MLC Wholesale Inflation Plus - Conservative Portfolio
Features
Information
Investment minimums
Pricing
Investment objective
The portfolio aims to deliver a return of 2% above inflation (after management costs), subject to limiting the risk of negative returns over 3-year periods.
Investment strategy
The key aspects of the way we manage the portfolio are: Flexible asset allocation, Diversification, Strong focus on risk management, MLC expects that by managing the portfolio in this way, movements in the portfolio's value should be less significant.
Investor profile
The MLC Inflation Plus portfolios are designed for investors who:
- are outcome focussed
- don't want to just rely on markets to deliver returns
- value active management, and
- expect MLC to change the asset allocation significantly in order to manage risk and achieve returns.
They may be accumulators or those in or nearing retirement.
Research house ratings
Rating
Meet the manager(s)
Our impressive investment capabilities are driven by our investment team and structure. Our unified team has had a long association with creating and managing multi-manager portfolios for investors and draws on the very best of our individual corporate heritages, honed over multiple investment cycles. We have created an investment capability of significant depth and breadth in the industry – leveraging a powerful common engine room working for the benefit of our clients. Using our market-leading investment approach, we structure our portfolios to deliver more reliable returns across many potential market environments.
This website contains general advice only and does not take into account your financial circumstances, needs and objectives. Before making any decision based on this information, you should assess your own circumstances or seek advice from a financial adviser. You should obtain and consider a copy of the relevant Product Disclosure Statement (PDS) or offer document available from us or your financial adviser, before you acquire a financial product. Disclaimers - MLC
Important information:
Other fees and costs may apply to this fund. To obtain this information please refer to the latest Product Disclosure Statement (PDS) for the fund available at mlc.com.au/findafund, speak to your Financial Adviser or call MLC on 132 652 between 8am and 6pm (AEST/AEDT), Monday to Friday.
Cumulative performance
| 3 months | 6 months | Year to date | 1 year | 3 years pa | 5 years pa | ||
|---|---|---|---|---|---|---|---|
| Fund | 0.06% | 0.45% | 0.68% | 7.31% | 7.05% | 5.34% | |
| FE Sector | -0.05% | 0.15% | 0.40% | 5.49% | 5.50% | 3.37% | |
| Benchmark | 1.87% | 2.99% | 1.87% | 6.18% | 5.44% | 6.52% |
Calendar Performance
| 31/12/2025 | 31/12/2024 | 31/12/2023 | 31/12/2022 | 31/12/2021 | ||
|---|---|---|---|---|---|---|
| Fund | 7.56% | 7.73% | 8.51% | -0.68% | 5.08% | |
| FE Sector | 6.06% | 6.68% | 7.26% | -6.80% | 5.75% | |
| Benchmark | 5.70% | 4.47% | 6.12% | 10.01% | 5.55% |
This website contains general advice only and does not take into account your financial circumstances, needs and objectives. Before making any decision based on this information, you should assess your own circumstances or seek advice from a financial adviser. You should obtain and consider a copy of the relevant Product Disclosure Statement (PDS) or offer document available from us or your financial adviser, before you acquire a financial product. Disclaimers - MLC
Past performance is not a reliable indicator of future performance. Returns are not guaranteed and may vary from any target described in this document. The capital value, payment of income, and performance of any financial product referred to in this communication are not guaranteed. An investment in any such financial product referred to in this communication is subject to investment risk, including possible delays in repayment of capital and loss of income and principal invested. Actual returns may vary from any target return described in this communication and there is a risk that the investment may achieve lower than expected returns.
Net returns are calculated after deducting management fees and assume reinvestment of all distributions.
Gross returns are calculated before deducting management fees.
The performance data has been sourced by FE fundinfo.
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Asset allocation as at 30/4/2026
| Australian shares | 9.61% | |
| Global Shares | 14.49% | |
| Infrastructure | 5.29% | |
| Australian fixed interest | 16.20% | |
| Global fixed interest | 37.46% | |
| Cash and short-term securities | 1.58% | |
| Alternative - growth | 11.52% | |
| Alternative - defensive | 3.84% |
Asset allocation range
| Asset class | Asset range |
|---|---|
| Cash | 0-50% |
| Fixed Income | 10-80% |
| Alternatives | 0-45% |
| Australian Shares | 0-30% |
| Global Shares | 0-40% |
| Property | 0-20% |
| Infrastructure | 0-20% |
This website contains general advice only and does not take into account your financial circumstances, needs and objectives. Before making any decision based on this information, you should assess your own circumstances or seek advice from a financial adviser. You should obtain and consider a copy of the relevant Product Disclosure Statement (PDS) or offer document available from us or your financial adviser, before you acquire a financial product. Disclaimers - MLC
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Top holdings - Australian shares as at 30/4/2026
| BHP Group Limited | 0.54% |
| Macquarie Group Limited | 0.42% |
| Transurban Group Ltd. | 0.31% |
| CSL Limited | 0.26% |
| Rio Tinto Limited | 0.23% |
| Qube Holdings Limited | 0.17% |
| Santos Limited | 0.16% |
| Scentre Group Limited | 0.15% |
| Telstra Group Limited | 0.14% |
| Coles Group Limited | 0.14% |
Top holdings - International shares as at 30/4/2026
| iFreeETF TOPIX (Yearly Dividend Type) | 1.62% |
| SPDR Gold MiniShares Trust | 1.26% |
| State Street SPDR S&P 500 ETF Trust | 1.00% |
| Invesco QQQ Trust, Series 1 | 0.74% |
| Taiwan Semiconductor Manufacturing Company Limited | 0.58% |
| iShares North American Tech-Software ETF | 0.47% |
| Microsoft Corporation | 0.47% |
| Amazon.com, Inc. | 0.45% |
| ASML Holding NV | 0.37% |
| NVIDIA Corporation | 0.34% |
This website contains general advice only and does not take into account your financial circumstances, needs and objectives. Before making any decision based on this information, you should assess your own circumstances or seek advice from a financial adviser. You should obtain and consider a copy of the relevant Product Disclosure Statement (PDS) or offer document available from us or your financial adviser, before you acquire a financial product. Disclaimers - MLC
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Portfolio highlights
For the quarter ended 31 March 2026 were:
- Exceptionally strong returns in listed infrastructure (+9.0%).
- The exposure to insurance-related investments (+3.0%) generated strong returns.
- Exposure to opportunistic capital solutions and short-maturity bonds contributed positively to performance. The opportunistic capital solutions returned +1.8% and the short maturity strategy returned +0.6%.
Detractors from performance
Weak returns in Australian shares (-5.1%) and global shares (-7.5%).
Note: Returns for the asset classes above are before fees and tax.)
Portfolio positioning
A relatively high level of diversified market exposure spread across traditional shares and fixed income assets. These exposures are supplemented by alternative sources of return such as MLC opportunistic capital solutions and insurance-related investments. We also maintain cost conscious derivatives strategies that should offset losses in the event that diversification fails.
We have a defensive orientation to both the Australian and global share exposures. The Australian shares strategy is invested in what we believe are higher quality companies protected with additional risk control by hedging part of the strategy against large losses. Our focus on quality and the hedging overlay reduces the risk of negative returns in falling markets at the expense of participating fully in speculative markets. The global shares strategy doesn’t employ the same hedging strategy, but exposures are split across managers with a defensive growth and quality focus.
During the March quarter, we reduced risk immediately after the US began attacks on Iran by selling global equity futures and removing the duration overlay form the strategies. Towards the end of March, we began to re-build risk exposure, firstly by adding calls over the NASDAQ and emerging markets. Secondly, we bought NASDAQ futures and a S&P500 ETF and built out our position in Japan by adding Topix futures. We also added gold and agriculture exposures as a hedge to stagflation.
This website contains general advice only and does not take into account your financial circumstances, needs and objectives. Before making any decision based on this information, you should assess your own circumstances or seek advice from a financial adviser. You should obtain and consider a copy of the relevant Product Disclosure Statement (PDS) or offer document available from us or your financial adviser, before you acquire a financial product. Disclaimers - MLC
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