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 31/10/2025 17:00
Portfolio	1M	3M	6M	1y	3y pa	5y pa	ITD PA*
EMERGING COMPANIES	3.69%	17.35%	38.63%	24.42%	16.06%	5.02%	9.52%
SMALL ORDS ACCUMULATION	1.89%	14.27%	25.32%	22.82%	13.86%	9.58%	7.07%
VALUE ADD	+1.80%	+3.08%	+13.31%	+1.60%	+2.20%	(4.56%)	+2.45%

* Inception date 31/01/2020

**Portfolio Holdings** 20 MINUTES DELAYED trade now
CODE	NAME	WEIGHT (%)	RISK	TERM	BUY DATE	BUY PRICE ($)	LAST PRICE ($)	DIVIDENDS ($)	GAIN / LOSS (%)
A1M	AIC Mines	4	High	Medium	26/07/2024	0.35	0.50		42.86
ABB	Aussie Broadband	6	Moderate	Medium	25/11/2021	4.82	5.73	0.15	21.99
ARB	ARB Corp	5	Moderate	Medium	19/02/2025	39.49	34.99	0.71	-9.60
BGL	Bellevue Gold	4	High	Medium	31/10/2024	1.18	1.25		5.93
CAT	Catapult Group	4	High	Medium	22/08/2023	1.43	6.14		329.37
CNI	Centuria Capital	4	Moderate	Long	9/11/2022	1.60	2.25	0.30	59.38
HMC	HMC Capital	4	Moderate	Long	11/02/2025	5.55	3.13	0.08	-42.16
HSN	Hanson Technologies	4	High	Medium	10/12/2024	5.41	6.11	0.12	15.16
LTR	Liontown Resources	4	High	Medium	22/05/2024	1.44	1.24		-13.89
NCK	Nick Scali	4	Moderate	Medium	26/07/2024	14.90	23.99	0.90	67.05
NEC	Nine Entertainment	4	Moderate	Medium	9/11/2022	2.03	1.13	1.05	7.39
PDN	Paladin Energy	4	High	Medium	27/02/2024	9.62	8.38		-12.89
PNI	Pinnacle Investment Group	4	Moderate	Long	12/03/2025	17.85	17.91	0.37	2.41
PXA	PEXA Group	4	Moderate	Long	02/08/2023	12.45	14.65		17.67
RUL	RPMGlobal Holdings	6	High	Medium	10/12/2024	3.05	4.88		60.00
RDY	ReadyTech	4	High	Long	22/03/2023	3.02	2.10		-30.46
RPL	Regal Partners	4	Moderate	Medium	9/11/2022	2.89	2.88	0.42	14.19
SDR	Siteminder	6	High	Medium	11/02/2025	5.80	6.92		19.31
SLX	Silex Systems	3	High	Medium	22/03/2023	3.80	9.48		149.47
ZIP	Zip Co	4	High	Medium	21/05/2025	1.99	3.50		75.88

Portfolio cash position: 15%

**Recent Sales** UPDATED 24/10/2025 17:00 trade now
Company code	STOCK NAME	ACTIVITY	RISK	TIME HORIZON	EXIT DATE	ENTRY PRICE ($)	CLOSE PRICE ($)	DIVIDENDS ($)	GAIN / LOSS (%)
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

11/11/2025 09:40

Liontown Resources Ltd (LTR) $1.15

LTR was the top performing stock on the ASX200 on Monday, surging +12.8% as the lithium names surged higher. LTR raised $266mn at 73c in August, giving the company around 18-months of breathing space for lithium to average ~$US1,100 in 2026, and $US1,000 in 2027, where it will achieve free cash flow (FCF) breakeven - not far now!

31/10/2025 09:54

Trade Alerts – Emerging Companies Portfolio

We are making two changes to the Emerging Companies Portfolio

29/10/2025 17:23

Siteminder (SDR) $7.69

SDR +2.5%: reaffirmed that the strength seen into the end of FY25 has continued into the new financial year:

29/10/2025 17:14

Nick Scali (NCK) $25.35

NCK +12.7%: Shares jumped to a fresh record high after the company’s AGM and trading update today, reporting an impressive 10.7% lift in ANZ same-store sales for the first quarter, signaling a strong start to FY26. This represents acceleration from July’s 7.2% growth reported in their last update.

27/10/2025 10:21

Emerging Companies Portfolio – Amendments

We are making several changes to the Emerging Companies Portfolio

24/10/2025 09:28

Silex Systems (SLX) $8.42

Good news out from SLX yesterday with a positive conclusion to the independent validation of the SILEX laser-based uranium enrichment technology – with the review confirming that Global Laser Enrichment (GLE), the exclusive licensee of the SILEX uranium enrichment technology, has achieved TRL-6, following the completion of its large-scale enrichment demonstration program.

22/10/2025 09:38

Pinnacle Investment Management (PNI) $19.67

Pinnacle is a multi-affiliate asset management business. In effect, it acts as a platform/holding company that partners with specialist boutique investment firms (called “Affiliates”), seeds and backs them, provides distribution and infrastructure, and takes a share of the revenue/profit.

20/10/2025 17:05

Zip Co (ZIP) $4.61

ZIP +4.3%: Shares surged +12% to their highest level since late 2021 in early trade before losing steam, after another strong quarterly update that reinforced the momentum of the turnaround story that we've watched unfold over the last 12-18 months.

15/10/2025 09:38

HMC Capital (HMC) $3.37

HMC has been a horrible performer over the past year, down nearly 70%, putting it as the weakest performing stock in the ASX 200 (followed by IDP Education, Dominos, Reece, Treasury Wines and Telix). We hold the stock in the Emerging Companies Portfolio, with our initial 5% weighting now down to ~2%.

14/10/2025 17:10