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 30/11/2025 17:00
Portfolio	1M	3M	6M	1y	3y	5y pa	ITD pa*
ACTIVE GROWTH	-1.11%	0.68%	9.74%	6.22%	10.72%	11.48%	13.22%
ASX 200 ACCUMULATION	-2.66%	-3.05%	3.77%	5.47%	9.71%	9.87%	9.38%
VALUE ADD	+0.83%	+3.73%	+5.97%	+0.57%	+1.01%	+1.61%	+3.84%

* 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	35.32	6.56	1.70	65.60
APA	APA Group	4	Moderate	Medium	12/12/2024	7.38	9.34	0.54	0.54	33.88
BHP	BHP Group	8.5	Moderate	Long	27/08/2019	39.06	44.50	10.14	3.58	39.89
CAR	CAR Group	4	High	Medium	14/11/2025	33.37	32.85		-1.05	-1.56
CSL	CSL Limited	5	Moderate	Medium	09/07/2025	239.65	185.61	2.48	1.82	-21.51
GMG	Goodman Group	5	Moderate	Medium	21/02/2025	34.16	29.36		-2.68	-14.05
GQG	GQG Partners	3	Moderate	Medium	08/08/2025	1.75	1.78	0.04	-0.56	4.00
HUB	HUB24	4	Moderate	Medium	05/03/2025	71.36	99.38	0.73	-0.34	40.29
JHX	James Hardie Industries	5	High	Medium	12/12/2024	51.22	30.30		2.57	-40.84
MIN	Mineral Resources	3	High	Medium	16/03/2023	44.12	47.94	0.25	-0.89	9.22
NEM	Newmont Corporation	3	High	Medium	28/10/2025	118.51	134.34	0.27	-2.31	13.59
NSR	National Storage REIT	5	Moderate	Medium	11/08/2023	2.22	2.71	0.22	0.37	31.98
PDN	Paladin Energy	4	High	Medium	06/06/2024	11.20	8.40		-0.94	-25.00
SFR	Sandfire Resources	3	High	Medium	07/04/2025	8.32	16.83		3.00	102.28
SUL	Super Retail Group	4	Moderate	Medium	06/12/2024	15.20	16.34	1.37	-1.03	16.51
WBC	Westpac	5	Moderate	Medium	21/02/2025	31.08	37.66	2.19	0.70	28.22
WHC	Whitehaven Coal	4	High	Medium	15/11/2022	8.18	7.36	1.85	1.10	12.59
WOR	Worley	5	High	Medium	08/05/2023	15.66	13.18	1.20	-0.23	-8.17
WTC	WiseTech Global	5	High	Medium	20/05/2025	94.91	73.80	0.16	1.68	-22.07
XRO	Xero	5	Moderate	Medium	18/07/2025	171.24	120.90		-0.25	-29.40

Portfolio cash position: 9.5%

**Recent Sales** UPDATED 14/11/2025 17:00 trade now
Company code	STOCK NAME	ACTIVITY	RISK	TIME HORIZON	EXIT DATE	ENTRY PRICE ($)	CLOSE PRICE ($)	DIVIDENDS ($)	GAIN / LOSS (%)
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

04/12/2025 09:40

Whitehaven Coal Ltd (WHC) $7.28

WHC caught our eye on Wednesday although it did play second fiddle to the uranium names on the day. The markets are expecting coal demand to soften in 2026, but while prices have softened in recent weeks, they remain over 40% above their June lows with WHC pushing toward fresh 2025 highs.

03/12/2025 09:45

GQG Partners (GQG) $1.79

GQG has had a year to forget, down more than 50% from its 2024 high. While we haven’t held the full extent of the unwind, we did buy it on the 8th August at $1.75, and the position quickly went south, trading as low as $1.42 by mid-November. It’s recovered since, and today we’ll outline why GQG is a stock that’s still going cheap, and why we think it’s a buy at current levels, for income, with some growth potential over the medium term.

27/11/2025 09:47

The music’s on full blast at the M&A party – who could be next?

Wednesday saw the strong possibility that another ASX name will come off the boards after National Storage (NSR) received a $2.86 all-cash offer from Brookfield Asset Mgt. and Singapore’s GIC - a healthy 26.5% premium to its last trade.

26/11/2025 09:44

Trade Alerts – Emerging Companies Portfolio

We are making five changes to the Emerging Companies Portfolio

26/11/2025 09:38

APA Group (APA) $9.32

We discussed APA Group (APA) in a Q&A last week (here), highlighting APA’s spread over 10 year yields as our primary indicator on this stock. In the answer, we highlighted it’s spread vs US 10 year yields (global benchmark for rates) at 2.2% (APA yield exp at 6.2%). Since then, UBS highlighted this indicator relative to Australian 10-year yields

26/11/2025 09:29

Emerging Companies Portfolio

The Market Matters Emerging Companies Portfolio targets small & mid capitalisation emerging stocks (ex-100) that show strong underlying growth characteristics –Click here to view

25/11/2025 09:56

BHP Group Ltd (BHP) $40.62

BHP’s portfolio of copper assets remains the jewel of the industry, and it still has substantial room to grow. The group’s 2025 financial results underscored this strength, with copper operations in Chile and South Australia delivering 48% of total earnings, while CEO Mike Henry highlighted ambitions to advance growth projects in Argentina and finally unlock the long-promised Resolution mine in Arizona.

25/11/2025 09:55

Evolution Mining Ltd (EVN) $11.15

Evolution is primarily a gold miner, but copper is growing by-product making up ~25% of its revenue, with the potential to increase this to ~40 %. They have also made acquisitions aimed at boosting their copper portfolio: e.g., the 80 % stake in the Northparkes NSW mine in 2023 which has notable copper production. For investors wanting exposure to copper via an ASX-listed miner with growth ambitions, EVN is a solid candidate.

20/11/2025 17:16

Worley (WOR) $13.22

WOR –3.15% was down over 11% early before recovering on CEO comments at the AGM today. While they reconfirmed FY26 guidance, with moderate growth expectations retained, there were a few things that had the market of edge early.

20/11/2025 09:58