Flagship Growth Portfolio

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

15.51% Returns pa since inception to 31-10-21

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 31/10/2021 17:00
Portfolio	1m	3m	6m	1y	3y pa	ITD pa*
Flagship Growth	0.96%	3.30%	8.93%	34.13%	16.11%	15.51%
Target Return 10%	0.83%	2.50%	5.00%	10.00%	10.00%	10.00 %
Difference	+0.13%	+0.80%	+3.93%	+24.13%	+6.11%	+5.51%

* Inception date 10/05/2016

**Portfolio Holdings** UPDATED 23/11/2021 16:30 trade now
COMPANY CODE	STOCK NAME	WEIGHT (%)	RISK	TIME HORIZON	ENTRY DATE	ENTRY PRICE ($)	LAST PRICE ($)	DIVIDENDS ($)	GAIN / LOSS (%)
A2M	a2 Milk Co Ltd/The	5	High	Medium	17/02/2021	8.18	6.31		-22.86
ALU	Altium Ltd	3	High	Medium	25/05/2021	26.97	41.63	0.22	55.17
APX	Appen	3	High	Medium	18/11/2021	11.76	11.39		-3.15
AWC	Alumina Ltd	4	Moderate	Medium	13/09/2021	2.20	1.86		-15.68
BHP	BHP Group Ltd	9	Moderate	Medium	21/08/2019	34.72	38.05	7.08	29.98
BOQ	Bank of QLD Ltd	5	Moderate	Medium	04/11/2021	8.70	8.07		-7.24
CBA	Commonwealth Bank of Australia	5	Moderate	Long	13/03/2020	59.88	96.82	6.4	72.38
CSL	CSL Ltd	4	Moderate	Medium	16/03/2021	262.79	317.06	1.68	21.29
CSR	CSR Ltd	4	Moderate	Medium	3/08/2021	5.56	6.1	0.19	13.13
FMG	Fortescue Metals	5	High	Medium	23/11/2021	17.06	17.35		1.7
HUB	HUB24 Ltd	4	Moderate	Medium	7/04/2021	22.79	29.25	0.08	28.7
NCM	Newcrest Mining Ltd	5	Moderate	Medium	12/08/2020	29.35	24.24	1.24	-13.19
NST	Northern Star	3	Moderate	Medium	11/11/2021	10.50	9.79		-6.76
NWH	NRW Holdings Ltd	5	High	Medium	21/10/2019	2.31	1.64	0.05	-26.84
OZL	Oz Minerals	5	Moderate	Medium	23/07/2021	21.72	26.27	0.07	21.27
QAN	QANTAS	4	High	Medium	12/08/2021	4.52	5.26		16.37
QBE	QBE Insurance	4	Moderate	Medium	28/10/2021	12.13	12.38		2.06
RMD	ResMed	4	High	Medium	28/10/2021	35.64	35.61	0.04	0.03
STO	Santos	5	High	Medium	20/07/2021	6.3	6.74	0.11	8.73
VUK	Vigin Money UK	4	Moderate	Medium	06/10/2021	3.75	3.36		-10.4
WHC	Whitehaven Coal Ltd	4	High	Short	7/04/2021	1.62	2.5		54.32
XRO	Xero Ltd	5	Moderate	Long	2/04/2020	93.09	141.32		51.81

Portfolio cash position: 1%

**Recent Sales** UPDATED 23/11/2021 17:00 trade now
Company code	STOCK NAME	WEIGHT(%)	RISK	TIME HORIZON	ENTRY DATE	ENTRY PRICE ($)	CLOSE PRICE ($)	DIVIDENDS ($)	GAIN / LOSS (%)
IGO	Independence Group	5	High	Medium	23/08/2021	8.81	10.35	0.08	18.39
Z1P	Zip Co Ltd	3	High	Medium	14/07/2020	6.92	5.75		-16.91
NAB	National Australia Bank Ltd	5	Moderate	Medium	16/06/2020	18.27	28.52	1.29	63.16
CWN	Crown Resorts Ltd	4	High	Medium	17/11/2020	9.69	10.28		6.09
IAG	Insurance Australia Group	4	Moderate	Medium	12/08/2021	5.4	4.97	0.13	-5.56
BVS	Bravura Solutions Ltd	4	High	Medium	9/06/2021	3.52	2.85	0.06	-17.33
MND	Monadelphous Group Ltd	3	High	Medium	19/08/2020	9.89	10.1	0.83	10.52
LLC	Lendlease Corp Ltd	5	Moderate	Medium	4/05/2020	11.91	11.86	0.29	2.02
CBA	Commonwealth Bank of Australia	2	Moderate	Long	13/03/2020	59.88	106.44	3.54	83.67
NAB	National Australia Bank Ltd	2	Moderate	Medium	16/06/2020	18.27	27.29	1.29	56.43
CAR	carsales.com Ltd	3	High	Medium	17/05/2021	17.47	21.96		25.7
Z1P	Zip Co	2	High	Medium	14/07/2020	6.92	7.13		3.03
MP1	Megaport	3	High	Medium	22/09/2020	15.68	16.11		2.74
WHC	Whitehaven Coal	2	High	Short	7/04/2021	1.62	2.04		25.93
CBA	Commonwealth Bank of Australia	3	Moderate	Long	13/03/2020	59.88	101.33	3.54	75.13
NAB	National Australia Bank Ltd	3	Moderate	Medium	16/06/2020	18.27	26.6	1.29	52.65
RHC	Ramsay Health Care Ltd	4	Moderate	Medium	17/09/2020	67.64	63.57	0.69	-5
MFG	Magellan Financial Group Ltd	3	Moderate	Medium	7/09/2020	58.12	48.95	1.28	-13.58
VUK	Virgin Money UK PLC	4	Moderate	Medium	3/02/2021	2.62	3.49		33.21
EHL	Emeco Holdings Ltd	3	High	Medium	18/03/2019	2.13	0.94		-55.87
ALL	Aristocrat Leisure Ltd	3	Moderate	Medium	14/07/2020	30.93	35.75		15.58
BPT	Beach Energy Ltd	5	Moderate	Medium	11/12/2019	2.04	1.7	0.03	-15.2
AWC	Alumina Ltd	5	Moderate	Medium	15/05/2020	1.52	1.69	0.10	17.76

OPINION
ACTION

Opinions for stocks held in the Growth Portfolio

25/11/2021 16:40

NRW Holdings (NWH) $1.735

NWH +8.44%: rallied today after the mining and civil construction services company said its order book is expected to grow to at least $4.4 billion, while they also maintained revenue guidance of $2.4b to $2.5b, but with a higher degree of certainty. While mining services stocks have their challenges, labour being only one of them, trading on...

25/11/2021 09:29

Santos (STO) $6.89

Santos and the Energy Sector bounced yesterday with oil finding support after recently retracing over 8% as expectations grew that the US would release its reserves to quell the surge in prices which has been stoking the inflation fire. We remain bullish crude oil into Christmas looking for fresh 2021 highs potentially a further 10% advance, hopefully such...

24/11/2021 09:24

BHP Group (BHP) $38.05

MM switched from batteries materials focused IGO Ltd (IGO) yesterday to iron ore producer Fortescue Metals (FMG) – undoubtedly selling strength and buying weakness, let’s hope our timing proves correct. However today we’ve focused on fellow iron producer BHP, albeit with a healthy diversified smorgasbord of resources under its belt. The “Big Australian”...

23/11/2021 09:50

Flagship Growth Portfolio – Amendments

MM is taking profit on IGO and buying FMG as a shorter term trade

23/11/2021 09:20

Bank of Queensland (BOQ) $8.02

We mentioned earlier MM recently switched our NAB position to BOQ, in hindsight a touch premature but we still like the move into the regional player on 0.8x price to book. However while concerns around sector margins continue we can see BOQ struggling raising the question is WBC better value and risk / reward at current levels i.e. they’ve both endured...

23/11/2021 09:16

Have CBA & Westpac killed off the banks?

CBA disappointed investors last week after it reported contracting net interest margins for the quarter, a death nail for banks which has led to Australia’s largest listed company rapidly correcting over 13%, making fresh 6-month lows in the process. A number of analysts are now flagging that CBA will lose its premium to its peers but I’m not convinced that...

23/11/2021 09:13

Qantas (QAN) $5.26

QAN has now corrected 12% as the COVID picture deteriorates in Europe and tourism in general recovers slower than many of us hoped. At this stage we remain positive QAN but I am happy that its currently MM’s only exposure to the travel and tourism industry, it may take a while before optimism returns to this sector.

23/11/2021 09:12

IGO Ltd (IGO) $10.35

MM has been long IGO targeting a “pop” into the $10.50-11 region and yesterday the market almost delivered in only a few months. IGO is a batteries materials focused business which is highly correlated to PLS which importantly we believe could be close to an inflection point:

19/11/2021 09:25

IGO Ltd (IGO) $9.97

MM believes IGO will acquire fellow nickel producer Western Areas (WSA) in 2022, the only question appears to be at what price / terms. We have a willing buyer and seller and as IGO continues to evolve as a prominent Australian clean energy business an extension to its nickel division feels attractive assuming they don’t overpay, something that feels less...

19/11/2021 09:24

OZ Minerals (OZL) $26.32

OZL rallied 2.8% yesterday even after copper had struggled in the US, the EVN-Glencore deal looks to have lifted investors appetite for arguably Australia’s premier copper stock – MM is long OZL showing a paper profit of over 20%, we have total confidence in the quality of the business but as we’ve mentioned previously the stock does feel close to fully valued in the $26-$30 region.