Active Income Portfolio

For those seeking a sustainable income strategy, with a difference.

9.67% Inception-to-date Performance

About the Active Income Portfolio

Our philosophy at Market Matters has always been around active management, and our income portfolio stays true to label. Combining an active approach to income producing equities, ETFs and listed Income Securities such as Hybrids, the portfolio will satisfy those looking for sustainable income with significantly less volatility than the market.

**Portfolio Performance** Updated 31/08/2026 19:00
Portfolio	1M	6M	1y	3y	5y pa	ITD pa	Total
ACTIVE INCOME	0.81%	3.94%	9.09%	11.58%	9.76%	9.67%	132.80%
RBA CASH RATE +4%	0.70%	4.11%	7.94%	7.84%	6.79%	5.61%	64.8%
VALUE ADD	+0.11%	(0.74%)	+1.15%	+3.74%	+2.97%	+4.06%	+68.00%

* Inception date 05/07/2017

Portfolio Holdings

Prices as at 30 Oct 2026 4:20pm AEDT

CODE	NAME	WEIGHT (%)	RISK	TERM	BUY DATE	BUY PRICE ($)	LAST PRICE ($)	DIVIDENDS ($)	DAILY CHANGE (%)	GAIN / LOSS (%)
AGLACTIVE	AGL Energy	4	Moderate	Long	23/02/2023	7.50	9.02	1.50	0.45	40.27
AMCACTIVE	Amcor	4	Moderate	Medium	27/10/2025	62.70	66.62	1.84	2.49	9.19
ANZACTIVE	ANZ Group	5	Moderate	Medium	18/12/2024	29.36	40.81	3.26	0.22	50.10
AN3PIACTIVE	ANZ Capital Notes 6	6	Low	Long	8/07/2021	100.33	102.65	27.86	-0.01	30.08
APEACTIVE	Eagers Automotive	4	High	Medium	28/10/2026	18.99	18.94		1.66	-0.26
BHPACTIVE	BHP Group	8	Moderate	Long	11/12/2019	40.38	57.56	19.39	0.07	90.56
CLWACTIVE	Charter Hall Long Wale REIT	4	Moderate	Long	06/05/2026	3.55	3.40	0.12	1.80	-0.85
DBIACTIVE	Dalrymple Bay Infrastructure	4	Moderate	Medium	10/10/2024	3.37	5.54	0.46	0.54	78.04
DN1ACTIVE	Dominion Income Trust 1	5	Low	Medium	18/06/2025	101.40	98.50	9.25	1.65	6.26
GQG	GQG Partners	3	Moderate	Medium	08/08/2025	1.75	0.965	0.21	-1.03	-32.86
MGRACTIVE	Mirvac	5	Moderate	Medium	10/03/2026	1.85	1.87	0.05	2.19	3.51
MTSACTIVE	Metcash	4	Moderate	Medium	9/12/2020	3.50	3.21	1.41	0.94	32.00
NABPIACTIVE	NAB Capital Notes 6	5	Low	Long	13/07/2022	98.94	104.93	30.33	-0.09	36.71
NHCACTIVE	New Hope Coal	4	High	Medium	22/11/2022	5.55	5.94	2.40	-0.83	50.27
PCIACTIVE	Perpetual Credit Income Trust	5	Low	Long	17/07/2024	1.11	1.08	0.15	1.42	10.36
RIOACTIVE	Rio Tinto	4	Moderate	Medium	28/10/2026	150.71	147.31		-1.59	-2.26
WBCACTIVE	Westpac	5	Moderate	Medium	04/09/2026	35.01	36.82		-1.05	5.17
SOLACTIVE	Soul Pattinson (W.H)	4	Moderate	Long	05/02/2026	37.68	45.77	1.58	0.39	25.66
SUN	Suncorp Group	5	Moderate	Medium	11/12/2025	17.07	19.65	1.00	0.61	20.97
SUNPIACTIVE	Suncorp Hybrid	5	Low	Medium	09/04/2024	101.51	102.66	7.78	0.10	8.80
WBCPKACTIVE	Westpac Hybrid	5	Low	Long	7/09/2022	100.40	104.58	27.92	-0.03	31.97

Portfolio cash position: 2%

Recent Sales

UPDATED 21/01/2026 17:00

Company code	STOCK NAME	ACTIVITY	RISK	TIME HORIZON	EXIT DATE	ENTRY PRICE ($)	CLOSE PRICE ($)	DIVIDENDS ($)	GAIN / LOSS (%)
APA	APA Group	Sold 5% position	Moderate	Medium	28/10/2026	9.82	11.23	1.44	29.02
FMG	Fortescue Metals	Sold 4% position	Moderate	Medium	28/10/2026	21.62	14.57	3.20	-17.81
JBH	JB Hi-Fi	Sold 4% position	Moderate	Medium	18/08/2026	83.98	72.26	3.00	-10.40
CNI	Centuria Capital Group	Sold 4% position	Moderate	Medium	06/05/2026	2.06	1.69	0.27	-4.90
SUL	Super Retail Group	Sold 4% position	Moderate	Medium	26/02/2026	13.97	14.01	2.61	19.00
DDR	Dicker Data	Sold 3% position	High	Medium	21/01/2026	8.28	10.04	0.15	23.10
SIQ	Smart Group	Sold 4% position	Moderate	Medium	21/01/2026	7.65	8.75	0.25	17.60
NSR	National Storage	Sold 5% position	Moderate	Long	11/12/2025	2.28	2.79	0.11	27.20
HLI	Helia Group	Sold 2.5% position	High	Medium	27/10/2025	4.46	5.66	0.50	38.12
MFG	Magellan Financial Group	Sold 4% position	High	Medium	04/08/2025	8.17	10.34		26.56
MTS	Metcash	Trimmed 1%	Moderate	Medium	03/07/2025	3.50	4.00	1.27	50.57
CBA	Commonwealth Bank	Sold 5% position	Moderate	Medium	03/07/2025	61.33	180.26	32.40	246.75
TLS	Telstra Corp Ltd	Sold 5% position	Moderate	Medium	18/04/2025	3.43	4.90	1.07	74.05
CBAPG	Commonwealth Bank	Redeemed 5% position	Low	Long	15/04/2025	100.00	100.00	41.26	41.26
SIQ	Smart Group	Sold 4% position	Moderate	Medium	19/02/2025	8.96	7.81	0.25	-10.04
CBA	Commonwealth Bank	Trimmed 1%	Moderate	Medium	18/12/2024	61.33	159.96	28.19	206.77
MFG	Magellan Financial Group	Sold 4% position	Moderate	Medium	06/12/2024	9.42	11.22	0.43	23.67
NAB	National Australia Bank	Sold 7% position	Moderate	Medium	08/05/2024	29.64	35.06	2.39	26.35
OZBD	Composite Bond ETF	Sold 5% position	Low	Long	17/07/2024	45.28	44.04	3.07	4.04
GSBG25	Govt Bond	Sold 6% position	Low	Medium	27/06/2024	100.54	99.80	5.41	4.64
DXS	Dexus	Sold 4% position	Moderate	Medium	16/05/2024	8.02	7.26	0.56	-2.49
NABPF	NAB Hybrid	Sold 5% position	Low	Long	7/05/2024	100.00	106.46	27.61	34.07
ORA	Orora	Sold 4% position	Moderate	Medium	3/04/2024	2.56	2.24	0.05	-10.55
MFG	Magellan Financial Group	Sold 4% position	High	Medium	08/01/2024	8.73	9.09	0.93	14.78
WES	Wesfarmers Ltd	Sold 4% position	Moderate	Long	16/11/2023	47.85	53.94	4.16	21.42
GEM	G8 Education	Sold 3% position	Moderate	Medium	22/08/2023	1.29	1.08	0.06	-11.63
PPT	Perpetual	Sold 4% position	Moderate	Medium	27/06/2023	24.70	25.40		2.83
MXT	MCP Master Income Trust	Sold 5% position	Low	Long	15/06/2023	2.00	1.91	0.49	20.00
AGL	AGL Energy	Trimmed 1%	Moderate	Medium	21/04/2023	6.95	8.59		23.60
TLS	Telstra Corp Ltd	Trimmed 2%	Moderate	Medium	21/04/2023	3.43	4.27	0.30	33.24
WES	Wesfarmers Ltd	Trimmed 2%	Moderate	Medium	21/04/2023	47.85	52.01	2.69	14.32
SGP	Stockland	Sold 4% position	Moderate	Medium	08/02/2023	4.18	4.01	0.26	0.22
PDL	Pendal Group	Sold 4% position	Moderate	Medium	12/01/2023	4.20	3.61	1.67	25.71
BHP	BHP Group	Trimmed 2%	Moderate	Long	08/12/2022	38.56	46.42	10.16	46.73
AGL	AGL Energy	Sold 3% position	Moderate	Medium	08/12/2022	6.83	8.07		18.15
APA	APA Group	Sold 4% position	Moderate	Medium	08/12/2022	9.75	11.03		13.12
SSM	Service Stream	Sold 4% position	High	Medium	22/11/2022	1.57	0.745	0.05	-49.20
BOQ	Bank of QLD	Sold 6% position	Moderate	Medium	17/08/2022	8.70	7.37	0.31	-11.72
APA	APA Group	Sold 4% position	Low	Medium	10/08/2022	8.59	12.14	0.53	47.50
CWNHB	Crown Resorts Hybrid	Sold 4% position	Moderate	Medium	29/07/2022	98.26	102.75	3.02	7.64
IFL	Inisgnia Financial	Sold 5% position	Moderate	Medium	13/07/2022	3.59	2.73	0.40	-12.81
MFG	Magellan Financial Group	Sold 3% position	Moderate	Medium	13/07/2022	33.85	12.15	1.57	-59.47
SIQ	Smart Group	Sold 5% position	Moderate	Medium	13/07/2022	6.98	6.62	1.43	15.19
WDS	Woodside	Sold 1% position	High	Medium	15/06/2022	29.76	32.54	2.30	17.05
IGL	IVE Group Ltd	Sold 3% position	Moderate	Medium	11/05/2022	2.28	1.80	0.66	7.89
AGL	AGL Energy	Sold 3% position	Moderate	Long	03/05/2022	5.35	8.38	0.16	59.63
NSR	National Storage REIT	Sold 4% position	Moderate	Medium	13/04/2022	2.04	2.65	0.09	34.31
XARO	ActiveX Ardea Real Outcome Bon	Sold 5% position	Low	Long	13/04/2022	26.47	25.28	1.60	1.55
AWC	Alumina Ltd	Sold 4% position	Moderate	Medium	24/02/2022	2.20	1.95		-11.36
DXS	Dexus	Sold 4% position	Low	Long	25/11/2021	9.20	11.27	0.23	25.00

Recent Opinion for the Income Portfolio

30/10/2026 09:30

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.

30/10/2026 09:13

Metcash Ltd (ASX: MTS) $3.18

Metcash (MTS) offers the strongest value of the three major supermarkets trading on 13.1x forward earnings, roughly half Coles (COL) and Woolworths’ (WOW) multiples, with FY27 sales growth remaining positive across Food, Liquor and Hardware business, although weaker hardware margins, tobacco headwinds and cost inflation continue to pressure earnings.

28/10/2026 09:55

Portfolio Amendment – Active Income Portfolio

We are making several changes to the Income Portfolio today.

28/10/2026 09:42

Fortescue (ASX: FMG) vs Rio Tinto (ASX: RIO)

Fortescue (FMG) has come under significant pressure recently, falling more than 35% from its 12-month highs as softer iron ore prices, operational challenges and increasingly difficult negotiations with China's centralised iron ore buyer weigh on the stock. We hold FMG in the Income Portfolio, largely for its attractive dividend yield, but recent developments have us questioning whether RIO is now a better option. Both stocks have fallen, but while FMG has traditionally offered a higher yield, RIO provides greater diversification, lower operational risk and arguably better value at current levels.

27/10/2026 09:35

Eagers Automotive Ltd (ASX: APE) $20.03

Eagers (APE) surged almost 8% yesterday after announcing it will acquire the remaining 20% stake in its BYD Retail Joint Venture, a deal expected to be immediately earnings accretive and to complete within days. The acquisition removes the minority partner and gives Eagers full ownership of the economics of its growing BYD dealership business. The expected earnings accretion (~5%) is a positive surprise, particularly after Eagers’ share price weakness over the past year, and provides a near-term tailwind for the stock.

23/10/2026 09:54

Portfolio Amendment – Active Growth Portfolio

We expect RIO to be hit on open this morning on broader commodity weakness overnight. Having trimmed BHP from a ~11% prevailing weight back to an 8% target early last month, we are now recycling the capital into Rio Tinto following an aggressive pullback, inline with our view of adding quality commodity exposure into weakness. Risk/reward looks appealing below $150.

23/10/2026 09:22

Westpac Banking Corp (WBC) $35.68

Unlike ANZ, Westpac delivered a poor trading update here, in August and the stock has suffered accordingly, i.e. earnings drive share prices over time. While we believe WBC is behind ANZ in our order of preference after underperforming through 2026, we can see some catch up ahead of its ~80c fully franked dividend in November, with the chance for a special dividend firmly in play, as we highlighted recently here.

23/10/2026 09:18

RIO Tinto (ASX: RIO) $150.30

The aggressive unwind of the AI trade combined with soaring oil prices is causing almost panic-like selling across the copper miners; RIO and Sandfire have tumbled 23% and 21% respectively below their 2026 highs. However, while selling gathers momentum across the sector, softness in the underlying industrial metal hardly registers on the chart below. However, we note, just as we’ve illustrated in the past, stocks often lead their related commodities.

20/10/2026 16:26

BHP (ASX: BHP) $59.50

BHP – 1.8% traded lower today after reporting a mixed but solid September-quarter, with strong iron ore and coal production offset by a sharp fall in copper output. Importantly, FY27 guidance was maintained across all major commodities, although copper now carries less room for error through the balance of the year.

20/10/2026 09:39

RIO Tinto Ltd (ASX: RIO) $155.51

RIO has managed to eke out a ~6% gain in 2026, well behind BHP’s ~33% due to its commodity mix and poorer earnings momentum. BHP’s re-rating has been driven by its growing exposure to copper, which overtook iron ore as its largest earnings contributor in FY26 for the first time. Copper prices have risen more than 30% YoY, helping BHP deliver a 30% increase in underlying profit to US$13.2 billion. Rio Tinto (RIO), by contrast, remains more reliant on iron ore, which accounted for around 47% of first-half earnings, compared with approximately 26% from copper.

History of Actions for the Income Portfolio

Updated 30/10/2026 09:30

MTS

Updated 30/10/2026 09:30

MM is long and bullish on MTS for income

Read the opinion

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

Read the opinion

Updated 28/10/2026 12:03

RIO

Updated 28/10/2026 12:03

MM is buying RIO in the Active Income Portfolio, allocating 4% around $150

Read the opinion

Updated 28/10/2026 12:03

APE

Updated 28/10/2026 12:03

MM is buying APE in the Active Income Portfolio, allocating 4% around $19

Read the opinion

Updated 27/10/2026 08:51

APE

Updated 27/10/2026 08:51

MM is bullish towards APE around $20

Updated 26/10/2026 10:07

RIO

Updated 26/10/2026 10:07

MM is buying RIO in the Active Growth Portfolio, allocating 4% around $150.00

Read the opinion

Updated 23/10/2026 09:36

RIO

Updated 23/10/2026 09:36

MM is bullish toward RIO in the $142-$145 area

Read the opinion

Updated 23/10/2026 09:36

WBC

Updated 23/10/2026 09:36

MM is long and bullish towards WBC

Read the opinion

Updated 20/10/2026 15:51

BHP

Updated 20/10/2026 15:51

MM remains long & bullish BHP ~$60

Updated 20/10/2026 09:46

RIO

Updated 20/10/2026 09:46

MM likes RIO if/when it tests ~$142-5

Read the opinion

12.85% Active Growth Portfolio

9.55% Shawn’s Trade Ideas

18.98% International Equities Portfolio

4.78% Emerging Companies Portfolio

10.42% Core ETF Portfolio

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Active Income Portfolio

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About the Active Income Portfolio

Portfolio Holdings

Recent Sales

Recent Opinion for the Income Portfolio

Portfolio Amendments – Active Growth & Income Portfolios

Metcash Ltd (ASX: MTS) $3.18

Portfolio Amendment – Active Income Portfolio

Fortescue (ASX: FMG) vs Rio Tinto (ASX: RIO)

Eagers Automotive Ltd (ASX: APE) $20.03

Portfolio Amendment – Active Growth Portfolio

Westpac Banking Corp (WBC) $35.68

RIO Tinto (ASX: RIO) $150.30

BHP (ASX: BHP) $59.50

RIO Tinto Ltd (ASX: RIO) $155.51

History of Actions for the Income Portfolio

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Active Income Portfolio

About the Active Income Portfolio

Portfolio Holdings

Recent Sales

Recent Opinion for the Income Portfolio

History of Actions for the Income Portfolio

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Really bullish, there's more to go in the reflation rally

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