Emerging Companies Portfolio

For those seeking higher growth investments

About The Portfolio

The newest Market Matters Portfolio that searches for small & mid capitalisation emerging stocks (ex-100) that show strong underlying growth characteristics. This is a higher risk portfolio and investors should expect greater volatility in returns.

**Portfolio Performance** UPDATED 31/01/2026 17:00
Portfolio	1M	3M	6M	1y	3y pa	5y pa	ITD PA*
EMERGING COMPANIES	-0.22%	-2.42%	13.80%	16.94%	10.26%	4.19%	8.36%
SMALL ORDS ACCUMULATION	2.67%	3.27%	16.78%	24.15%	11.64%	7.49%	7.23%
VALUE ADD	(2.89%)	(5.69%)	(2.98%)	(7.21%)	(1.38%)	(3.30%)	+1.13%

* Inception date 31/01/2020

**Portfolio Holdings** 20 MINUTES DELAYED trade now
CODE	NAME	WEIGHT (%)	RISK	TERM	BUY DATE	BUY PRICE ($)	LAST PRICE ($)	DIVIDENDS ($)	DAILY CHANGE (%)	GAIN / LOSS (%)
A1M	AIC Mines	4	High	Medium	26/07/2024	0.35	0.74		1.38	111.43
ABB	Aussie Broadband	6	Moderate	Medium	25/11/2021	4.82	4.92	0.15	-1.40	5.19
ARB	ARB Corp	5	Moderate	Medium	19/02/2025	39.49	24.03	0.71	-3.65	-37.35
BGL	Bellevue Gold	4	High	Medium	31/10/2024	1.18	1.82		-1.36	54.24
CAT	Catapult Group	4	High	Medium	22/08/2023	1.43	3.29		-6.80	130.07
CNI	Centuria Capital	4	Moderate	Long	9/11/2022	1.60	1.84	0.30	-2.90	33.75
HMC	HMC Capital	4	Moderate	Long	11/02/2025	5.55	2.56	0.08	-5.19	-52.43
HSN	Hanson Technologies	4	High	Medium	10/12/2024	5.41	5.18	0.12	0.19	-2.03
LNW	Light & Wonder	4	High	Medium	26/11/2025	142.71	129.30		3.56	-9.40
NCK	Nick Scali	4	Moderate	Medium	26/07/2024	14.90	17.24	0.90	-3.96	21.74
NXG	NexGen Energy	4	High	Long	26/11/2025	12.72	18.32		1.72	44.03
PNI	Pinnacle Investment Group	4	Moderate	Long	12/03/2025	17.85	15.35	0.37	0.52	-11.93
PXA	PEXA Group	4	Moderate	Long	02/08/2023	12.45	15.63		0.32	25.54
RDY	ReadyTech	4	High	Long	22/03/2023	3.02	1.24		-2.76	-58.94
RPL	Regal Partners	4	Moderate	Medium	9/11/2022	2.89	3.07	0.42	-1.29	20.76
SDR	Siteminder	6	High	Medium	11/02/2025	5.80	3.23		-2.71	-44.31
SLX	Silex Systems	3	High	Medium	22/03/2023	3.80	6.72		-2.75	76.84
ZIP	Zip Co	4	High	Medium	21/05/2025	1.99	1.70		-3.14	-14.57
360	Life360	4	High	Long	26/11/2025	40.16	20.36		-17.64	-49.30

Portfolio cash position: 20%

**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 (%)
LTR	Liontown Resources	Sold 4% position	High	Medium	21/01/2026	1.44	2.15		49.3
NEC	Nine Entertainment	Sold 4% position	Moderate	Medium	21/01/2026	2.03	1.12	1.05	6.9
RUL	RPMGlobal Holdings	Sold 6% position	High	Medium	27/11/2025	3.05	4.91		61
PDN	Paladin Energy	Sold 4% position	High	Long	27/11/2025	9.62	7.96		-17.25
JLG	Johns Lyng Group	Sold 4% position	High	Medium	24/10/2025	5.51	4	0.04	-26.68
SRG	SRG Global	Sold 4% position	Moderate	Medium	18/06/2025	0.81	1.55	0.12	86
CRN	Coronado Resources	Sold 3% position	High	Medium	18/06/2025	1.37	0.145	0.09	-82
VAU	Vault Minerals	Sold 4% position	Moderate	Medium	31/03/2025	0.32	0.45		40.63
VAU	Vault Minerals	Trimmed 2%	Moderate	Medium	19/02/2025	0.32	0.4		25
BAP	Bapcor	Sold 5% position	Moderate	Medium	19/02/2025	6.27	4.67	0.51	-17.38
BWP	BWP Trust	Sold 4% position	Low	Medium	11/02/2025	3.75	3.42	0.18	-4
HLO	Helloworld Travel	Sold 4% position	Moderate	Medium	11/02/2025	2.19	2.03	0.07	-4.1
CXL	Calix	Sold 4% position	High	Long	11/02/2025	4.22	0.51		-87.9
ZIP	Zip Co	Sold 3% position	High	Medium	10/12/2024	1.77	2.88		62.71
ANG	Austin Engineering	Sold 3% position	High	Medium	10/12/2024	0.47	0.52		9.61
AD8	Audinate	Sold 6% position	Moderate	Medium	10/12/2024	12.92	7.83		-39.39
C79	Chrysos Corp	Sold 6% position	High	Medium	10/10/2024	6.41	5.39		-15.91
SRG	SRG Global	Trimmed 1%	Moderate	Medium	26/07/2024	0.69	0.925		34.05
SFR	Sandfire Resources	Sold 5% position	Moderate	Low	26/07/2024	6.26	8.32		32.91
ANG	Austin Engineering	Trimmed 1%	High	Medium	26/07/2024	0.47	0.64		36.2
PXA	PEXA Group	Trimmed 1%	Moderate	Long	26/07/2024	12.45	13.77		10.6
EML	EML Payments	Sold 4% position	High	Medium	26/07/2024	3.36	0.905		-73.06
BCB	Bowen Coking Coal	Sold 4% position	High	Medium	26/07/2024	0.295	0.044		-85.08
SLX	Silex Systems	Trimmed 1%	High	Medium	22/05/2024	3.8	6.53		71.84
SFR	Sandfire Resources	Trimmed 1%	Moderate	Long	22/05/2024	6.26	9.94		58.79
SRG	SRG Global	Trimmed 1%	Moderate	Medium	22/05/2024	0.69	0.9	0.06	39.13
CNI	Centuria Capital	Trimmed 2%	Moderate	Long	22/05/2024	1.6	1.77	0.14	19.38
FCL	Fineos	Sold 4% position	High	Medium	22/05/2024	2.51	1.65		-34.26
GL1	Global Lithium	Sold 4% position	High	Long	22/05/2024	2.55	0.37		-85.49
ABB	Aussie Broadband	Trimmed 2%	Moderate	Medium	27/02/2024	4.82	4.61		-4.36
PDN	Paladin	Sold 4% position	High	Long	15/01/2024	0.75	1.31		74.67
PDN	Paladin	Trimmed 2%	High	Long	11/01/2024	0.75	1.17		56
PMV	Premier Investments	Sold 4% position	Moderate	Medium	11/01/2024	24.78	26.89	2.99	20.58
PPS	Praemium	Sold 4% position	Moderate	Long	11/01/2024	0.765	0.39	0.07	-39.87
AD8	Audinate	Trimmed 1.5%	Moderate	Medium	20/11/2023	8.94	15.04		68.23
LYC	Lynas Rare Earths Ltd	Sold 4% position	High	Medium	20/11/2023	8.6	6.77		-21.28
AD8	Audinate	Trimmed 2%	Moderate	Medium	22/08/2023	8.43	12.06		43.06
BAP	Bapcor	Trimmed 1%	Moderate	Medium	22/08/2023	6.78	6.56	0.46	3.54
CAJ	Capitol Health	Sold 5% position	Moderate	Medium	22/08/2023	0.4	0.23	0.04	-32.5
SBM	St Barbara	Sold 4% position	Moderate	Medium	05/07/2023	0.935	0.545		-41.71
SFR	Sandfire Resources	Sold 4% position	High	Medium	20/04/2023	3.93	6.95		76.84
NXT	NEXTDC	Sold 4% position	High	Short	13/04/2023	8.67	12.13		39.91
SHV	Select Harvests	Sold 4% position	Moderate	Medium	22/03/2023	6.39	4.08		-36.15
PNI	Pinnacle Investment Management	Sold 6% position	Moderate	Medium	01/02/2023	9.58	9.9	0.25	5.95
SFR	Sandfire Resources	Trimmed 2%	High	Medium	8/12/2022	3.87	5.38		39
ASB	Austal Ltd	Sold 4% position	Moderate	Medium	8/12/2022	3.3	2.14	0.3	-26.06
STA	Strandline Resources	Sold 3% position	High	Medium	9/11/2022	0.25	0.41		64
PLS	Pilbara Minerals	Sold 4% position	High	Medium	9/11/2022	2.69	5.53		105.58
LOV	Lovisa Holdings	Sold 4% position	Moderate	Medium	9/11/2022	15.48	24.01	0.41	57.75

OPINION
ACTION

Opinions for stocks held in the Emerging Companies Portfolio

03/03/2026 15:16

PEXA Group Ltd (PXA) $14.98

PEXA Group rose as much as 9.9%, the most since July, after the Australian property exchange 1H EBITDA beat analyst expectations.

26/02/2026 17:11

ReadyTech (RDY) $1.21

RDY -29.77%: hit hard today after a 1H FY26 result that came in below expectations, with investors losing patience as strategy execution continues to lag near-term earnings delivery.

25/02/2026 18:07

Centuria Capital (CNI) $1.92

CNI -0.8% delivered a solid first-half result and modestly upgraded its full-year operating EPS, reinforcing confidence in earnings resilience despite ongoing volatility across listed property and capital markets.

25/02/2026 18:04

Siteminder (SDR) $3.25

SDR +10.5% delivered another step forward on profitability, materially narrowing losses and more than doubling underlying EBITDA, though the result fell slightly short of market expectations at the earnings line.

25/02/2026 09:37

HMC Capital (HMC) $2.82

HMC has gone from one of the market’s most celebrated alternative asset managers to one of its most heavily discounted. The share price is down ~70% over the past year (-76% from late-2024 highs), as investors lost faith in the group’s ability to deliver on its ambitious targets; $50bn assets under management (AUM) and 20% return on equity (ROE) targeted within 3-5 years - first announced at its AGM in November 2024. That implied a compound annual growth rate of ~23 % over five years (or ~42 % over three) from then-current levels. (The 20% ROE target had been discussed earlier).

25/02/2026 09:22

Light & Wonder Inc (LNW) $137.11

Light & Wonder (LNW) generates revenue by developing casino-style games and monetising them across physical casinos, online platforms and mobile apps. In land-based venues, it sells or leases slot machines to operators, often earning a share of the revenue those machines generate. It also licenses its content to online casinos and operates social gaming apps that monetise through in-app purchases. In essence, it is a global gaming content and technology provider that earns revenue wherever its games are played.

24/02/2026 17:16

ARB Corporation (ARB) $21.36

ARB –13%: The stock fell after 1H FY26 results came in softer year-on-year, reflecting a tougher domestic and OEM backdrop, but the underlying message was better than the headline suggests. Management reiterated confidence in a second-half improvement, supported by a healthy order book and strong offshore momentum.

24/02/2026 17:15

Regal Partners (RPL) $3.26

RPL +4.8%: delivered a solid update alongside a CFO transition, with the numbers reinforcing the group’s earnings momentum and continued FUM growth.

24/02/2026 09:35

Nick Scali (NCK) $18.43

Nick Scali (NCK) has now corrected 35% from its 2026 high after a soft January trading update raised concerns about near-term demand for big-ticket items as interest rates rise. There 1H result was better than expected but the market looked through the numbers focusing on the next chapter.

23/02/2026 17:25

Aussie Broadband (ABB) $5.09

ABB –2.7%: delivered a mixed first-half result, with solid operational momentum offset by softer headline profit and one-off items, while management narrowed full-year EBITDA guidance toward the midpoint.