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Active Income Portfolio

The Market Matters Active Income Portfolio provides an active approach to income producing equities, ETFs and listed Income Securities – Click here to view

The portfolio was down -4.14% for the week with cash at 1%.  The banks weighed with Bank of QLD (BOQ) down -11.26%, Commonwealth Bank (CBA) off -10.55% while G8 Education (GEM) also fell -9.57%. It was slim pickings on the other side of the ledger with only APA Group (APA) +2.68%, Woodside (WDS) +0.30% and the Crown Hybrid (CWNHB) +0.20% printing positive returns. Hybrids fell during the week as the market priced in a higher risk of recession. We’ll discuss this below. To put this into context, the worst hybrid position in the portfolio was the ANZPI which fell by -2.43%. Across the 4 Hybrids that reside in the portfolio, they were down an average of -1.61% in a market that fell more than 5%. Fixed income exposures also fell, the Bond ETF (OZBD) -0.86% and the 3 year government bond was off -0.98% on changes to interest rate expectations (both of these are fixed rather than floating). The biggest mover in our fixed-income sleeve was Metrics Master (MXT) which fell by -5.56%. This moved from trading at a premium to NTA to now trading at a discount to its current $2 asset value. This is a commercial loan fund with a very diversified book, with weakness in pricing more about liquidity.

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