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Active Growth Portfolio

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

About the Active Growth Portfolio

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
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 trade now
CODE NAME WEIGHT (%) RISK TERM BUY DATE BUY PRICE ($) LAST PRICE ($) DIVIDENDS ($) DAILY CHANGE (%) GAIN / LOSS (%)
ANZ ANZ Bank 6 Moderate Long 08/02/2023 25.29 30.33 5.48 0.13 41.60
APA APA Group 4 Moderate Medium 12/12/2024 7.38 8.29 0.54 -0.60 19.65
BHP BHP Group 8.5 Moderate Long 27/08/2019 39.06 39.36 8.83 2.77 23.37
CAR CAR Group 4 High Medium 12/03/2025 34.45 37.26 0.47 0.98 9.52
CSL CSL Limited 4 Moderate Medium 09/07/2025 245.75 240.92 -0.61 -1.97
EVN Evolution Mining 4 Moderate Medium 20/05/2025 8.15 7.44 -1.46 -8.71
GMG Goodman Group 5 Moderate Medium 21/02/2025 34.16 33.74 -1.75 -1.23
HUB HUB24 4 Moderate Medium 05/03/2025 71.36 94.71 0.27 0.81 33.10
JHX James Hardie Industries 5 High Medium 12/12/2024 51.22 42.90 1.47 -16.24
MQG Macquarie Group 5 Moderate Medium 07/11/2024 224.33 220.81 6.88 -1.46 1.50
MGR Mirvac Group 5 Moderate Medium 17/07/2024 2.08 2.16 0.09 -1.82 8.17
MIN Mineral Resources 4 High Medium 16/03/2023 44.12 27.49 0.34 7.76 -36.92
NSR National Storage REIT 5 Moderate Medium 11/08/2023 2.22 2.33 0.22 0.00 14.86
PDN Paladin Energy 4 High Medium 06/06/2024 15.16 6.93 -0.43 -54.29
SFR Sandfire Resources 3 High Medium 07/04/2025 8.32 11.00 -0.90 32.21
SUL Super Retail Group 4 Moderate Medium 06/12/2024 15.20 15.37 0.46 0.65 4.14
WBC Westpac 5 Moderate Medium 21/02/2025 31.08 33.81 1.09 -0.18 12.29
WHC Whitehaven Coal 4 High Medium 15/11/2022 8.18 6.14 1.67 2.68 -4.52
WOR Worley 5 High Medium 08/05/2023 15.66 13.41 0.95 0.30 -8.30
WTC WiseTech Global 4 High Medium 20/05/2025 101.24 112.16 -0.14 10.79
Portfolio cash position: 7.5%
Recent Sales trade now
Company code STOCK NAME ACTIVITY RISK TIME HORIZON EXIT DATE ENTRY PRICE ($) CLOSE PRICE ($) DIVIDENDS ($) GAIN / LOSS (%)
HUB HUB24 Trimmed 1% Moderate Medium 09/07/2025 71.36 95.68 0.34 34.6
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
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Opinions for stocks held in the Growth Portfolio

APA Group (APA) $8.34

APA is a diversified energy infrastructure business, and while its core operations are heavily exposed to gas transmission, they also have electricity, renewable energy, and other energy services. The stock has advanced +20% so far in 2025 and we’ve covered APA at length along what’s been a choppy journey across holdings in two MM portfolios with differing entry levels.

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Evolution Mining Ltd (EVN) $7.29

EVN was smacked 7% on Wednesday due to a Goldman downgrade and overall weakness in the copper and gold sectors. We have discussed increasing our EVN position into weakness, and the market is coming to us nicely.

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Copper – What happened?

President Trump announced plans to implement a 50% copper import tariff, with Commerce Secretary Lutnick saying this could be in place by later in July or 1-Aug i.e. very soon. This is not new news however the timeframe has now been set, and it’s a short one. US Copper prices have been trading at a material premium to other areas.

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HUB24 Ltd (HUB) $94.30

HUB broke out to fresh highs on Monday, closing up 2.8% following a broker upgrade to BUY from UBS, with a $105 PT. They think HUB is best positioned to win in the investment platform space, underpinned by growth in Managed Accounts.

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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.

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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.

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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.

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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.

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Actions for stocks held in the Growth Portfolio

HUB
UPDATED 10/07/2025 10:10
MM is considering trimming our HUB position
Add To Hit List
CSL
UPDATED 10/07/2025 10:09
MM is bullish towards CSL around $250
Add To Hit List
HUB
UPDATED 10/07/2025 10:07
MM are trimming HUB in the Active Growth Portfolio, reducing to a 4% target weight around $94
Add To Hit List
CSL
UPDATED 10/07/2025 10:07
MM are buying CSL in the Active Growth Portfolio, allocating 4% around $250
Add To Hit List
EVN
UPDATED 10/07/2025 10:03
MM is long and bullish on EVN and plan to average below $7
Add To Hit List
APA
UPDATED 10/07/2025 10:01
MM is cautiously bullish long and bullish APA
Add To Hit List
WOR
UPDATED 07/07/2025 09:33
MM is long and bullish WOR
Add To Hit List
XRO
UPDATED 26/06/2025 10:06
MM would get interested in buying XRO again below $180
Add To Hit List
EVN
UPDATED 25/06/2025 09:04
MM is considering increasing our EVN position
Add To Hit List
ANZ
UPDATED 24/06/2025 09:56
MM is long and bullish ANZ
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