (ASX: XRO) $69.05

XRO has been by far the most actively traded stock in our trading ideas section, with four attempts yielding a net small profit - not too bad with the stock having fallen 67% in the last 12-months. However, ideally we like to buy stocks/markets in an uptrend that are correcting but XRO has tempted us on occasion, looking for a sharp bounce. Again, we’re targeting a bounce, in line with earlier discussions towards the software stocks outperforming the AI Trade in the coming weeks.

25/06/2026 16:54

Worley (WOR) $11.08

WOR -9.7%: fell today after increasing the expected earnings impact from Middle East project delays, while also flagging a sizeable foreign exchange headwind from the stronger Australian dollar.

25/06/2026 09:47

Trade Alert – Active Growth Portfolio

We are making a switch within the Active Growth Portfolio today.

25/06/2026 09:18

Pro Medicus Ltd (ASX: PME) $178.99

PME is very much on the tech side of the healthcare sector, and we covered the stock in detail earlier in the month, here, before going long below $157. PME has been sold off on the software “AI Disruption Trade” but with its EPS set to increase by almost 60% between FY25 and FY27, the share price is all about the price investors are prepared to pay for this growth as the company continues to win new contracts at an exciting rate. The stock isn’t overly cheap, and we would certainly reconsider our position back around ~$220, the company's average long-term valuation area.