Active Growth Portfolio

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

12.85% Inception-to-date Performance

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 31/08/2026 17:00
Portfolio	1m	6m	1y	3y pa	5y pa	ITD pa	Total
ACTIVE GROWTH	6.44%	1.00%	6.98%	9.34%	8.97%	12.85%	224.40%
ASX 200 ACCUMULATION	1.54%	0.32%	4.40%	11.24%	7.81%	9.45%	153.3%
VALUE ADD	+4.90%	+0.68%	+2.58%	(1.90%)	+1.16%	+3.40%	+95.20%

* 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	59.98	2.76	0.32	-9.39
ANZ	ANZ Bank	6	Moderate	Long	08/02/2023	25.29	37.27	7.65	1.69	77.62
BHP	BHP Group	8	Moderate	Long	27/08/2019	39.06	60.87	13.58	-4.05	90.60
EVN	Evolution Mining	4	High	Medium	23/03/2026	12.24	14.00	0.30	-2.44	16.83
GMG	Goodman Group	5	Moderate	Medium	21/02/2025	34.16	26.91	0.30	-0.92	-20.35
GQG	GQG Partners	5	High	Medium	08/08/2025	1.75	1.10	0.18	-9.50	-26.86
HUB	HUB24	4	High	Moderate	08/07/2026	82.01	70.85	0.60	-0.76	-12.88
LNW	Light & Wonder	4	High	Medium	11/12/2025	143.35	122.82		0.56	-14.32
MGR	Mirvac	4	Moderate	Medium	10/03/2026	1.875	1.76	0.05	-1.68	-3.47
PDN	Paladin Energy	4	High	Medium	06/06/2024	11.20	10.28		-9.59	-8.21
PLS	PLS Group	3	High	Medium	20/08/2026	4.83	4.52	0.07	-7.38	-4.97
PME	Pro Medicus	4	High	Medium	02/06/2026	156.72	164.35	0.53	-1.51	5.21
REH	Reece	4	High	Medium	25/06/2026	16.74	16.33		-1.45	-2.45
S32	South32	4	Medium	Medium	18/06/2026	4.27	5.02		-4.20	17.56
SFR	Sandfire Resources	4	High	Medium	07/04/2025	8.90	21.26		-5.38	138.88
WBC	Westpac	5	Moderate	Medium	21/02/2025	31.08	34.22	3.29	1.09	20.69
WHC	Whitehaven Coal	4	High	Medium	15/11/2022	8.18	8.60	2.02	-2.71	29.83
WOR	Worley	5	Moderate	Medium	08/05/2023	15.66	9.76	1.45	-2.30	-28.42
WTC	WiseTech Global	5	High	Medium	20/05/2025	75.52	32.69	0.16	-3.77	-56.50
XRO	Xero	5	Moderate	Medium	18/07/2025	140.93	67.05		-2.53	-52.42

Portfolio cash position: 9%

**Recent Sales** UPDATED 08/09/2026 17:00 trade now
Company code	STOCK NAME	ACTIVITY	RISK	TIME HORIZON	EXIT DATE	ENTRY PRICE ($)	CLOSE PRICE ($)	DIVIDENDS ($)	GAIN / LOSS (%)
BHP	BHP Group	Trimmed 0.5%	Moderate	Medium	08/09/2026	39.06	62.75	13.58	95.42
JBH	JB Hi-Fi	Sold 5% position	Moderate	Medium	18/08/2026	81.25	72.1	3	-7.57
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

08/09/2026 09:36

Portfolio Amendment – Active Growth Portfolio

Following BHP’s strong run and our recent addition to other resource holdings (S32 & PLS), we’re taking some profits, reducing the position back to an 8% portfolio weight. We are still retaining a meaningful holding given our continued positive view on the company, and the outlook for commodities, particularly copper.

08/09/2026 09:32

Portfolio Amendment – Active Income Portfolio

When a stock rallies strongly, our prevailing portfolio weight will progressively increase above our target weight - which has occurred in BHP. We are today reinforcing our target 8% portfolio weight in BHP for the Active Income Portfolio, which means we are trimming our position.

08/09/2026 09:27

BHP Group (ASX: BHP) $62.93

We covered BHP’s strong FY26 result here; since then, despite the advance in copper and iron ore, the “Big Australia” is basically unchanged, considering it’s $1.38c fully franked dividend last week. BHP has evolved into more of a copper company, as opposed to iron ore, over the last few years, but despite both commodities advancing, the recent rally has been significant, pushing our prevailing weights in both the Growth & Income Portfolio’s well above target.

02/09/2026 09:42

Xero Ltd (ASX: XRO) $83.28

XRO has been at the forefront of the “AI Disruption Trade” or “SaaSpocalypse”, whichever you prefer, with the stock falling almost 70% from its 2025 high. The company didn’t help things buying Melio for US$2.5bn in late 2025, by far its largest acquisition, effectively right at the top of tech valuations. In hindsight, we liked the acquisition of the US SMB bill-pay/payments platform, to combine accounting and payments and materially accelerate Xero’s US growth, just not the price XRO paid.

01/09/2026 09:28

Whitehaven Coal Ltd (ASX: WHC) $8.55

Whitehaven’s FY26 was understandably softer as weaker coal prices through most of FY26 weighed on earnings, with revenue of A$5.40bn, EBITDA down 8% to A$1.25bn and operating cash flow down 16% to A$1.06bn, alongside a 6c final dividend.

27/08/2026 17:51

South32 (ASX: S32): $5.21

S32 +1.36%: Put together a better-than-expected FY26 result, with EBITDA comfortably ahead of consensus, margins expanding and shareholder returns stepping higher.

26/08/2026 17:19

Worley (ASX: WOR) $9.90

WOR -10.81%: FY26 numbers were broadly around the mark operationally, but management guided to only mid-to-high single-digit revenue and EBITA growth in FY27, well short of the ~15% growth embedded in consensus expectations. Add questions around backlog conversion, disruption in the Middle East and it was easy to see why the shares took a hit to reset expectations.

26/08/2026 17:18

Sandfire Resources (ASX: SFR) $24.15

SFR +6.01%: Capped off a strong FY26 with earnings more than tripling as stronger copper production, pricing and operating performance flowed through the business - the share price today helped by a strong move in Copper overnight.

25/08/2026 09:27

Paladin Energy Ltd (PDN) $11.70

It hasn’t felt like it at times, but PDN has outperformed the uranium miner cohort YTD (+22% vs. URNM +3%), with gains driven by solid operational execution. While much of the volatility has tracked uranium sentiment, PDN has benefited from company-specific catalysts, particularly the ramp-up of its Langer Heinrich mine. A strong January production update, where output beat expectations by ~22%, helped kick-start the rally, while higher uranium prices and an upgrade to FY26 production guidance subsequently drove PDN to a YTD high in April.

24/08/2026 16:34

PLS Group (ASX: PLS) $5.47

PLS: +7.89%: Came out with a strong set of FY26 numbers, highlighting an ongoing earnings recovery as higher lithium volumes and an improved operating base drove earnings (EBITDA) above A$1bn, although net profit (NPAT) fell short of consensus.