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Active Income Portfolio

For those seeking a sustainable income strategy, with a difference.

About The Active Income Portfolio

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
Portfolio 1M 3M 6M 1Y 3Y pa ITD pa*
Active Income Portfolio -0.35% 7.18% 6.50% 12.11% 10.65% 9.06%
Target 7% 0.58% 1.75% 3.50% 7.00% 7.00% 7.00%
Difference -0.93% +5.43% +3.00% +5.11% +3.65% +2.06%
* Inception date 05/07/2017
Portfolio Holdings trade now
COMPANY CODE STOCK NAME WEIGHT (%) RISK TIME HORIZON ENTRY DATE ENTRY PRICE ($) LAST PRICE ($) DIVIDENDS ($) GAIN / LOSS (%)
ANZPI ANZ Capital Notes 6 4 Low Long 8/07/2021 100 0.00 2.4 -97.60
APA APA Group 4 Low Medium 29/09/2021 8.59 11.63 0.25 38.30
BHP BHP Group 8 Low Long 11/12/2019 38.56 42.76 6.63 28.09
BOQ Bank Of Queensland 6 Moderate Medium 04/11/2021 8.7 6.85 0.31 -17.70
CBA Commonwealth Bank 6 Moderate Medium 13/03/2020 61.33 93.00 8.55 65.58
CBAPG Commonwealth Bank Hybrid 5 Low Medium 09/04/2018 100 0.00 16.84 -83.16
CWNHB Crown Resorts Hybrid 4 Moderate Medium 26/05/2021 98.26 0.00 3.02 -96.93
GEM G8 Education 3 Moderate Medium 24/02/2022 1.29 1.09 0.04 -12.40
GSBG25 Aust. Govt. Bond 3.25% 21.04.2025 4 Low Long 11/05/2022 101.2 0.00 -100.00
IFL Insignia Financial 5 Moderate Medium 7/10/2020 3.59 2.82 0.4 -10.31
MFG Magellan Financial Group 3 Moderate Medium 11/11/2021 33.85 13.61 1.57 -55.16
MTS Metcash 5 Moderate Medium 9/12/2020 3.5 4.25 0.26 28.86
MXT MCP Master Income Trust 5 Low Long 9/10/2017 2 1.99 0.43 21.00
NABPF National Bank Hybrid 5 Low Long 21/03/2019 100 0.00 14.51 -85.49
OZBD BetaShares Australian Composite Bond ETF 5 Low Long 13/04/2022 46.2 0.00 0.21 -99.55
SIQ SmartGroup 5 Moderate Medium 25/02/2020 6.98 6.20 1.43 9.31
SGP Stockland 4 Moderate Medium 13/04/2022 4.18 3.67 -12.20
SSM Service Stream 3 High Medium 20/01/2021 1.77 0.87 0.04 -48.59
TCL Transurban Group 4 Moderate Medium 2/04/2020 11.82 14.41 0.53 26.40
TLS Telstra 7 Moderate Medium 07/09/2020 3.43 3.89 0.19 18.95
WES Wesfarmers 4 Moderate Long 03/05/2022 49.2 42.67 -13.27
Portfolio cash position: 1%
Recent Sales trade now
Company code STOCK NAME WEIGHT(%) RISK TIME HORIZON EXIT DATE ENTRY PRICE ($) CLOSE PRICE ($) DIVIDENDS ($) GAIN / LOSS (%)
WDS Woodside 1.45 High Medium 15/06/2022 29.76 32.54 2.3 17.05
IGL IVE Group Ltd 3 Moderate Medium 11/05/2022 2.28 1.8 0.66 7.89
AGL AGL Energy 3 Moderate Long 03/05/2022 5.35 8.38 0.16 59.63
NSR National Storage REIT 4 Moderate Medium 13/04/2022 2.04 2.65 0.09 34.31
XARO ActiveX Ardea Real Outcome Bon 5 Low Long 13/04/2022 26.47 25.28 1.6 1.55
AWC Alumina Ltd 4 Moderate Medium 24/02/2022 2.2 1.95 -11.36
DXS Dexus/AU 4 Low Long 25/11/2021 9.2 11.27 0.23 25
IAG Insurance Australia Group Ltd 6 Moderate Medium 11/11/2021 4.69 4.47 0.13 -1.92
NAB National Australia Bank Ltd 6 Moderate Long 4/11/2021 18.71 28.7 1.35 60.61
CBA Commonwealth Bank of Australia 1 Moderate Medium 29/09/2021 61.33 102.63 6.05 77.21
IFL IOOF Holdings Ltd 1 Moderate Medium 29/09/2021 3.59 4.34 0.23 27.3
NAB National Australia Bank Ltd 1 Moderate Long 29/09/2021 18.71 27.22 1.35 52.7
TLS Telstra Corp Ltd 3 Moderate Medium 13/09/2021 3.19 3.91 0.16 27.59
RIO Rio Tinto Ltd 5 Moderate Medium 09/06/2021 94.42 124.8 14.61 47.65
AMPPB AMP Ltd 4 Moderate Medium 26/05/2021 100 97.61 5.94 3.55
SUL Super Retail Group Ltd 4 Moderate Medium 05/05/2021 11.95 12.1 0.47 5.19
WES Wesfarmers Ltd 5 Moderate Medium 14/04/2021 37.3 54.98 2.61 54.4
NBI NB Global Corporate Income Tru 5 Low Long 14/04/2021 2 1.86 0.17 1.5
NAB National Australia Bank Ltd 3 Moderate Long 16/03/2021 18.71 26.27 0.49 43.03
ABP Abacus Property Group 4 Moderate Medium 10/03/2021 3.9 2.7 0.09 -28.46
SYD Sydney Airport 4 Moderate Long Term 20/01/2021 5.63 6.1 8.35
CLW Charter Hall Long WALE REIT 4 Low Long Term 20/01/2021 4.85 4.5 0.15 -4.12
MQGPD Macquaire Group 5 Low Long Term 10/11/2020 100 104.8 7.38 12.18
PPT Perpetual 3 High Medium Term 7/10/2020 42.89 29 7.15 -15.71
SUL Super Retail Group 3 High Medium Term 7/09/2020 6.11 10.6 0.28 78.07
WBC Westpac 7.5 Moderate Medium Term 27/08/2020 27.88 17.56 1.14 -32.93
WPL Woodside Petroleum 4 Moderate Medium Term 12/08/2020 34.6 20.41 1.93 -35.43
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Recent Opinion for the Income Portfolio

Current thinking around the MM Income Portfolio

We’re contemplating a number of amendments in the Income Portfolio as we position for what comes next.  Today’s portfolio update will simply detail our current thinking, not yet our planned actions:   

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Active Income Portfolio

The portfolio added +3.58%% for the week while cash remains at ~1%. APA Group (APA) +13.17% was strong, a move like that for a regulated utility is big, particularly when markets were rallying, normally APA enjoys a safe-haven bid, while Stockland (SGP) +11.95% & Service Stream (SSM) +9.09% were also performers. Metcash (MTS) reported FY22 results during the week and added 6.63% although...

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BHP Group (BHP) $42.98

BHP is now well and truly the “Big Australian” as it used to be referred to back on the old trading floor days when the chalkies used to affectionately call it the “Hills” – following the consolidation of its dual listing BHP now represents around 10% of the ASX200. For fund managers who are benchmarked to the index calling BHP correctly month to month will have a significant impact on their performance – not always an easy job when its currently swinging around 10% week to week.

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Magellan Financial Group (MFG) $13.82

MFG has kept falling over the last 12 months as the news around Hamish Douglass, hefty withdrawals and poor performance have weighed on the stock. To put things in perspective, FUM has fallen over 40% from its peak last August and more appears likely. The stock is now cheap if you believe Kirsten Morton can steady the ship but like an oil tanker it will take time to change direction, and in our opinion, this is one for the aggressive investors or traders until further notice

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Commonwealth Bank (CBA) $93.74

The Australian banks have been hit hard since some influential analysts reined in their forecasts for the “Big 4”, even after the recovery over the last few days the majors remain down more than 10% for June. MM is mildly underweight the sector which feels ok at present but using CBA as a yardstick we currently would be an accumulator around $85 and a seller in the $95 region.

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Metcash (MTS) $4.30

MTS +4.12: The often forgotten poor cousin of Woolies & Coles reported FY22 earnings today that were ahead of expectations. Sales & earnings were a beat for the full year while sales growth of +8.6% to start 1H23 was also solid. All food divisions did well with market share growth evident while hardware enjoyed a  strong period across both trade & DIY despite rising inflation, weather, tight labour & product supply. The dividend of 21.5cps...

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Crown Hybrids (CWNHB) $101.85

CWNHB +1.99%: As part of the Blackstone takeover of Crown which is now completing, Crown today announced the redemption of the CWNHB at the price of $102.75 which represents the $100 face value plus deferred interest payments. The outcome is what we expected and a good result for the Market Matters Income Portfolio having bought the notes below par a year ago. We will now look to redeploy the 4% of the portfolio allocation held in this position.

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Active Income Portfolio

The portfolio fell -1.67% for the week while cash remains at ~1%. Magellan (MFG) +6.79% the biggest winner from an absolute perspective although our position is a small one, while Wesfarmers (WES) +2.17% & G8 Education (GEM) +1.92% recovered some recent losses, the biggest drag was novated leasing and salary packing provider Smartgroup (SIQ) which fell by -18.55% following the loss of a contract and unrelated ~8% earnings downgrade – we covered SIQ here

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MCP Master Income Trust (MXT) $1.87

We hold this security in the Income Portfolio as a high yielding, defensive fixed-income position that has provided consistent returns since we invested at $2 in the initial listing back in 2017. Recently, there has been some selling pressure pushing the price of the trust down to $1.70, which equates to a ~15% discount to its underlying net asset value of ~$2. Metrics collectively manages around ~$7bn, with around $1.8bn...

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Flagship Growth Portfolio

The MM Flagship Growth Portfolio slipped -2.65% last week inline with the market while our cash position remains at 1%. Newcrest Mining (NCM) managed to rally +2.3% along with Bank of Queensland (BOQ) +1.4% and TPG Telecom (TPG) +1%, the losers corner was a little more crowded following the markets decline with HUB24 (HUB) -11%, Xero (XRO) -7.8% and BHP Group (BHP) -7.4% catching our attention for the wrong reasons.

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History of Actions for the Income Portfolio

BHP
UPDATED 29/06/2022 09:41
MM likes BHP into weakness below $40
Add To Hit List
MTS
UPDATED 28/06/2022 12:55
MM remains bullish & long MTS in the Income Portfolio
Add To Hit List
MFG
UPDATED 28/06/2022 12:34
MM is neutral MFG around $14
Add To Hit List
CBA
UPDATED 28/06/2022 12:32
MM likes CBA into fresh lows for 2022
Add To Hit List
CWNHB
UPDATED 24/06/2022 17:15
The CWNHB are being redeemed at $102.75 as MM expected
Add To Hit List
MXT
UPDATED 22/06/2022 17:18
MM remains very comfortable with our 5% weighting in MXT, if we did not own it, we would buy ~$1.80
Add To Hit List
BHP
UPDATED 21/06/2022 09:40
MM likes BHP into weakness under $40
Add To Hit List
CBA
UPDATED 18/06/2022 18:10
MM is not planning to increase our CBA exposure
Add To Hit List
SIQ
UPDATED 18/06/2022 18:06
MM is reviewing our SIQ holding in the Income Portfolio
Add To Hit List
TLS
UPDATED 16/06/2022 17:10
MM is bullish and long Telstra & TPG
Add To Hit List
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