MAPS Growth Opportunities Portfolio
As at 31 July 2025
Features
Information
^Liquidity dependent on underlying holdings. Varies from daily to weekly.
Ratings & awards
A rating is only one factor to be taken into account when deciding whether to invest.
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Investment objective
To provide long term returns predominantly through capital growth with a high level of portfolio volatility.
Investment strategy
The Portfolio provides investors with diversification across a range of asset classes; Australian and international shares, rates and credit, cash and liquid alternatives, as well as diversification within those asset classes.
The Portfolio is actively managed with the flexibility to change the asset class mix at any time within the asset class ranges.
The underlying asset class exposures are invested in a range of predominantly actively managed investment strategies managed by professional asset managers.
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.
SQM Research is an investment research firm that undertakes research on investment products exclusively for its wholesale clients, utilising a proprietary review and star rating system. Information contained in this document attributable to SQM Research must not be used to make an investment decision. The SQM Research rating is valid at the time the report was issued, however it may change at any time. While the information contained in the rating is believed to be reliable, its completeness and accuracy is not guaranteed. The SQM Research star rating system is of a general nature and does not take into account the particular circumstances or needs of any specific person. Only licensed financial advisers may use the SQM Research star rating system in determining whether an investment is appropriate to a person’s particular circumstances or needs. You should read the product disclosure statement and consult a licensed financial adviser before making an investment decision in relation to this investment product. SQM Research receives a fee from the Fund Manager for the research and rating of the managed investment scheme.
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Source: Atrium Investment Management, HUB24. Performance as at the date of this report. Inception date is 23 August 2018. Past performance is not a reliable indicator of future performance. Future performance and return of capital is not guaranteed. Performance figures relate to the model portfolios managed by Atrium. Individual investor portfolio performance may be different from the results above and will differ among clients depending on the timing of their investment and the level of variation from the models. Performance is net of investment management fees, does 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.
Performance
| 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 | 6.27% | 7.65% | 9.26% | 10.98% | 2.45% | 7.96% | 1.98% |
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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Asset allocation
| Rates & credit | 9.70% | |
| Cash | 3.93% | |
| Australian equities | 24.19% | |
| International equities | 52.73% | |
| Listed infrastructure | 4.79% | |
| Liquid alternatives | 4.66% |
Atrium aims to achieve its investment objectives by investing across a range of asset classes on a global basis that provide exposure to different risk factors.
Each asset is included in the Portfolio for its ability to contribute to returns on a stand alone basis.
The investment universe comprises of 3 broad categories - Preservers, Growth Drivers and Diversifiers.
 | PreserversAssets that protect the portfolio during periods of heightened equity market volatility and preserve capital, such as cash, government bonds and high quality investment grade bonds. |
 | Growth DriversAssets that are expected to deliver higher rates of return over time with higher levels of associated volatility (risk). This predominantly comprises equities but also includes other assets that are highly correlated to equities such as listed property and infrastructure. |
 | DiversifiersAssets that generate additional real returns, with performance that is typically uncorrelated to the growth drivers and preservers within the portfolio.Importantly, they are a source of portfolio diversification away from equity market and interest rate risks, such as liquid alternatives and private markets. |
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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Top holdings
| Holding | Weight | Asset Class |
|---|---|---|
| AUSTRALIAN EQUITY MANAGED PORTFOLIO | 20.04% | Australian equities |
| BETASHARES GLOBAL SHARES ETF | 9.92% | International equities |
| BETASHARES GLOBAL SHARES HEDGED ETF | 8.83% | International equities |
| VANGUARD INTERNATIONAL SHARES ETF | 7.23% | International equities |
| BETASHARES S&P 500 EQUAL WEIGHT HEDGED ETF | 7.23% | International equities |
| BETASHARES S&P 500 EQUAL ETF UNITS | 5.31% | International equities |
| VANGUARD FTSE EMERGING MARKETS ETF (ASX LISTED) | 5.01% | Emerging markets |
| RUSSELL GLOBAL LISTED REAL ASSET FUND | 4.79% | Listed infrastructure |
| VNGD AUS FI ETF UNITS | 4.70% | Rates & credit |
| SPDR S&P/ASX 200 FUND EXCHANGE TRADED FUND UNITS FULLY PAID | 4.15% | Australian equities |
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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Market update
Global markets performed well in July 2025, driven by positive trade developments. The US finalised trade deals with the EU, Japan, South Korea, and Southeast Asian nations, reducing tariffs and averting major trade wars. US-China talks extended a tariff truce, while Canada and Mexico continued negotiations. Central banks globally maintained cautious stances, with the US Federal Reserve holding rates steady amid mixed economic data, including weaker-than-expected jobs growth. The European Central Bank and Bank of Japan also left rates unchanged, while the Bank of England lowered rates in early August. Corporate earnings were mostly positive, with tech giants like NVIDIA, Alphabet, and Microsoft leading gains, though some companies like BlackRock and eBay missed expectations. Chinese GDP growth slowed slightly but exceeded market forecasts.
In Australia, the Reserve Bank of Australia (RBA) surprised markets by holding rates at 3.85%, citing easing inflation and labour market uncertainties. Inflation data showed further moderation, with core inflation within the RBA’s target range. The unemployment rate rose to 4.3%, its highest in over three years. The Australian dollar made modest gains, supported by easing global trade tensions and stronger iron ore prices.
Macroeconomic trends highlighted mixed signals. US inflation rose, driven partly by tariffs, while labour market data revealed weaker-than-expected job growth. Euro-zone growth slowed, and Japan revised its growth forecast upward following a trade deal with the US. Global trade uncertainty remains a key risk, though sentiment has improved with easing tariff tensions.
Looking ahead, we continue to see opportunity in equity markets as we view upcoming cuts in cash rates as supportive. Valuations are attractive in non-US equities, government bonds, private credit, and infrastructure. US equities remain at elevated valuations, while emerging markets, particularly China, could benefit from fiscal initiatives. The USD appears overvalued, with medium-term value seen in the AUD. Diversification remains critical amid ongoing uncertainties.
Performance
The Portfolio experienced another positive month with equities continuing to be the primary driver of returns for the strategy. Improved clarity on global trade outcomes provided support for global equities. Global developed markets outperformed the local market, led by strong US equity returns.
Equities were the strongest contributors to performance. There were also good contributions from rates & credit and liquid alternatives.
In equities, mega cap technology stocks led markets higher, an area in which active managers tend to be underweight. This is reflected in the underperformance of Antipodes and Hyperion. The global equity ETFs managed by Betashares had very strong returns, with the unhedged vehicles outperforming this month as the US dollar appreciated. Our emerging market allocation with Vanguard also advanced strongly. Within Australian equities, our Australian equity SMA managed by Russell saw a strong positive return but slightly lagged the benchmark.
In liquid alternatives, the Atrium Alternatives Fund was positive for the month with Crown Atrium Segregated Portfolio and Crown Diversified Macro recording solid gains while Man Alternative Risk Premia declined.
Rates and credit strategies were mixed with the Atrium Enhanced Fixed Income Fund positive as high yield managers delivered strong returns, but the Russell International Bond Fund declined.
Portfolio changes
Exposure to Australian equities was trimmed slightly during the month, otherwise there were no significant changes to holdings. The Portfolio remains fully invested with equity positioning above the Portfolio’s long-run average.
Outlook
As previously noted, we remain broadly supportive of a larger equity allocation in the medium term. We are keeping a close eye on the US labour market as a leading indicator of risk to growth. Following a strong US earnings season and supportive monetary and fiscal policy changes, we remain optimistic about better results for small and emerging market companies.
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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