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 30/06/2025 17:00
Portfolio	1M	3M	1y	3y pa	5y pa	ITD PA*
EMERGING COMPANIES	3.94%	13.87%	-1.41%	7.81%	2.00%	4.35%
SMALL ORDS ACCUMULATION	1.30%	8.94%	9.47%	9.15%	7.89%	3.96%
VALUE ADD	+2.64%	+4.93%	(10.85%)	(1.34%)	(5.89%)	+0.39%

* 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	0.32		-8.57
ABB	Aussie Broadband	6	Moderate	Medium	25/11/2021	4.82	4.07	0.12	-13.07
ARB	ARB Corp	5	Moderate	Medium	19/02/2025	39.49	34.01		-13.88
CAT	Catapult Group	4	High	Medium	22/08/2023	1.43	5.86		309.79
CNI	Centuria Capital	4	Moderate	Long	9/11/2022	1.60	1.76	0.30	28.75
HMC	HMC Capital	5	Moderate	Long	11/02/2025	9.68	3.76	0.08	-60.33
HSN	Hanson Technologies	4	High	Medium	10/12/2024	5.41	5.56	0.06	3.88
JLG	Johns Lyng Group	4	High	Medium	26/07/2024	5.51	3.89	.04	-28.68
LTR	Liontown Resources	4	High	Medium	22/05/2024	1.44	0.83		-42.36
NCK	Nick Scali	4	Moderate	Medium	26/07/2024	14.90	18.35	0.43	26.04
NEC	Nine Entertainment	4	Moderate	Medium	9/11/2022	2.03	1.69	0.30	-1.97
PDN	Paladin Energy	4	High	Medium	27/02/2024	11.80	7.69		-34.83
PNI	Pinnacle Investment Group	4	Moderate	Long	12/03/2025	17.85	21.76		21.90
PXA	PEXA Group	4	Moderate	Long	02/08/2023	12.45	12.76		2.49
RUL	RPMGlobal Holdings	6	High	Medium	10/12/2024	3.05	3.30		8.20
RDY	ReadyTech	4	High	Long	22/03/2023	3.02	2.39		-20.86
RPL	Regal Partners	4	Moderate	Medium	9/11/2022	2.89	2.62	0.34	2.42
SDR	Siteminder	6	High	Medium	11/02/2025	5.80	4.29		-26.03
SLX	Silex Systems	3	High	Medium	22/03/2023	3.80	4.26		12.11
ZIP	Zip Co	4	High	Medium	21/05/2025	1.99	2.83		42.21

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

14/07/2025 17:11

Hanson Technologies (HSN) $5.30

HSN +10.88%: Provided a trading update today, highlighting improving earnings amid a mildly softer headline revenue number.

11/07/2025 17:08

Johns Lyng Group (JLG) $3.90

JLG +22.64%: Rallied strongly today after we finally heard the price that private equity firm Pacific Equity Partners (PEP) are willing to pay to take it off the boards.

09/07/2025 09:39

RPM Global (RUL) $3.18

The provider of software solutions to the mining industry has had a volatile year, like many small caps, trading from below $2.40 to a high above $3.30, nearly a 40% trading range. The business has been a lot more stable than the share price gyrations would imply, and while there has been some large pieces of one-off news, such as the sale of their consulting business in April for $63mn,

02/07/2025 09:52

HMC Capital (HMC) $4.22

It’s been a tough period for HMC Capital (HMC), the alternative asset manager that grew funds very quickly to $18.5bn, amid ambitions to grow this to $50bn over the next 3-5 years. The pressure compounded yesterday after they announced the delay in settling its $950 million acquisition of Neoen's renewable energy assets, plus, they also announced the unexpected departure of Angela Karl, Head of Energy Transition.

25/06/2025 09:31

Nine Entertainment (NEC) $1.59

US listed CoStar Group (CSGP US) has entered into a binding agreement to buy the remaining 83% of Domain's (DHG) shares it does not already own at $4.43 per share, valuing Domain at an enterprise value of around $3bn.

19/06/2025 09:20

Johns Lyng Group (JLG) $2.89

This month, Australian Pacific Equity Partners (PEP) made a $857.8 million takeover bid for Johns Lyng Group (JLG), offering a 19.3% premium over its share price before the announcement.

18/06/2025 09:33

Emerging Companies Portfolio – Amendments

We are selling two holdings in the Emerging Companies Portfolio today

18/06/2025 09:25

Silex Systems (SLX) $4.11

Silex, in conjunction with Cameco (CCJ US), is developing a laser technology to enrich uranium at a facility in Kentucky, US.

17/06/2025 09:43

Paladin Energy Ltd (PDN) $7.28

We have also covered PDN at length through 2025 although this sector and market laggard hasn’t been listening with the stock down ~4% year-to-date. Again, we can see a huge short squeeze in the offing with well over 15% of PDN held short, to put things into perspective this could take two months to cover.

12/06/2025 09:41

Centuria Capital Group (CNI) $1.76

CNI has lagged the sector and market through 2025 slipping over 3% in a bullish market not helped by the consensus estimate for its dividend payments over the next year falling by 5% to 10.7c.