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 30/04/2026 19:00
Portfolio	1M	6M	1y	3y	5y pa	ITD pa	Total
ACTIVE INCOME	1.13%	4.02%	16.36%	10.68%	10.21%	9.41%	121.00%
RBA CASH RATE +4%	0.65%	3.82%	7.77%	7.88%	6.54%	5.57%	61.30%
VALUE ADD	+0.48%	+0.20%	+8.59%	+2.88%	+3.67%	+3.84%	+59.70%

* 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	8.56	1.13	-0.81	29.20
AMC	Amcor	4	Moderate	Medium	27/10/2025	62.70	54.94	1.84	0.99	-9.44
ANZ	ANZ Group	5	Moderate	Medium	18/12/2024	29.36	35.20	3.26	0.89	30.99
AN3PI	ANZ Capital Notes 6	6	Low	Long	8/07/2021	100.33	103.53	24.88	0.15	27.99
APA	APA Group	5	Moderate	Medium	26/05/2023	9.82	10.08	1.44	-0.20	17.31
BHP	BHP Group	8	Moderate	Long	11/12/2019	40.38	62.31	17.42	2.91	97.45
CLW	Charter Hall Long Wale REIT	4	Moderate	Long	06/05/2026	3.55	3.46		0.58	-2.54
DBI	Dalrymple Bay Infrastructure	4	Moderate	Medium	10/10/2024	3.37	5.54	0.40	0.54	76.26
DN1	Dominion Income Trust 1	5	Low	Medium	18/06/2025	101.40	100.29	6.62	0.29	5.43
FMG	Fortescue Metals	4	Moderate	Medium	27/06/2024	21.62	22.31	2.55	2.43	14.99
GQG	GQG Partners	3	Moderate	Medium	08/08/2025	1.75	1.45	0.10	-0.69	-11.43
JBH	JB Hi Fi	4	Moderate	Medium	26/02/2026	83.98	74.49	3.00	1.17	-7.73
MGR	Mirvac	4	Moderate	Medium	10/03/2026	1.875	1.69		0.60	-9.87
MTS	Metcash	4	Moderate	Medium	9/12/2020	3.50	3.07	1.28	0.00	24.29
NABPI	NAB Capital Notes 6	5	Low	Long	13/07/2022	98.94	105.40	24.64	0.13	31.43
NHC	New Hope Coal	4	High	Medium	22/11/2022	5.55	5.84	1.97	1.04	40.72
PCI	Perpetual Credit Income Trust	5	Low	Long	17/07/2024	1.11	1.09	0.12	-0.46	9.01
SOL	Soul Pattinson (W.H)	4	Moderate	Long	05/02/2026	37.68	43.50	0.68	1.92	17.25
SUN	Suncorp Group	5	Moderate	Medium	11/12/2025	17.07	17.38	0.24	0.52	3.22
SUNPI	Suncorp Hybrid	5	Low	Medium	09/04/2024	101.51	103.08	3.28	0.36	4.78
WBCPK	Westpac Hybrid	5	Low	Long	7/09/2022	100.40	104.78	26.06	-0.17	30.32

Portfolio cash position: 3%

**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 (%)
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

26/05/2026 09:21

New Hope Corp Ltd (ASX: NHC) $5.76

New Hope advanced +4.7% on Monday, extending its annual gain to an impressive 45%, and we see no reason not to anticipate further gains over the coming months. NHC delivered a strong quarterly update last month, which we covered here; the main takeaway being that the miner is producing and selling more coal.

20/05/2026 17:08

Dalrymple Bay Infrastructure (ASX: DBI) $5.49

DBI +3%: announced FY26/27 distribution guidance of 28.62c per stapled security, an 8.5% uplift on the prior year’s guidance of 26.375c. Importantly, the company also reaffirmed its longer-term target of growing distributions by 3-7% p.a. for the foreseeable future.

20/05/2026 09:08

New Hope Corp (ASX: NHC) $5.51

NHC delivered a solid quarterly update on Monday (18th May), with production and sales volumes both ahead of the prior corresponding period, although lower realised coal prices relative to the same time last year weighed on earnings. Operations remain strong and cash generation is still healthy, but pricing has come back from the elevated levels seen over recent years.

19/05/2026 09:56

Infrastructure (Real Assets)

Toll roads, pipelines, electricity networks and airports often have revenues contractually linked to CPI. They are textbook inflation hedges: cash flows rise with inflation, asset values increase in replacement-cost terms, and the essential nature of the assets helps protect volumes. The caveat is that they are also rate-sensitive and can behave like long-duration bonds from a valuation perspective. If rates rise sharply, multiples can compress in the short term, even if underlying cash flows remain resilient. That said, we believe portfolios should have an allocation to this space as we head into EOFY.

19/05/2026 09:44

Short duration value stocks

Long-duration assets, typically growth stocks, are investments where a large share of their value is derived from cash flows expected well into the future. They traditionally struggle when bond yields rise, as the present value of those future cash flows declines. The flip side is that shorter-duration value stocks — companies making money today, trading on low P/Es and paying dividends now — should be better placed to outperform.

19/05/2026 09:43

Insurance

We all understand the insurer's business model, most of us pay them a lot each year! They collect premiums upfront and pay claims later. The gap between collecting the premium and paying the claim is called the float — and crucially, that float is invested.

14/05/2026 09:34

BHP Group (ASX: BHP) v Commonwealth Bank (ASX: CBA)

While CBA captured the news yesterday for all the wrong reasons, BHP again made new all-time highs, trading above $62 for the first time as copper continued to rally. As a sidenote, the game of musical chairs between BHP and CBA continued on Wednesday, with the “Big Australian” as BHP was referred to on the old trading floors reclaimed top spot as the ASX’s largest company after a session which saw a more than 13% difference in performance.

12/05/2026 09:50

BHP Group Ltd (BHP) $58.33

BHP has evolved into first and foremost a copper miner, well supported by iron ore and potash into the future. The stock still looks to have significant upside potential as investors scramble to gain exposure to copper. It would be easy to grab a profit with BHP set to break $60 for the first time today, but until we see signs that the copper euphoria is getting ahead of itself &/or could blow up, like iron ore did ~15 years ago, we believe its prudent to stay long, especially in a market that’s punishing losers and chasing winners.

11/05/2026 17:11

Metcash (ASX: MTS) $2.92

MTS +6.57%: has been a frustrating holding in the Income Portfolio recently, with the stock weak into today’s update as investors worried about softer hardware conditions, margin pressure, freight costs and broader consumer weakness.

11/05/2026 08:57