SMA MLC Value High Growth 98
Features
Information
Investment minimums
Pricing
Investment objective
To deliver CPI +4% p.a over 7+ years, net of investment manager fees
Investment strategy
Our investment experts invest each portfolio in a combination of asset classes including shares, fixed income, alternatives and cash that they believe will be best placed to achieve the investment objective of each portfolio for investors. We carefully select specialist investment managers to build investments in each asset class. Investments are mainly actively managed through a combination of direct shares in companies and managed funds.
In an unpredictable and constantly changing world, we use our unique Investment Futures Framework to continually identify the very wide range of potential investment market conditions that could occur, and their effect on asset class returns. The insights from this analysis are used to work out the combination of asset classes that our investment experts believe will best achieve each portfolio’s objective.
Investor profile
The portfolio is designed forinvestors who seek some income returns with high potential for capital growth by investing in predominately growth assets. They should be prepared to accept a high level of risk of capital loss to achieve the investment objective.
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 | 4.18% | 6.13% | 7.51% | 12.93% | 12.54% | - | |
| Benchmark | 4.62% | 4.23% | 4.70% | 8.68% | 11.61% | - |
Calendar Performance
| 31/12/2025 | 31/12/2024 | 31/12/2023 | 31/12/2022 | 31/12/2021 | ||
|---|---|---|---|---|---|---|
| Fund | 13.21% | 13.27% | 14.65% | - | - | |
| Benchmark | 10.99% | 16.44% | 14.12% | - | - |
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
The performance and holdings are for the Model Portfolio and are not a guarantee or an indication of the actual performance or holdings of a client's portfolio due to differences in the timing and transaction prices for portfolio changes, client investments and withdrawals during the period, timing of receipt of dividends and income distributions, platform administration fees, transactional costs associated with the client's portfolio, and any portfolio exclusions required by the client.
Past performance is not a reliable indicator or guarantee of any future performance.
The value of an investment may rise or fall with the changes in the market. Inflation is measured by the Consumer Price Index (CPI). We use the most recent CPI as an estimate until the actual CPI is available from the Australian Bureau of Statistics.
The performance data has been sourced by FE fundinfo.
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Asset allocation as at 31/7/2026
| Australian shares | 27.74% | |
| Global property | 6.21% | |
| Infrastructure | 6.35% | |
| Cash and short-term securities | 5.14% | |
| Alternative - growth | 5.57% | |
| Alternative - defensive | 2.39% | |
| Global shares (unhedged) | 25.23% | |
| Global shares (hedged) | 21.38% |
Asset allocation range
| Asset class | Asset range |
|---|---|
| Cash | 2-10% |
| Fixed Interest | 0-10% |
| Alternatives | 0-20% |
| Australian Shares | 20-60% |
| Global Shares | 30-70% |
| Property | 0-15% |
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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Direct equities holdings - as at 31/7/2026
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
As at 31 July 2026:
The portfolio delivered a positive return in July. Global shares (hedged) were disappointing in July with a mild negative return of -0.3%. Markets remained caught between optimism around AI-driven growth and uncertainty stemming from Middle East tensions. While resilient earnings supported equities, volatility in energy prices and shifting interest-rate expectations highlighted ongoing inflation and growth risks. In this environment, diversification and disciplined portfolio construction remain critical for navigating an increasingly complex investment landscape.
The Direct Shares Portfolio rose 3.7% in July, where ultimately it was a month driven by strong performances from Healthcare, Financials and Energy. Within Healthcare, CSL rose 7.3%, as improving expectations for plasma collections and earnings growth supported sentiment. Financials, buoyed by the banks, performed strongly, as CBA (+7.8%), NAB (+9.2%) and Westpac (+7.6%) rallied on optimism around earnings resilience and capital strength, whilst QBE fell 2.5% after producing earnings forecasts short of market expectations. In Energy, Woodside (+16.8%) benefitted from tailwinds surrounding increased oil prices following increased uncertainty surrounding the Strait of Hormuz.
Despite having a negative return of 2.1% during July, the Walter Scott Emerging Markets Fund outperformed its benchmark by 2.3%. Emerging markets faced a difficult month, with concerns around technology earnings and profit-taking across semiconductor stocks weighing on performance. The largest headwind came from SK hynix (-30.5%), which detracted 2.4%, as investors reassessed AI-related earnings expectations following a strong rally, while Taiwan Semiconductor (-2.2%) and Chroma ATE (-5.5%) also weakened. Offsetting this, Allegro (+17.8%) contributed 0.56% on improving profitability and consumer demand trends, while Tencent (+9.1%) added 0.36% amid stronger sentiment toward Chinese internet platforms. Financial holdings including Ping An (+13.3%) and AIA (+9.4%) also performed well, helping the portfolio materially outperform in a challenging emerging market environment.
Market commentary
US share prices managed to hold close to historic highs given strong corporate profit results. US corporates are on track to deliver astonishing annual profit gains exceeding +47% in the June quarter according to FactSet. Large technology companies such as Alphabet, Amazon, Microsoft and Nvidia are rapidly increasing their AI capital investment which is also supporting economic activity. However, the US central bank did issue a warning that “inflation remains elevated” which has seen bond markets pricing in higher interest rates.
Asian share markets delivered a mixed performance. Chinese shares made a sharp recovery given improved technology prospects with the announcement of the cheaper ‘Kimi K3’ AI model. Japanese shares delivered a flat return with the central bank warning of higher interest rates ahead. Korean share prices fell sharply with more caution on future semi-conductor demand.
Australian shares made solid gains in July. The Energy Sector (12.1%) surged with the renewal of Middle East conflict driving higher oil and gas prices. Financial shares also made strong gains of 5.8% with hopes that the Reserve Bank of Australia (RBA) may not need to raise interest rates again. The Health Care sector made solid gains of 2.2% largely on the back of CSL’s rebound. There were some disappointments with weak returns from Information Technology (-4.8%) and Industrials (-1.4%).
Australia’s economic data provided better results. June’s employment data showed strong job gains and a stable unemployment rate of 4.4%. Headline consumer inflation came in lower than expected at 3.8% for the year to June 2026.
Portfolio changes
No portfolio changes occurred during the month.
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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