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 31/08/2026 17:00
Portfolio	1M	6M	1y	3y pa	5y pa	ITD PA	Total
EMERGING COMPANIES	1.49%	-5.75%	-6.87%	5.04%	-0.54%	4.78%	36.00%
SMALL ORDS ACCUMULATION	5.18%	-6.31%	-1.22%	9.77%	2.22%	5.11%	38.80%
VALUE ADD	(3.69%)	+0.56%	(5.65%)	(4.73%)	(2.76%)	(0.33%)	(2.80%)

* 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	0.79		-1.26	125.71
ABB	Aussie Broadband	6	Moderate	Medium	25/11/2021	4.82	4.20	0.20	1.57	-8.71
ARB	ARB Corp	5	Moderate	Medium	19/02/2025	31.12	18.24	1.19	-0.63	-37.56
BGL	Bellevue Gold	4	High	Medium	31/10/2024	1.18	1.61		3.37	36.44
C79	Chrysos Corp	4	High		22/04/2026	7.74	6.46		0.94	-16.54
CAT	Catapult Group	4	High	Medium	22/08/2023	2.02	3.00		3.09	48.51
CNI	Centuria Capital	4	Moderate	Long	9/11/2022	1.60	1.29	0.30	1.78	-0.63
HMC	HMC Capital	4	Moderate	Long	11/02/2025	5.55	3.28	0.13	-1.06	-38.56
HSN	Hanson Technologies	4	High	Medium	10/12/2024	5.41	3.30	0.12	-2.23	-36.78
LNW	Light & Wonder	4	High	Medium	26/11/2025	142.71	115.25		1.48	-19.24
NCK	Nick Scali	5	Moderate	Medium	26/07/2024	15.00	14.37	0.90	0.14	1.80
NXG	NexGen Energy	4	High	Long	26/11/2025	12.72	13.36		0.11	5.03
MAF	MA Financial	4	Moderate	Medium	08/07/2026	6.56	4.87		-0.41	-25.76
PNI	Pinnacle Investment Group	4	Moderate	Long	12/03/2025	16.47	14.04	0.76	2.48	-10.14
PXA	PEXA Group	4	Moderate	Long	02/08/2023	12.45	6.77		-1.60	-45.62
RDY	ReadyTech	4	High	Long	22/03/2023	3.02	1.46		-0.68	-51.66
RPL	Regal Partners	4	Moderate	Medium	9/11/2022	2.89	2.32	0.59	0.87	0.69
SDR	Siteminder	6	High	Medium	11/02/2025	5.80	2.78		1.09	-52.07
SLX	Silex Systems	3	High	Medium	22/03/2023	3.80	4.47		3.36	17.63
ZIP	Zip Co	5	High	Medium	21/05/2025	1.87	2.22		0.00	18.72
360	Life360	4	High	Long	26/11/2025	40.16	19.09		-0.16	-52.47

Portfolio cash position: 8%

**Recent Sales** UPDATED 17/09/2026 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 3% position	High	Medium	17/09/2026	1.19	1.01		-15.1
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

17/09/2026 09:50

Emerging Companies Portfolio – Amendment

We are cutting LTR

17/09/2026 09:36

Liontown Resources Ltd (LTR) $1.02

LTR has looked after our Emerging Companies Portfolio over the last year, but our August purchase at $1.19 is looking concerning after initially rallying more than 12%. Similar to our holding in PLS, we are now questioning if we still want to own LTR as the news flow goes from bad to worse.

09/09/2026 09:30

Centuria Capital (ASX: CNI) $1.305

Centuria (CNI) has been under significant pressure in recent months, with the shares now trading around half their 12-month high. While the FY26 result itself was respectable, the market is increasingly focused on private credit, and specifically Centuria Bass’ exposure to the troubled Bathla Group.

31/08/2026 17:08

Liontown Resources (ASX:LTR) $1.225

LTR +2.51%: The lithium junior posted FY26 production that was better than the headline revenue number suggests. Sales more than doubled as Kathleen Valley ramped up, and while revenue came in slightly below expectations, earnings were more than 20% ahead of consensus and the company swung comfortably back into profit.

28/08/2026 17:04

Pexa Group (PXA) $6.68

PXA -17.13%: Sold off today after FY27 guidance fell short of expectations, overshadowing a FY26 result that was actually reasonable at the earnings line. The issue is the Australian property market: softer transaction volumes are now expected to weigh on both revenue and margins, while the range provided for FY27 leaves plenty of room for further disappointment. For a business that enjoys attractive operating leverage when volumes are rising, the reverse is proving equally true as activity slows.

27/08/2026 17:53

Centuria Capital (ASX: CNI) $1.19

CNI -10.53%: Was hit hard after slightly missing EPS estimates, despite management guiding to a meaningful lift in profit in FY27. Today's reaction is overwhelmingly about Centuria Bass Credit and its A$278m exposure to collapsed developer Bathla.

27/08/2026 17:52

Silex Systems (ASX: SLX) $5.86

SLX (flat): Finished broadly flat despite weakness across uranium names, a relatively encouraging reaction to a result where the headline loss was worse than expected but revenue surprised materially to the upside. For Silex, the P&L remains a secondary consideration at this stage — it all boils down to the commercialisation of its enrichment technologies. With a well-funded balance sheet and tangible progress at the Quantum Silicon facility, there was enough in the update to keep that story moving forward.

26/08/2026 17:23

HMC Capital (ASX: HMC) $3.26

HMC +11.26%: Has come out with a much stronger FY27 outlook than the market expected, overshadowing a softer FY26 where operating earnings fell materially as transaction and performance fees normalised.

26/08/2026 09:29

SiteMinder (ASX: SDR) $3.40

SiteMinder’s FY26 result yesterday was disappointing, with misses across revenue, Average Reoccurring Revenue (ARR) and EBITDA, but the bigger issue for us is the change in the growth narrative. SDR has spent the past few years positioning itself as a 30% growth business; that ambition has now effectively been retired, with management guiding to ARR growth of 20–29% in FY27 and an ARR CAGR “in the 20s” through FY30. For a growth stock, stepping back from previously stated growth ambitions is not a good development.

25/08/2026 16:52

ARB Corporation (ARB) $21.51

ARB +13.87%: It’s been a horrible year for ARB on a number of fronts, however earnings have held up okay, and management were more optimistic on what FY27 could bring during today’s update.