MAPS Real Assets Portfolio
As at 31 December 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 338634) (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 are not guaranteed.
The Trust Company (RE Services) Limited (ABN 45 003 278 831, AFSL 235150) 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 239122) (‘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 | 6.81% | 7.04% | 6.23% | 5.42% | 3.00% | 4.84% | 2.94% | 2.72% | 0.40% |
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 338634) (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 are not guaranteed.
The Trust Company (RE Services) Limited (ABN 45 003 278 831, AFSL 235150) 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 239122) (‘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 338634) (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 are not guaranteed.
The Trust Company (RE Services) Limited (ABN 45 003 278 831, AFSL 235150) 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 239122) (‘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 |
|---|---|---|
| REALSIDE PROPERTY FUNDS | 25.82% | Equity - commerical property |
| KEYVIEW PRIVATE CREDIT FUNDS | 17.13% | Diversified |
| CASH POSITION | 10.10% | Cash |
| OVEST INDUSTRIAL FUND NO. 1 | 6.56% | Equity - commerical property |
| OVEST INDUSTRIAL FUND NO. 2 | 6.19% | Equity - commerical property |
| ROC PRIVATE CREDIT FUND | 5.16% | Senior debt |
| DEXUS WHOLESALE AUSTRALIAN PROPERTY FUND | 5.04% | Equity - direct property |
| URBN SURF WAVEPARK CLASS A PERFERRED SHARES | 4.57% | Equity - venture/pe |
| URBNSURF GROUP PTY LTD | 4.28% | Equity - venture/pe |
| KILTER AGRICULTURE FUND | 4.08% | 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. Holdings are shown for illustrative and indicative purposes only and represent aggregated, look-through exposures to underlying funds, strategies and instruments. They do not represent direct investments held by the Portfolio. Certain exposures (including gold and other commodities implemented via derivatives) may be aggregated, simplified or grouped with other derivative or foreign exchange exposures and may not reflect precise economic exposure. Percentages shown may therefore differ from direct manager allocations. Abbreviated fund and manager names are used for presentation purposes. Full legal names and underlying holdings information are available on request.
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 338634) (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 are not guaranteed.
The Trust Company (RE Services) Limited (ABN 45 003 278 831, AFSL 235150) 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 239122) (‘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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December closed out a strong but uneven year for global investment markets amid shifting central bank expectations, geopolitical risks and sector rotation. Global equities ended 2025 in positive territory, led by emerging markets and pockets of developed market strength, supported by resilient corporate earnings amid slowing inflation and easing financial conditions. Despite late-year volatility tied to concerns around tech valuations and policy divergence, major indices finished with attractive gains. Fixed income markets reflected diverging monetary policy signals, with yields mixed as bonds responded to persistent inflation data and changing central bank outlooks.
In the United States, the Federal Reserve’s decision to cut rates late in the year sparked renewed risk asset interest, though markets remain cautious as data continue to signal a tight labour market and resilient consumer demand. European markets also rallied modestly, while Asian equity performance was bolstered by China’s reopening and improved trade activity.
Australian markets experienced a nuanced December. Materials and energy stocks benefitted from elevated commodity prices, while technology and healthcare underperformed. Critical minerals and gold-related stocks delivered standout returns.
The Reserve Bank of Australia (RBA) held the cash rate at 3.60% in December, marking the final policy decision for 2025 amid elevated inflation pressures and a strong labour market, dampening hopes for immediate rate cuts and suggesting a potential prolonged hold or even future tightening if inflation persists. Inflation remains above the RBA’s target band, while GDP growth and budget forecasts point to steady, but not overheating, expansion.
The Australian dollar strengthened modestly in December, supported by risk-on global sentiment, robust commodity prices and hawkish RBA commentary. The AUD’s resilience against the US dollar reflects both commodity export strength and interest rate differentials that have favoured the Aussie in late-year trading. This also resulted in the 10-year Australian government bond yield climbing modestly to a 2-year high.
ARAF delivered a solid and encouraging performance over the most recent quarter, underpinned by positive contributions across both the property and private credit portfolios. Within private credit, the managers generated returns broadly in line with expectations, reflecting stable portfolio performance and disciplined credit management. The property portfolio likewise contributed positively, driven by strong outcomes from Realside 87 Colin, Realside Adelaide Office Fund, Realside 108 St Georges Terrace Fund, and Ovest Industrial Fund Nos. 1 and 2 (OIF1 and OIF2), collectively reinforcing the portfolio’s income stability and providing valuation uplifts.
The credit portfolio continued to perform strongly over the period, providing support for overall portfolio returns. Performance was driven by the consistent execution of underlying managers, whose disciplined underwriting standards and active portfolio management have delivered outcomes in line with expectations. The credit book has exhibited stable income generation and low volatility, reinforcing its role as a stabiliser within the portfolio and underscoring the effectiveness of manager selection and portfolio construction.
Commercial property performance was strongly positive over the period, reflecting favourable sector dynamics and asset-specific execution. OIF2 was a standout contributor, with material uplifts in property valuations supported by the continued strength of industrial markets across Australia. Occupier demand continues to materially outpace available supply in both Western Australia and South Australia, underpinning the fund’s positive quarterly performance. OIF1 similarly benefitted from these structural tailwinds, as persistent scarcity of developable industrial land and sustained demand for industrial space continue to support rental growth and asset values. The Periodic Withdrawal Facility for OIF1 is expected to open shortly, providing investors with the opportunity to redeem or roll over capital. The Realside Adelaide Office Fund also delivered a positive quarter, underpinned by high occupancy and several lease renewals being completed. An off-market offer has been received for 1 of the properties in the fund (100 Pirie St) which is expected to settle by mid-2026. The portfolio’s largest commercial property exposure, Realside 108 St Georges Terrace, recorded a positive result for the quarter; however, as previously communicated, distributions remain paused while the manager prioritises leasing outcomes and maintains an appropriate capital buffer. Realside 87 Colin Street continued to perform in line with expectations, with the asset maintaining 100% occupancy, no material capital expenditure forecast for the remainder of the year, and leasing renewals and tenant expansions remaining a key focus.
A headwind to performance for this quarter was the Realside 45 Pirie Street Fund continues to draw down debt to fund tenant incentives taken as fitout contributions. This is as planned and per the structuring of the debt facility although it continues to impact the unit price unfavourably.
There was no material portfolio activity for the quarter.
Looking ahead, the outlook for Australian private credit remains constructive, underpinned by strong structural demand for non-bank lending and the continued evolution of the asset class. While interest rates are expected to remain restrictive for longer, this environment is supportive of private credit returns through elevated yields and disciplined pricing. Performance is likely to be increasingly differentiated by manager capability, with rigorous underwriting, active portfolio management, and prudent structuring amid greater dispersion in borrower quality. Overall, private credit is expected to continue delivering attractive income and portfolio resilience within a cautious and selective lending environment.
The outlook for commercial property in 2026 is shaped by divergent sector dynamics against a backdrop of potentially higher interest rates. Industrial markets are expected to benefit from enduring structural tailwinds including constrained supply of developable land and strong occupier demand. This should continue to support rental growth, well-supported valuations, and investor interest. By contrast, the office sector may face ongoing headwinds as occupier preferences evolve and leasing markets adjust, leading to greater variability in performance outcomes across assets and locations. Higher financing costs may exert additional pressure on valuations and transaction activity, particularly for office properties with leasing or re-positioning challenges, underscoring the importance of active asset management and leasing success.
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 338634) (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 are not guaranteed.
The Trust Company (RE Services) Limited (ABN 45 003 278 831, AFSL 235150) 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 239122) (‘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 338634) (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 are not guaranteed.
The Trust Company (RE Services) Limited (ABN 45 003 278 831, AFSL 235150) 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 239122) (‘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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