Active Growth Portfolio

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

About The Portfolio

The Market Matters Active Growth Portfolio provides an active exposure to Australian large-cap shares, aiming for reduced volatility. Returns will be achieved through a combination of capital appreciation and income with an overall objective of outperformance of the S&P/ASX 200 Accumulation Index over the medium term (3 years).

**Portfolio Performance** UPDATED 30/06/2025 17:00
Portfolio	1m	3m	1y	3y	5y pa	ITD pa*
ACTIVE GROWTH	2.10%	8.31%	2.46%	14.30%	13.39%	12.46%
ASX 200 ACCUMULATION	1.41%	9.50%	13.81%	13.56%	11.85%	9.55%
VALUE ADD	+0.69%	(1.19%)	(11.33%)	+0.74%	+1.54%	+2.91%

* Inception date 10/05/2016

**Portfolio Holdings** 20 MINUTES DELAYED trade now
CODE	NAME	WEIGHT (%)	RISK	TERM	BUY DATE	BUY PRICE ($)	LAST PRICE ($)	DIVIDENDS ($)	DAILY CHANGE (%)	GAIN / LOSS (%)
ANZ	ANZ Bank	6	Moderate	Long	08/02/2023	25.29	30.32	5.48	0.80	41.56
APA	APA Group	4	Moderate	Medium	12/12/2024	7.38	8.36	0.54	-0.36	20.60
BHP	BHP Group	8.5	Moderate	Long	27/08/2019	39.06	38.73	8.83	-1.38	21.76
CAR	CAR Group	4	High	Medium	12/03/2025	34.45	36.73	0.4675	-0.38	7.98
EVN	Evolution Mining	4	Moderate	Medium	20/05/2025	8.15	7.81		-0.89	-4.17
GMG	Goodman Group	5	Moderate	Medium	21/02/2025	34.16	35.05		0.92	2.61
HUB	HUB24	5	Moderate	Medium	05/03/2025	71.36	91.75	0.3429	2.85	29.05
JHX	James Hardie Industries	5	High	Medium	12/12/2024	51.22	42.81		-1.34	-16.42
MQG	Macquarie Group	5	Moderate	Medium	07/11/2024	224.33	229.10	6.88	0.79	5.19
MGR	Mirvac Group	5	Moderate	Medium	17/07/2024	2.08	2.26	0.09	0.44	12.98
MIN	Mineral Resources	4	High	Medium	16/03/2023	44.12	24.96	0.34	2.13	-42.66
NSR	National Storage REIT	5	Moderate	Medium	11/08/2023	2.22	2.39	0.22	0.00	17.57
PDN	Paladin Energy	4	High	Medium	06/06/2024	15.16	7.73		-1.02	-49.01
SFR	Sandfire Resources	3	High	Medium	07/04/2025	8.32	11.33		-1.05	36.18
SUL	Super Retail Group	4	Moderate	Medium	06/12/2024	15.20	14.75	0.46	0.48	0.07
WBC	Westpac	5	Moderate	Medium	21/02/2025	31.08	33.63	1.09	0.45	11.71
WHC	Whitehaven Coal	4	High	Medium	15/11/2022	8.18	5.94	1.67	-2.14	-6.97
WOR	Worley	5	High	Medium	08/05/2023	15.66	13.32	0.95	0.99	-8.88
WTC	WiseTech Global	4	High	Medium	20/05/2025	101.24	112.10		1.10	10.73

Portfolio cash position: 10.5%

**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 (%)
XRO	Xero	Sold 4% position	Moderate	Long	18/06/2025	101.29	193.5		91
SFR	Sandfire Resources	Trimmed 1%	High	Medium	18/06/2025	8.32	11.68		40.4
ALL	Aristocrat Leisure	Sold 5% position	High	Long	20/05/2025	65.13	62.55		-4
ILU	Iluka Resources	Sold 4% position	High	Medium	20/05/2025	6.02	3.85	0.06	-35
BHP	BHP Group	Trimmed 2%	Moderate	Long	07/04/2025	39.63	34.31	11.18	14.8
NXT	NEXTDC	Sold 5% position	Moderate	Medium	02/04/2025	17.06	11.39		-33.2
EVN	Evolution Mining	Sold 3% position	High	Long	31/03/2025	2.94	7.1	0.25	150
SFR	Sandfire Resources	Sold 4% position	High	Medium	28/03/2025	6.44	10.85		68.5
TWE	Treasury Wine Estates	Sold 5% position	High	Medium	12/03/2025	13.6	9.8	1.23	-18.89
CSL	CSL Limited	Sold 6% position	Moderate	Medium	24/02/2025	277	259.25	2.2	-5.61
HLS	Healius	Sold 4% position	High	Medium	24/02/2025	1.72	1.29		-25
AGL	AGL Energy	Sold 4% position	Moderate	Medium	12/12/2024	10.22	10.79	0.35	9
S32	South32	Sold 4% position	Moderate	Medium	12/12/2024	3.28	3.46	0.07	7.6
MFG	Magellan Financial Group	Sold 4% position	Moderate	Medium	06/12/2024	9.15	11.22	0.43	27.3
CAR	CAR Group (CAR)	Sold 4% position	Moderate	Medium	06/12/2024	33.13	40.1	0.47	22.5
GPT	GPT Group	Sold 4% position	Moderate	Medium	07/11/2024	4.66	4.45		-4.5
SFR	Sandfire Resources	Trimmed 1%	Moderate	Medium	30/10/2024	6.44	10.31		60.1
S32	South32	Trimmed 1%	Moderate	Medium	30/10/2024	3.28	3.71	0.07	15.2
EVN	Evolution Mining	Trimmed 1%	Moderate	Medium	20/08/2024	2.94	4.26	0.08	47.6
JBH	JB Hi-Fi (JBH)	Sold 4% position	Moderate	Medium	13/08/2024	56.8	75.44		32.82
NAB	Nation Australia Bank	Sold 6% position	Moderate	Medium	05/08/2024	30.33	35.06	3.59	27.43
GMG	Goodman Group	Sold 3% position	High	Medium	01/08/2024	21.15	36.44	0.36	73.99
RHC	Ramsay Healthcare	Sold 5% position	Moderate	Long	17/07/2024	68.86	47.25	0.93	-30.03
GMG	Goodman Group	Trimmed 1%	High	Medium	12/07/2024	21.15	35.58	0.36	69.92
XRO	Xero	Trimmed 1%	Moderate	Long	12/07/2024	101.29	140.35		38.56
PLS	Pilbara Minerals	Sold 4% position	High	Medium	12/06/2024	3.48	3.44		-1.15
CTD	Corporate Travel	Sold 4% position	Moderate	Medium	30/05/2024	16.46	13.06		-20.66
ILU	Iluka	Sold 4% position	High	Medium	10/05/2024	7.2	7.68	0.06	7.5
RMD	ResMed	Sold 5% position	Moderate	Medium	19/04/2024	33.23	27.92	0.39	-14.81
EVN	Evolution Mining	Trimmed 1%	Moderate	Medium	5/04/2024	2.94	3.85	0.016	31.5
PDN	Paladin Energy	Sold 4% position	High	Medium	5/04/2024	1.18	1.42		20.33
ORA	Orora	Sold 5% position	Moderate	Medium	3/04/2024	2.8	2.24	0.05	-18.21
LLC	Lendlease	Sold 5% position	High	Medium	6/03/2024	7.2	6.18		-14.14
ALU	Altium	Sold 5% position	High	Medium	31/01/2024	42.53	49.27		15.85
MQG	Macquarie Group	Sold 6% position	Moderate	Medium	31/01/2024	177.99	189.41	13.29	13.88
NST	Northern Star	Sold 5% position	High	Medium	18/01/2024	11.14	12.16	0.16	10.59
PDN	Paladin	Trimmed 3%	High	Medium	15/01/2024	0.83	1.31		57.83
MFG	Magellan Financial Group	Sold 4% position	High	Medium	08/01/2024	9.22	9.09	0.93	8.68
WDS	Woodside	Sold 4% position	Moderate	Medium	24/10/2023	35.66	35.23	1.78	3.79
CWY	Cleanaway Waste Management	Sold 5% position	High	Medium	05/10/2023	2.69	2.34	0.02	-12.27
NCM	Newcrest Mining	Sold 5% position	Moderate	Medium	25/08/2023	29.35	25.42	2.52	-4.8
ELD	Elders	Sold 3% position	High	Medium	25/08/2023	7.11	6.47		-9
SEK	Seek	Sold 3% position	High	Medium	17/08/2023	24.29	23.35	0.34	-2.47
GMG	GMG	Sold 5% position	Moderate	Medium	11/08/2023	23.43	20.17	0.3	-12.63
ILU	Iluka	Sold 5% position	Moderate	Medium	21/06/2023	10.74	11.66	0.64	14.53
JHX	James Hardie	Sold 4% position	High	Medium	21/06/2023	31.2	39.89		27.85
CSL	CSL Limited	Sold 4% position	Moderate	Medium	15/06/2023	260.92	279.41	3.82	8.55
JHX	James Hardie	Trimmed 1%	High	Medium	26/05/2023	31.2	37.83		21.25
XRO	Xero	Trimmed 2%	High	Long	22/05/2023	92.85	108.79		17.16
WDS	Woodside	Sold 3% position	Moderate	Medium	08/05/2023	30.23	34.05	5.28	30.1
IGO	Independence Group	Sold 3% position	Moderate	Medium	28/04/2023	10.66	13.61	0.27	30.21
SFR	Sandfire Resources	Sold 3% position	High	Medium	20/04/2023	4.1	6.93		69.02
CSL	CSL Ltd	Trimmed 2%	Moderate	Medium	20/04/2023	260.92	300.94	3.82	16.8
REA	REA Group	Sold 2% position	High	Medium	20/04/2023	120.42	140.69	1.07	17.72
ALU	Altium	Sold 5% position	High	Medium	12/04/2023	28.8	37.65	1.08	34.48

OPINION
ACTION

Opinions for stocks held in the Growth Portfolio

03/07/2025 09:23

Worley Ltd (WOR) $13.08

We thought WOR was back on track in February when it delivered a very solid 1H result plus a supportive $500mn buyback, but that has not transpired with the stock retreating 30% after its initial rally.

26/06/2025 09:45

Revisiting Payments stocks as Xero pays $4bn for Melio

We like the acquisition, believing it makes strategic sense to avoid missing the proverbial boat into the US market. Melio can provide XRO instant scale, important payments technology, and a better overall platform to compete with the US giant Intuit (INTU US). They paid a high price for a quality business, 13x revenue (Melio does not make a profit), but as we’ve witnessed all year, quality comes at a cost. Sukhinder knows this market very well, and since taking over in February 2023, the market has embraced her leadership.

24/06/2025 09:29

Mirvac Group Ltd (MGR) $2.22

MGR has been a strong performer through 2025, gaining over +18%, although it underperformed the main board through the last few weeks pullback. By definition if we are correct and the ASX200 pushes to fresh highs into Christmas this bodes well for MGR.

24/06/2025 09:27

ANZ Group Ltd (ANZ) $28.21

ANZ was downgraded to a "sell" on Monday by UBS, with some of the risk being placed at the doorstep of the new CEO, Nuno Matos, who started in May.

18/06/2025 09:53

Active Growth Portfolio – Amendments

We are making 3 changes to the Active Growth Portfolio today

17/06/2025 09:52

Whitehaven Coal (WHC) $5.77

This predominantly Met Coal miner has bounced over 35% from its April low although similar to the underlying commodity the trend is still down. The company is delivering operationally, and is on track to meet FY25 guidance; the stock needs the Met Coal price to bounce, or at least stabilise.

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 09:40