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 31/03/2025 17:00
Portfolio	1M	3M	1y	3y pa	5y pa	ITD PA*
EMERGING COMPANIES	-8.78%	-10.85%	-14.30%	-5.54%	6.96%	2.18%
SMALL ORDS ACCUMULATION	-3.61%	-2.00%	-1.26%	-0.82%	10.24%	2.93%
VALUE ADD	(5.17%)	(8.85%)	(13.04%)	(4.72%)	(3.28%)	(0.75%)

* 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	0.36		5.88	2.86
ABB	Aussie Broadband	6	Moderate	Medium	25/11/2021	4.82	3.91	0.12	0.26	-16.39
ARB	ARB Corp	5	Moderate	Medium	19/02/2025	39.49	30.54		0.93	-22.66
CAT	Catapult Group	4	High	Medium	22/08/2023	1.43	3.90		0.78	172.73
CNI	Centuria Capital	4	Moderate	Long	9/11/2022	1.60	1.57	0.25	2.95	13.75
CRN	Coronado Global Resources	3	High	Medium	26/07/2024	1.37	0.23	0.09	-4.26	-76.64
HMC	HMC Capital	5	Moderate	Long	11/02/2025	9.68	4.67	0.08	1.52	-50.93
HSN	Hanson Technologies	4	High	Medium	10/12/2024	5.41	5.13	0.06	0.39	-4.07
JLG	Johns Lyng Group	4	High	Medium	26/07/2024	5.51	2.17	.04	1.40	-59.89
LTR	Liontown Resources	4	High	Medium	22/05/2024	1.44	0.57		0.89	-60.42
NCK	Nick Scali	4	Moderate	Medium	26/07/2024	14.90	17.04	0.43	0.53	17.25
NEC	Nine Entertainment	4	Moderate	Medium	9/11/2022	2.03	1.39	0.30	1.09	-16.75
PDN	Paladin Energy	4	High	Medium	27/02/2024	11.80	5.56		12.10	-52.88
PNI	Pinnacle Investment Group	4	Moderate	Long	12/03/2025	17.85	17.16		2.57	-3.87
PXA	PEXA Group	4	Moderate	Long	02/08/2023	12.45	11.20		0.54	-10.04
RUL	RPMGlobal Holdings	4	High	Medium	10/12/2024	3.13	2.66		1.14	-15.02
RDY	ReadyTech	4	High	Long	22/03/2023	3.02	2.19		-3.52	-27.48
RPL	Regal Partners	4	Moderate	Medium	9/11/2022	2.89	1.88	0.34	3.01	-23.18
SDR	Siteminder	4	High	Medium	11/02/2025	6.51	3.99		1.53	-38.71
SLX	Silex Systems	3	High	Medium	22/03/2023	3.80	2.77		5.32	-27.11
SRG	SRG Global	4	Moderate	Medium	22/03/2023	0.81	1.29	0.12	1.98	74.07

Portfolio cash position: 14%

**Recent Sales** UPDATED 31/03/2025 17:00 trade now
Company code	STOCK NAME	ACTIVITY	RISK	TIME HORIZON	EXIT DATE	ENTRY PRICE ($)	CLOSE PRICE ($)	DIVIDENDS ($)	GAIN / LOSS (%)
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

23/04/2025 17:22

Paladin Energy (PDN) $4.96

PDN +24.62%: Released a strong quarterly today highlighting the uranium producer is back on track with production, achieving its highest run-rate of production to date.

02/04/2025 09:53

HMC Capital (HMC) $6.01

The bearish thesis on HMC had been around valuation relative to their funds under management. As a broad rule of thumb, a funds management business will typically trade on 5-10% of their Assets Under Management (AUM), adjusted up or down for expected inflows/outflows.

26/03/2025 16:52

Paladin Energy (PDN) $5.65

PDN –11.58%: Released more detail around the extreme weather event impacting operations at their Langer-Heinrich uranium facility. The rains are now being called a 1-in-50 year event and as a result production guidance for FY25 has been withdrawn.

26/03/2025 09:45

Regal Partners (RPL) $2.54

As at the end of December, Regal was managing $A18bn spread across long/short equities ($7.6bn), Credit & Royalties ($6.6bn), Real & Natural Assets ($2.2bn), Multi-Strategy ($1.2bn) and Private Markets ($474m).

21/03/2025 16:52

Paladin Energy (PDN) $6.56

PDN -3.95%: announced today that production has been suspended at their Namibian operation due to heavy unseasonal rain – these weather events occur once in about every 5 years in Namibia – it's typically a very dry climate.

21/03/2025 09:20

SiteMinder Ltd (SDR) $4.65

SDR bounced +4% on Thursday, but its ~5% revenue miss in February is still weighing on the stock, which remains over 30% below its late 2024 high.

13/03/2025 09:53

Pinnacle Investment Management (PNI) $17.79

PNI is a fund management group that helps independent boutique managers grow with revenue generated through fees from the management of funds and by investing in their boutique partners. PNI has evolved its business from being very focused on equity managers with earnings being vulnerable to market swings.

13/03/2025 09:51

HMC Capital Ltd (HMC) $7.36

HMC has been a rapidly evolving business over the last few years, and one where a glance at the chart can be misleading, especially the panic buying in November following the $2bn Digico (DGT) IPO. HMC retains an 18.2% holding in the data centre-facing REIT. DGT floated at $5 and closed at $3.86 yesterday, a ~23% decline, illustrating the recent pain in the data centre space.

12/03/2025 09:43

Emerging Companies Portfolio – Amendment

We are adding a new position to the Emerging Companies Portfolio.

12/03/2025 09:26

Pinnacle Investment Management (PNI) $18.00

Market turmoil creates opportunity, and we’re seeing some significant moves in previously hot stocks, with PNI being a clear example. The re-rate lower has been aggressive, with the share price down more than 34% in just six chaotic weeks. This has restored value in PNI and we now add the stock to our Emerging Companies Hitlist.