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 30/04/2026 19:00
Portfolio	1M	6M	1y	3y	5y pa	ITD pa	Total
ACTIVE INCOME	1.13%	4.02%	16.36%	10.68%	10.21%	9.41%	121.00%
RBA CASH RATE +4%	0.65%	3.82%	7.77%	7.88%	6.54%	5.57%	61.30%
VALUE ADD	+0.48%	+0.20%	+8.59%	+2.88%	+3.67%	+3.84%	+59.70%

* 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	9.09	1.13	-2.88	36.27
AMC	Amcor	4	Moderate	Medium	27/10/2025	62.70	53.55	0.93	-1.09	-13.11
ANZ	ANZ Group	5	Moderate	Medium	18/12/2024	29.36	35.21	3.26	1.06	31.03
AN3PI	ANZ Capital Notes 6	6	Low	Long	8/07/2021	100.33	102.86	24.88	0.03	27.32
APA	APA Group	5	Moderate	Medium	26/05/2023	9.82	10.56	1.44	-0.94	22.20
BHP	BHP Group	8	Moderate	Long	11/12/2019	40.38	60.46	17.42	-2.58	92.87
CLW	Charter Hall Long Wale REIT	4	Moderate	Long	06/05/2026	3.55	3.47		0.87	-2.25
DBI	Dalrymple Bay Infrastructure	4	Moderate	Medium	10/10/2024	3.37	5.31	0.34	0.76	67.66
DN1	Dominion Income Trust 1	5	Low	Medium	18/06/2025	101.40	99.30	6.62	-0.20	4.46
FMG	Fortescue Metals	4	Moderate	Medium	27/06/2024	21.62	22.60	2.55	-1.70	16.33
GQG	GQG Partners	3	Moderate	Medium	08/08/2025	1.75	1.61	0.07	0.00	-4.00
JBH	JB Hi Fi	4	Moderate	Medium	26/02/2026	83.98	71.33	3.00	0.10	-11.49
MGR	Mirvac	4	Moderate	Medium	10/03/2026	1.875	1.73		0.88	-7.73
MTS	Metcash	4	Moderate	Medium	9/12/2020	3.50	2.95	1.28	1.37	20.86
NABPI	NAB Capital Notes 6	5	Low	Long	13/07/2022	98.94	104.78	24.64	-0.09	30.81
NHC	New Hope Coal	4	High	Medium	22/11/2022	5.55	5.23	1.97	3.77	29.73
PCI	Perpetual Credit Income Trust	5	Low	Long	17/07/2024	1.11	1.10	0.12	0.00	9.91
SOL	Soul Pattinson (W.H)	4	Moderate	Long	05/02/2026	37.68	42.61	0.68	0.92	14.89
SUN	Suncorp Group	5	Moderate	Medium	11/12/2025	17.07	17.49	0.24	2.16	3.87
SUNPI	Suncorp Hybrid	5	Low	Medium	09/04/2024	101.51	102.66	3.28	0.42	4.36
WBCPK	Westpac Hybrid	5	Low	Long	7/09/2022	100.40	103.71	26.06	0.09	29.25

Portfolio cash position: 3%

**Recent Sales** UPDATED 21/01/2026 17:00 trade now
Company code	STOCK NAME	ACTIVITY	RISK	TIME HORIZON	EXIT DATE	ENTRY PRICE ($)	CLOSE PRICE ($)	DIVIDENDS ($)	GAIN / LOSS (%)
CNI	Centuria Capital Group	Sold 4% position	Moderate	Medium	06/05/2026	2.06	1.69	0.27	-4.9
SUL	Super Retail Group	Sold 4% position	Moderate	Medium	26/02/2026	13.97	14.01	2.61	19
DDR	Dicker Data	Sold 3% position	High	Medium	21/01/2026	8.28	10.04	0.15	23.1
SIQ	Smart Group	Sold 4% position	Moderate	Medium	21/01/2026	7.65	8.75	0.25	17.6
NSR	National Storage	Sold 5% position	Moderate	Long	11/12/2025	2.28	2.79	0.11	27.2
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

14/05/2026 09:34

BHP Group (ASX: BHP) v Commonwealth Bank (ASX: CBA)

While CBA captured the news yesterday for all the wrong reasons, BHP again made new all-time highs, trading above $62 for the first time as copper continued to rally. As a sidenote, the game of musical chairs between BHP and CBA continued on Wednesday, with the “Big Australian” as BHP was referred to on the old trading floors reclaimed top spot as the ASX’s largest company after a session which saw a more than 13% difference in performance.

12/05/2026 09:50

BHP Group Ltd (BHP) $58.33

BHP has evolved into first and foremost a copper miner, well supported by iron ore and potash into the future. The stock still looks to have significant upside potential as investors scramble to gain exposure to copper. It would be easy to grab a profit with BHP set to break $60 for the first time today, but until we see signs that the copper euphoria is getting ahead of itself &/or could blow up, like iron ore did ~15 years ago, we believe its prudent to stay long, especially in a market that’s punishing losers and chasing winners.

11/05/2026 17:11

Metcash (ASX: MTS) $2.92

MTS +6.57%: has been a frustrating holding in the Income Portfolio recently, with the stock weak into today’s update as investors worried about softer hardware conditions, margin pressure, freight costs and broader consumer weakness.

11/05/2026 08:57

Shawn’s Trade Idea: Buy Fortescue Limited (ASX: FMG) $21.27

We believe the risk/reward towards FMG is attractive targeting the $25 area, or 15-20% higher.

07/05/2026 09:24

Amcor (ASX:AMC) $52.70

Amcor rallied strongly in the US, up as much as 8.9%, after delivering a third-quarter result that was broadly in line for earnings, but the top line (revenue) was better, while importantly, its downgraded full-year guidance was not as bad as the market had feared.

07/05/2026 09:12

BHP Group Ltd (ASX:BHP) $56.39

The worlds largest miner is rarely far away from MM’s notes, and we last looked at it a few months ago, Here after its solid March quarter trading update. With iron ore trading above $US110, and Cu looking increasingly strong, BHP is in a great position to surprise on the upside, and we see no reason to reduce our position (s) at this stage.

06/05/2026 09:46

Active Income Portfolio – Amendments

We are tweaking our property exposure selling Centuria Capital (CNI) in the Active Income Portfolio, preferring Charter Hall (CLW) which is more defensive, and income-focused.

04/05/2026 09:19

Copper ($US/MT)

Copper has been one of the standout commodities through 2025/26, rallying to record highs early in this year before pulling back on Iran-related economic uncertainty, with prices stabilising around $US13,000/MT—only modestly below pre-conflict levels.

01/05/2026 09:05

Global X Semiconductor ETF (ASX:SEMI) $31.82

The SEMI ETF can be described as the “Picks & Shovels ETF Play” providing exposure to the world's leading semiconductor companies, spanning chip designers, manufacturers, and equipment providers, with heavyweights like NVIDIA, TSM and ASML Holdings (NASDAQ:ASML) major holdings. In simple terms, no AI model gets trained, no data centre gets built, and no smart device gets made without the chips SEMI's holdings produce, making it the most direct play on the raw computing power driving the entire AI buildout.

30/04/2026 09:48

APA Group (APA) $10.19

We discussed APA in detail in both March Here while also touching on its stable income stream for our income portfolio in April Here. This is a business that’s turned itself around nicely over the last year, allaying the markets concern around the sustainability of their dividend. We had originally targeted a move to $10, but the stock continues to screen well, supported by a strong yield.