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 31/08/2026 19:00
Portfolio	1M	6M	1y	3y	5y pa	ITD pa	Total
ACTIVE INCOME	0.81%	3.94%	9.09%	11.58%	9.76%	9.67%	132.80%
RBA CASH RATE +4%	0.70%	4.11%	7.94%	7.84%	6.79%	5.61%	64.8%
VALUE ADD	+0.11%	(0.74%)	+1.15%	+3.74%	+2.97%	+4.06%	+68.00%

* 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	8.45	1.50	0.72	32.67
AMC	Amcor	4	Moderate	Medium	27/10/2025	62.70	59.42	1.84	0.12	-2.30
ANZ	ANZ Group	5	Moderate	Medium	18/12/2024	29.36	37.68	3.26	-0.26	39.44
AN3PI	ANZ Capital Notes 6	6	Low	Long	8/07/2021	100.33	101.86	27.86	-0.21	29.29
APA	APA Group	5	Moderate	Medium	26/05/2023	9.82	10.93	1.44	1.39	25.97
BHP	BHP Group	8	Moderate	Long	11/12/2019	40.38	61.05	19.39	1.40	99.21
CLW	Charter Hall Long Wale REIT	4	Moderate	Long	06/05/2026	3.55	3.38	.06	-0.59	-3.10
DBI	Dalrymple Bay Infrastructure	4	Moderate	Medium	10/10/2024	3.37	5.42	0.46	0.93	74.48
DN1	Dominion Income Trust 1	5	Low	Medium	18/06/2025	101.40	99.21	8.62	-0.19	6.34
FMG	Fortescue Metals	4	Moderate	Medium	27/06/2024	21.62	16.73	3.20	-0.12	-7.82
GQG	GQG Partners	3	Moderate	Medium	08/08/2025	1.75	1.07	0.18	2.88	-28.57
MGR	Mirvac	4	Moderate	Medium	10/03/2026	1.875	1.75	0.05	-1.97	-4.00
MTS	Metcash	4	Moderate	Medium	9/12/2020	3.50	2.82	1.41	-0.70	20.86
NABPI	NAB Capital Notes 6	5	Low	Long	13/07/2022	98.94	104.25	30.33	-0.14	36.02
NHC	New Hope Coal	4	High	Medium	22/11/2022	5.55	6.38	1.97	-0.93	50.45
PCI	Perpetual Credit Income Trust	5	Low	Long	17/07/2024	1.11	1.10	0.14	-0.90	11.71
WBC	Westpac	5	Moderate	Medium	04/09/2026	35.01	34.75		-0.23	-0.74
SOL	Soul Pattinson (W.H)	4	Moderate	Long	05/02/2026	37.68	45.08	0.68	1.71	21.44
SUN	Suncorp Group	5	Moderate	Medium	11/12/2025	17.07	19.31	1.00	0.47	18.98
SUNPI	Suncorp Hybrid	5	Low	Medium	09/04/2024	101.51	101.57	7.78	-0.04	7.72
WBCPK	Westpac Hybrid	5	Low	Long	7/09/2022	100.40	103.57	27.92	0.10	30.97

Portfolio cash position: 2%

**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 (%)
JBH	JB Hi-Fi	Sold 4% position	Moderate	Medium	18/08/2026	83.98	72.26	3	-10.4
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

18/09/2026 09:33

Westpac Banking Corp (ASX: WBC) $34.83

We covered WBC’s disappointing August 3Q26 trading update here, and the stock has underperformed its peers since, as is generally the case in the current market.

16/09/2026 09:26

New Hope Corporation (ASX: NHC) $6.47

New Hope’s FY26 result released yesterday was broadly in line at the earnings level, but the more important story is the setup into FY27. Earnings fell sharply as realised coal prices declined and costs rose through the New Acland ramp-up, but production increased, the balance sheet strengthened and coal prices have already rebounded materially since year-end.

09/09/2026 09:30

Centuria Capital (ASX: CNI) $1.305

Centuria (CNI) has been under significant pressure in recent months, with the shares now trading around half their 12-month high. While the FY26 result itself was respectable, the market is increasingly focused on private credit, and specifically Centuria Bass’ exposure to the troubled Bathla Group.

08/09/2026 09:36

Portfolio Amendment – Active Growth Portfolio

Following BHP’s strong run and our recent addition to other resource holdings (S32 & PLS), we’re taking some profits, reducing the position back to an 8% portfolio weight. We are still retaining a meaningful holding given our continued positive view on the company, and the outlook for commodities, particularly copper.

08/09/2026 09:32

Portfolio Amendment – Active Income Portfolio

When a stock rallies strongly, our prevailing portfolio weight will progressively increase above our target weight - which has occurred in BHP. We are today reinforcing our target 8% portfolio weight in BHP for the Active Income Portfolio, which means we are trimming our position.

08/09/2026 09:27

BHP Group (ASX: BHP) $62.93

We covered BHP’s strong FY26 result here; since then, despite the advance in copper and iron ore, the “Big Australia” is basically unchanged, considering it’s $1.38c fully franked dividend last week. BHP has evolved into more of a copper company, as opposed to iron ore, over the last few years, but despite both commodities advancing, the recent rally has been significant, pushing our prevailing weights in both the Growth & Income Portfolio’s well above target.

08/09/2026 09:26

Fortescue Ltd (FMG) $17.77

We covered iron ore miner FMG’s solid FY26 result here, with our view at the time still relevant today: “FMG remains a leveraged exposure to iron ore and China. We think the stock looks fair rather than compelling here.” China and iron ore have improved the backdrop this week for FMG, but not in a meaningful way for us to consider the stock for our growth portfolio.

01/09/2026 09:30

New Hope Corp Ltd (ASX: NHC) $6.03

New Hope (NHC) is primarily a thermal coal producer. Its two QLD operating mines both produce thermal coal for export and domestic power generation. The miner has been one of the ASX’s standout performers in 2026, rallying ~49% YTD from ~$4 as stronger thermal coal prices, solid operational delivery and improving broker sentiment drove a significant re-rating.

27/08/2026 17:53

Centuria Capital (ASX: CNI) $1.19

CNI -10.53%: Was hit hard after slightly missing EPS estimates, despite management guiding to a meaningful lift in profit in FY27. Today's reaction is overwhelmingly about Centuria Bass Credit and its A$278m exposure to collapsed developer Bathla.

26/08/2026 09:29

Westpac Banking Corp (ASX: WBC) $34.02

Westpac has now fallen ~20% from its recent highs as sentiment towards the banks has deteriorated sharply. The trigger has been a sudden slowdown in lending activity, particularly mortgages, with application volumes dropping materially across the majors. The market’s concern is straightforward: if credit growth slows sharply, revenue momentum follows, while costs and investment spend remain sticky.