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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 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 trade now
CODE NAME WEIGHT (%) RISK TERM BUY DATE BUY PRICE ($) LAST PRICE ($) DIVIDENDS ($) DAILY CHANGE (%) GAIN / LOSS (%)
AGL AGL Ltd 4 Moderate Long 23/02/2023 7.50 9.73 0.78 1.67 40.13
ANZ ANZ Group 5 Moderate Medium 18/12/2024 29.36 30.82 1.08 1.22 8.65
ANZPI ANZ Capital Notes 6 6 Low Long 8/07/2021 100.33 103.46 21.52 0.00 24.57
APA APA Group 5 Moderate Medium 26/05/2023 9.82 8.28 1.44 -0.24 -1.02
BHP BHP Group 8 Moderate Long 11/12/2019 40.38 40.29 14.64 3.02 36.03
CNI Centuria Capital Group 4 Moderate Medium 29/07/2022 2.065 1.80 0.27 1.12 0.24
DBI Dalrymple Bay Infrastructure 4 Moderate Medium 10/10/2024 3.37 4.46 0.21 0.68 38.58
DDR Dicker Data 3 High Medium 03/07/2025 8.28 8.68 1.64 4.83
DN1 Dominion Income Trust 1 5 Low Medium 18/06/2025 101.40 104.95 0.61 2.39 4.10
FMG Fortescue Metals 4 Moderate Medium 27/06/2024 21.62 17.00 1.69 0.53 -13.55
HLI Helia Group 2.5 High Medium 03/07/2025 4.46 5.17 -0.39 15.92
MFG Magellan Financial Group 4 Moderate Medium 04/03/2025 8.17 9.91 0.61 21.30
MTS Metcash 4 Moderate Medium 9/12/2020 3.50 3.95 1.16 0.51 46.00
NABPI NAB Capital Notes 6 5 Low Long 13/07/2022 98.94 104.44 22.97 0.04 28.78
NHC New Hope Coal 4 High Medium 22/11/2022 5.55 4.06 1.62 -0.98 2.34
NSR National Storage REIT 5 Moderate Medium 16/05/2024 2.28 2.35 0.11 0.00 7.89
PCI Perpetual Credit Income Trust 5 Low Long 17/07/2024 1.11 1.18 0.09 0.00 14.41
SIQ Smart Group 4 Moderate Medium 21/05/2025 7.65 7.92 0.64 3.53
SUL Super Retail Group 4 Moderate Medium 07/05/2024 13.97 15.07 1.70 -0.07 20.04
SUNPI Suncorp Hybrid 5 Low Medium 09/04/2024 101.51 102.26 1.67 -0.23 2.38
WBCPK Westpac Hybrid 5 Low Long 7/09/2022 100.40 103.45 22.78 0.22 25.73
Portfolio cash position: 4.5%
Recent Sales trade now
Company code STOCK NAME ACTIVITY RISK TIME HORIZON EXIT DATE ENTRY PRICE ($) 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
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Recent Opinion for the Income Portfolio

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.

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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.

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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?

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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.

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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

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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.

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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.

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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.

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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.

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History of Actions for the Income Portfolio

BHP
UPDATED 18/07/2025 17:13
MM remains long & bullish BHP ~$40
Add To Hit List
AGL
UPDATED 16/07/2025 14:46
MM has turned neutral on AGL ahead of results
Add To Hit List
CBA
UPDATED 10/07/2025 10:12
MM believes BHP will outperform CBA in the 2H of 2025
Add To Hit List
AGL
UPDATED 10/07/2025 10:01
MM is cautiously long and bullish on AGL for yield
Add To Hit List
APA
UPDATED 10/07/2025 10:01
MM is cautiously bullish long and bullish APA
Add To Hit List
MFG
UPDATED 07/07/2025 09:33
MM is long and bullish MFG
Add To Hit List
CBA
UPDATED 07/07/2025 09:33
MM are selling CBA in the Active Income Portfolio, taking a profit around $183
Add To Hit List
MTS
UPDATED 07/07/2025 09:32
MM are trimming MTS in the Active Income Portfolio, reducing to a 4% target around $4
Add To Hit List
CBA
UPDATED 02/07/2025 10:02
MM is neutral CBA ~$182
Add To Hit List
MTS
UPDATED 02/07/2025 10:02
MM is now neutral on MTS ~$4
Add To Hit List
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