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	0.61		-6.15	74.29
ABB	Aussie Broadband	6	Moderate	Medium	25/11/2021	4.82	5.37	0.15	-0.56	14.52
ARB	ARB Corp	5	Moderate	Medium	19/02/2025	31.12	18.86	1.19	-1.15	-35.57
BGL	Bellevue Gold	4	High	Medium	31/10/2024	1.18	1.47		-7.28	24.58
C79	Chrysos Corp	4	High		22/04/2026	7.74	6.05		-0.17	-21.83
CAT	Catapult Group	4	High	Medium	22/08/2023	2.02	3.40		-3.68	68.32
CNI	Centuria Capital	4	Moderate	Long	9/11/2022	1.60	1.92	0.30	6.37	38.75
HMC	HMC Capital	4	Moderate	Long	11/02/2025	5.55	2.99	0.08	1.01	-44.68
HSN	Hanson Technologies	4	High	Medium	10/12/2024	5.41	4.62	0.12	-1.91	-12.38
LNW	Light & Wonder	4	High	Medium	26/11/2025	142.71	111.99		0.62	-21.53
NCK	Nick Scali	5	Moderate	Medium	26/07/2024	15.00	14.13	0.90	-0.98	0.20
NXG	NexGen Energy	4	High	Long	26/11/2025	12.72	15.42		-0.26	21.23
PNI	Pinnacle Investment Group	4	Moderate	Long	12/03/2025	16.47	14.95	0.37	-0.60	-6.98
PXA	PEXA Group	4	Moderate	Long	02/08/2023	12.45	10.63		-0.75	-14.62
RDY	ReadyTech	4	High	Long	22/03/2023	3.02	1.37		0.74	-54.64
RPL	Regal Partners	4	Moderate	Medium	9/11/2022	2.89	2.60	0.42	1.96	4.50
SDR	Siteminder	6	High	Medium	11/02/2025	5.80	3.28		8.61	-43.45
SLX	Silex Systems	3	High	Medium	22/03/2023	3.80	6.05		-6.78	59.21
ZIP	Zip Co	4	High	Medium	21/05/2025	1.87	2.20		-2.22	17.65
360	Life360	4	High	Long	26/11/2025	40.16	19.03		0.69	-52.61

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

28/05/2026 17:12

Siteminder (ASX: SDR) $3.28

SDR +8.61%: was one of the stronger performers on the market today, with the stock rallying after announcing the launch of SiteMinder Powered, a new capability that allows selected hospitality technology companies to embed SiteMinder’s distribution engine directly into their own platforms.

28/05/2026 09:28

Pinnacle Investment Mgt. Group (ASX: PNI) $15.04

Pinnacle (ASX: PNI) is a multi-affiliate funds management business that owns stakes in a range of boutique investment managers, giving investors diversified exposure across equities, private markets, credit and alternative strategies. Its earnings are highly leveraged to funds under management (FUM) and performance of the strategies, meaning rising equity markets and stronger investment performance naturally drive higher management and hopefully performance fees, although their largest equity affiliate, Hyperion, has really struggled over the past year – performance fee income is a long way off for them!

27/05/2026 09:27

PEXA Group (ASX: PXA) $10.80

PEXA has been a frustrating position for us in the Emerging Companies Portfolio, and we see two material near terms risks that we’re now struggling to look past:

26/05/2026 09:26

Silex Systems Ltd (ASX: SLX) $6.14

We own NexGen (ASX: NXG) and Silex in our Emerging Companies Portfolio both of which are exposed to nuclear power but this morning we’ve gone slightly off piste and looked at SLX, but note we are long and bullish both:

21/05/2026 09:11

SiteMinder Ltd (ASX: SDR) $2.66

SiteMinder is a global hotel software platform that helps accommodation providers manage room bookings, pricing and online distribution across channels like Booking.com, Expedia and Airbnb. The company makes money through recurring SaaS subscription fees and transaction-based revenue tied to hotel bookings processed through its platform - therein lieth the problem, it sits right in the middle of the “AI Disruption Trade” having been rerated significantly lower along with many in the same growth sector, while at the same time revenue for this $750mn business is set to increase more than 50% over 2-years to ~$340mn in FY27 as it executes well.

21/05/2026 09:07

Nick Scali Ltd (NCK) $13.77

Nick Scali has basically halved in 2026 with Januarys result delivering most of the losses, discussed here. At the time their 1H result was a healthy beat but they set the scene for retail as it was accompanied by a cautious outlook - on the money in hindsight. However, this is a great business that’s expanding well across the UK, and it's noticeable that its downside momentum is slowing, even as global bond yields surge higher.

20/05/2026 09:28

Catapult Sports (ASX:CAT) $3.39

Catapult was out with FY26 earnings this morning, and while we’re writing this note ahead of the call with management at 9.30am, the result looks pretty good to us on first pass, particularly in the context of how weak the shares have been (down 10% this week alone).

20/05/2026 09:05

Aristocrat Leisure Ltd (ASX: ALL) v Light & Wonder (ASX: LNW)

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.