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 31/07/2025 17:00
Portfolio	1M	3M	1y	3y pa	5y pa	ITD PA*
EMERGING COMPANIES	6.48%	18.63%	4.16%	5.65%	1.60%	5.69%
SMALL ORDS ACCUMULATION	2.82%	9.67%	11.53%	7.09%	7.67%	4.83%
VALUE ADD	+3.66%	+8.96%	(7.37%)	(1.44%)	(6.07%)	+0.86%

* 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	0.32		1.59	-8.57
ABB	Aussie Broadband	6	Moderate	Medium	25/11/2021	4.82	4.46	0.12	-1.55	-4.98
ARB	ARB Corp	5	Moderate	Medium	19/02/2025	39.49	40.24		-0.81	1.90
CAT	Catapult Group	4	High	Medium	22/08/2023	1.43	6.08		0.00	325.17
CNI	Centuria Capital	4	Moderate	Long	9/11/2022	1.60	2.41	0.30	0.84	69.38
HMC	HMC Capital	5	Moderate	Long	11/02/2025	9.68	3.78	0.08	-0.26	-60.12
HSN	Hanson Technologies	4	High	Medium	10/12/2024	5.41	5.60	0.06	0.00	4.62
JLG	Johns Lyng Group	4	High	Medium	26/07/2024	5.51	3.90	.04	0.00	-28.49
LTR	Liontown Resources	4	High	Medium	22/05/2024	1.44	0.84		-2.33	-41.67
NCK	Nick Scali	4	Moderate	Medium	26/07/2024	14.90	23.51	0.43	0.09	60.67
NEC	Nine Entertainment	4	Moderate	Medium	9/11/2022	2.03	1.74	0.30	-0.57	0.49
PDN	Paladin Energy	4	High	Medium	27/02/2024	9.62	6.61		4.26	-31.29
PNI	Pinnacle Investment Group	4	Moderate	Long	12/03/2025	17.85	21.10		-0.09	18.21
PXA	PEXA Group	4	Moderate	Long	02/08/2023	12.45	16.49		0.12	32.45
RUL	RPMGlobal Holdings	6	High	Medium	10/12/2024	3.05	3.18		-0.31	4.26
RDY	ReadyTech	4	High	Long	22/03/2023	3.02	2.76		6.56	-8.61
RPL	Regal Partners	4	Moderate	Medium	9/11/2022	2.89	3.02	0.34	-3.21	16.26
SDR	Siteminder	6	High	Medium	11/02/2025	5.80	5.23		0.58	-9.83
SLX	Silex Systems	3	High	Medium	22/03/2023	3.80	3.72		2.48	-2.11
ZIP	Zip Co	4	High	Medium	21/05/2025	1.99	3.75		20.19	88.44

Portfolio cash position: 13%

**Recent Sales** UPDATED 18/06/2025 17:00 trade now
Company code	STOCK NAME	ACTIVITY	RISK	TIME HORIZON	EXIT DATE	ENTRY PRICE ($)	CLOSE PRICE ($)	DIVIDENDS ($)	GAIN / LOSS (%)
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

22/08/2025 16:47

Zip Co (ZIP) $3.75

ZIP +20.19%: Jumped on a strong FY25 result beating consensus earnings and FY26 guidance, primarily driven by stronger-than-expected US transaction volumes.

21/08/2025 09:27

SiteMinder Ltd (SDR) $5.26

Australian-based hotel technology company SDR provides cloud-based software to help hotels and other accommodation providers manage and grow their bookings.

20/08/2025 09:33

Centuria Capital (CNI) $2.15

We touched on the CNI result in yesterday afternoon's The Match Out report, however, it’s worth spending a bit more time on it this morning, given we think this could be a turning point for a position that has required some patience.

19/08/2025 17:52

ARB Corp (ARB) $39.49

ARB +8.55% had a great session after the Australian vehicle accessories maker reported inline earnings, announced a special dividend and provided solid guidance.

19/08/2025 17:51

Centuria Capital (CNI) $2.15

CNI +9.97%: Beats across the board for the property fund manager today, with slightly stronger earnings in FY25, and slightly higher than expected dividend, and guidance implies that momentum continues to build.

14/08/2025 09:37

ZIP Co Ltd (ZIP) $3.26

We bought ZIP in May and we’re already up over 60% illustrating the recent strength in the BNPL company - ZIP reports on the 22nd. We continue to like the growth in their US business, with Total Transaction Value (TTV) and revenue increasing over 40% a piece, year-on-year.

12/08/2025 09:06

Liontown Resources Ltd (LTR) $1.00

LTR’s production numbers were okay in July, though FY26 guidance left huge room for error: they forecast spodumene concentrate production for the full year of 365,000 to 450,000 dmt at an All in Sustaining Cost (AISC) of A$1,060 – 1,295 per dmt sold (dmt = dry metric tonne). This high cost producer needs lithium to extend its advance to turn the dial from a profitability perspective.

08/08/2025 17:36

Nick Scali (NCK) $20.49

07/08/2025 17:32

Silix Systems (SLX) $3.90

SLX -15.77%: hit today after they came back online post capital raise, replenishing the coffers with ~$130m at $3.90 a piece, to support the commercialisation of its uranium enrichment technology in the US.

06/08/2025 09:35

SiteMinder (SDR) $5.36

Global trends matter for local stocks, helping shape how we think about opportunities closer to home. Last week, Booking Holdings (owner of Booking.com, Priceline and OpenTable) reported a strong set of numbers – earnings up 32%, bookings across their platforms up 13% YoY, and profits beating consensus by 10% thanks to better margins.