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 31/03/2026 19:00
Portfolio	1M	6M	1y	3y	5y pa	ITD pa	Total
ACTIVE INCOME	-1.70%	4.65%	17.37%	11.04%	10.48%	9.36%	119.70%
RBA CASH RATE +4%	0.66%	3.80%	7.77%	7.79%	6.85%	5.56%	61.00%
VALUE ADD	(2.36%)	+0.85%	+9.60%	+3.25%	+3.63%	+3.80%	+58.70%

* Inception date 05/07/2017

**Portfolio Holdings** 20 MINUTES DELAYED trade now
CODE	NAME	WEIGHT (%)	RISK	TERM	BUY DATE	BUY PRICE ($)	LAST PRICE ($)	DIVIDENDS ($)	GAIN / LOSS (%)
AGL	AGL Energy	4	Moderate	Long	23/02/2023	7.50	9.67	1.13	44.00
AMC	Amcor	4	Moderate	Medium	27/10/2025	62.70	58.28	0.93	-5.57
ANZ	ANZ Group	5	Moderate	Medium	18/12/2024	29.36	38.84	2.16	39.65
AN3PI	ANZ Capital Notes 6	6	Low	Long	8/07/2021	100.33	102.30	24.88	26.76
APA	APA Group	5	Moderate	Medium	26/05/2023	9.82	9.99	1.44	16.40
BHP	BHP Group	8	Moderate	Long	11/12/2019	40.38	53.98	17.42	76.82
CNI	Centuria Capital Group	4	Moderate	Medium	29/07/2022	2.065	1.56	0.27	-11.38
DBI	Dalrymple Bay Infrastructure	4	Moderate	Medium	10/10/2024	3.37	5.26	0.34	66.17
DN1	Dominion Income Trust 1	5	Low	Medium	18/06/2025	101.40	99.00	5.34	2.90
FMG	Fortescue Metals	4	Moderate	Medium	27/06/2024	21.62	20.26	2.55	5.50
GQG	GQG Partners	3	Moderate	Medium	08/08/2025	1.75	1.78	0.07	5.71
JBH	JB Hi Fi	4	Moderate	Medium	26/02/2026	83.98	75.21	3.00	-6.87
MGR	Mirvac	4	Moderate	Medium	10/03/2026	1.875	1.73		-7.73
MTS	Metcash	4	Moderate	Medium	9/12/2020	3.50	3.04	1.28	23.43
NABPI	NAB Capital Notes 6	5	Low	Long	13/07/2022	98.94	103.90	24.64	29.92
NHC	New Hope Coal	4	High	Medium	22/11/2022	5.55	5.18	1.97	28.83
PCI	Perpetual Credit Income Trust	5	Low	Long	17/07/2024	1.11	1.07	0.12	7.21
SOL	Soul Pattinson (W.H)	4	Moderate	Long	05/02/2026	37.68	42.98		14.07
SUN	Suncorp Group	5	Moderate	Medium	11/12/2025	17.07	16.18	0.24	-3.81
SUNPI	Suncorp Hybrid	5	Low	Medium	09/04/2024	101.51	102.20	3.28	3.91
WBCPK	Westpac Hybrid	5	Low	Long	7/09/2022	100.40	103.22	26.06	28.76

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 (%)
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

10/04/2026 09:17

Global X Semiconductor ETF (ASX:SEMI) $27.00

The Global X Semiconductor ETF (ASX: SEMI) is the most concentrated and highest-conviction AI infrastructure play available to Australian investors on the ASX. It tracks the Solactive Global Semiconductor 30 Index, a deliberately tight portfolio of ~30 global semiconductor leaders spanning chip design, manufacturing, and equipment. The top five holdings are TSMC 10.2%, ASML 9.2%, Broadcom 9,0%, NVIDIA at 8.5%, and Micron 7.8%.

08/04/2026 09:55

Fortescue Ltd (ASX:FMG) $20.68

As we mentioned we hold BHP in our Active Income Portfolio with the iron ore exposure supported by pure play FMG, i.e. currently 12% of our income portfolio has iron ore exposure. This is a simpler story than BHP and Rio, with FMG offering direct leverage to iron ore. As the chart below illustrates, if prices hold above ~$US100, the stock should benefit, supported by an attractive ~6% fully franked yield.

08/04/2026 09:53

BHP Group Ltd (ASX:BHP) $52.92

02/04/2026 09:43

Super Retail Group Ltd (ASX:SUL) $12.86

SUL delivered a sold 1H result in late February Here, pushing the stock up over 8% which importantly pointed to a clear improvement in trading momentum early in the second half, before the war! The retail sector has struggled through March as the war pushes up inflation concerns, bond yields and the prospect of three RBA rate hikes before Christmas.

31/03/2026 09:40

New Hope Corp Ltd (NHC) $6.11

NHC has reveled in the strong coal price with the stock up more than 50% year-to-date. We covered the stock in detail Here after they reported this month, with the conclusion being we expect earnings growth to track higher production, which will feed into ongoing dividend growth, which is why MM owns the stock. Some consolidation feels overdue, but we wouldn’t fight the bullish trend.

25/03/2026 09:39

Where is value (and resilience) in the MM Income Portfolio?

The Active Income Strategy continues to do what it’s designed to do, deliver high, consistent income with capital growth over time, while cushioning volatility when markets get tougher – as they are currently.

25/03/2026 09:37

APA Group (APA) $9.54

So far in what's been an extremely eventful March, the ASX200 is down -8.9%, yet APA Group (APA) is up +3.7%, Telstra (TLS) +3.1%, while the local 3s have popped more than the equivalent of two rate hikes to 4.73%. Typically, when bond yields rise and expectations for RBA hikes increase, rate-sensitive stocks come under pressure.

24/03/2026 09:14

BHP Group (BHP) $47.11

BHP delivered a solid 1H FY26 result in February, with revenue and underlying profit broadly in line with expectations, while beating on the dividend. Operationally, production across iron ore and copper rose modestly, but the key highlight was the earnings mix, with copper now contributing 51% of group earnings. Guidance was also upgraded at key copper assets, reinforcing the improving momentum in this growth division.

24/03/2026 09:12

Fortescue Ltd (FMG) $19.05

Fortescue rallied after delivering a high-quality result in February, with strong earnings, expanding margins and a dividend ahead of expectations, all underpinned by its industry-leading cost base. While most operational metrics were already flagged, the key standout was cash generation, with free cash flow more than doubling year-on-year and the balance sheet remaining conservatively geared.

18/03/2026 09:34

New Hope Corp (NHC) $4.96

The 1H26 result from NHC wasn’t pretty on the headline numbers, and the market’s first reaction was to sell the stock down over 10%, but we argue this result was not unexpected given weakness in coal prices during the reporting period, meeting higher costs, which obviously impacts earnings. When we look through the windscreen (not the rear-view mirror), things look better.