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 30/06/2026 17:00
Portfolio	1M	6M	1y	3y pa	5y pa	ITD PA	Total
EMERGING COMPANIES	2.48%	-9.48%	10.01%	8.20%	1.02%	5.56%	41.5%
SMALL ORDS ACCUMULATION	0.37%	1.23%	8.11%	10.43%	7.42%	7.57%	59.7%
VALUE ADD	+2.11%	(10.71%)	+1.90%	(2.23%)	(6.40%)	(2.01%)	(18.2%)

* 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	6	High	Medium	26/07/2024	0.35	0.74		-1.99	111.43
ABB	Aussie Broadband	6	Moderate	Medium	25/11/2021	4.82	4.94	0.15	-2.37	5.60
ARB	ARB Corp	5	Moderate	Medium	19/02/2025	31.12	20.15	1.19	-0.35	-31.43
BGL	Bellevue Gold	4	High	Medium	31/10/2024	1.18	1.46		3.56	23.73
C79	Chrysos Corp	4	High		22/04/2026	7.74	5.90		-2.96	-23.77
CAT	Catapult Group	4	High	Medium	22/08/2023	2.02	3.58		0.00	77.23
CNI	Centuria Capital	4	Moderate	Long	9/11/2022	1.60	1.48	0.30	0.34	11.25
HMC	HMC Capital	4	Moderate	Long	11/02/2025	5.55	3.15	0.08	0.00	-41.80
HSN	Hanson Technologies	4	High	Medium	10/12/2024	5.41	4.43	0.12	-1.99	-15.90
LNW	Light & Wonder	4	High	Medium	26/11/2025	142.71	118.08		0.07	-17.26
NCK	Nick Scali	5	Moderate	Medium	26/07/2024	15.00	17.23	0.90	2.87	20.87
NXG	NexGen Energy	4	High	Long	26/11/2025	12.72	14.09		1.37	10.77
MAF	MA Financial	4	Moderate	Medium	08/07/2026	6.56	5.95		-0.50	-9.30
PNI	Pinnacle Investment Group	4	Moderate	Long	12/03/2025	16.47	19.25	0.37	0.00	19.13
PXA	PEXA Group	4	Moderate	Long	02/08/2023	12.45	7.63		-0.91	-38.71
RDY	ReadyTech	4	High	Long	22/03/2023	3.02	1.70		-1.73	-43.71
RPL	Regal Partners	4	Moderate	Medium	9/11/2022	2.89	2.90	0.42	-3.01	14.88
SDR	Siteminder	6	High	Medium	11/02/2025	5.80	3.75		1.63	-35.34
SLX	Silex Systems	3	High	Medium	22/03/2023	3.80	4.82		-5.30	26.84
ZIP	Zip Co	5	High	Medium	21/05/2025	1.87	2.96		2.07	58.29
360	Life360	4	High	Long	26/11/2025	40.16	28.92		-2.13	-27.99

Portfolio cash position: 8%

**Recent Sales** UPDATED 08/07/2026 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

05/08/2026 17:28

Light & Wonder (LNW) $118

LNW: +3.96%: delivered a mixed but ultimately encouraging second-quarter result, with revenue missing expectations but earnings, margins and adjusted EPS all coming in ahead. Shares were higher, though they lost some of their early gains. Important to note LNW is also coming off a low base, confirmation that the group remains on track for its 2028 targets should help to support the shares moving forward.

05/08/2026 09:28

Pinnacle Investment Mgt. Group Ltd (PNI) $17.76

After the market closed yesterday PNI delivered a messy FY26 result, with statutory earnings, revenue and inflows ahead of expectations. However, the headline $176.7 million net profit was boosted by a significant non-cash accounting gain, making underlying earnings the more useful measure of performance.

30/07/2026 09:27

Nick Scali Ltd (ASX: NCK) $16.35

Nick Scali has been under pressure since a weak trading update in January with a soft consumer the primary issue, however, it's found solid valuation support in recent months, in line with the overall sector. NCK is a classic interest rate-sensitive discretionary retailer. As a seller of high-ticket furniture, demand is closely linked to consumer confidence and housing activity, both of which have been under pressure following the three RBA rate hikes and dive in the property market following the latest budget. NCK is effectively a leveraged play on the RBA easing cycle, with earnings and the share price typically benefiting as monetary policy becomes more accommodative, and vice versa.

24/07/2026 17:01

Centuria Capital (CNI) $1.455

CNI - 8.01%: It's been a terrible week for Centuria Capital (CNI), with the stock hitting a fresh 52-week low today. The sell-off has been driven primarily by a damaging private-credit controversy, amplified by the recent capital raising, with a deteriorating Australian property backdrop putting the cherry on a very sour tasting cake.

22/07/2026 09:14

AIC Mines (ASX: A1M) 66c

AIC Mines (A1M) has come under pressure following a softer June quarter, however, when we stand back and look at the longer-term trends, we remain comfortable with the position in the Emerging Companies Portfolio. Quarterly costs were elevated by higher diesel prices, wet weather and operational disruption, while the earlier introduction of lower-grade Jericho ore diluted the quarterly result.

16/07/2026 16:40

AIC Mines (A1M) 67c

A1M -17.79% was hit after June-quarter costs came in materially higher, overshadowing another year in which Eloise met production and cost guidance.

15/07/2026 09:44

Light & Wonder Inc (ASX: LNW) $111.60

Yesterday saw Light & Wonder surge as much as 10%, its biggest intraday gain since early May, after reassuring investors on both earnings and growth - these gains were maintained in US trade overnight. The catalyst for the gains was management reaffirming FY26 guidance for mid-to-high single-digit earnings (AEBITDA) growth, while reiterating plans to reduce leverage below 3x net debt/EBITDA in the first half of FY27 and confirming US$180m remains under its share buyback program.

15/07/2026 09:37

Zip Co Ltd (ASX: ZIP) $2.95

Zip remains one of the stronger performers in the Market Matters Emerging Companies Portfolio, with the share price rallying materially since our entry in mid 2025 at $1.87. We continue to like the company’s improving earnings profile and exposure to structural growth in buy now, pay later, although we trimmed the position last week following the strong run.

14/07/2026 09:49

Light & Wonder Inc (ASX: LNW) $103.55

Light & Wonder (LNW) director Jamie Odell sold approximately $2.7 million worth of shares last month, just two days after the company’s AGM. Odell has now sold on at least two occasions over the past 12 months, having also disclosed a sale in August 2025 during the stock’s previous drawdown.

08/07/2026 09:20

HMC Capital (ASX: HMC) $2.95

In an update last week, HMC announced another important step in broadening its funds management platform, securing commitments from two global institutional investors to deploy up to $1.35 billion into private credit. This is strategically significant. HMC’s private credit business has so far been built largely through wholesale and high-net-worth investors, with more than $2 billion of assets under management. Institutional backing expands the opportunity and gives HMC the chance to replicate some of the success it has already achieved in real estate.