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 31/12/2025 17:00
Portfolio	1M	3M	6M	1y	3y	5y pa	ITD pa*
ACTIVE GROWTH	2.04%	3.48%	9.58%	12.61%	12.85%	11.31%	13.35%
ASX 200 ACCUMULATION	1.30%	-1.01%	3.65%	10.32%	11.39%	9.89%	9.44%
VALUE ADD	+0.74%	+4.49%	+5.93%	+2.29%	+1.46%	+1.42%	+3.91%

* 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	36.40	6.56	-0.52	69.87
APA	APA Group	4	Moderate	Medium	12/12/2024	7.38	8.92	0.54	-0.78	28.18
BHP	BHP Group	8.5	Moderate	Long	27/08/2019	39.06	50.60	10.14	1.71	55.50
CAR	CAR Group	4	High	Medium	14/11/2025	33.37	29.25		-2.27	-12.35
CSL	CSL Limited	5	Moderate	Medium	09/07/2025	239.65	180.19	2.48	-1.15	-23.78
GMG	Goodman Group	5	Moderate	Medium	21/02/2025	34.16	30.60		-1.10	-10.42
GQG	GQG Partners	3	Moderate	Medium	08/08/2025	1.75	1.60	0.04	0.95	-6.29
HUB	HUB24	4	Moderate	Medium	05/03/2025	71.36	101.72	0.73	-1.61	43.57
JHX	James Hardie Industries	5	High	Medium	12/12/2024	51.22	33.91		-1.85	-33.80
LNW	Light & Wonder	4	High	Medium	11/12/2025	152.10	163.19		-0.04	7.29
NEM	Newmont Corporation	3	High	Medium	28/10/2025	118.51	183.79	0.27	1.58	55.31
PDN	Paladin Energy	4	High	Medium	06/06/2024	11.20	13.94		5.37	24.46
SFR	Sandfire Resources	3	High	Medium	07/04/2025	8.32	20.25		2.74	143.39
SUL	Super Retail Group	4	Moderate	Medium	06/12/2024	15.20	14.45	1.37	-0.76	4.08
WBC	Westpac	5	Moderate	Medium	21/02/2025	31.08	38.87	2.19	-0.23	32.11
WHC	Whitehaven Coal	4	High	Medium	15/11/2022	8.18	9.19	1.85	0.99	34.96
WOR	Worley	5	High	Medium	08/05/2023	15.66	13.19	1.20	-0.53	-8.11
WTC	WiseTech Global	5	High	Medium	20/05/2025	94.91	60.70	0.16	-3.76	-35.88
XRO	Xero	5	Moderate	Medium	18/07/2025	171.24	97.91		-1.92	-42.82

Portfolio cash position: 13.5%

**Recent Sales** UPDATED 21/01/2026 17:00 trade now
Company code	STOCK NAME	ACTIVITY	RISK	TIME HORIZON	EXIT DATE	ENTRY PRICE ($)	CLOSE PRICE ($)	DIVIDENDS ($)	GAIN / LOSS (%)
MIN	Mineral Resources	Sold 3% position	High	Long	21/01/2026	44.12	60.44	0.25	37.6
NSR	National Storage	Sold 5% position	Moderate	Long	11/12/2025	2.22	2.79	0.22	35.6
MIN	Mineral Resources	Trimmed 1%	High	Long	14/11/2025	44.12	50.47	0.34	15.2
MGR	Mirvac Group	Sold 5% position	High	Long	30/10/2025	2.08	2.3	0.09	14.9
EVN	Evolution Mining	Sold 4% position	High	Long	16/09/2025	8.15	9.44	0.19	18.2
CAR	CAR Group	Sold 4% position	Moderate	Medium	20/03/2025	34.45	37.54	0.47	10.3
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

OPINION
ACTION

Opinions for stocks held in the Growth Portfolio

22/01/2026 09:42

Paladin Energy (PDN) $13.17

On Wednesday Paladin Energy (PDN) reported 2Q production of 1.2m pounds of uranium oxide, up 15% from the prior quarter, led by an increase in mined ore. Importantly, they guided well for the full year, expecting expects FY production to come in toward the upper end of its previous guidance (4m-4.4m pounds).

21/01/2026 09:43

Portfolio Amendments – Active Growth Portfolio

We are reducing equity exposure in the Growth Portfolio

20/01/2026 17:03

HUB24 (HUB) $101.21

HUB +3.07%: delivered another solid quarterly update, highlighted by strong platform net inflows and growing adviser numbers.

20/01/2026 09:32

Whitehaven Coal Ltd (WHC) $8.80

WHC has enjoyed a solid start to 2026, advancing over +15% as the global coal sector enjoys bullish rhetoric around fossil fuels from the Trump administration, which has helped coking/met coal rally ~30% over the last 6-months. Medium term, our bullish bias is driven by demand growth likely to outstrip supply growth over the coming 3-5 years.

20/01/2026 09:31

Paladin Energy (PDN) $11.96

MM discussed PDN and uranium at length through 2025 with a recent oversubscribed equity raise in September and a solid quarterly update finally lifting confidence in their operations, sending the heavily shorted stock up towards $12.

19/01/2026 09:48

Chart (s) of the Week – Westpac Banking Corp (WBC) & ANZ Group (ANZ)

Two charts this week illustrating that the “Big Four banks” are on track for new highs in the coming months - perhaps not CBA. Similar to gold we had the below chart for WBC in play throughout 2025 targeting new highs, a bullish read through for the ASX. Again we see no reason to deviate from this roadmap, especially as most US banks continue to shine.

23/12/2025 16:40

Goodman Group (GMG) $31.63

GMG +8.25%: The ASX’s premier property player has taken another step in building out its global digital infrastructure pipeline, announcing a 50/50 European data centre partnership with Canada Pension Plan Investment Board (CPP Investments).

23/12/2025 11:21

Shawn’s Trade Idea: Lifting Stops on Xero (XRO)

MM is tightening stops up on "Trading Ideas" as we head into Christmas

23/12/2025 09:07

Goodman Group (GMG) $29.22

GMG is a major industrial/property group with a growing digital infrastructure footprint, including data-centre (DC) development and power capacity for hyperscale facilities. GMG is different in the data-centre space because it approaches it as a property developer and owner, not a pure data-centre operator like NEXTDC. Goodman mainly develops, owns and leases data-centre real estate, while specialist operators run the facilities and sell colocation services, i.e. NXT, by contrast, operates the data centres itself.

17/12/2025 11:13