Active Growth Portfolio

For those seeking an active approach to investing in large cap ASX stocks

About The Portfolio

The flagship Market Matters portfolio that provides an active approach to investing in ASX listed large cap stocks. This is a high conviction portfolio, will go to high levels of cash if warranted and can benefit from market downturns by investing in funds that inversely track the market.

**Portfolio Performance** UPDATED 31/10/2023 17:00
Portfolio	1m	3m	6m	1y	3y pa	ITD pa*
Active Growth	-4.80%	-7.32%	-2.60%	12.63%	16.11%	12.79%
ASX 200 Accumulation	-3.78%	-7.19%	-5.30%	2.95%	8.89%	7.55%
Difference to benchmark	(1.02%)	(0.13%)	+2.70%	+9.68%	+7.22%	+5.24%

* Inception date 10/05/2016

**Portfolio Holdings** 20 MINUTES DELAYED trade now
COMPANY CODE	STOCK NAME	WEIGHT (%)	RISK	TIME HORIZON	ENTRY DATE	ENTRY PRICE ($)	LAST PRICE ($)	DIVIDENDS ($)	GAIN / LOSS (%)
ALU	Altium	5	High	Medium	05/10/2023	42.53	44.98		5.76
ANZ	ANZ Bank	6	Moderate	Long	08/02/2023	25.29	24.37	2.29	5.42
BHP	BHP Group	8	Moderate	Long	27/08/2019	39.51	46.30	10.81	44.55
EVN	Evolution Mining	3	Moderate	Medium	1/12/2022	2.83	4.09	0.09	47.70
GMG	Goodman Group	4	High	Medium	24/10/2023	21.15	22.75		7.57
LLC	Lendlease	5	Moderate	Medium	30/06/2023	7.49	6.63	0.10	-10.15
MIN	Mineral Resources	5	High	Medium	16/03/2023	73.73	61.17	0.80	-15.95
MFG	Magellan	4	High	Medium	21/06/2023	9.22	7.44	0.93	-9.22
MQG	Macquarie Group	6	Moderate	Medium	28/01/2022	177.99	169.05	13.29	2.44
NAB	National Australia Bank	6	Moderate	Medium	15/12/2022	30.33	28.40	2.39	1.52
NSR	National Storage REIT	5	Moderate	Medium	11/08/2023	2.22	2.16		-2.70
NST	Northern Star Resources	5	High	Medium	25/08/2023	11.14	12.73	0.16	15.71
PDN	Paladin Energy	3	High	Medium	25/08/2023	0.83	0.98		18.07
RHC	Ramsay Healthcare	5	Moderate	Long	12/04/2023	68.86	49.16	0.36	-28.09
RMD	Resmed	5	Moderate	Medium	28/10/2021	33.23	24.34	0.33	-25.76
SFR	Sandfire Resources	4	High	Medium	18/05/2023	5.87	6.16		4.94
TWE	Treasury Wine Estates	5	High	Medium	20/04/2023	13.60	10.70	0.24	-19.56
WHC	Whitehaven Coal	4	High	Medium	15/11/2022	8.18	7.14	1.06	0.24
WOR	Worley	4	High	Medium	08/05/2023	15.85	16.96	0.25	8.58
XRO	Xero	5	Moderate	Long	02/04/2020	101.29	103.05		1.74

Portfolio cash position: 3%

**Recent Sales** UPDATED 24/10/2023 17:00 trade now
Company code	STOCK NAME	WEIGHT(%)	RISK	TIME HORIZON	EXIT DATE	ENTRY PRICE ($)	CLOSE PRICE ($)	DIVIDENDS ($)	GAIN / LOSS (%)
WDS	Woodside	4	Moderate	Medium	24/10/2023	35.66	35.23	1.78	3.79
CWY	Cleanaway Waste Management	5	High	Medium	05/10/2023	2.69	2.34	0.02	-12.27
NCM	Newcrest Mining	5	Moderate	Medium	25/08/2023	29.35	25.42	2.52	-4.8
ELD	Elders	3	High	Medium	25/08/2023	7.11	6.47	0	-9
SEK	Seek	3	High	Medium	17/08/2023	24.29	23.35	0.34	-2.47
GMG	GMG	5	Moderate	Medium	11/08/2023	23.43	20.17	0.3	-12.63
ILU	Iluka	5	Moderate	Medium	21/06/2023	10.74	11.66	0.64	14.53
JHX	James Hardie	4	High	Medium	21/06/2023	31.2	39.89		27.85
CSL	CSL Limited	4	Moderate	Medium	15/06/2023	260.92	279.41	3.82	8.55
JHX	James Hardie	1	High	Medium	26/05/2023	31.2	37.83		21.25
XRO	Xero	2	High	Long	22/05/2023	92.85	108.79	0	17.16
WDS	Woodside	3	Moderate	Medium	08/05/2023	30.23	34.05	5.28	30.1
IGO	Independence Group	3	Moderate	Medium	28/04/2023	10.66	13.61	0.27	30.21
SFR	Sandfire Resources	3	High	Medium	20/04/2023	4.1	6.93		69.02
CSL	CSL Ltd	2	Moderate	Medium	20/04/2023	260.92	300.94	3.82	16.8
REA	REA Group	2	High	Medium	20/04/2023	120.42	140.69	1.07	17.72
ALU	Altium	5	High	Medium	12/04/2023	28.8	37.65	1.08	34.48
CBA	Commonwealth Bank	5	Moderate	Long	08/02/2023	59.88	110.4	11.9	104.24
SEK	Seek	5	Moderate	Medium	03/02/2023	19.86	25.55		28.65
MQG	Macquarie Group	2	Moderate	Medium	03/02/2023	178.3	190.89	6.34	10.61
SFR	Sandfire Resources	1.07	High	Medium	18/01/2023	4.1	6.15		50
HUB	HUB24	4	Moderate	Medium	09/01/2023	22.79	27.66	0.37	22.99
SFR	Sandfire Resources	1.5	High	Medium	08/12/2022	4.07	5.38		32.18
BHP	BHP Group Ltd	3	Moderate	Long	08/12/2022	37.4	46.42	9.02	48.23
OZL	Oz Minerals	3	Moderate	Medium	23/11/2022	18.11	27.44	0.11	52.13
IGO	Independence Group	2	Moderate	Medium	23/11/2022	10.66	15.99	0.07	50.66
ALL	Aristocrat	5	Moderate	Medium	23/11/2022	37.93	35.35	0.27	-6.09
WDS	Woodside	2	Moderate	Medium	15/11/2022	30.23	38.62	2.27	35.26
RHC	Ramsay Healthcare	4	Moderate	Medium	9/11/2022	71.56	58.8	0.69	-16.87
MP1	Megaport	3	High	Short	27/09/2022	7.82	6.5		-16.87

OPINION
ACTION

Opinions for stocks held in the Growth Portfolio

30/11/2023 09:16

Xero Ltd (XRO) v Telstra Group Ltd (TLS)

XRO has enjoyed a solid 2023, advancing +45% year-to-date, but the last few months have proved disappointing as the stocks corrected 20% following a soft report recently. We like the online accounting business, but valuation is always a concern, especially if/when we enter a risk-off period for equities.

30/11/2023 09:13

Altium Ltd (ALU) v APA Group (APA)

ALU, like most of the Tech Sector, has enjoyed a solid 2023, advancing +26% year-to-date, but again, the last few months have proved disappointing as the stocks corrected 21% after an aggressive drive higher following an impressive result in August.

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.

30/11/2023 09:10

Northern Star Resources (NST) $12.67

It would have been easy for us to have written a whole report on gold this morning, but it would have been very repetitive of recent notes; hence, we have just selected one stock that stood out to MM on Wednesday. Gold and gold stocks continue to look great, typified by NST yesterday as it rallied +4.4%, breaking out to a fresh 4-month high in the process.

28/11/2023 09:09

Worley Ltd (WOR) v Woodside Energy (WDS)

The correlation between WOR and WDS has been very close post-COVID, apart from over recent months where WOR has proved a big winner; year-to-date, WOR is up +14.1% while WDS has fallen -10.4%. We are in no hurry to consider switching our WOR holding into WDS, but another 10% differential might create some temptation.

28/11/2023 09:08

Evolution Mining Ltd (EVN) $3.75

EVN rallied +1.9%, following precious metals higher, their performance this year has been solid, tracking the gold price higher, i.e. EVN is ~6% below Mays high whereas the gold price, in $US, is 2.5% below its May high. However, considering how close gold is to its 2020 all-time high, it would disappoint long-term investors that EVN has fallen more than 40% over the last 3 years.

21/11/2023 09:26

Ramsay Health Care (RHC) $50.81

RHC has traded between $47 and $54 since the disappointing result in August. Unlike HLS, Ramsay has addressed its balance sheet after selling its Sime Darby JV

14/11/2023 09:29

Macquarie Group Ltd (MQG) $158.53

MQG fell -$4.22 in absolute terms on Monday, or -2.6%, but we should remember the stock traded ex-dividend $2.55, 40% franked. Hence, the stock only slipped -1%, including the dividend, which was not a major move in a weak market, although the current momentum isn’t good, and we can see a break to fresh 2-year lows unless we see a Christmas rally sooner rather than later.

14/11/2023 09:28

Lendlease Corp Ltd (LLC) $6.28

LLC has struggled since interest rates started to advance, but they’ve arguably magnified the sector's weakness, e.g. the stock is down another ~20% in 2023 alone. We have a core bullish outlook on bonds and bearish yields, which should finally offer a tailwind for LLC into 2024, it feels overdue to average or cut as the stock plumbs multi-year lows

13/11/2023 16:43

ANZ Bank (ANZ) $24.70

ANZ -3.02%: Reported FY23 results this morning which were around 1.5% below consensus in terms of cash profit. Net Interest Margin (NIM) was weak, about 6bps below expectations but a more significant -33bps half on half for Australian retail NIM which highlights how hard ANZ went to gain market share (via low rates which compress margins).