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 30/09/2025 19:00
Portfolio	1M	3M	6M	1y	3y	5y pa	ITD pa*
ACTIVE INCOME	-1.23%	7.53%	12.31%	9.52%	12.97%	12.51%	9.12%
RBA CASH RATE +4%	0.61%	1.92%	3.90%	8.08%	7.69%	6.17%	5.51%
VALUE ADD	(1.84%)	+5.61%	+8.41%	+1.44%	+5.28%	+6.34%	+3.61%

* 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 Energy	4	Moderate	Long	23/02/2023	7.50	9.14	1.13	-0.22	36.93
AMC	Amcor	4	Moderate	Medium	27/10/2025	12.54	12.16		-3.87	-3.03
ANZ	ANZ Group	5	Moderate	Medium	18/12/2024	29.36	36.86	1.08	-0.24	29.22
ANZPI	ANZ Capital Notes 6	6	Low	Long	8/07/2021	100.33	103.46	23.25	0.00	26.29
APA	APA Group	5	Moderate	Medium	26/05/2023	9.82	9.11	1.44	-1.19	7.43
BHP	BHP Group	8	Moderate	Long	11/12/2019	40.38	43.88	15.95	-0.02	48.17
CNI	Centuria Capital Group	4	Moderate	Medium	29/07/2022	2.065	2.29	0.27	-3.78	23.97
DBI	Dalrymple Bay Infrastructure	4	Moderate	Medium	10/10/2024	3.37	4.39	0.28	-0.23	38.58
DDR	Dicker Data	3	High	Medium	03/07/2025	8.28	10.44		-0.67	26.09
DN1	Dominion Income Trust 1	5	Low	Medium	18/06/2025	101.40	100.23	2.38	0.23	1.19
FMG	Fortescue Metals	4	Moderate	Medium	27/06/2024	21.62	21.48	2.55	2.68	11.15
GQG	GQG Partners	3	Moderate	Medium	08/08/2025	1.75	1.63	0.04	0.00	-4.57
MTS	Metcash	4	Moderate	Medium	9/12/2020	3.50	3.87	1.16	0.52	43.71
NABPI	NAB Capital Notes 6	5	Low	Long	13/07/2022	98.94	105.22	22.97	0.00	29.56
NHC	New Hope Coal	4	High	Medium	22/11/2022	5.55	4.19	1.83	4.49	8.47
NSR	National Storage REIT	5	Moderate	Medium	16/05/2024	2.28	2.31	0.11	-3.75	6.14
PCI	Perpetual Credit Income Trust	5	Low	Long	17/07/2024	1.11	1.19	0.10	0.00	16.22
SIQ	Smart Group	4	Moderate	Medium	21/05/2025	7.65	8.17	0.28	0.00	10.46
SUL	Super Retail Group	4	Moderate	Medium	07/05/2024	13.97	16.24	2.61	-2.58	34.93
SUNPI	Suncorp Hybrid	5	Low	Medium	09/04/2024	101.51	103.00	1.67	-0.04	3.11
WBCPK	Westpac Hybrid	5	Low	Long	7/09/2022	100.40	104.25	24.43	0.44	28.17

Portfolio cash position: 4%

**Recent Sales** UPDATED 04/08/2025 17:00 trade now
Company code	STOCK NAME	ACTIVITY	RISK	TIME HORIZON	EXIT DATE	ENTRY PRICE ($)	CLOSE PRICE ($)	DIVIDENDS ($)	GAIN / LOSS (%)
HLI	Helia Group	Sold 2.5% position	High	Medium	27/10/2025	4.46	5.66	0.5	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	3.5	4	1.27	50.57
CBA	Commonwealth Bank	Sold 5% position	Moderate	Medium	03/07/2025	61.33	180.26	32.4	246.75
TLS	Telstra Corp Ltd	Sold 5% position	Moderate	Medium	18/04/2025	3.43	4.9	1.07	74.05
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

27/10/2025 10:14

Active Income Portfolio – Amendments

We are making two changes to the Income Portfolio

09/10/2025 09:18

APA Group (APA) $9.02

APA continues to trade around the psychological $9 area, near its 2-year high, and almost 40% above its 2025 low. The stock is well supported by its sustainable yield of more than 6.5%, part franked.

09/10/2025 09:16

BHP Group (BHP) $41.89

The “Big Australian” has started to play some performance catch up over recent months although its been a laggard of late as it arm wrestles with Beijing around future contracts and pricing. With iron ore continuing to look comfortable above $US100/mt and copper nudging new all-time highs, we believe broker upgrades are a matter of time, with its 4% fully franked yield a bonus, i.e. we like BHP for growth and yield.

09/10/2025 09:15

National Storage REIT (NSR) $2.36

As we mentioned earlier the real estate sector has come off the boil of late with NSR trading 7% below its 2025 high, nothing dramatic but noticeable. This storage company has been in and around M&A activity in recent times, which rarely hurts and combined with the trend towards higher density living, increasing the demand for storage, we like NSR, supported by its 4.8% unfranked dividend.

02/10/2025 09:31

BHP Group (BHP) $41.47

BHP and China are negotiating around the price of contract renewals. China needs BHP’s ore, and BHP needs to sell it to them, so we expect a resolution in the next week or so, hopefully it doesn’t squeeze BHP too hard.

01/10/2025 09:15

Dalrymple Bay Infrastructure (DBI) $4.41

There has been a lot going on in DBI in recent months, with its inclusion in the ASX 200 index and the complete sell-down by its largest shareholder, Brookfield. The exit played out in two blocks. The first came in June, when Barrenjoey handled the sale of 115m shares for $428m at $3.72, a ~7% discount to the prevailing price.

16/09/2025 17:06

New Hope Corp (NHC) $4.58

NHC +5.05% reported full year results today that were largely inline with expectations;

16/09/2025 17:05

Super Retail (SUL) $16.52

SUL -4.29%: Shares were soft today after the board sacked CEO Anthony Heraghty after admitting his disclosures about a relationship with senior executive Jane Kelly were “not satisfactory.” CFO David Burns steps in as interim CEO.

11/09/2025 09:24

BHP Group Ltd (BHP) $40.46

BHP has retreated 6.6% from its late August high, a deeper pullback than the index's 3.6% retreat. However, the “Big Australian” has also paid a 60c fully franked dividend, reducing the short-term underperformance to just 1%.

10/09/2025 09:21

Helia (HLI) $5.79

HLI has been a good position in the Income Portfolio over a short time frame, having only entered the stock in July after a sharp ~26% fall on news it lost the ING mortgage insurance contract – the second major lender to walk in short succession after CBA earlier in the year.