Active Growth Portfolio

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

12.20% 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 Performance** UPDATED 31/07/2026 17:00
Portfolio	1m	6m	1y	3y pa	5y pa	ITD pa	Total
ACTIVE GROWTH	0.19%	5.66%	4.45%	6.45%	7.96%	12.20%	224.40%
ASX 200 ACCUMULATION	2.26%	2.86%	6.01%	10.40%	8.01%	9.37%	149.80%
VALUE ADD	(2.07%)	+2.80%	(1.56%)	(3.95%)	(0.05%)	+2.83%	+74.60%

* 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 (%)
AMC	Amcor	4	Moderate	Long	06/02/2026	69.24	65.44	1.84	-1.12	-2.83
ANZ	ANZ Bank	6	Moderate	Long	08/02/2023	25.29	38.89	7.65	2.23	84.03
BHP	BHP Group	8.5	Moderate	Long	27/08/2019	39.06	61.35	11.61	-3.31	86.79
EVN	Evolution Mining	4	High	Medium	23/03/2026	12.24	13.21		-3.44	7.92
GMG	Goodman Group	5	Moderate	Medium	21/02/2025	34.16	29.67	0.30	-1.26	-12.27
GQG	GQG Partners	5	High	Medium	08/08/2025	1.75	1.45	0.10	1.05	-11.43
HUB	HUB24	4	High	Moderate	08/07/2026	82.01	87.10		-0.51	6.21
JBH	JB Hi Fi	5	Moderate	Medium	26/02/2026	81.25	81.71	3.00	-0.86	4.26
LNW	Light & Wonder	4	High	Medium	11/12/2025	143.35	135.77		3.90	-5.29
MGR	Mirvac	4	Moderate	Medium	10/03/2026	1.875	1.77	0.05	0.00	-2.93
PDN	Paladin Energy	4	High	Medium	06/06/2024	11.20	10.13		-4.52	-9.55
PME	Pro Medicus	4	High	Medium	02/06/2026	156.72	178.86		-2.64	14.13
REH	Reece	4	High	Medium	25/06/2026	16.74	17.24		0.58	2.99
S32	South32	4	Medium	Medium	18/06/2026	4.27	4.76		-3.45	11.48
SFR	Sandfire Resources	4	High	Medium	07/04/2025	8.90	20.84		-1.33	134.16
WBC	Westpac	5	Moderate	Medium	21/02/2025	31.08	35.37	3.29	-0.92	24.39
WHC	Whitehaven Coal	4	High	Medium	15/11/2022	8.18	7.69	1.85	-0.52	16.63
WOR	Worley	5	Moderate	Medium	08/05/2023	15.66	10.75	1.20	-0.92	-23.69
WTC	WiseTech Global	5	High	Medium	20/05/2025	75.52	43.38	0.16	5.55	-42.35
XRO	Xero	5	Moderate	Medium	18/07/2025	140.93	81.48		5.54	-42.18

Portfolio cash position: 6.5%

**Recent Sales** UPDATED 08/07/2026 17:00 trade now
Company code	STOCK NAME	ACTIVITY	RISK	TIME HORIZON	EXIT DATE	ENTRY PRICE ($)	CLOSE PRICE ($)	DIVIDENDS ($)	GAIN / LOSS (%)
QBE	QBE Insurance	Sold 4% position	Moderate	Medium	08/07/2026	20.11	25.28	0.88	30.1
JHX	James Hardie	Sold 5% position	High	Medium	25/06/2026	51.22	37.06		-27.6
APA	APA Group	Sold 4% position	Moderate	Medium	18/06/2026	7.38	10.45	0.54	48.9
RMD	ResMed	Sold 4% position	Moderate	Medium	02/06/2026	35.53	26.05	0.06	-26.5
NEM	Newmont Corp	Sold 3% position	High	Medium	03/03/2026	118.51	182.05	0.27	53.8
SUL	Super Retail Group	Sold 4% position	Moderate	Medium	26/02/2026	15.2	14.01	1.37	1.2
CSL	CSL Limited	Sold 5% position	Moderate	Medium	26/02/2026	239.65	145.18	2.48	-38.4
HUB	HUB24	Sold 4% position	Moderate	Medium	06/02/2026	71.36	83.59	0.73	18.2
CAR	CAR Group	Sold 4% position	High	Long	05/02/2026	33.31	25.64		-23
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		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

14/08/2026 17:12

QBE Insurance Group (ASX: QBE) $23.09

QBE -1.62 %: delivered a broadly solid first-half result, with cash earnings in line with expectations, premium growth ahead and return on equity remaining strong. The key debate is whether the group’s full-year targets are now looking too conservative given the first-half performance and a supportive investment-income backdrop, which implies they’re expecting some 2H softening.

13/08/2026 16:48

Amcor (ASX: AMC) $66.18

AMC -0.09%: delivered a better-than-expected fourth quarter, with revenue and earnings both ahead of expectations and encouraging signs that the benefits from the Berry Global acquisition are beginning to come through. The shares were a little softer after the result, but the underlying trends were constructive, particularly around volumes, cost recovery and synergies.

13/08/2026 16:46

ANZ Group (ASX: ANZ) $38.04

ANZ +4.53%: delivered a solid 3Q26 trading update, with cash profit slightly ahead of expectations, costs and impairments better than feared, and lending growth showing encouraging momentum. Importantly, ANZ also appears less exposed than CBA and Westpac to the current housing slowdown, which could prove an advantage as mortgage activity cools.

12/08/2026 09:26

South32 (ASX: S32) $5.14

S32 transformed its business last month through the planned sale of its aluminium, alumina and bauxite business to Alcoa in a deal worth up to US$5.6bn ($8.1bn), materially simplifying the company’s portfolio and accelerating its transition toward a future-facing base metals producer - discussed at the time here. Later in July, S32 delivered a solid fourth quarter update, discussed here, which has helped propel the stock towards fresh all-time highs.

05/08/2026 17:28

Light & Wonder (LNW) $118

LNW: +3.96%: delivered a mixed but ultimately encouraging second-quarter result, with revenue missing expectations but earnings, margins and adjusted EPS all coming in ahead. Shares were higher, though they lost some of their early gains. Important to note LNW is also coming off a low base, confirmation that the group remains on track for its 2028 targets should help to support the shares moving forward.

05/08/2026 09:35

Goodman Group (GMG) $30.20

Goodman's business transformation is accelerating, with over 70% of its development pipeline now dedicated to data centres, a proportion we could see rise further at this month's result. The company has evolved from a traditional industrial landlord into a global AI and digital infrastructure developer, but its long-duration earnings profile means the share price remains highly sensitive to bond yields. If we are correct and Australian bond yields are nearing a peak, Goodman could rerate meaningfully from current levels, particularly as the market increasingly recognises its exposure to one of the decade's most compelling structural growth themes.

04/08/2026 09:20

BHP Group Ltd (ASX: BHP) $60.15

We continue to believe BHP and RIO are well positioned to benefit from higher Cu prices, EV Truck adoption (reduced fuel bills) and AI efficiencies, but as there are always two sides to a coin, we’re also conscious this view is a consensus one. Hence, we are likely to remain active around our exposures towards the miners, trimming strength so we have the capacity to buy bouts of weakness.

30/07/2026 09:26

JB Hi-Fi (ASX: JBH) $81.80

We discussed JBH and the retail sector last month here after the Fair Work Commission’s decision to lift minimum and award wages, another headwind for a sector already struggling with rising interest rates and a troubled consumer. JBH isn’t as exposed as some Australian retailers to the housing slowdown, with a decent portion of its goods regarded as must-haves in today's new technology world, although the tough environment is not good for growth or margins.

23/07/2026 09:49

BHP Group Limited (ASX: BHP) $59.76

BHP’s revision profile is a classic commodity leverage story, with broad-based earnings upgrades driven more by stronger spot prices than any single corporate catalyst. The standout is earnings (EBITDA), which has been revised up around 26% compared with a 16% lift in revenue, highlighting the operating leverage coming through the portfolio and the growing importance of copper ahead of the FY26 result on 18 August.

22/07/2026 17:30

Paladin Energy (ASX: PDN) $9.13

PDN +6.66%: completed the ramp-up of the Langer Heinrich uranium mine during FY26, with production reaching the upper end of revised guidance and sales accelerating strongly through the June quarter.