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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 (1.33%) 3.08% 2.74% 7.33% 9.58% 8.10%
RBA CASH RATE +4% 0.65% 2.05% 4.07% 8.08% 5.83% 5.17%
VALUE ADD (1.98%) +1.03% (1.33%) (0.75%) +3.75% +2.93%
* Inception date 05/07/2017
Portfolio Holdings trade now
COMPANY CODE STOCK NAME WEIGHT (%) RISK TIME HORIZON ENTRY DATE ENTRY PRICE ($) LAST PRICE ($) DIVIDENDS ($) DAILY CHANGE (%) GAIN / LOSS (%)
AGL AGL Ltd 4 Moderate Long 23/02/2023 7.50 8.94 0.43 1.82 24.93
ANZPI ANZ Capital Notes 6 6 Low Long 8/07/2021 100.33 103.10 12.38 0.00 15.10
APA APA Group 5 Moderate Medium 26/05/2023 9.82 8.29 0.56 0.36 -9.88
BHP BHP Group 8 Moderate Long 11/12/2019 40.38 43.59 13.52 2.78 41.43
CBA Commonwealth Bank 6 Moderate Medium 13/03/2020 61.33 115.78 21.05 -0.58 123.10
CBAPG Commonwealth Bank Hybrid 5 Low Medium 09/04/2018 100 102.31 33.46 -0.04 35.77
CNI Centuria Capital Group 4 Moderate Medium 29/07/2022 2.065 1.79 0.17 -0.83 -5.08
DXS Dexus Property Group 4 Moderate Medium 13/12/2022 8.02 7.62 0.52 0.79 1.50
GSBG25 Aust. Govt. Bond 3.25% 21.04.2025 6 Low Long 11/05/2022 100.54 100.71 3.79 0.33 3.94
MTS Metcash 5 Moderate Medium 9/12/2020 3.5 3.88 0.88 -0.77 36.00
NAB National Australia Bank 7 Moderate Medium 15/12/2022 29.64 33.94 2.39 -0.26 22.57
NABPF National Bank Hybrid 5 Low Long 21/03/2019 100 104.20 27.61 -0.15 31.81
NABPI NAB Capital Notes 6 5 Low Long 13/07/2022 98.94 102.59 11.77 -0.28 15.59
NHC New Hope Coal 4 High Medium 22/11/2022 5.55 4.60 0.80 3.84 -2.70
ORA Orora 4 Moderate Medium 16/11/2023 2.56 2.65 0.05 2.32 5.47
OZBD BetaShares Australian Composite Bond ETF 5 Low Long 13/04/2022 45.28 44.23 2.51 0.23 3.22
TLS Telstra Group 5 Low Medium 9/06/2021 3.43 3.78 0.80 -1.05 33.53
WBCPK Westpac Hybrid 5 Low Long 7/09/2022 100.40 101.50 11.65 -0.04 12.70
Portfolio cash position: 7%
Recent Sales trade now
Company code STOCK NAME WEIGHT(%) RISK TIME HORIZON EXIT DATE ENTRY PRICE ($) CLOSE PRICE ($) DIVIDENDS ($) GAIN / LOSS (%)
MFG Magellan Financial Group 4 High Medium 08/01/2024 8.73 9.09 0.93 14.78
WES Wesfarmers Ltd 4 Moderate Long 16/11/2023 47.85 53.94 4.16 21.42
GEM G8 Education 3 Moderate Medium 22/08/2023 1.29 1.08 0.06 -11.63
PPT Perpetual 4 Moderate Medium 27/06/2023 24.7 25.4 2.83
MXT MCP Master Income Trust 5 Low Long 15/06/2023 2 1.91 0.49 20
AGL AGL Energy 1 Moderate Medium 21/04/2023 6.95 8.59 23.6
TLS Telstra Corp Ltd 2 Moderate Medium 21/04/2023 3.43 4.27 0.3 33.24
WES Wesfarmers Ltd 2 Moderate Medium 21/04/2023 47.85 52.01 2.69 14.32
SGP Stockland 4 Moderate Medium 08/02/2023 4.18 4.01 0.26 0.22
PDL Pendal Group 4 Moderate Medium 12/01/2023 4.2 3.61 1.67 25.71
BHP BHP Group 2 Moderate Long 08/12/2022 38.56 46.42 10.16 46.73
AGL AGL Energy 3 Moderate Medium 08/12/2022 6.83 8.07 18.15
APA APA Group 4 Moderate Medium 08/12/2022 9.75 11.03 13.12
SSM Service Stream 4 High Medium 22/11/2022 1.565 0.745 0.05 -49.2
BOQ Bank of QLD 6 Moderate Medium 17/08/2022 8.7 7.37 0.31 -11.72
APA APA Group 4 Low Medium 10/08/2022 8.59 12.14 0.53 47.5
CWNHB Crown Resorts Hybrid 4 Moderate Medium 29/07/2022 98.26 102.75 3.02 7.64
IFL Inisgnia Financial 5 Moderate Medium 13/07/2022 3.59 2.73 0.4 -12.81
MFG Magellan Financial Group 3 Moderate Medium 13/07/2022 33.85 12.15 1.57 -59.47
SIQ Smart Group 5 Moderate Medium 13/07/2022 6.98 6.62 1.43 15.19
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
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Recent Opinion for the Income Portfolio

Interest Rates / Bond Yields

Australian 10-years edged higher last week following the robust US economic data, but they appear comfortable around 4%, where they’ve spent most of 2024. Over the last 18-months, the 4% area has been the average yield for the 10s, with 1% swings either side. Our preferred scenario moving forward is another foray on the downside, which would unfold if the RBA gets inflation firmly under control.

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National Australia Bank (NAB) $33.50

NAB fell 2.8% on Thursday, better than Westpac & ANZ's 3.8% decline but still enough to have a meaningful impact on the index, accounting for 10-points of the ASX200’s decline.

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Commonwealth Bank (CBA) $116.22

CBA is often referred to as the most expensive bank in the world, but ever since it floated at $5.40 in 1991, the company has yet to do anything to warrant losing this tag. It is definitely not cheap, but when we combine a fully franked yield of almost 4% with the stability of Australia’s largest bank, it's hard to imagine aggressive selling following Macquarie’s note, especially considering the tax ramifications for many with the stock around its all-time high.

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Telstra Group Ltd (TLS) $3.78

Telstra’s 1H24 result was a slight miss, while FY24 guidance was updated towards the lower end of prior guidance. Hence, the stock has drifted lower over recent weeks. Also, TLS is regarded as a defensive stock, and as markets post fresh all-time highs, we are currently in a more “risk-on” environment which doesn’t help the telcos' relative performance. However, the dividend was lifted to 9c, putting the stock on a yield close to 5%.

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Metcash Ltd (MTS) $3.93

MTS held a well-attended investor day yesterday, which speaks to the increasing interest in the stock. Tuesday was company presentations, putting more meat on the bones of their strategy, while today will be site visits, probably less well attended! We’ve owned MTS in the Income Portfolio since 2020, and we think the business has improved over that time and should be trading on a higher multiple of a growing earnings stream.

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National Australia Bank (NAB) $34.03

All the banks received some selling attention on Monday, with NAB one of the worst, falling -3.1%, although it's still up ~12% year-to-date with an attractive dividend looming in May. At this stage, Monday's drop represents no more than a blip within a bull market, and if we had no position buying under $33 would look interesting before the run into Mays dividend.

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Interest Rates / Bond Yields

Australian shorter-dated yields edged lower following Powell and Lagarde's dovish rhetoric. As the saying goes, “Don’t fight the Fed.” In this case, it’s the Fed, ECB, and BOE! If we see a market-friendly US CPI this week, bond yields could easily make fresh 2024 lows.

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National Australia Bank (NAB) $33.88

NAB made fresh 9-year highs yesterday, and it remains a bullish trend MM is happy to ride. The banks continue to deliver solid results with excess capital and a very benign environment for bad debts providing a tailwind, and with NAB forecast to yield ~5.7% fully franked over the next 12-months, we see no reason to take profits at this stage.

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Centuria Capital (CNI) $1.52

The property fund manager reported last week with results that were ‘as expected’ in terms of financial metrics, which we covered here; however, the stock has pulled back sharply after the update. Why? It’s always easier to explain why something happened after the fact, hindsight trading at its best, something many of our competitors are very good at in their hypothetical portfolios!

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APA Group (APA) $8.26

APA -1.23%: shares edged higher today after falling initially on a result that was inline with expectations while they maintained guidance. 1H24 earnings (EBITDA) of $840m was solid as was the 26.5cps dividend. The regulated utility said they were on track to deliver full-year underlying Ebitda of $1.87-1.91bn versus the current consensus of $1.876bn, along with a FY24 dividend of 56cps, putting it on a 6.8% yield.

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History of Actions for the Income Portfolio

OZBD
UPDATED 18/03/2024 13:31
MM remains bearish toward Australian bond yields in the medium-term
Add To Hit List
CBA
UPDATED 15/03/2024 09:34
MM remains long and bullish CBA
Add To Hit List
NAB
UPDATED 15/03/2024 09:34
MM remains long and bullish NAB
Add To Hit List
TLS
UPDATED 14/03/2024 08:44
MM continues to like TLS as an Income stock through 2024
Add To Hit List
MTS
UPDATED 13/03/2024 12:32
MM remains long and bullish on MTS
Add To Hit List
NAB
UPDATED 12/03/2024 15:19
MM is bullish towards NAB through 2024
Add To Hit List
OZBD
UPDATED 11/03/2024 10:50
MM remains bearish toward Australian Bond yields in the medium-term
Add To Hit List
OZBD
UPDATED 04/03/2024 09:35
MM remains bearish toward Australian Bond yields in the medium-term
Add To Hit List
NAB
UPDATED 29/02/2024 09:51
MM likes NAB medium term
Add To Hit List
CNI
UPDATED 28/02/2024 10:05
MM remains bullish and long CNI ~$1.50
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