MAPS Real Assets Portfolio
As at 30 June 2025
To provide a diversified return delivered through a combination of income and capital gains.
The Investment Portfolio will invest in the Atrium Real Assets Fund (ARAF), providing investors with exposure to a portfolio of illiquid assets diversified by asset class, position in the capital structure and geography, and selected for their potential to earn superior risk adjusted returns. ARAF has a broad mandate, with the ability to invest:
• In real assets that can provide portfolio diversification and that are characterised by having the potential for stable and growing cash flow, capital appreciation and/or inflation protection.
• In other illiquid assets that may provide portfolio diversification, including intangible assets.
• Directly, or indirectly through third party managed investment vehicles.
Atrium expects that the Investment Portfolio will be predominantly invested in assets providing exposure to the Australian economy but may be invested in assets providing exposure to other economies where the risks are considered appropriate. Atrium may, at its discretion, invest the Investment Portfolio in other securities that provide exposures that are consistent with the investment strategy.
Important Information:
The information in this document (Information) has been prepared and issued by Atrium Investment Management Pty Ltd (ABN 17 137 088 745, AFSL 338 634) (Atrium). This Information is provided for the use of licensed and accredited financial advisers only. In no circumstances is it to be used by a potential client for the purposes of making a decision about a financial product or class of products. The Information is of a general nature only and does not take into account the objectives, financial situation or needs of any person. No liability is accepted for any loss or damage as a result of any reliance on the Information. Past performance is not a reliable indicator of future performance. Future performance and return of capital is not guaranteed.
The Trust Company (RE Services) Limited (ABN 45 003 278 831, AFSL 235 150) is the Responsible Entity of the Integrated Managed Account Portfolio Service (ARSN 627 688 402) (MAPS). An investor can only invest in MAPS through HUB24 Invest, an investor directed portfolio service (IDPS) operated and administered by HUB24 Custodial Services Limited ABN 94 073 633 664, AFSL 239 122 (‘HUB24 Custodial Services’), or through HUB24 Super, a super investment service offered through the HUB24 Super Fund (ABN 60 910 190 523, RSE R1074659 USI 60 910 190 523 001) (‘Nominated Platform’ means either HUB24 Invest or HUB24 Super). HUB24 Custodial Services is the promoter of the HUB24 Super Fund and provides a range of services to the HUB24 Super Fund. Atrium is a portfolio manager for MAPS. Investors should consider the MAPS Product Disclosure Statement (PDS) and Target Market Determination (TMD) (available from the Nominated Platform’s website) before making any investment decision. Investors should refer to the disclosure documents for the Nominated Platform (available from their adviser or Nominated Platform) together with the PDS for important information concerning an investment in MAPS.
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Source: Atrium Investment Management, HUB24. Merged Performance data - the performance chart shows the performance of the Atrium Real Assets Fund from 2 September 2014 to 5 December 2018 and the performance of the Real Assets portfolio of the Integrated Managed Accounts Portfolio Service (MAPS) from 6 December 2018. The performance figures do not take into account platform administration fees that may apply and may not take into account some or all of the rebates you may receive as an investor in the MAPS Real Assets Portfolio. Past performance is not a reliable indicator of future performance. Future performance and return of capital are not guaranteed. Performance figures are based on input data available as at the date of this report.
| Since inception (% p.a.) | 10 Years (% p.a.) | 7 years (% p.a.) | 5 years (% p.a.) | 3 years (% p.a.) | 1 year | 6 months | 3 months | 1 month | |
|---|---|---|---|---|---|---|---|---|---|
| Portfolio | 6.85% | 7.21% | 6.32% | 5.57% | 2.83% | 0.59% | 1.85% | 0.93% | 0.73% |
Important Information:
The information in this document (Information) has been prepared and issued by Atrium Investment Management Pty Ltd (ABN 17 137 088 745, AFSL 338 634) (Atrium). This Information is provided for the use of licensed and accredited financial advisers only. In no circumstances is it to be used by a potential client for the purposes of making a decision about a financial product or class of products. The Information is of a general nature only and does not take into account the objectives, financial situation or needs of any person. No liability is accepted for any loss or damage as a result of any reliance on the Information. Past performance is not a reliable indicator of future performance. Future performance and return of capital is not guaranteed.
The Trust Company (RE Services) Limited (ABN 45 003 278 831, AFSL 235 150) is the Responsible Entity of the Integrated Managed Account Portfolio Service (ARSN 627 688 402) (MAPS). An investor can only invest in MAPS through HUB24 Invest, an investor directed portfolio service (IDPS) operated and administered by HUB24 Custodial Services Limited ABN 94 073 633 664, AFSL 239 122 (‘HUB24 Custodial Services’), or through HUB24 Super, a super investment service offered through the HUB24 Super Fund (ABN 60 910 190 523, RSE R1074659 USI 60 910 190 523 001) (‘Nominated Platform’ means either HUB24 Invest or HUB24 Super). HUB24 Custodial Services is the promoter of the HUB24 Super Fund and provides a range of services to the HUB24 Super Fund. Atrium is a portfolio manager for MAPS. Investors should consider the MAPS Product Disclosure Statement (PDS) and Target Market Determination (TMD) (available from the Nominated Platform’s website) before making any investment decision. Investors should refer to the disclosure documents for the Nominated Platform (available from their adviser or Nominated Platform) together with the PDS for important information concerning an investment in MAPS.
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Source: Atrium Investment Management. Asset allocations may change at any time. May not include all open futures or derivatives positions. Cash may include allocations to shorter term rates and credit investments that may at times be subject to capital volatility. Due to rounding, numbers might not add up to 100%.
Important Information:
The information in this document (Information) has been prepared and issued by Atrium Investment Management Pty Ltd (ABN 17 137 088 745, AFSL 338 634) (Atrium). This Information is provided for the use of licensed and accredited financial advisers only. In no circumstances is it to be used by a potential client for the purposes of making a decision about a financial product or class of products. The Information is of a general nature only and does not take into account the objectives, financial situation or needs of any person. No liability is accepted for any loss or damage as a result of any reliance on the Information. Past performance is not a reliable indicator of future performance. Future performance and return of capital is not guaranteed.
The Trust Company (RE Services) Limited (ABN 45 003 278 831, AFSL 235 150) is the Responsible Entity of the Integrated Managed Account Portfolio Service (ARSN 627 688 402) (MAPS). An investor can only invest in MAPS through HUB24 Invest, an investor directed portfolio service (IDPS) operated and administered by HUB24 Custodial Services Limited ABN 94 073 633 664, AFSL 239 122 (‘HUB24 Custodial Services’), or through HUB24 Super, a super investment service offered through the HUB24 Super Fund (ABN 60 910 190 523, RSE R1074659 USI 60 910 190 523 001) (‘Nominated Platform’ means either HUB24 Invest or HUB24 Super). HUB24 Custodial Services is the promoter of the HUB24 Super Fund and provides a range of services to the HUB24 Super Fund. Atrium is a portfolio manager for MAPS. Investors should consider the MAPS Product Disclosure Statement (PDS) and Target Market Determination (TMD) (available from the Nominated Platform’s website) before making any investment decision. Investors should refer to the disclosure documents for the Nominated Platform (available from their adviser or Nominated Platform) together with the PDS for important information concerning an investment in MAPS.
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| Holding | Weight | Capital Position |
|---|---|---|
| CASH POSITION | 14.73% | Cash |
| REALSIDE 108 ST GEORGES TERRACE FUND | 8.53% | Equity - commerical property |
| KEYVIEW CREDIT OPPORTUNITIES FUND | 8.05% | Diversified |
| URBNSURF GROUP PTY LTD | 7.04% | Equity - venture/pe |
| OVEST INDUSTRIAL FUND NO. 1 | 5.70% | Equity - commerical property |
| REALSIDE 388 HAY PROPERTY FUND | 5.10% | Equity - commerical property |
| ROC PRIVATE CREDIT FUND | 4.83% | Senior debt |
| DEXUS WHOLESALE AUSTRALIAN PROPERTY FUND | 4.65% | Equity - direct property |
| REALSIDE ADELAIDE OFFICE FUND | 4.59% | Equity - commerical property |
| OVEST INDUSTRIAL FUND NO. 2 | 4.55% | Equity - commerical property |
Source: Atrium Investment Management. Asset allocations may change at any time. May not include all open futures or derivatives positions. Cash may include allocations to shorter term rates and credit investments that may, at times, be subject to capital volatility. Holdings are based on input data available as at the date of this report.
Important Information:
The information in this document (Information) has been prepared and issued by Atrium Investment Management Pty Ltd (ABN 17 137 088 745, AFSL 338 634) (Atrium). This Information is provided for the use of licensed and accredited financial advisers only. In no circumstances is it to be used by a potential client for the purposes of making a decision about a financial product or class of products. The Information is of a general nature only and does not take into account the objectives, financial situation or needs of any person. No liability is accepted for any loss or damage as a result of any reliance on the Information. Past performance is not a reliable indicator of future performance. Future performance and return of capital is not guaranteed.
The Trust Company (RE Services) Limited (ABN 45 003 278 831, AFSL 235 150) is the Responsible Entity of the Integrated Managed Account Portfolio Service (ARSN 627 688 402) (MAPS). An investor can only invest in MAPS through HUB24 Invest, an investor directed portfolio service (IDPS) operated and administered by HUB24 Custodial Services Limited ABN 94 073 633 664, AFSL 239 122 (‘HUB24 Custodial Services’), or through HUB24 Super, a super investment service offered through the HUB24 Super Fund (ABN 60 910 190 523, RSE R1074659 USI 60 910 190 523 001) (‘Nominated Platform’ means either HUB24 Invest or HUB24 Super). HUB24 Custodial Services is the promoter of the HUB24 Super Fund and provides a range of services to the HUB24 Super Fund. Atrium is a portfolio manager for MAPS. Investors should consider the MAPS Product Disclosure Statement (PDS) and Target Market Determination (TMD) (available from the Nominated Platform’s website) before making any investment decision. Investors should refer to the disclosure documents for the Nominated Platform (available from their adviser or Nominated Platform) together with the PDS for important information concerning an investment in MAPS.
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The June quarter of 2025 saw global share markets rally, driven by positive developments in US-China trade relations. After escalating tariff tensions, both nations agreed to significantly reduce tariffs for 90 days, sparking investor optimism. US-China talks also led to the restoration of rare earth mineral shipments critical to the US economy. Progress was made in US trade negotiations with other countries, including the UK, EU, and India. The US Federal Reserve held interest rates steady, citing solid economic activity and labour market conditions, while inflation remained elevated. US unemployment fell to 4.1%, and job growth exceeded expectations, though GDP contracted by 0.5% in Q1 due to stockpiling ahead of tariffs.
In Australia, the Reserve Bank of Australia (RBA) cut interest rates to 3.85%, citing easing inflation and subdued growth. Australian GDP grew by just 0.2% in Q1, with household spending modest and exports shrinking amid global trade uncertainty. The Australian dollar rose against the US dollar, supported by USD weakness and hopes for improved US-China trade relations.
Globally, central banks adjusted policies: the European Central Bank and Bank of England lowered rates, while the Bank of Japan held steady amid inflation concerns. Corporate earnings were mixed, with strong performances from companies like NVIDIA and Meta Platforms, while Tesla and McDonald’s disappointed. Geopolitical tensions escalated in the Middle East, though a ceasefire between Israel and Iran provided some relief.
Looking ahead, market volatility remains high due to Trump’s trade policies and geopolitical risks. Non-US equities appear more attractively valued, while government bonds offer diversification amid growth concerns. Private credit and infrastructure remain appealing investment options, and currencies like the AUD and Japanese yen show relative value. Diversification and caution are emphasised in uncertain market conditions.
ARAF delivered a positive performance over the recent quarter, supported by strong results from both private credit and, encouragingly, property exposures. Within private credit, several key holdings were notable contributors, including the Revolution Private Debt Fund II, ROC Private Credit Fund, and the Payton Select Investment Fund, all of which delivered returns broadly in line with expectations. The Keyview Credit Opportunities Fund also made a positive contribution to performance this quarter. However, its overall impact was tempered by a markdown on a senior secured position linked to a consumer finance business, which partially offset the private credit sleeve’s solid returns.
In commercial property, performance was buoyed by several strong contributors. The Ovest Industrial Fund No.1 recorded a valuation uplift, supported by rising rents in Western Australia amid ongoing supply constraints. Additionally, a shortage of available land in key industrial precincts contributed to increased land values, further enhancing the fund’s performance. The Realside Adelaide Office Fund also delivered a strong quarter, underpinned by progress on key strategic initiatives. These include the sale of 186 Greenhill Road at a 26% premium to book value and the successful extension of a lease with a major tenant. Similarly, the Realside 388 Hay Property Fund performed well, benefiting from an uplift in valuation driven by additional car parking rent secured during the period. The asset continues to maintain 100% occupancy. The portfolio’s largest commercial property exposure, Realside 108 St Georges Terrace, also posted a positive result. The property was revalued higher following a series of positive developments, including the refinancing of its debt facility at a lower margin and the achievement of a 5-star NABERS energy rating.
One of the key detractors to performance this quarter was the Realside 45 Pirie Street Fund, which has recently undergone a significant capital expenditure program. With the majority of capital work now completed, attention has shifted toward converting leasing interest into secured tenancies.
There was no portfolio activity for the quarter. We continue to evaluate new investment opportunities across a range of asset classes, with a particular focus on private credit and private equity.
Private credit continues to represent an attractive allocation within the portfolio, underpinned by strong borrower demand and ongoing volatility in public markets. Direct lending remains compelling for investors, given its defensive profile and capacity to deliver stable, long-term income streams. Recent compression in credit spreads has led to an increased availability of lower-risk, lower-return opportunities, particularly among high-quality borrowers with resilient business models. While we anticipate further interest rate cuts over the course of the year, which may temper overall return expectations compared to recent periods, private credit continues to offer compelling risk-adjusted returns in the current environment.
After several challenging years, the commercial property sector is showing signs of stabilisation. While economic uncertainty may continue to delay leasing decisions, a gradual return-to-office trend, a slowdown in corporate downsizing, and a growing pipeline of lease expiries are expected to support a measured recovery in office leasing activity through 2025. We also expect negative repricing across the commercial property exposures to stabilise given compression in capitalisation rates as interest rates decline.
Important Information:
The information in this document (Information) has been prepared and issued by Atrium Investment Management Pty Ltd (ABN 17 137 088 745, AFSL 338 634) (Atrium). This Information is provided for the use of licensed and accredited financial advisers only. In no circumstances is it to be used by a potential client for the purposes of making a decision about a financial product or class of products. The Information is of a general nature only and does not take into account the objectives, financial situation or needs of any person. No liability is accepted for any loss or damage as a result of any reliance on the Information. Past performance is not a reliable indicator of future performance. Future performance and return of capital is not guaranteed.
The Trust Company (RE Services) Limited (ABN 45 003 278 831, AFSL 235 150) is the Responsible Entity of the Integrated Managed Account Portfolio Service (ARSN 627 688 402) (MAPS). An investor can only invest in MAPS through HUB24 Invest, an investor directed portfolio service (IDPS) operated and administered by HUB24 Custodial Services Limited ABN 94 073 633 664, AFSL 239 122 (‘HUB24 Custodial Services’), or through HUB24 Super, a super investment service offered through the HUB24 Super Fund (ABN 60 910 190 523, RSE R1074659 USI 60 910 190 523 001) (‘Nominated Platform’ means either HUB24 Invest or HUB24 Super). HUB24 Custodial Services is the promoter of the HUB24 Super Fund and provides a range of services to the HUB24 Super Fund. Atrium is a portfolio manager for MAPS. Investors should consider the MAPS Product Disclosure Statement (PDS) and Target Market Determination (TMD) (available from the Nominated Platform’s website) before making any investment decision. Investors should refer to the disclosure documents for the Nominated Platform (available from their adviser or Nominated Platform) together with the PDS for important information concerning an investment in MAPS.
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Important Information:
The information in this document (Information) has been prepared and issued by Atrium Investment Management Pty Ltd (ABN 17 137 088 745, AFSL 338 634) (Atrium). This Information is provided for the use of licensed and accredited financial advisers only. In no circumstances is it to be used by a potential client for the purposes of making a decision about a financial product or class of products. The Information is of a general nature only and does not take into account the objectives, financial situation or needs of any person. No liability is accepted for any loss or damage as a result of any reliance on the Information. Past performance is not a reliable indicator of future performance. Future performance and return of capital is not guaranteed.
The Trust Company (RE Services) Limited (ABN 45 003 278 831, AFSL 235 150) is the Responsible Entity of the Integrated Managed Account Portfolio Service (ARSN 627 688 402) (MAPS). An investor can only invest in MAPS through HUB24 Invest, an investor directed portfolio service (IDPS) operated and administered by HUB24 Custodial Services Limited ABN 94 073 633 664, AFSL 239 122 (‘HUB24 Custodial Services’), or through HUB24 Super, a super investment service offered through the HUB24 Super Fund (ABN 60 910 190 523, RSE R1074659 USI 60 910 190 523 001) (‘Nominated Platform’ means either HUB24 Invest or HUB24 Super). HUB24 Custodial Services is the promoter of the HUB24 Super Fund and provides a range of services to the HUB24 Super Fund. Atrium is a portfolio manager for MAPS. Investors should consider the MAPS Product Disclosure Statement (PDS) and Target Market Determination (TMD) (available from the Nominated Platform’s website) before making any investment decision. Investors should refer to the disclosure documents for the Nominated Platform (available from their adviser or Nominated Platform) together with the PDS for important information concerning an investment in MAPS.
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