Active Income Portfolio

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

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 31/05/2025 19:00
Portfolio	1M	3M	1y	3y	5y pa	ITD pa*
ACTIVE INCOME	1.17%	3.00%	9.45%	7.31%	11.13%	8.20%
RBA CASH RATE +4%	0.65%	1.98%	8.27%	7.46%	5.96%	5.47%
VALUE ADD	+0.52%	+1.02%	+1.18%	(0.15%)	+5.17%	+2.73%

* Inception date 05/07/2017

**Portfolio Holdings** 20 MINUTES DELAYED trade now
CODE	NAME	WEIGHT (%)	RISK	TERM	BUY DATE	BUY PRICE ($)	LAST PRICE ($)	DIVIDENDS ($)	DAILY CHANGE (%)	GAIN / LOSS (%)
AGL	AGL Ltd	4	Moderate	Long	23/02/2023	7.50	10.31	0.78	-0.58	47.87
ANZ	ANZ Group	5	Moderate	Medium	18/12/2024	29.36	29.83	1.08	1.12	5.28
ANZPI	ANZ Capital Notes 6	6	Low	Long	8/07/2021	100.33	104.25	19.73	0.00	23.57
APA	APA Group	5	Moderate	Medium	26/05/2023	9.82	8.30	1.14	-0.60	-3.87
BHP	BHP Group	8	Moderate	Long	11/12/2019	40.38	38.48	14.64	0.65	31.55
CBA	Commonwealth Bank	5	Moderate	Medium	13/03/2020	61.33	182.00	32.40	1.17	249.58
CNI	Centuria Capital Group	4	Moderate	Medium	29/07/2022	2.065	1.73	0.22	0.00	-5.57
DBI	Dalrymple Bay Infrastructure	4	Moderate	Medium	10/10/2024	3.37	4.05	0.21	-0.74	26.41
FMG	Fortescue Metals	4	Moderate	Medium	27/06/2024	21.62	15.67	1.69	0.13	-19.70
MFG	Magellan Financial Group	4	Moderate	Medium	04/03/2025	8.17	8.67		4.58	6.12
MTS	Metcash	5	Moderate	Medium	9/12/2020	3.5	3.51	1.00	3.54	28.86
NABPI	NAB Capital Notes 6	5	Low	Long	13/07/2022	98.94	103.41	21.14	0.03	25.88
NHC	New Hope Coal	4	High	Medium	22/11/2022	5.55	3.81	1.62	1.60	-2.16
NSR	National Storage REIT	5	Moderate	Medium	16/05/2024	2.28	2.34	0.055	0.86	5.04
PCI	Perpetual Credit Income Trust	5	Low	Long	17/07/2024	1.11	1.17	0.08	0.00	12.61
SIQ	Smart Group	4	Moderate	Medium	21/05/2025	7.65	7.18		-1.51	-6.14
SUL	Super Retail Group	4	Moderate	Medium	07/05/2024	13.97	14.08	1.70	-0.98	12.96
SUNPI	Suncorp Hybrid	5	Low	Medium	09/04/2024	101.51	101.51	1.67	-0.21	1.65
TLS	Telstra Group	5	Low	Medium	9/06/2021	3.43	4.85	1.07	-0.41	72.59
WBCPK	Westpac Hybrid	5	Low	Long	7/09/2022	100.40	103.98	17.12	0.17	20.62

Portfolio cash position: 4%

**Recent Sales** UPDATED 19/02/2025 16:18 trade now
Company code	STOCK NAME	ACTIVITY	RISK	TIME HORIZON	EXIT DATE	ENTRY PRICE ($)	CLOSE PRICE ($)	DIVIDENDS ($)	GAIN / LOSS (%)
CBAPG	Commonwealth Bank	Redeemed 5% position	Low	Long	15/04/2025	100	100	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	99.8	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	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	24.7	25.4		2.83
MXT	MCP Master Income Trust	Sold 5% position	Low	Long	15/06/2023	2	1.91	0.49	20
AGL	AGL Energy	Trimmed 1%	Moderate	Medium	21/04/2023	6.95	8.59		23.6
TLS	Telstra Corp Ltd	Trimmed 2%	Moderate	Medium	21/04/2023	3.43	4.27	0.3	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	4.2	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	1.565	0.745	0.05	-49.2
BOQ	Bank of QLD	Sold 6% position	Moderate	Medium	17/08/2022	8.7	7.37	0.31	-11.72
APA	APA Group	Sold 4% position	Low	Medium	10/08/2022	8.59	12.14	0.53	47.5
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	0.4	-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	2.3	17.05
IGL	IVE Group Ltd	Sold 3% position	Moderate	Medium	11/05/2022	2.28	1.8	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	1.6	1.55
AWC	Alumina Ltd	Sold 4% position	Moderate	Medium	24/02/2022	2.2	1.95		-11.36
DXS	Dexus	Sold 4% position	Low	Long	25/11/2021	9.2	11.27	0.23	25

OPINION
ACTION

Recent Opinion for the Income Portfolio

10/06/2025 17:41

Metcash (MTS) $3.51

MTS +3.54%: Upgraded profit guidance upgrade that was in line with analyst estimates, whilst also announcing a key strategic restructure in its Hardware segment. FY25 underlying profit forecast has been upgraded to $273–$277 million, with consensus figures at $274 million.

05/06/2025 09:48

Telstra Group Ltd (TLS) $4.86

Telstra is often considered the quasi perfect defensive play on the ASX but we believe its got far more going for it in the coming years. The Telco giant is forecast to yield 4.0% fully franked over the coming 12 months, with its next dividend due in August.

05/06/2025 09:48

Metcash Ltd (MTS) $3.41

MTS is forecast to yield 7% fully franked over the next 12 months, which combined with the stability from its business mix should be supportive with rates set to fall in the coming quarters.

05/06/2025 09:47

APA Group (APA) $8.35

We have looked at APA a number of times in the last year, but after carrying an unwavering bullish outlook through 2025, we are slowly starting to temper that view as the stock approaches our target area.

05/06/2025 09:37

Commonwealth Bank (CBA) $181.10

It’s been covered extensively for almost a year how analysts believe Australia’s largest/premium bank is over-priced - the MM website shows of the 13 major brokers who cover CBA there are 1 Hold & 12 Sells- probably why being short CBA is often referred to as the “widow maker” trade.

21/05/2025 09:27

Is it right to be holding BHP in the Income Portfolio?

Portfolio construction is about holding a collection of positions/earnings streams at sensible weights to meet the specific goals of a particular strategy.

20/05/2025 09:33

Commonwealth Bank (CBA) $171.36

CBA extended its 2025 advance by 1% on Monday, taking it up 12% year-to-date, while ANZ fell 1.7%, joining NAB and Westpac in negative territory for 2025. Australia’s largest bank continues to enjoy a “safety bid” from local and overseas investors with relative disregard to valuation, especially when compared to historical levels.

20/05/2025 09:33