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 30/06/2025 19:00
Portfolio	1M	3M	1y	3y	5y pa	ITD pa*
ACTIVE INCOME	1.52%	4.76%	9.06%	9.89%	11.31%	8.37%
RBA CASH RATE +4%	0.63%	1.96%	8.23%	7.54%	6.01%	5.48%
VALUE ADD	+0.89%	+2.80%	+0.83%	+2.35%	+5.30%	+2.89%

* 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 Ltd	4	Moderate	Long	23/02/2023	7.50	9.73	0.78	1.67	40.13
ANZ	ANZ Group	5	Moderate	Medium	18/12/2024	29.36	30.82	1.08	1.22	8.65
ANZPI	ANZ Capital Notes 6	6	Low	Long	8/07/2021	100.33	103.46	21.52	0.00	24.57
APA	APA Group	5	Moderate	Medium	26/05/2023	9.82	8.28	1.44	-0.24	-1.02
BHP	BHP Group	8	Moderate	Long	11/12/2019	40.38	40.29	14.64	3.02	36.03
CNI	Centuria Capital Group	4	Moderate	Medium	29/07/2022	2.065	1.80	0.27	1.12	0.24
DBI	Dalrymple Bay Infrastructure	4	Moderate	Medium	10/10/2024	3.37	4.46	0.21	0.68	38.58
DDR	Dicker Data	3	High	Medium	03/07/2025	8.28	8.68		1.64	4.83
DN1	Dominion Income Trust 1	5	Low	Medium	18/06/2025	101.40	104.95	0.61	2.39	4.10
FMG	Fortescue Metals	4	Moderate	Medium	27/06/2024	21.62	17.00	1.69	0.53	-13.55
HLI	Helia Group	2.5	High	Medium	03/07/2025	4.46	5.17		-0.39	15.92
MFG	Magellan Financial Group	4	Moderate	Medium	04/03/2025	8.17	9.91		0.61	21.30
MTS	Metcash	4	Moderate	Medium	9/12/2020	3.50	3.95	1.16	0.51	46.00
NABPI	NAB Capital Notes 6	5	Low	Long	13/07/2022	98.94	104.44	22.97	0.04	28.78
NHC	New Hope Coal	4	High	Medium	22/11/2022	5.55	4.06	1.62	-0.98	2.34
NSR	National Storage REIT	5	Moderate	Medium	16/05/2024	2.28	2.35	0.11	0.00	7.89
PCI	Perpetual Credit Income Trust	5	Low	Long	17/07/2024	1.11	1.18	0.09	0.00	14.41
SIQ	Smart Group	4	Moderate	Medium	21/05/2025	7.65	7.92		0.64	3.53
SUL	Super Retail Group	4	Moderate	Medium	07/05/2024	13.97	15.07	1.70	-0.07	20.04
SUNPI	Suncorp Hybrid	5	Low	Medium	09/04/2024	101.51	102.26	1.67	-0.23	2.38
WBCPK	Westpac Hybrid	5	Low	Long	7/09/2022	100.40	103.45	22.78	0.22	25.73

Portfolio cash position: 4.5%

**Recent Sales** UPDATED 03/07/2025 17:00 trade now
Company code	STOCK NAME	ACTIVITY	RISK	TIME HORIZON	EXIT DATE	ENTRY PRICE ($)	CLOSE PRICE ($)	DIVIDENDS ($)	GAIN / LOSS (%)
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

18/07/2025 17:14

BHP Group (BHP) $40.29

BHP +3.03%: Finished FY25 with strong JunQ production with copper, iron ore, and coal beating expectations, net debt was better than expected and FY26 production guidance was flat. The negative was the start date for Jansen was pushed back to mid CY27 with capex up materially and stage 2 potentially to be pushed out. Jansen is set to become one of the world’s largest underground potash mines, with a potential full-life capacity of 16–17 Mtpa by the 2030s, however, it’s proving more costly and more complex than originally thought.

16/07/2025 09:47

AGL Energy (AGL) $9.55

AGL has been an underperformer in the Income Portfolio this year, following a solid 1H25 result in February, with underlying earnings around 8% ahead of consensus expectations at the time.

10/07/2025 09:44

AGL Energy Ltd (AGL) $9.83

AGL has fallen 12.9% so far in 2025, the sector's standout underperformer, and it tested new 12-month lows this week. AGL disappointed the market in February, and it hasn’t recovered since: for the first half of FY2025, AGL reported a 7% decline in underlying net profit after tax, and while revenues exceeded expectations, earnings per share (EPS) fell well short, indicating margin pressures. The obvious question is, have the pessimists gone too far before next month's full-year result?

10/07/2025 09:43

APA Group (APA) $8.34

APA is a diversified energy infrastructure business, and while its core operations are heavily exposed to gas transmission, they also have electricity, renewable energy, and other energy services. The stock has advanced +20% so far in 2025 and we’ve covered APA at length along what’s been a choppy journey across holdings in two MM portfolios with differing entry levels.

03/07/2025 10:00

Active Income Portfolio – Amendments

We are making several changes to the Income Portfolio today

03/07/2025 09:29

Magellan Financial Group (MFG) $9.24

We discussed MFG in June, holding a bullish stance and adding it to our Active Growth Portfolios Hitlist - we should have just bought it! MFG has bought back ~4% of issued capital since February, and remains well placed to pursue broader capital management plans, one of the reasons it resides in our Active Income Portfolio

02/07/2025 09:51

Metcash (MTS) $3.94

Metcash has rallied nicely following stronger-than-expected results in June, and we can see the momentum in the stock pushing shares above $4.

02/07/2025 09:49

Commonwealth Bank (CBA) $182.58

This may well be an unpopular call, but we feel uncomfortable that new members may be buying CBA, or investors adding funds to Market Matters Invest are increasing their exposure to the world's most expensive bank, trading on what we believe is a very stretched valuation.

01/07/2025 09:15

Looking in the rearview mirror & through the windscreen into FY26

Standing back and looking at FY25 hides a multitude of sins, or noise, as we often call it. However, ignoring the panic selling around “Liberation Day,” the polarisation on the stock and sector level has been remarkable. As we said, even with the index up 10% for the year, more than 35% of the main board closed lower.

24/06/2025 09:28

Commonwealth Bank (CBA) $184.35

CBA keeps on marching as the “Certainty Trade” holds firm. Its hard to get excited on CBA when its looks so expensive on every metric one can consider until we take into account its operational execution and ongoing delivery for investors.