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 31/10/2023 17:00
Portfolio	1M	3M	6M	1Y	3Y pa	ITD PA*
Emerging Companies Portfolio	-8.96%	-0.29%	-4.80%	0.92%	-5.53%	2.59%
Small Ords Accumulation	-5.45%	-10.45%	-10.28%	-5.10%	0.52%	-1.29%
Difference to benchmark	(3.51%)	+10.16%	+5.48%	+6.02%	(6.05%)	+3.88%

* Inception date 31/01/2020

**Portfolio Holdings** 20 MINUTES DELAYED trade now
COMPANY CODE	STOCK NAME	WEIGHT (%)	RISK	TIME HORIZON	ENTRY DATE	ENTRY PRICE ($)	LAST PRICE ($)	DIVIDENDS ($)	GAIN / LOSS (%)
ABB	Aussie Broadband	8	Moderate	Medium	25/11/2021	4.82	3.82		-20.75
AD8	Audinate	3	Moderate	Medium	04/11/2021	8.94	14.97		67.45
BAP	Bapcor	3	Moderate	Medium	8/12/2021	6.78	5.38	0.62	-11.50
BCB	Bowen Coking Coal	4	High	Medium	9/11/2022	0.295	0.11		-62.71
CAT	Catapult Group	3	High	Medium	22/08/2023	1.09	1.27		16.51
CNI	Centuria Capital	6	Moderate	Long	9/11/2022	1.60	1.47	0.09	-2.50
CXL	Calix	4	High	Long	13/09/2021	4.22	3.58		-15.17
EML	EML Payments	6	High	Medium	03/03/2021	3.36	0.86		-74.40
FCL	Fineos	4	High	Medium	02/08/2023	2.51	1.70		-32.27
GL1	Global Lithium	4	High	Long	9/11/2022	2.55	1.27		-50.20
NEC	Nine Entertainment	4	Moderate	Medium	9/11/2022	2.03	1.94	0.16	3.45
PDN	Paladin	6	High	Long	27/04/2022	0.75	0.98		30.67
PMV	Premier Investments	4	Moderate	Medium	9/11/2022	24.78	24.42	2.13	7.14
PPS	Praemium	4	Moderate	Long	29/04/2021	0.765	0.42	0.07	-35.95
PXA	PEXA Group	5	Moderate	Long	02/08/2023	12.45	11.98		-3.78
RDY	ReadyTech	4	High	Long	22/03/2023	3.02	3.56		17.88
RPL	Regal Partners	4	Moderate	Medium	9/11/2022	2.89	2.32	0.13	-15.22
SLR	Silver Lake Resources	6	Moderate	Medium	05/07/2023	1.09	1.10		0.92
SFR	Sandfire Resources	6	Moderate	Long	22/08/2023	6.26	6.16		-1.60
SLX	Silex Systems	4	High	Medium	22/03/2023	3.80	3.24		-14.74
SRG	SRG Global	5	Moderate	Medium	22/03/2023	0.69	0.66	0.03	0.00

Portfolio cash position: 3%

**Recent Sales** UPDATED 20/11/2023 17:00 trade now
Company code	STOCK NAME	WEIGHT(%)	RISK	TIME HORIZON	EXIT DATE	ENTRY PRICE ($)	CLOSE PRICE ($)	DIVIDENDS ($)	GAIN / LOSS (%)
AD8	Audinate	1.5	Moderate	Medium	20/11/2023	8.94	15.04		68.23
LYC	Lynas Rare Earths Ltd	4	High	Medium	20/11/2023	8.6	6.77		-21.28
AD8	Audinate	2	Moderate	Medium	22/08/2023	8.43	12.06		43.06
BAP	Bapcor	1	Moderate	Medium	22/08/2023	6.78	6.56	0.46	3.54
CAJ	Capitol Health	5	Moderate	Medium	22/08/2023	0.4	0.23	0.04	-32.5
SBM	St Barbara	4	Moderate	Medium	05/07/2023	0.935	0.545		-41.71
SFR	Sandfire Resources	4.68	High	Medium	20/04/2023	3.93	6.95		76.84
NXT	NEXTDC	4	High	Short	13/04/2023	8.67	12.13		39.91
SHV	Select Harvests	4	Moderate	Medium	22/03/2023	6.39	4.08		-36.15
PNI	Pinnacle Investment Management	6	Moderate	Medium	01/02/2023	9.58	9.9	0.25	5.95
SFR	Sandfire Resources	2	High	Medium	8/12/2022	3.87	5.38		39
ASB	Austal Ltd	4	Moderate	Medium	8/12/2022	3.3	2.14	0.3	-26.06
STA	Strandline Resources	3	High	Medium	9/11/2022	0.25	0.41		64
PLS	Pilbara Minerals	4	High	Medium	9/11/2022	2.69	5.53		105.58
LOV	Lovisa Holdings	4	Moderate	Medium	9/11/2022	15.48	24.01	0.41	57.75
ABY	Adore Beauty	5	Moderate	Medium	9/11/2022	6.75	1.62		-76
PBH	PointsBet	6.67	High	Medium	9/11/2022	12.29	1.89		-84.62
DUB	Dubber	6	High	Medium	9/11/2022	2.81	0.305		-89.15
CXL	Calix	1	High	Long	22/07/2022	4.22	6.18		46.45
AD8	Audinate	2	Moderate	Medium	22/07/2022	8.57	8.95		4.43
NTO	Nitro Software	6	High	Medium	22/07/2022	2.99	1.2		-59.87
TYR	Tyro Payments	5	High	Medium	13/07/2022	1.87	0.65		-65.24
Z1P	Zip Co Ltd	3	High	Long	13/07/2022	4.04	0.525		-87
WSP	Whispir	4	High	Medium	11/05/2022	2.26	1.03		-54.42
IGL	IVE Group Ltd	5	Moderate	Medium	27/04/2022	2.31	1.98	0.32	-0.43
CRN	Coronado Global Resources Inc	6	High	Medium	09/03/2022	1.09	1.97		80.73
PDN	Paladin	6	High	Medium	04/03/2022	0.74	0.72		-2.7
SRG	SRG Global Ltd	5	Moderate	Long	31/01/2022	0.56	0.46	0.01	-16.96
SSG	Shaver Shop	5	Moderate	Medium	31/01/2022	1.06	1.13		6.13
LYC	Lynas Rare Earths Ltd	6	Moderate	Medium	8/12/2021	5.51	9.27		68.24

OPINION
ACTION

Opinions for stocks held in the Emerging Companies Portfolio

30/11/2023 09:12

Paladin Energy Ltd (PDN) $1.005

MM remains a fan of the uranium sector into 2024. Still, we won’t be afraid to take profits if PDN or any other of our positions reach our objectives, especially when considering increasing cash levels.

29/11/2023 09:19

Sandfire Resources (SFR) $6.26

SFR has outperformed the copper price through 2023, benefiting from being the vehicle of choice for copper exposure since BHP’s takeover of OZ Minerals (OZL). While we don’t regard it as the same top quality as OZL, it is the best local pure copper play and will rise when the industrial metal regains its mojo.

24/11/2023 09:07

Bapcor Ltd (BAP) $5.44

Auto parts business BAP slipped another -1.3% on Thursday, leaving it hovering around its 2-year low – we're glad we trimmed our position at much higher levels in August. The stock has struggled since disappointing the market in October by flagging a softer 1Q at the AGM. Costs have been the issue, as they have been across many companies and industries through 2023.

22/11/2023 16:46

Praemium (PPS) 37.5c

PPS -35.34%: a tough day for the investment platform business, tumbling on comments made at their AGM. The company has been working hard to right size their cost base but it is facing headwinds on both costs and revenues and today’s update sent the stock to 3-year lows. On the revenue front, lower trading volumes have weighed on income given Praemium clips the ticket on activity.

15/11/2023 09:14

Catapult (CAT) $1.07

The Sports Technology business jumped on a strong 1H report yesterday, ticking the boxes of what we were looking for in the underlying business. Revenue was up 21% in constant currency terms to $US49.8m largely on the back of 20.6% growth in Annualized Contract Value (ACV). The core wearables business that provides important analytical data about athlete performance continues to grow at a consistently high rate, up 27% in the first half.

09/11/2023 09:09

Centuria Capital Group (CNI) $1.24

CNI is the classic high-leverage, high risk play on interest rates, it clearly suffered as they’ve risen over the last 2-years!

08/11/2023 09:20

Audinate (AD8) $13.00

The audio-visual technology company has been a significant driver of strong performance in the Emerging Companies Portfolio, particularly over 2023, where the stock is up over 70%. FY23 results were well ahead of market expectations which saw the stock re-rate and surge higher in August. More recently, the company raised $70m through a placement and Share Purchase Plan (SPP), which has further strengthened its balance sheet and leaves it well-placed to look at M&A opportunities to add to its already impressive earnings growth trajectory.

03/11/2023 16:41

Aussie Broadband (ABB) $3.58

ABB -8.67%: shares were back trading after the company raised $120m through a placement to help fund the acquisition of Symbio (SYM). We like the acquisition from several perspectives. ABB is raising money at a higher multiple so the deal will be EPS accretive, while we see plenty of revenue and cost synergies to come out of the deal for telco-as-a-service business Symbio.

03/11/2023 09:16

Centuria Capital Group (CNI) $1.24

Property Fund Manager CNI has struggled in line with the underperforming sector since 2021, but it added to losses in August after it provided soft guidance and higher interest costs when it reported. CNI are one of the most leveraged ‘plays’ on interest rates given they have less interest rate hedging in place, a double edged sword that has clearly worked against them.

02/11/2023 09:14

Paladin Energy Ltd (PDN) $1.02

The uranium sector enjoyed a strong 24 hours after Cameco (CCJ US) reported earnings ahead of expectations. Plus, they discussed the strong supply/demand backdrop, which should drive the ongoing strength in the sector.