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 31/10/2025 19:00
Portfolio	1M	3M	6M	1y	3y	5y pa	ITD pa*
ACTIVE INCOME	1.77%	5.34%	11.99%	14.54%	13.26%	12.71%	9.45%
RBA CASH RATE +4%	0.63%	1.90%	3.88%	8.01%	7.72%	6.22%	5.52%
VALUE ADD	+1.14%	+3.44%	+8.11%	+6.53%	+5.54%	+6.49%	+3.93%

* Inception date 05/07/2017

**Portfolio Holdings** 20 MINUTES DELAYED trade now
CODE	NAME	WEIGHT (%)	RISK	TERM	BUY DATE	BUY PRICE ($)	LAST PRICE ($)	DIVIDENDS ($)	GAIN / LOSS (%)
AGL	AGL Energy	4	Moderate	Long	23/02/2023	7.50	9.32	1.13	39.33
AMC	Amcor	4	Moderate	Medium	27/10/2025	12.54	12.98		3.51
ANZ	ANZ Group	5	Moderate	Medium	18/12/2024	29.36	34.22	2.16	23.91
ANZPI	ANZ Capital Notes 6	6	Low	Long	8/07/2021	100.33	103.46	23.25	26.29
APA	APA Group	5	Moderate	Medium	26/05/2023	9.82	9.18	1.44	8.15
BHP	BHP Group	8	Moderate	Long	11/12/2019	40.38	42.56	15.95	44.90
CNI	Centuria Capital Group	4	Moderate	Medium	29/07/2022	2.065	2.19	0.27	19.13
DBI	Dalrymple Bay Infrastructure	4	Moderate	Medium	10/10/2024	3.37	4.53	0.28	42.73
DDR	Dicker Data	3	High	Medium	03/07/2025	8.28	10.60	0.15	29.83
DN1	Dominion Income Trust 1	5	Low	Medium	18/06/2025	101.40	99.75	2.97	1.30
FMG	Fortescue Metals	4	Moderate	Medium	27/06/2024	21.62	21.86	2.55	12.90
GQG	GQG Partners	3	Moderate	Medium	08/08/2025	1.75	1.79	0.04	4.57
MTS	Metcash	4	Moderate	Medium	9/12/2020	3.50	3.33	1.16	28.29
NABPI	NAB Capital Notes 6	5	Low	Long	13/07/2022	98.94	105.40	22.97	29.75
NHC	New Hope Coal	4	High	Medium	22/11/2022	5.55	3.87	1.83	2.70
NSR	National Storage REIT	5	Moderate	Medium	16/05/2024	2.28	2.71	0.11	23.68
PCI	Perpetual Credit Income Trust	5	Low	Long	17/07/2024	1.11	1.14	0.10	11.71
SIQ	Smart Group	4	Moderate	Medium	21/05/2025	7.65	9.19	0.28	23.79
SUL	Super Retail Group	4	Moderate	Medium	07/05/2024	13.97	16.53	2.61	37.01
SUNPI	Suncorp Hybrid	5	Low	Medium	09/04/2024	101.51	101.90	1.67	2.03
WBCPK	Westpac Hybrid	5	Low	Long	7/09/2022	100.40	105.21	24.43	29.12

Portfolio cash position: 4%

**Recent Sales** UPDATED 04/08/2025 17:00 trade now
Company code	STOCK NAME	ACTIVITY	RISK	TIME HORIZON	EXIT DATE	ENTRY PRICE ($)	CLOSE PRICE ($)	DIVIDENDS ($)	GAIN / LOSS (%)
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

02/12/2025 09:57

Metcash Ltd (MTS) $3.40

MTS was smacked 9.2% on Monday after delivering a mildly weaker result and updating the market for the first four weeks of 2H FY26, sales were down 1.1%. Total food revenue (ex-tobacco) increased +4.3% in the first four weeks of 2H FY2 sales.

27/11/2025 09:47

The music’s on full blast at the M&A party – who could be next?

Wednesday saw the strong possibility that another ASX name will come off the boards after National Storage (NSR) received a $2.86 all-cash offer from Brookfield Asset Mgt. and Singapore’s GIC - a healthy 26.5% premium to its last trade.

26/11/2025 09:38

APA Group (APA) $9.32

We discussed APA Group (APA) in a Q&A last week (here), highlighting APA’s spread over 10 year yields as our primary indicator on this stock. In the answer, we highlighted it’s spread vs US 10 year yields (global benchmark for rates) at 2.2% (APA yield exp at 6.2%). Since then, UBS highlighted this indicator relative to Australian 10-year yields

25/11/2025 09:56

BHP Group Ltd (BHP) $40.62

BHP’s portfolio of copper assets remains the jewel of the industry, and it still has substantial room to grow. The group’s 2025 financial results underscored this strength, with copper operations in Chile and South Australia delivering 48% of total earnings, while CEO Mike Henry highlighted ambitions to advance growth projects in Argentina and finally unlock the long-promised Resolution mine in Arizona.

20/11/2025 09:52

GQG Partners Inc (GQG) $1.62

GQG was the market's best-performing stock on the main board yesterday, advancing by over +9% for a couple of reasons:

19/11/2025 09:46

New Hope Corp (NHC) $3.99

NHC released their 1Q26 update on Monday, and it was met with some selling, dragging shares down ~7%, albeit, in a soggy market. The production update was mildly softer than expected, largely due to weather impacts that disrupted site access and slowed run-of-mine (ROM) output. While the headline numbers won’t excite the market near-term, the investment case for NHC remains solid, in our view.

13/11/2025 17:03

GQG Partners (GQG) $1.45

GQG flat: Released an October funds under management (FUM) update yesterday which came in at US$163.7bn, basically bang in line with expectations, but still down 2.1% for the month. The decline was split between client outflows (-1.6%) and softer investment returns (-0.5%).

13/11/2025 09:41

APA Group (APA) $9.42

APA plays a pivotal role in Australia’s energy transmission and infrastructure network, sitting right in the “middle layer” between generation and consumption. It owns and operates over 15,000 km of gas transmission pipelines, along with electricity transmission assets, renewable energy farms, and emerging battery storage projects.

06/11/2025 17:41

Amcor (AMC) $12.78

AMC +5.01%: Shares rallied after delivering its first full quarter result, post merger with Berry Global – the result comfortably ahead of expectations. The company reported a 4% EPS beat, underpinned by strong packaging demand and initial cost synergies beginning to flow through.

27/10/2025 10:14