Active Income Portfolio

For those seeking a sustainable income strategy, with a difference.

About the Active Income Portfolio

Our philosophy at Market Matters has always been around active management, and our income portfolio stays true to label. Combining an active approach to income producing equities, ETFs and listed Income Securities such as Hybrids, the portfolio will satisfy those looking for sustainable income with significantly less volatility than the market.

**Portfolio Performance** UPDATED 31/08/2026 19:00
Portfolio	1M	6M	1y	3y	5y pa	ITD pa	Total
ACTIVE INCOME	0.81%	3.94%	9.09%	11.58%	9.76%	9.67%	132.80%
RBA CASH RATE +4%	0.70%	4.11%	7.94%	7.84%	6.79%	5.61%	64.8%
VALUE ADD	+0.11%	(0.74%)	+1.15%	+3.74%	+2.97%	+4.06%	+68.00%

* Inception date 05/07/2017

**Portfolio Holdings** 20 MINUTES DELAYED trade now
CODE	NAME	WEIGHT (%)	RISK	TERM	BUY DATE	BUY PRICE ($)	LAST PRICE ($)	DIVIDENDS ($)	DAILY CHANGE (%)	GAIN / LOSS (%)
AGL	AGL Energy	4	Moderate	Long	23/02/2023	7.50	9.12	1.50	2.47	41.60
AMC	Amcor	4	Moderate	Medium	27/10/2025	62.70	65.99	1.84	2.95	8.18
ANZ	ANZ Group	5	Moderate	Medium	18/12/2024	29.36	40.04	3.26	0.88	47.48
AN3PI	ANZ Capital Notes 6	6	Low	Long	8/07/2021	100.33	102.72	27.86	-0.16	30.15
APA	APA Group	5	Moderate	Medium	26/05/2023	9.82	11.52	1.44	0.35	31.98
BHP	BHP Group	8	Moderate	Long	11/12/2019	40.38	55.05	19.39	-3.64	84.35
CLW	Charter Hall Long Wale REIT	4	Moderate	Long	06/05/2026	3.55	3.34	0.12	1.21	-2.54
DBI	Dalrymple Bay Infrastructure	4	Moderate	Medium	10/10/2024	3.37	5.74	0.46	2.50	83.98
DN1	Dominion Income Trust 1	5	Low	Medium	18/06/2025	101.40	98.25	9.25	2.30	6.02
FMG	Fortescue Metals	4	Moderate	Medium	27/06/2024	21.62	14.27	3.20	-2.06	-19.20
GQG	GQG Partners	3	Moderate	Medium	08/08/2025	1.75	1.00	0.18	-1.49	-32.57
MGR	Mirvac	5	Moderate	Medium	10/03/2026	1.85	1.81	0.05	-0.55	0.54
MTS	Metcash	4	Moderate	Medium	9/12/2020	3.50	3.20	1.41	0.63	31.71
NABPI	NAB Capital Notes 6	5	Low	Long	13/07/2022	98.94	104.95	30.33	-0.44	36.73
NHC	New Hope Coal	4	High	Medium	22/11/2022	5.55	6.10	2.40	2.52	53.15
PCI	Perpetual Credit Income Trust	5	Low	Long	17/07/2024	1.11	1.07	0.15	-0.47	9.91
WBC	Westpac	5	Moderate	Medium	04/09/2026	35.01	36.79		3.11	5.08
SOL	Soul Pattinson (W.H)	4	Moderate	Long	05/02/2026	37.68	46.20	1.58	0.50	26.80
SUN	Suncorp Group	5	Moderate	Medium	11/12/2025	17.07	20.39	1.00	-0.15	25.31
SUNPI	Suncorp Hybrid	5	Low	Medium	09/04/2024	101.51	103.18	7.78	0.43	9.31
WBCPK	Westpac Hybrid	5	Low	Long	7/09/2022	100.40	104.69	27.92	0.04	32.08

Portfolio cash position: 1%

**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 (%)
JBH	JB Hi-Fi	Sold 4% position	Moderate	Medium	18/08/2026	83.98	72.26	3	-10.4
CNI	Centuria Capital Group	Sold 4% position	Moderate	Medium	06/05/2026	2.06	1.69	0.27	-4.9
SUL	Super Retail Group	Sold 4% position	Moderate	Medium	26/02/2026	13.97	14.01	2.61	19
DDR	Dicker Data	Sold 3% position	High	Medium	21/01/2026	8.28	10.04	0.15	23.1
SIQ	Smart Group	Sold 4% position	Moderate	Medium	21/01/2026	7.65	8.75	0.25	17.6
NSR	National Storage	Sold 5% position	Moderate	Long	11/12/2025	2.28	2.79	0.11	27.2
HLI	Helia Group	Sold 2.5% position	High	Medium	27/10/2025	4.46	5.66	0.5	38.12
MFG	Magellan Financial Group	Sold 4% position	High	Medium	04/08/2025	8.17	10.34		26.56
MTS	Metcash	Trimmed 1%	Moderate	Medium	03/07/2025	3.5	4	1.27	50.57
CBA	Commonwealth Bank	Sold 5% position	Moderate	Medium	03/07/2025	61.33	180.26	32.4	246.75
TLS	Telstra Corp Ltd	Sold 5% position	Moderate	Medium	18/04/2025	3.43	4.9	1.07	74.05
CBAPG	Commonwealth Bank	Redeemed 5% position	Low	Long	15/04/2025	100	100	41.26	41.26
SIQ	Smart Group	Sold 4% position	Moderate	Medium	19/02/2025	8.96	7.81	0.25	-10.04
CBA	Commonwealth Bank	Trimmed 1%	Moderate	Medium	18/12/2024	61.33	159.96	28.19	206.77
MFG	Magellan Financial Group	Sold 4% position	Moderate	Medium	06/12/2024	9.42	11.22	0.43	23.67
NAB	National Australia Bank	Sold 7% position	Moderate	Medium	08/05/2024	29.64	35.06	2.39	26.35
OZBD	Composite Bond ETF	Sold 5% position	Low	Long	17/07/2024	45.28	44.04	3.07	4.04
GSBG25	Govt Bond	Sold 6% position	Low	Medium	27/06/2024	100.54	99.8	5.41	4.64
DXS	Dexus	Sold 4% position	Moderate	Medium	16/05/2024	8.02	7.26	0.56	-2.49
NABPF	NAB Hybrid	Sold 5% position	Low	Long	7/05/2024	100	106.46	27.61	34.07
ORA	Orora	Sold 4% position	Moderate	Medium	3/04/2024	2.56	2.24	0.05	-10.55
MFG	Magellan Financial Group	Sold 4% position	High	Medium	08/01/2024	8.73	9.09	0.93	14.78
WES	Wesfarmers Ltd	Sold 4% position	Moderate	Long	16/11/2023	47.85	53.94	4.16	21.42
GEM	G8 Education	Sold 3% position	Moderate	Medium	22/08/2023	1.29	1.08	0.06	-11.63
PPT	Perpetual	Sold 4% position	Moderate	Medium	27/06/2023	24.7	25.4		2.83
MXT	MCP Master Income Trust	Sold 5% position	Low	Long	15/06/2023	2	1.91	0.49	20
AGL	AGL Energy	Trimmed 1%	Moderate	Medium	21/04/2023	6.95	8.59		23.6
TLS	Telstra Corp Ltd	Trimmed 2%	Moderate	Medium	21/04/2023	3.43	4.27	0.3	33.24
WES	Wesfarmers Ltd	Trimmed 2%	Moderate	Medium	21/04/2023	47.85	52.01	2.69	14.32
SGP	Stockland	Sold 4% position	Moderate	Medium	08/02/2023	4.18	4.01	0.26	0.22
PDL	Pendal Group	Sold 4% position	Moderate	Medium	12/01/2023	4.2	3.61	1.67	25.71
BHP	BHP Group	Trimmed 2%	Moderate	Long	08/12/2022	38.56	46.42	10.16	46.73
AGL	AGL Energy	Sold 3% position	Moderate	Medium	08/12/2022	6.83	8.07		18.15
APA	APA Group	Sold 4% position	Moderate	Medium	08/12/2022	9.75	11.03		13.12
SSM	Service Stream	Sold 4% position	High	Medium	22/11/2022	1.565	0.745	0.05	-49.2
BOQ	Bank of QLD	Sold 6% position	Moderate	Medium	17/08/2022	8.7	7.37	0.31	-11.72
APA	APA Group	Sold 4% position	Low	Medium	10/08/2022	8.59	12.14	0.53	47.5
CWNHB	Crown Resorts Hybrid	Sold 4% position	Moderate	Medium	29/07/2022	98.26	102.75	3.02	7.64
IFL	Inisgnia Financial	Sold 5% position	Moderate	Medium	13/07/2022	3.59	2.73	0.4	-12.81
MFG	Magellan Financial Group	Sold 3% position	Moderate	Medium	13/07/2022	33.85	12.15	1.57	-59.47
SIQ	Smart Group	Sold 5% position	Moderate	Medium	13/07/2022	6.98	6.62	1.43	15.19
WDS	Woodside	Sold 1% position	High	Medium	15/06/2022	29.76	32.54	2.3	17.05
IGL	IVE Group Ltd	Sold 3% position	Moderate	Medium	11/05/2022	2.28	1.8	0.66	7.89
AGL	AGL Energy	Sold 3% position	Moderate	Long	03/05/2022	5.35	8.38	0.16	59.63
NSR	National Storage REIT	Sold 4% position	Moderate	Medium	13/04/2022	2.04	2.65	0.09	34.31
XARO	ActiveX Ardea Real Outcome Bon	Sold 5% position	Low	Long	13/04/2022	26.47	25.28	1.6	1.55
AWC	Alumina Ltd	Sold 4% position	Moderate	Medium	24/02/2022	2.2	1.95		-11.36
DXS	Dexus	Sold 4% position	Low	Long	25/11/2021	9.2	11.27	0.23	25

OPINION
ACTION

Recent Opinion for the Income Portfolio

23/10/2026 09:22

Westpac Banking Corp (WBC) $35.68

Unlike ANZ, Westpac delivered a poor trading update here, in August and the stock has suffered accordingly, i.e. earnings drive share prices over time. While we believe WBC is behind ANZ in our order of preference after underperforming through 2026, we can see some catch up ahead of its ~80c fully franked dividend in November, with the chance for a special dividend firmly in play, as we highlighted recently here.

20/10/2026 16:26

BHP (ASX: BHP) $59.50

BHP – 1.8% traded lower today after reporting a mixed but solid September-quarter, with strong iron ore and coal production offset by a sharp fall in copper output. Importantly, FY27 guidance was maintained across all major commodities, although copper now carries less room for error through the balance of the year.

19/10/2026 16:53

New Hope Corp (ASX: NHC) $6.18

NHC +5.82%: Shares were strong today after the coal producer announced the acquisition of Malabar Resources, increasing its stake from 24% to full ownership of the Maxwell mine in NSW and accelerating production growth plans.

15/10/2026 09:49

GLEN vs BHP & RIO: The Copper growth story

Glencore’s ASX listing through CHESS Depositary Interests (CDIs) has given ASX only investors with direct access to another global diversified miner with growing exposure to copper, the industrial metal at the forefront of global electrification. Copper is forecast to increase from around one-third of Glencore’s earnings (EBITDA) in FY26 to more than half by the early 2030s, supported by projects across South America and Central Africa, alongside optimisation of existing operations including Collahuasi, Antapaccay and Katanga/KCC - in other words, its profile is evolving like BHPs over the coming years, a factor we like.

14/10/2026 09:20

AGL Energy (ASX: AGL) $8.90

Yesterday saw strong gains from utilities AGL (+4.1%) and Origin (+2.8%) helping advance the sector +1.8%, making it the best performer on the day. The move reminded us of the performance overlay we showed a few weeks ago comparing the ASX 200 in 2022, the last time bond yields rallied strongly, and the subsequent sector performance in the fourth quarter where the utilities helped drive the markets recovery:

14/10/2026 09:18

Fortescue (ASX: FMG) $15.32

Fortescue (FMG) has continued to weaken following a disappointing September-quarter update, and we’re reviewing our position in the Income Portfolio. The issue is less the iron ore price itself and more weaker cash conversion at a time when capital spending remains elevated.

12/10/2026 17:03

GQG Partners (ASX: GQG) $1.12

GQG flat: Performance appears to be turning following the global investment manager’s shift in positioning back in July, though the continued outflows remain a concern.

02/10/2026 09:45

Portfolio Amendment – Active Income Portfolio

We are increasing our weighting in MGR from 4% to 5% into market weakness.

02/10/2026 09:44

Portfolio Amendment – Active Growth Portfolio

We are increasing our weighting in MGR from 4% to 5% into market weakness.

01/10/2026 09:26

Mirvac Group (ASX: MGR) $1.85

MM has held MGR since March having bought, sold and re-bought the property developer, owner, and investment manager reasonably successfully over the last few years. We liked Mirvac’s FY26 result covered here, which pointed to FY27 being another year of earnings growth despite a still-challenging property backdrop, plus, the company sweetened the result with a new A$200m buyback - the stock popped ~7% on the day demonstrating it wasn’t just MM that thought it was a solid result.