Pro Medicus Ltd (ASX: PME) $208.23
PME continues to deliver operationally, with the ~$22bn medical imaging software business consistently winning new contracts and holding on to existing ones, despite the volatility in its share price.
Active Growth Portfolio
For those seeking an active approach to investing in large cap ASX stocks
WATCH
WATCH
About the Growth Portfolio
James Gerrish
12.85%
Inception-to-date Performance
About The Portfolio
The Market Matters Active Growth Portfolio provides an active exposure to Australian large-cap shares, aiming for reduced volatility. Returns will be achieved through a combination of capital appreciation and income with an overall objective of outperformance of the S&P/ASX 200 Accumulation Index over the medium term (3 years).
| Portfolio | 1m | 6m | 1y | 3y pa | 5y pa | ITD pa | Total |
|---|---|---|---|---|---|---|---|
| ACTIVE GROWTH | 6.44% | 1.00% | 6.98% | 9.34% | 8.97% | 12.85% | 224.40% |
| ASX 200 ACCUMULATION | 1.54% | 0.32% | 4.40% | 11.24% | 7.81% | 9.45% | 153.3% |
| VALUE ADD | +4.90% | +0.68% | +2.58% | (1.90%) | +1.16% | +3.40% | +95.20% |
* Inception date 10/05/2016
Portfolio Holdings
| CODE | NAME | WEIGHT (%) | RISK | TERM | BUY DATE | BUY PRICE ($) | LAST PRICE ($) | DIVIDENDS ($) | DAILY CHANGE (%) | GAIN / LOSS (%) |
|---|---|---|---|---|---|---|---|---|---|---|
| AMCACTIVE | Amcor | 4 | Moderate | Long | 06/02/2026 | 69.24 | 65.01 | 2.76 | 4.67 | -2.12 |
| ANZACTIVE | ANZ Bank | 6 | Moderate | Long | 08/02/2023 | 25.29 | 40.34 | 7.65 | 0.60 | 89.76 |
| BHPACTIVE | BHP Group | 8 | Moderate | Long | 27/08/2019 | 39.06 | 57.62 | 13.58 | -2.34 | 82.28 |
| CARACTIVE | CAR Group | 4 | High | Long | 04/11/2026 | 25.01 | 26.07 | -2.25 | 4.24 | |
| EVNACTIVE | Evolution Mining | 4 | High | Medium | 23/03/2026 | 12.24 | 12.91 | 0.30 | -2.64 | 7.92 |
| GMGACTIVE | Goodman Group | 5 | Moderate | Medium | 21/02/2025 | 34.16 | 27.84 | 0.30 | -3.20 | -17.62 |
| HUBACTIVE | HUB24 | 4 | High | Moderate | 08/07/2026 | 82.01 | 77.72 | 0.60 | -2.58 | -4.50 |
| JBHACTIVE | JB Hi-Fi | 4 | High | Medium | 07/10/2026 | 70.55 | 77.41 | 0.32 | 9.72 | |
| LNWACTIVE | Light & Wonder | 4 | High | Medium | 11/12/2025 | 143.35 | 116.46 | -3.78 | -18.76 | |
| MGRACTIVE | Mirvac | 5 | Moderate | Medium | 10/03/2026 | 1.85 | 1.96 | 0.05 | 1.03 | 8.65 |
| PDNACTIVE | Paladin Energy | 4 | High | Medium | 06/06/2024 | 11.20 | 7.46 | -1.45 | -33.39 | |
| PMEACTIVE | Pro Medicus | 4 | High | Medium | 02/06/2026 | 156.72 | 205.13 | 0.53 | -1.49 | 31.23 |
| REHACTIVE | Reece | 4 | High | Medium | 25/06/2026 | 16.74 | 18.38 | 0.19 | -3.11 | 10.93 |
| RIOACTIVE | Rio Tinto | 4 | High | Medium | 23/10/2026 | 146.71 | 149.93 | -2.03 | 2.19 | |
| S32ACTIVE | South32 | 4 | Medium | Medium | 18/06/2026 | 4.27 | 4.44 | 0.10 | -2.42 | 6.32 |
| SFRACTIVE | Sandfire Resources | 4 | High | Medium | 07/04/2025 | 8.90 | 19.11 | 0.50 | -5.82 | 120.34 |
| WBCACTIVE | Westpac | 5 | Moderate | Medium | 21/02/2025 | 31.08 | 37.03 | 3.29 | 1.06 | 29.73 |
| WHCACTIVE | Whitehaven Coal | 4 | High | Medium | 15/11/2022 | 8.18 | 7.04 | 2.02 | -3.03 | 10.76 |
| WORACTIVE | Worley | 5 | Moderate | Medium | 08/05/2023 | 15.66 | 10.10 | 1.45 | -1.56 | -26.25 |
| WTCACTIVE | WiseTech Global | 5 | High | Medium | 20/05/2025 | 75.52 | 44.49 | 0.33 | -0.78 | -40.65 |
| XROACTIVE | Xero | 5 | Moderate | Medium | 18/07/2025 | 140.93 | 70.74 | -0.17 | -49.80 |
Portfolio cash position: 4%
Recent Sales
| Company code | STOCK NAME | ACTIVITY | RISK | TIME HORIZON | EXIT DATE | ENTRY PRICE ($) | CLOSE PRICE ($) | DIVIDENDS ($) | GAIN / LOSS (%) |
|---|---|---|---|---|---|---|---|---|---|
| GQG | GQG Partners | Sold 5% position | Moderate | Medium | 30/10/2026 | 1.75 | 0.96 | 0.21 | -33.10 |
| PLS | Pilbara Minerals | Sold 3% position | High | Medium | 17/09/2026 | 4.83 | 4.21 | 0.07 | -11.40 |
| BHP | BHP Group | Trimmed 0.5% | Moderate | Medium | 08/09/2026 | 39.06 | 62.75 | 13.58 | 95.42 |
| JBH | JB Hi-Fi | Sold 5% position | Moderate | Medium | 18/08/2026 | 81.25 | 72.10 | 3.00 | -7.57 |
| QBE | QBE Insurance | Sold 4% position | Moderate | Medium | 08/07/2026 | 20.11 | 25.28 | 0.88 | 30.10 |
| JHX | James Hardie | Sold 5% position | High | Medium | 25/06/2026 | 51.22 | 37.06 | -27.60 | |
| APA | APA Group | Sold 4% position | Moderate | Medium | 18/06/2026 | 7.38 | 10.45 | 0.54 | 48.90 |
| RMD | ResMed | Sold 4% position | Moderate | Medium | 02/06/2026 | 35.53 | 26.05 | 0.06 | -26.50 |
| NEM | Newmont Corp | Sold 3% position | High | Medium | 03/03/2026 | 118.51 | 182.05 | 0.27 | 53.80 |
| SUL | Super Retail Group | Sold 4% position | Moderate | Medium | 26/02/2026 | 15.20 | 14.01 | 1.37 | 1.20 |
| CSL | CSL Limited | Sold 5% position | Moderate | Medium | 26/02/2026 | 239.65 | 145.18 | 2.48 | -38.40 |
| HUB | HUB24 | Sold 4% position | Moderate | Medium | 06/02/2026 | 71.36 | 83.59 | 0.73 | 18.20 |
| CAR | CAR Group | Sold 4% position | High | Long | 05/02/2026 | 33.31 | 25.64 | -23.00 | |
| MIN | Mineral Resources | Sold 3% position | High | Long | 21/01/2026 | 44.12 | 60.44 | 0.25 | 37.60 |
| NSR | National Storage | Sold 5% position | Moderate | Long | 11/12/2025 | 2.22 | 2.79 | 0.22 | 35.60 |
| MIN | Mineral Resources | Trimmed 1% | High | Long | 14/11/2025 | 44.12 | 50.47 | 0.34 | 15.20 |
| MGR | Mirvac Group | Sold 5% position | High | Long | 30/10/2025 | 2.08 | 2.30 | 0.09 | 14.90 |
| EVN | Evolution Mining | Sold 4% position | High | Long | 16/09/2025 | 8.15 | 9.44 | 0.19 | 18.20 |
| CAR | CAR Group | Sold 4% position | Moderate | Medium | 20/03/2025 | 34.45 | 37.54 | 0.47 | 10.30 |
| HUB | HUB24 | Trimmed 1% | Moderate | Medium | 09/07/2025 | 71.36 | 95.68 | 0.34 | 34.60 |
| XRO | Xero | Sold 4% position | Moderate | Long | 18/06/2025 | 101.29 | 193.50 | 91.00 | |
| SFR | Sandfire Resources | Trimmed 1% | High | Medium | 18/06/2025 | 8.32 | 11.68 | 40.40 | |
| ALL | Aristocrat Leisure | Sold 5% position | High | Long | 20/05/2025 | 65.13 | 62.55 | -4.00 | |
| ILU | Iluka Resources | Sold 4% position | High | Medium | 20/05/2025 | 6.02 | 3.85 | 0.06 | -35.00 |
| BHP | BHP Group | Trimmed 2% | Moderate | Long | 07/04/2025 | 39.63 | 34.31 | 11.18 | 14.80 |
| NXT | NEXTDC | Sold 5% position | Moderate | Medium | 02/04/2025 | 17.06 | 11.39 | -33.20 | |
| EVN | Evolution Mining | Sold 3% position | High | Long | 31/03/2025 | 2.94 | 7.10 | 0.25 | 150.00 |
| SFR | Sandfire Resources | Sold 4% position | High | Medium | 28/03/2025 | 6.44 | 10.85 | 68.50 | |
| TWE | Treasury Wine Estates | Sold 5% position | High | Medium | 12/03/2025 | 13.60 | 9.80 | 1.23 | -18.89 |
| CSL | CSL Limited | Sold 6% position | Moderate | Medium | 24/02/2025 | 277.00 | 259.25 | 2.20 | -5.61 |
| HLS | Healius | Sold 4% position | High | Medium | 24/02/2025 | 1.72 | 1.29 | -25.00 | |
| AGL | AGL Energy | Sold 4% position | Moderate | Medium | 12/12/2024 | 10.22 | 10.79 | 0.35 | 9.00 |
| S32 | South32 | Sold 4% position | Moderate | Medium | 12/12/2024 | 3.28 | 3.46 | 0.07 | 7.60 |
| MFG | Magellan Financial Group | Sold 4% position | Moderate | Medium | 06/12/2024 | 9.15 | 11.22 | 0.43 | 27.30 |
| CAR | CAR Group (CAR) | Sold 4% position | Moderate | Medium | 06/12/2024 | 33.13 | 40.10 | 0.47 | 22.50 |
| GPT | GPT Group | Sold 4% position | Moderate | Medium | 07/11/2024 | 4.66 | 4.45 | -4.50 | |
| SFR | Sandfire Resources | Trimmed 1% | Moderate | Medium | 30/10/2024 | 6.44 | 10.31 | 60.10 | |
| S32 | South32 | Trimmed 1% | Moderate | Medium | 30/10/2024 | 3.28 | 3.71 | 0.07 | 15.20 |
| EVN | Evolution Mining | Trimmed 1% | Moderate | Medium | 20/08/2024 | 2.94 | 4.26 | 0.08 | 47.60 |
| JBH | JB Hi-Fi (JBH) | Sold 4% position | Moderate | Medium | 13/08/2024 | 56.80 | 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 | 7.20 | 7.68 | 0.06 | 7.50 |
| 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 | 31.50 |
| PDN | Paladin Energy | Sold 4% position | High | Medium | 5/04/2024 | 1.18 | 1.42 | 20.33 | |
| ORA | Orora | Moderate | Medium | 3/04/2024 | 2.80 | 2.24 | 0.05 | -18.21 | |
| LLC | Lendlease | Sold 5% position | High | Medium | 6/03/2024 | 7.20 | 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 | -4.80 |
| ELD | Elders | Sold 3% position | High | Medium | 25/08/2023 | 7.11 | 6.47 | -9.00 | |
| 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 | 0.30 | -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 | 31.20 | 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 | 31.20 | 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 | 30.10 |
| 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 | 4.10 | 6.93 | 69.02 | |
| CSL | CSL Ltd | Trimmed 2% | Moderate | Medium | 20/04/2023 | 260.92 | 300.94 | 3.82 | 16.80 |
| 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 | 28.80 | 37.65 | 1.08 | 34.48 |
Opinions for stocks held in the Growth Portfolio
Xero Ltd (ASX: XRO) $70.86
XRO shouldn’t be tarred with the same brush as the AI Trade, especially as it’s been a major casualty of the AI Disruption concerns that have rolled through many ASX and global stocks. We did a deep-dive into XRO back in September here, and our feelings haven’t changed much: XRO has been at the forefront of the sensationally named SaaSpocalypse, but Xero has delivered consistent revenue growth over the past decade, while its share price has followed a far more volatile path, heavily influenced by changing bond yields and AI concerns.
Light & Wonder (ASX: LNW) $121.04
LNW –3.17%: Reported a softer-than-expected 3Q result, with revenue missing consensus across its Gaming and SciPlay divisions. The share price was weaker early but showed resilience, suggesting investors were relatively comfortable with the reaffirmed outlook.
Goodman Group (ASX: GMG) $28.76 & NextDC (ASX: NXT) $9.85
GMG +7.03%: and US-listed data center player Digital Realty have moved to build a significant stake in NextDC (ASX: NXT) +50.84% following its recent guidance downgrade and challenges at its M3 Melbourne data center.
Amcor (ASX: AMC) $62.11
AMC –7.79%: Fell after delivering a mixed September-quarter result, with sales ahead of expectations but earnings slightly light and, more importantly, management cutting its near-term EPS guidance as higher energy and distribution costs bite.
Sandfire Resources Ltd (SFR) $18.99
SFR has been performing well operationally, but as we’ve pointed out a few times over recent months, it likes to retreat ~30%, and now it's done it for a third time in less than 3 years. We believe SFR is now financially strong enough to fund growth, return capital and retain meaningful leverage to higher copper prices - assuming they are in the offing.
Paladin Energy Ltd (ASX: PDN) $7.15
Uranium is very much a clean energy source, but the performance of related stocks has been more correlated to the semiconductors as opposed to the underlying uranium price. In similar fashion to copper, we believe this elastic band is getting very stretched, and if we are correct, this could snap back in the coming days/weeks, although it's been tough going of late.
Goodman Group (ASX: GMG) $26.87
GMG –1.61%: Provided a trading update today, reaffirming its FY27 operating EPS growth forecast of 9%, supported by a growing data centre pipeline, although power constraints and community opposition remain key challenges.
Reece (ASX: REH) $18.11
REH +5.97%: traded higher today after delivering a first-quarter result that was better than the market had been braced for. That is important given both Citi and Jarden downgraded the stock last week on expectations REH would underwhelm, which has not happened.
Portfolio Amendments – Active Growth & Income Portfolios
GQG has been a poor performer over recent months, with weak investment performance driving persistent outflows and heaping pressure on the share price. We had been prepared to give GQG the benefit of the doubt for two reasons: 1. Its attractive dividend yield, and 2. Its differentiated positioning away from technology, which provided something of a hedge against the risk of the tech trade failing to live up to increasingly lofty expectations.
Actions for stocks held in the Growth Portfolio
Updated
06/11/2026
09:50
PME
Updated 06/11/2026 09:50
MM is long and bullish towards PME
Updated
06/11/2026
09:49
XRO
Updated 06/11/2026 09:49
MM is long and bullish towards XRO
Updated
05/11/2026
17:28
AMC
Updated 05/11/2026 17:28
MM is now neutral on AMC ~$63
Updated
05/11/2026
17:28
LNW
Updated 05/11/2026 17:28
MM remains long and bullish LNW
Updated
05/11/2026
17:27
GMG
Updated 05/11/2026 17:27
MM remains long and bullish GMG
Updated
05/11/2026
09:37
SFR
Updated 05/11/2026 09:37
MM is long and bullish on SFR
Updated
05/11/2026
09:37
PDN
Updated 05/11/2026 09:37
MM is long and cautiously bullish towards PDN
Updated
04/11/2026
17:01
GMG
Updated 04/11/2026 17:01
MM remains long & bullish GMG
Updated
02/11/2026
16:59
REH
Updated 02/11/2026 16:59
MM remains long & bullish REH ~$18
Updated
30/10/2026
09:11
GQG
Updated 30/10/2026 09:11
MM is selling GQG in both the Active Growth & Income Portfolios, taking a loss ~98c
