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	9.06	1.13	-1.09	35.87
AMC	Amcor	4	Moderate	Medium	27/10/2025	62.70	54.86	0.93	0.24	-11.02
ANZ	ANZ Group	5	Moderate	Medium	18/12/2024	29.36	36.79	2.16	-1.50	32.66
AN3PI	ANZ Capital Notes 6	6	Low	Long	8/07/2021	100.33	102.75	24.88	0.05	27.21
APA	APA Group	5	Moderate	Medium	26/05/2023	9.82	10.32	1.44	-1.99	19.76
BHP	BHP Group	8	Moderate	Long	11/12/2019	40.38	57.95	17.42	-0.97	86.65
CLW	Charter Hall Long Wale REIT	4	Moderate	Long	06/05/2026	3.55	3.50		-1.69	-1.41
DBI	Dalrymple Bay Infrastructure	4	Moderate	Medium	10/10/2024	3.37	5.23	0.34	-0.76	65.28
DN1	Dominion Income Trust 1	5	Low	Medium	18/06/2025	101.40	99.93	6.00	-0.03	4.47
FMG	Fortescue Metals	4	Moderate	Medium	27/06/2024	21.62	21.27	2.55	-0.70	10.18
GQG	GQG Partners	3	Moderate	Medium	08/08/2025	1.75	1.63	0.07	-4.12	-2.86
JBH	JB Hi Fi	4	Moderate	Medium	26/02/2026	83.98	73.29	3.00	-1.58	-9.16
MGR	Mirvac	4	Moderate	Medium	10/03/2026	1.875	1.70		-2.30	-9.33
MTS	Metcash	4	Moderate	Medium	9/12/2020	3.50	2.74	1.28	-1.08	14.86
NABPI	NAB Capital Notes 6	5	Low	Long	13/07/2022	98.94	104.17	24.64	-0.09	30.19
NHC	New Hope Coal	4	High	Medium	22/11/2022	5.55	5.03	1.97	-1.18	26.13
PCI	Perpetual Credit Income Trust	5	Low	Long	17/07/2024	1.11	1.09	0.12	-0.46	9.01
SOL	Soul Pattinson (W.H)	4	Moderate	Long	05/02/2026	37.68	43.54	0.68	1.37	17.36
SUN	Suncorp Group	5	Moderate	Medium	11/12/2025	17.07	16.65	0.24	-2.29	-1.05
SUNPI	Suncorp Hybrid	5	Low	Medium	09/04/2024	101.51	101.91	3.28	0.01	3.63
WBCPK	Westpac Hybrid	5	Low	Long	7/09/2022	100.40	103.15	26.06	-0.10	28.70

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

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

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.

30/04/2026 09:45

AGL Energy Ltd (ASX:AGL) $9.48

We looked at AGL after their solid result in February Here and not much has changed since. The current oil shock is a modest net positive for AGL in the near term - elevated wholesale prices are flowing directly to the bottom line, and the company's generation portfolio is well positioned to capture that upside. The risk is on the retail side and from Canberra, where a government facing a cost-of-living election environment may intervene to cap energy prices, which would be the single biggest threat to AGL's current earnings trajectory.

29/04/2026 09:28

Suncorp Group (ASX:SUN) $16.77

Insurance is a good business when pricing is disciplined and claims are benign, but natural perils can quickly change the earnings profile in any given year. That was evident in the first half for SUN, where elevated catastrophe claims pushed reported insurance trading margins to their lowest level in more than a decade – and they were forced to cut the dividend.

24/04/2026 16:38

Suncorp (SUN) $17.05

SUN +4.47%: moved higher after reaffirming FY26 guidance, with the insurer continuing to expect its underlying insurance trading ratio at the top end of the 10–12% range despite elevated natural hazard claims.

24/04/2026 16:37

Fortescue Metals (FMG) $19.78

FMG -5.67%: delivered a solid March quarter, with the core Pilbara hematite business again doing the heavy lifting, while weather disruptions weighed on Iron Bridge and prompted a downgrade to FY shipment guidance for that higher-grade product.