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 31/01/2026 19:00
Portfolio	1M	3M	6M	1y	3y	5y pa	ITD pa*
ACTIVE INCOME	0.19%	2.70%	8.02%	14.75%	10.34%	11.21%	9.54%
RBA CASH RATE +4%	0.63%	1.89%	3.80%	7.82%	7.77%	6.37%	5.54%
VALUE ADD	(0.44%)	+0.81%	+4.22%	+6.93%	+2.57%	+4.84%	+4.00%

* 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	10.16	1.13	2.73	50.53
AMC	Amcor	4	Moderate	Medium	27/10/2025	62.70	69.85	1.00	2.48	13.00
ANZ	ANZ Group	5	Moderate	Medium	18/12/2024	29.36	40.35	2.16	8.47	44.79
AN3PI	ANZ Capital Notes 6	6	Low	Long	8/07/2021	100.33	104.23	24.88	0.22	28.69
APA	APA Group	5	Moderate	Medium	26/05/2023	9.82	8.98	1.44	1.35	6.11
BHP	BHP Group	8	Moderate	Long	11/12/2019	40.38	52.09	15.95	2.00	68.50
CNI	Centuria Capital Group	4	Moderate	Medium	29/07/2022	2.065	1.97	0.27	-3.20	8.47
DBI	Dalrymple Bay Infrastructure	4	Moderate	Medium	10/10/2024	3.37	5.08	0.34	-0.20	60.83
DN1	Dominion Income Trust 1	5	Low	Medium	18/06/2025	101.40	100.95	4.74	-0.41	4.23
FMG	Fortescue Metals	4	Moderate	Medium	27/06/2024	21.62	21.63	2.55	-1.95	11.84
GQG	GQG Partners	3	Moderate	Medium	08/08/2025	1.75	1.61	0.04	-0.62	-5.71
MTS	Metcash	4	Moderate	Medium	9/12/2020	3.50	3.34	1.28	0.60	32.00
NABPI	NAB Capital Notes 6	5	Low	Long	13/07/2022	98.94	105.47	24.64	-0.03	31.50
NHC	New Hope Coal	4	High	Medium	22/11/2022	5.55	4.72	1.83	0.00	18.02
PCI	Perpetual Credit Income Trust	5	Low	Long	17/07/2024	1.11	1.12	0.11	0.00	10.81
SOL	Soul Pattinson (W.H)	4	Moderate	Long	05/02/2026	37.68	38.05		-0.55	0.98
SUL	Super Retail Group	4	Moderate	Medium	07/05/2024	13.97	14.59	2.61	0.07	23.12
SUN	Suncorp Group	5	Moderate	Medium	11/12/2025	17.07	15.92		-1.42	-6.74
SUNPI	Suncorp Hybrid	5	Low	Medium	09/04/2024	101.51	103.55	3.28	-0.07	5.24
WBCPK	Westpac Hybrid	5	Low	Long	7/09/2022	100.40	104.80	26.06	-0.33	30.34

Portfolio cash position: 7%

**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 (%)
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

11/02/2026 17:43

AGL Energy (AGL) $9.89

AGL +11.75: AGL shares jumped to their highest level in more than two years after delivering a steady 1H result in subdued wholesale conditions and announcing the sale of its telecommunications business to Aussie Broadband (ABB). The market had been cautious into the print, selling the stocks down in recent months, but today’s result should alleviate those concerns.

09/02/2026 09:26

Shawn’s Trade Idea: Buy GQG Partners limit $1.65 with stops at $1.59

We hold GQG in our Active Growth and Income Portfolios believing amongst other things that outflows will slow or even reverse as questions are asked towards tech valuations.

05/02/2026 10:30

Portfolio Amendments – Active Growth Portfolio

We are making 3 changes to the Growth Portfolio

05/02/2026 10:00

GQG Partners Inc (GQG) $1.61

We hold GQG in our in its Active Growth and Active Income Portfolios because they’ve got a good long term track record, but have struggled recently, compressing its valuation. GQG has materially underperformed the market in recent times leading to fund outflows and a significant re-rate lower in their share price.

04/02/2026 16:54

Amcor (AMC) $65.31

AMC delivered a solid second-quarter result, modestly ahead on earnings and with guidance reaffirmed, reinforcing the defensive qualities of the business, while allaying some concerns around the integration of the Berry acquisition.

28/01/2026 09:25

Fortescue Metals (FMG) $21.87

FMG delivered a solid December-quarter update last week, which we didn’t cover at the time. The market took it as a mild negative, and the stock drifted lower - not materially, but enough for it to lag BHP and Rio, which have traded well over the past week, helped by their exposure to the likes of copper.

21/01/2026 09:41

Portfolio Amendments – Active Income Portfolio

We are reducing equity exposure in the Income Portfolio

17/12/2025 09:39

Fortescue Metals (FMG) $22.10

Iron Ore market fundamentals have been tighter than many expected on a range of factors, which has seen Iron Ore prices stay firm and trade comfortably above $US100/mt. The Iron Ore stocks have been solid as a result, with Rio Tinto (RIO) trading to new all-time highs while Fortescue is up more than 60% from 2025 lows.

11/12/2025 10:09

Active Income Portfolio – Amendments

We are making two changes to the Income Portfolio

11/12/2025 09:56

Super Retail Group Ltd (SUL) $15.40

SUL has struggled since the board sacked CEO Anthony Heraghty in September after admitting his disclosures about a relationship with senior executive Jane Kelly - not a billionaire behaving badly, but the impact was similar.