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 31/08/2025 17:00
Portfolio	1M	3M	1y	3y pa	5y pa	ITD PA*
EMERGING COMPANIES	9.72%	20.56%	20.35%	8.76%	0.56%	7.79%
SMALL ORDS ACCUMULATION	8.41%	12.42%	23.4%	9.81%	7.91%	6.28%
VALUE ADD	+1.31%	+8.14%	(3.05%)	(1.05%)	(7.35%)	+1.51%

* Inception date 31/01/2020

**Portfolio Holdings** 20 MINUTES DELAYED trade now
CODE	NAME	WEIGHT (%)	RISK	TERM	BUY DATE	BUY PRICE ($)	LAST PRICE ($)	DIVIDENDS ($)	GAIN / LOSS (%)
A1M	AIC Mines	4	High	Medium	26/07/2024	0.35	0.34		-2.86
ABB	Aussie Broadband	6	Moderate	Medium	25/11/2021	4.82	5.40	0.15	15.15
ARB	ARB Corp	5	Moderate	Medium	19/02/2025	39.49	39.83	0.71	2.66
CAT	Catapult Group	4	High	Medium	22/08/2023	1.43	6.81		376.22
CNI	Centuria Capital	4	Moderate	Long	9/11/2022	1.60	2.28	0.30	61.25
HMC	HMC Capital	5	Moderate	Long	11/02/2025	9.68	3.52	0.14	-62.19
HSN	Hanson Technologies	4	High	Medium	10/12/2024	5.41	5.90	0.12	11.28
JLG	Johns Lyng Group	4	High	Medium	26/07/2024	5.51	3.96	.04	-27.40
LTR	Liontown Resources	4	High	Medium	22/05/2024	1.44	0.90		-37.50
NCK	Nick Scali	4	Moderate	Medium	26/07/2024	14.90	23.36	0.43	59.66
NEC	Nine Entertainment	4	Moderate	Medium	9/11/2022	2.03	1.18	1.05	9.85
PDN	Paladin Energy	4	High	Medium	27/02/2024	9.62	7.76		-19.33
PNI	Pinnacle Investment Group	4	Moderate	Long	12/03/2025	17.85	18.40	0.37	5.15
PXA	PEXA Group	4	Moderate	Long	02/08/2023	12.45	16.53		32.77
RUL	RPMGlobal Holdings	6	High	Medium	10/12/2024	3.05	4.61		51.15
RDY	ReadyTech	4	High	Long	22/03/2023	3.02	2.20		-27.15
RPL	Regal Partners	4	Moderate	Medium	9/11/2022	2.89	2.73	0.42	9.00
SDR	Siteminder	6	High	Medium	11/02/2025	5.80	7.00		20.69
SLX	Silex Systems	3	High	Medium	22/03/2023	3.80	4.79		26.05
ZIP	Zip Co	4	High	Medium	21/05/2025	1.99	4.45		123.62

Portfolio cash position: 13%

**Recent Sales** UPDATED 18/06/2025 17:00 trade now
Company code	STOCK NAME	ACTIVITY	RISK	TIME HORIZON	EXIT DATE	ENTRY PRICE ($)	CLOSE PRICE ($)	DIVIDENDS ($)	GAIN / LOSS (%)
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

17/09/2025 09:32

Catapult Group International (CAT) $6.72

CAT has been a very strong performer in 2025, with the share price rallying hard as the market warmed to its improving growth profile, operating leverage and more consistent execution after multiple prior years of disappointment.

16/09/2025 09:39

Paladin Energy Ltd (PDN) $7.88

Uranium miner Paladin Energy (PDN) has gone cap in hand to the market overnight, although not a huge raise for the $3.1bn miner. Macquarie Capital were approaching fund managers for the $300mn equity injection for PDN on Monday evening.

11/09/2025 09:27

Liontown Resources (LTR) 77.5c

LTR was the worst-performing ASX200 stock on Wednesday, plunging over 18% as the hot money exited. This high-cost producer needs lithium to extend its recent advance, not fall as it did yesterday, to turn the dial from a profitability perspective.

10/09/2025 09:20

Nick Scali (NCK) $24.58

NCK has been a terrific performer over the years, rewarding investors who backed management’s ability to grow the business both domestically and, more recently, offshore. We were particularly supportive of their prudent foray into the UK via Fabb Furniture – a relatively small outlay that provided exposure to a huge £24bn market. The approach was measured and reminded us of Carsales (CAR), which built a strong offshore presence by starting small and scaling carefully.

03/09/2025 09:33

RPM Global (RUL) $4.65

For FY25, RUL reported revenue up 6% to $76.7m with underlying earnings (EBITDA) of $6.2m, up 32%. The statutory profit of $47.5m was big due to the sale of their consulting division in the period; however, it was their guidance for FY26 that really got the market (& Caterpillar) excited. Revenue was guided to $88-92m with earnings expected to be $23-25m, which was ~14% ahead of consensus. As we’ve highlighted in the past, RUL were on the cusp of strong earnings growth after a long period of investment.

28/08/2025 18:08

Nine Entertainment Co Ltd (NEC) $1.615

NEC was the second-worst-performing stock on the main board today, closing down 12.2% following yesterday's announcement of its FY results. We felt the sell off was overdone:

28/08/2025 18:04

Paladin Energy Ltd (PDN) $7.28

PDN -3.06%: Slipped on its FY25 earnings today, although we note it was an overall weak session for the sector with Deep Yellow (DYL) -3.39% Boss Energy (BOE) -5.96%. Compared to recent times a very quiet day following a report from PDN, illustrating it contained no real surprises.

25/08/2025 16:59