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 30/04/2026 17:00
Portfolio	1M	6M	1y	3y pa	5y pa	ITD PA	Total
EMERGING COMPANIES	3.47%	-14.15%	16.77%	5.45%	-0.10%	4.94%	35.10%
SMALL ORDS ACCUMULATION	3.33%	-7.98%	15.32%	8.70%	3.66%	4.91%	25.20%
VALUE ADD	+0.14%	(6.17%)	+1.45%	(3.25%)	(3.76%)	+0.03%	+9.90%

* 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	0.68		2.26	94.29
ABB	Aussie Broadband	6	Moderate	Medium	25/11/2021	4.82	5.29	0.15	-0.19	12.86
ARB	ARB Corp	5	Moderate	Medium	19/02/2025	31.12	17.79	1.19	-3.16	-39.01
BGL	Bellevue Gold	4	High	Medium	31/10/2024	1.18	1.64		-2.39	38.98
C79	Chrysos Corp	4	High		22/04/2026	7.74	6.08		-1.78	-21.45
CAT	Catapult Group	4	High	Medium	22/08/2023	2.02	3.10		-2.82	53.47
CNI	Centuria Capital	4	Moderate	Long	9/11/2022	1.60	1.66	0.30	3.11	22.50
HMC	HMC Capital	4	Moderate	Long	11/02/2025	5.55	3.01	0.08	6.36	-44.32
HSN	Hanson Technologies	4	High	Medium	10/12/2024	5.41	4.72	0.12	-1.46	-10.54
LNW	Light & Wonder	4	High	Medium	26/11/2025	142.71	113.35		-2.06	-20.57
NCK	Nick Scali	5	Moderate	Medium	26/07/2024	15.00	13.58	0.90	-3.55	-3.47
NXG	NexGen Energy	4	High	Long	26/11/2025	12.72	16.74		-1.01	31.60
PNI	Pinnacle Investment Group	4	Moderate	Long	12/03/2025	16.47	15.54	0.37	0.06	-3.40
PXA	PEXA Group	4	Moderate	Long	02/08/2023	12.45	12.25		2.94	-1.61
RDY	ReadyTech	4	High	Long	22/03/2023	3.02	1.36		2.26	-54.97
RPL	Regal Partners	4	Moderate	Medium	9/11/2022	2.89	2.53	0.42	-1.17	2.08
SDR	Siteminder	6	High	Medium	11/02/2025	5.80	2.94		-2.00	-49.31
SLX	Silex Systems	3	High	Medium	22/03/2023	3.80	5.73		-2.22	50.79
ZIP	Zip Co	4	High	Medium	21/05/2025	1.87	2.40		-1.64	28.34
360	Life360	4	High	Long	26/11/2025	40.16	18.39		-1.97	-54.21

Portfolio cash position: 15%

**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

13/05/2026 09:38

Life360 (ASX: 360) $17.92

Life360 (360) was hit yesterday, with the stock down ~10% after lowering its FY26 monthly active user growth guidance to 17–20%, from the previous 20% target.

12/05/2026 09:46

Aic Mines (ASX:A1M) 65c

At the smaller end of the copper spectrum is A1M with a market cap of ~$520m. Aic are ramping up operations at their flagship Eloise mine and showing very strong operational execution. They also have good exploration prospects, along with a fully funded plant expansion at Eloise, targeting 20ktpa Cu by FY28.

07/05/2026 17:16

Light and Wonder (ASX:LNW) $102.66

LNW -8.34% was hit today, down as much as 12.5% at the lows after delivering a mixed March-quarter update, with revenue and earnings missing expectations, though margins held up better than feared and management reiterated confidence in the FY26 growth profile.

06/05/2026 16:58

HMC Capital (HMC) $2.95

HMC +17.06% rallied strongly after announcing a major operational restructure, as management moved to simplify the business, sharpen its focus and improve returns. The group, led by David Di Pilla, has been under pressure across several fronts, including the underperformance of its HMC Capital Partners Fund, a weaker share price, and challenges within DigiCo Infrastructure, its listed data centre vehicle. While the restructure is not a silver bullet, it is a clear attempt to clean up the portfolio and refocus HMC around areas where it believes it has the strongest competitive advantage.

06/05/2026 09:46

Active Income Portfolio – Amendments

We are tweaking our property exposure selling Centuria Capital (CNI) in the Active Income Portfolio, preferring Charter Hall (CLW) which is more defensive, and income-focused.

05/05/2026 09:23

ReadyTech Holdings Ltd (RDY) $1.32

ReadyTech is a software provider servicing education, workforce and government clients, underpinned by strong recurring revenue and low customer churn. The share price has suffered on a few fronts in recent times:

29/04/2026 09:25

PEXA Group (ASX:PXA) $12.20

PEXA has been caught in the crossfire of regulatory headlines, after IPART flagged a tougher approach to regulating electronic lodgement network operator fees. That is clearly not ideal, and we do not want to dismiss the risk. PEXA’s Australian Exchange remains the profit engine of the business, and any move toward a more aggressive cost-based pricing framework could pressure returns. However, we think the market may be getting too focused on the regulatory overhang and not enough on the quality of the underlying asset.

17/04/2026 16:53

Zip Co (ZIP) $2.33

ZIP +13.66%: Surged today, after a strong 3Q update and upgraded earnings outlook, reversing some of the heavy selling the stock has endured in recent months alongside the broader tech and payments sector.

16/04/2026 09:36

NexGen Energy Ltd (ASX:NXG) $16.73

NexGen is a Canadian uranium developer sitting on what is planned to be the world's largest and lowest-cost uranium mine, the Rook I Project in Saskatchewan's Athabasca Basin, making it one of the most strategically significant pure-play uranium bets available to ASX investors ahead of the looming nuclear fuel demand surge.

26/03/2026 09:24

Nick Scali Ltd (NCK) $16.01

We discussed NCK las month after a soft January update saw the stock slide lower - Here. The update raised concerns about slowing discretionary demand, despite a better-than-expected 1H result. The market is focused on weaker forward sales, with modest growth suggesting the 2H26 order book may miss expectations as higher rates and demand pull-forward weigh on the shares/sector.