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 28/02/2026 17:00
Portfolio	1M	6M	1y	3y pa	5y pa	ITD PA	Total
EMERGING COMPANIES	-7.12%	-1.67%	16.47%	8.47%	0.95%	6.59%	48.13%
SMALL ORDS ACCUMULATION	-2.57%	5.42%	23.05%	12.51%	6.60%	6.68%	48.68%
VALUE ADD	(4.55%)	(7.09%)	(6.58%)	(4.04%)	(5.65%)	(0.09%)	(0.55%)

* 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	0.48		5.56	37.14
ABB	Aussie Broadband	6	Moderate	Medium	25/11/2021	4.82	4.91	0.15	1.87	4.98
ARB	ARB Corp	5	Moderate	Medium	19/02/2025	39.49	21.87	0.71	2.87	-42.82
BGL	Bellevue Gold	4	High	Medium	31/10/2024	1.18	1.41		11.07	19.49
CAT	Catapult Group	4	High	Medium	22/08/2023	1.43	3.55		6.29	148.25
CNI	Centuria Capital	4	Moderate	Long	9/11/2022	1.60	1.61	0.30	0.63	19.38
HMC	HMC Capital	4	Moderate	Long	11/02/2025	5.55	2.33	0.08	5.91	-56.58
HSN	Hanson Technologies	4	High	Medium	10/12/2024	5.41	4.97	0.12	3.54	-5.91
LNW	Light & Wonder	4	High	Medium	26/11/2025	142.71	123.38		5.45	-13.54
NCK	Nick Scali	4	Moderate	Medium	26/07/2024	14.90	16.01	0.90	3.02	13.49
NXG	NexGen Energy	4	High	Long	26/11/2025	12.72	16.94		7.01	33.18
PNI	Pinnacle Investment Group	4	Moderate	Long	12/03/2025	17.85	14.68	0.37	9.96	-15.69
PXA	PEXA Group	4	Moderate	Long	02/08/2023	12.45	15.54		3.26	24.82
RDY	ReadyTech	4	High	Long	22/03/2023	3.02	1.19		1.28	-60.60
RPL	Regal Partners	4	Moderate	Medium	9/11/2022	2.89	2.50	0.42	5.49	1.04
SDR	Siteminder	6	High	Medium	11/02/2025	5.80	3.00		7.14	-48.28
SLX	Silex Systems	3	High	Medium	22/03/2023	3.80	5.55		13.50	46.05
ZIP	Zip Co	4	High	Medium	21/05/2025	1.99	1.65		8.22	-17.09
360	Life360	4	High	Long	26/11/2025	40.16	19.60		0.93	-51.20

Portfolio cash position: 20%

**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

25/03/2026 09:39

Where is value (and resilience) in the MM Income Portfolio?

The Active Income Strategy continues to do what it’s designed to do, deliver high, consistent income with capital growth over time, while cushioning volatility when markets get tougher – as they are currently.

24/03/2026 10:11

Portfolio Amendments – Emerging Companies Portfolio

We are making several changes to the Emerging Companies Portfolio

18/03/2026 09:39

Regal Partners (RPL) $2.45

We own Regal Partners (RPL) in the Emerging Companies Portfolio and remain bullish on the business. However, Regal’s recent experience in biotech highlights the risks of investing in the sector.

11/03/2026 09:16

Life360 (360) $22.51

Life360 is doing what a growth stock should do - it's growing. Revenue rose 32% in FY25 to $US489m, the company delivered its first full-year underlying profit, and management guided FY26 revenue to $US640–680m with monthly active users expected to hit ~115m. By any measure, that's a compelling growth profile. Consensus was beaten. The business is scaling. The model is working. Yet the stock suffered a staggering 32% intraday reversal on result day, opening up ~15% before closing down ~17%. The re-rate has left the stock materially below where it should be trading, in MM’s view.

11/03/2026 09:15

SiteMinder (SDR) $3.51

SiteMinder tells a similar story - quality business, punished share price - though the cause is different. Where Life360 was hit on a specific result, SiteMinder has been caught in the broader de-rating of smaller-cap SaaS names. The stock is now trading around $3.51, well below our entry point of $5.80 - a meaningful drawdown.

10/03/2026 09:05

NexGen Energy Ltd (NXG) $16.59

NexGen Energy (NXG) has received its Licence to Construct the Rook I Uranium Project from the Canadian Nuclear Safety Commission (CNSC). The licence has been issued just 14 days after the completion of the final commission hearing, which reflects the quality of the NXG submission and the strong support for the project from First Nations and regulatory stakeholders. NexGen will now embark on a 4-year construction process with Rook I producing first uranium early next decade. There's some “good news” built into NXG’s share price, but we see great value if it dips another 5-10%.

04/03/2026 09:29

Life 360 (360) $20.36

The global family safety platform Life360 reported 4Q and FY25 results yesterday, and after trading up ~15% early, the stock closed down ~17% - a staggering 32% turnaround on the day! The result itself was strong.

03/03/2026 15:16

PEXA Group Ltd (PXA) $14.98

PEXA Group rose as much as 9.9%, the most since July, after the Australian property exchange 1H EBITDA beat analyst expectations.

26/02/2026 17:11

ReadyTech (RDY) $1.21

RDY -29.77%: hit hard today after a 1H FY26 result that came in below expectations, with investors losing patience as strategy execution continues to lag near-term earnings delivery.

25/02/2026 18:07

Centuria Capital (CNI) $1.92

CNI -0.8% delivered a solid first-half result and modestly upgraded its full-year operating EPS, reinforcing confidence in earnings resilience despite ongoing volatility across listed property and capital markets.