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 30/06/2026 19:00
Portfolio	1M	6M	1y	3y	5y pa	ITD pa	Total
ACTIVE INCOME	1.26%	4.61%	16.62%	11.83%	10.01%	9.67%	129.1%
RBA CASH RATE +4%	0.67%	3.94%	7.84%	7.82%	6.66%	5.59%	63.0%
VALUE ADD	+0.59%	+0.67%	+8.78%	+4.01%	+3.35%	+4.08%	+66.1%

* 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	8.23	1.13	-0.48	24.80
AMC	Amcor	4	Moderate	Medium	27/10/2025	62.70	67.16	1.84	-1.29	10.05
ANZ	ANZ Group	5	Moderate	Medium	18/12/2024	29.36	37.73	3.26	-1.00	39.61
AN3PI	ANZ Capital Notes 6	6	Low	Long	8/07/2021	100.33	102.85	26.45	-0.18	28.87
APA	APA Group	5	Moderate	Medium	26/05/2023	9.82	9.91	1.44	-0.90	15.58
BHP	BHP Group	8	Moderate	Long	11/12/2019	40.38	62.97	17.42	0.24	99.08
CLW	Charter Hall Long Wale REIT	4	Moderate	Long	06/05/2026	3.55	3.84		0.79	8.17
DBI	Dalrymple Bay Infrastructure	4	Moderate	Medium	10/10/2024	3.37	5.55	0.40	-2.46	76.56
DN1	Dominion Income Trust 1	5	Low	Medium	18/06/2025	101.40	99.50	6.62	0.40	4.65
FMG	Fortescue Metals	4	Moderate	Medium	27/06/2024	21.62	18.02	2.55	-2.33	-4.86
GQG	GQG Partners	3	Moderate	Medium	08/08/2025	1.75	1.44	0.10	-0.35	-12.00
JBH	JB Hi Fi	4	Moderate	Medium	26/02/2026	83.98	84.36	3.00	-0.27	4.02
MGR	Mirvac	4	Moderate	Medium	10/03/2026	1.875	1.81	0.05	-0.28	-0.80
MTS	Metcash	4	Moderate	Medium	9/12/2020	3.50	3.15	1.28	0.96	26.57
NABPI	NAB Capital Notes 6	5	Low	Long	13/07/2022	98.94	105.80	26.49	-0.06	33.71
NHC	New Hope Coal	4	High	Medium	22/11/2022	5.55	5.21	1.97	0.77	29.37
PCI	Perpetual Credit Income Trust	5	Low	Long	17/07/2024	1.11	1.10	0.12	-0.45	9.91
SOL	Soul Pattinson (W.H)	4	Moderate	Long	05/02/2026	37.68	46.74	0.68	0.19	25.85
SUN	Suncorp Group	5	Moderate	Medium	11/12/2025	17.07	19.34	0.24	-0.26	14.70
SUNPI	Suncorp Hybrid	5	Low	Medium	09/04/2024	101.51	102.98	5.92	-0.02	7.28
WBCPK	Westpac Hybrid	5	Low	Long	7/09/2022	100.40	104.75	26.06	-0.14	30.29

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

04/08/2026 09:28

Korean KOSPI Index

The KOSPI fell more than -5% on Monday, giving back part of Friday's record +18% bounce as traders locked in short-term profits and further unwound leverage-driven positions. Samsung Electronics and SK Hynix each dropped around 9%, while foreign investors were net sellers, retail investors bought the dip.

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 09:36

Korean KOSPI Index

The Korean KOSPI experienced another wild ride on Wednesday before finishing the session down 6%, extending its brutal two-day selloff. Despite SK Hynix reporting a record quarterly operating profit of ₩60.5 trillion, the result missed consensus expectations (₩64.2 trillion), and its announcement of at least US$31 billion in capital expenditure sparked concerns that AI spending will not deliver returns.

27/07/2026 09:45

Korean KOSPI Index

Not surprisingly, the KOSPI was the most volatile major index globally last week, swinging in a nearly 12% range. The index closed the week down just ~1.7% but it felt far worse at times. This time the sell-off was driven by a global reassessment of AI valuations following the launch of China's Moonshot Kimi K3 model, with the KOSPI hit particularly hard due to its heavy exposure to Samsung Electronics and SK Hynix. Also, the rise of leveraged ETFs tracking both stocks intensified the move, forcing mechanical selling into a falling market and accelerating the broader rout.

24/07/2026 17:01

Centuria Capital (CNI) $1.455

CNI - 8.01%: It's been a terrible week for Centuria Capital (CNI), with the stock hitting a fresh 52-week low today. The sell-off has been driven primarily by a damaging private-credit controversy, amplified by the recent capital raising, with a deteriorating Australian property backdrop putting the cherry on a very sour tasting cake.

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.

20/07/2026 09:28

Semiconductors

Semiconductors have dominated the financial press this month, as the “AI Trade” unwound dramatically with the Korean KOSPI correcting more than 30% in a few volatile weeks. Leverage has been a huge issue here after South Korea introduced single-stock leveraged ETFs on SK Hynix and Samsung Electronics in late May. The products attracted huge inflows into the “Hot Stocks”, with leveraged ETF assets in South Korea more than tripling to KRW 35.4 trillion by end of May 2026.

16/07/2026 09:09

BHP Group Ltd (ASX: BHP) $60.69

BHP has regained its “mojo” in the last five trading sessions after being weighed down by a soft copper price as tensions flared between the US and Iran, plus a strike set to commence at BHP's Port Hedland Bulk Export Terminal. Unfortunately, we can see plenty of industrial action over the coming years, with AI set to replace thousands of jobs. BHP is already well underway in reducing its headcount at its Escondida copper pit in Chile; the site went fully autonomous in January 2026 with 33 autonomous trucks and 11 autonomous drills operating around the clock.

16/07/2026 09:03

Fortescue Ltd (ASX: FMG) $19.08

FMG (-23%) has corrected deeper than most ASX miners in 2026 as iron ore dipped below US$100/MT, but we think it represents good value at current levels, especially for income, with the miner forecast to yield ~6% fully franked over the next 12-monmths - MM holds FMG in the Income Portfolio.

15/07/2026 09:45

GQG Partners Inc (ASX: GQG) $1.40

This week GQG reported FUM of $156.0bn as at June 30, 2026, down 4.5% month-on-month, and down 9.5% year-on-year from $172.4bn at June 2025. Net outflows of $3.2bn in June were the largest monthly outflow in 2026, marking 12 consecutive months of net redemptions a significant redemption cycle for a business whose revenue is almost entirely management-fee driven. Like all fund managers, GQG generates earnings from the money it manages, and as this falls, so does the company's profitability, but with the stock trading ~20% below its long-term valuation, it's priced for more bad news, and too pessimistically in our opinion, assuming it can stem the outflows.