Atrium Evolution Series – Diversified Fund AEF 5
As at 30 September 2025
Features
Information
Ratings & awards
A rating is only one factor to be taken into account when deciding whether to invest.
Accessing our solutions
Investment objective
To maximise returns while ensuring portfolio risk, or volatility, does not exceed 5% over a rolling three (3) year time period.
Investment strategy
The Fund has a Risk Targeted, multi asset investment strategy.
Atrium uses a dynamic, unconstrained approach to asset allocation providing flexibility to take full advantage of opportunities in the market and to mitigate downside risk.
The Fund may be invested in a broad universe of assets across multiple asset classes.
Atrium may also use derivatives to gain exposure to assets or asset classes more efficiently, for currency management, and to mitigate downside risk.
Building portfolios that smooth out volatility
Atrium’s Risk Targeted investment approach aims to offer investors a smoother investment journey. By challenging conventional thinking and allocating to a wide array of investments, we construct truly diversified portfolios that seek to maximise opportunity and manage risk.
During market downturns we focus on minimizing losses to help investors achieve consistent growth over the long-term with less volatility. This is important to us because we care about the entire investment journey, not just the destination.
Our disciplined process is underpinned by three core principles that have enabled us to effectively pursue our investment objectives over a long time horizon.
Focus on risk first
Seek consistency of returns
Seek to preserve capital
Source: Atrium, for illustrative purposes only. This graph is not a guarantee of future performance and undue reliance should not be placed upon it.
Important Information:
Marketing name: Atrium Evolution Risk Targeted Fund
Registered name: Atrium Evolution Series – Diversified Fund
(ARSN 151 191 776)
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). The Trust Company (RE Services) Limited (ABN 45 003 278 831, AFSL 235 150) is the Responsible Entity of the Atrium Evolution Series – Diversified Fund (ARSN 151 191 776) (Fund). The Information is of a general nature only and does not take into account the objectives, financial situation or needs of any person. Before acting on the Information, investors should consider its appropriateness having regard to their own objectives, financial situation and needs and obtain professional advice. No liability is accepted for any loss or damage as a result of any reliance on the Information. The ‘return objective’ is an internal return objective which is a measure that Atrium considers internally when managing the portfolio. Internal return objectives are not performance benchmarks and are not features set out in the Fund’s Product Disclosure Statement (PDS). Investors should consider the Fund’s PDS and Target Market Determination (TMD) (available from www.atriuminvest.com.au) before making any investment decision. Past performance is not a reliable indicator of future performance. Future performance and return of capital are not guaranteed.
The ratings published 04/2025 Atrium Evolution Series – Diversified Fund AEF 5, 04/2025 Atrium Evolution Series – Diversified Fund AEF 7, 04/2025 Atrium Evolution Series – Diversified Fund AEF 7P Units, 04/2025 Atrium Evolution Series – Diversified Fund AEF 9, 04/2025 Atrium Evolution Series – Diversified Fund AEF 9P Units are issued by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445 (Lonsec Research). Ratings are general advice only, and have been prepared without taking account of your objectives, financial situation or needs. Consider your personal circumstances, read the product disclosure statement and seek independent financial advice before investing. The rating is not a recommendation to purchase, sell or hold any product. Past performance information is not indicative of future performance. Ratings are subject to change without notice and Lonsec assumes no obligation to update. Lonsec Research uses objective criteria and receives a fee from the Fund Manager. Visit www.lonsec.com.au for ratings information and to access the full report. © 2025 Lonsec. All rights reserved.
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Source: Atrium Investment Management, Bloomberg. Performance shown as at the date of this report. Inception date is 24/06/2011. Past performance is not a reliable indicator of future performance. Future performance and return of capital is not guaranteed. Performance is after fees and costs and assumes re-investment of all distributions. Return objectives are internal return objectives which are measures that Atrium considers internally when managing the portfolio. Internal return objectives are not performance benchmarks and are not features set out in the PDS. Note that the internal return objectives for AEF 7P Units and AEF 9P Units align to the performance return hurdles for these Units (as set out in the PDS for these performance-based fee products). Please refer to the Fund’s Product Disclosure Statement (PDS) for more information on returns.
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 | 4.87% | 3.80% | 4.13% | 4.63% | 5.58% | 7.03% | 5.32% | 2.88% | 1.28% |
| Objective | 4.75% | 4.42% | 4.55% | 5.01% | 6.47% | 6.57% | 3.13% | 1.53% | 0.49% |
Objective refers to the Return objective as stated in the Key Facts table.
Important Information:
Marketing name: Atrium Evolution Risk Targeted Fund
Registered name: Atrium Evolution Series – Diversified Fund
(ARSN 151 191 776)
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). The Trust Company (RE Services) Limited (ABN 45 003 278 831, AFSL 235 150) is the Responsible Entity of the Atrium Evolution Series – Diversified Fund (ARSN 151 191 776) (Fund). The Information is of a general nature only and does not take into account the objectives, financial situation or needs of any person. Before acting on the Information, investors should consider its appropriateness having regard to their own objectives, financial situation and needs and obtain professional advice. No liability is accepted for any loss or damage as a result of any reliance on the Information. The ‘return objective’ is an internal return objective which is a measure that Atrium considers internally when managing the portfolio. Internal return objectives are not performance benchmarks and are not features set out in the Fund’s Product Disclosure Statement (PDS). Investors should consider the Fund’s PDS and Target Market Determination (TMD) (available from www.atriuminvest.com.au) before making any investment decision. Past performance is not a reliable indicator of future performance. Future performance and return of capital are not guaranteed.
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Asset allocation
| Rates & credit | 34.44% | |
| Cash | 3.26% | |
| Australian equities | 7.50% | |
| International equities | 18.56% | |
| Listed infrastructure | 2.96% | |
| Liquid alternatives | 22.41% | |
| Private markets | 10.86% |
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:
Marketing name: Atrium Evolution Risk Targeted Fund
Registered name: Atrium Evolution Series – Diversified Fund
(ARSN 151 191 776)
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). The Trust Company (RE Services) Limited (ABN 45 003 278 831, AFSL 235 150) is the Responsible Entity of the Atrium Evolution Series – Diversified Fund (ARSN 151 191 776) (Fund). The Information is of a general nature only and does not take into account the objectives, financial situation or needs of any person. Before acting on the Information, investors should consider its appropriateness having regard to their own objectives, financial situation and needs and obtain professional advice. No liability is accepted for any loss or damage as a result of any reliance on the Information. The ‘return objective’ is an internal return objective which is a measure that Atrium considers internally when managing the portfolio. Internal return objectives are not performance benchmarks and are not features set out in the Fund’s Product Disclosure Statement (PDS). Investors should consider the Fund’s PDS and Target Market Determination (TMD) (available from www.atriuminvest.com.au) before making any investment decision. Past performance is not a reliable indicator of future performance. Future performance and return of capital are not guaranteed.
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Top holdings
| Holding | Weight | Asset Class |
|---|---|---|
| KAPSTREAM ABSOLUTE RETURN INCOME FUND CLASS I | 7.23% | Rates & credit |
| RUSSELL AUSTRALIAN EQUITY OPPORTUNITIES FUND | 6.79% | Australian equities |
| COOLABAH SHORT TERM INCOME FUND | 5.88% | Rates & credit |
| CROWN ATRIUM SEGREGATED PORTFOLIO SERIES 1 USD | 4.62% | Liquid alternatives |
| DAINTREE CORE INCOME TRUST | 4.20% | Rates & credit |
| LGT (LUX) DYNAMIC CAT BOND FUND AUD CLASS S | 4.04% | Liquid alternatives |
| ARDEA REAL OUTCOME FUND CLASS A | 3.95% | Rates & credit |
| JP MORGAN GLOBAL STRATEGIC BOND FUND | 3.54% | Rates & credit |
| CQS CREDIT MULTI ASSET FUND CLASS I4 AUD | 3.51% | Rates & credit |
| ANTIPODES GLOBAL FUND LONG UCITS CLASS S | 3.42% | International equities |
Important Information:
Marketing name: Atrium Evolution Risk Targeted Fund
Registered name: Atrium Evolution Series – Diversified Fund
(ARSN 151 191 776)
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). The Trust Company (RE Services) Limited (ABN 45 003 278 831, AFSL 235 150) is the Responsible Entity of the Atrium Evolution Series – Diversified Fund (ARSN 151 191 776) (Fund). The Information is of a general nature only and does not take into account the objectives, financial situation or needs of any person. Before acting on the Information, investors should consider its appropriateness having regard to their own objectives, financial situation and needs and obtain professional advice. No liability is accepted for any loss or damage as a result of any reliance on the Information. The ‘return objective’ is an internal return objective which is a measure that Atrium considers internally when managing the portfolio. Internal return objectives are not performance benchmarks and are not features set out in the Fund’s Product Disclosure Statement (PDS). Investors should consider the Fund’s PDS and Target Market Determination (TMD) (available from www.atriuminvest.com.au) before making any investment decision. Past performance is not a reliable indicator of future performance. Future performance and return of capital are not guaranteed.
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Market update
September offered a nuanced turn in the global macro regime, with investors oscillating between hope for policy easing and caution over sticky inflation and uneven growth.
The U.S. Federal Reserve delivered a widely anticipated 25 basis point cut in mid-September, reinforcing expectations of further easing into year’s end. Markets are now pricing in another 25-50bps of cuts by December and more through 2026. Economic data, however, continue to surprise to the upside: growth has remained resilient even as inflation lingers above target. Global bond yields reversed earlier declines, recalling bond volatility from earlier in the year. In “soft-patch” economies, especially Europe, growth momentum slowed amid export weakness and weak external demand, but domestic buffers helped prevent sharper downturns.
Equity markets generally held up well. The MSCI World index continued to rally, supported by multiple expansion more than earnings upgrades. In the U.S., tech and AI leaders remained relative outperformers. But valuation discipline is being tested, and volatility expectations have drifted higher.
Domestically, the Reserve Bank of Australia held the cash rate at 3.60%, signalling that further cuts are not off the table - but cautious given inflation risk. Macro data showed pockets of strength: Q2 GDP rose 0.6%, and household spending remained firm. However, consumer sentiment slipped ~3.1% in September, reflecting angst around cost of living. On the markets front, the S&P/ASX 200 dipped over the month, pressured by renewed bond yield fears and a rotation away from rate-sensitive sectors toward materials and mining.
September reminded us that central banks remain data-driven, not schedule-driven, and that the tug between disinflation hopes and growth surprises persists. The tailwinds from easier monetary policy and solid US corporate earnings growth outweigh concerns over inflation and optimistic valuations into year end.
Performance
The Fund advanced again in September despite mixed results in equities as liquid alternatives bounced back strongly driven by commodities markets and US equities. In the Fund’s equity allocations, global equities were up and hitting new all-time highs in various markets. The US market led the way and China, and other emerging markets were also strong. Australian equities declined, dragged down by the large mining stocks. The $A dollar rose against the US dollar and gold surged 12%.
In global equities, the Antipodes Global Fund outperformed its benchmark and the Hyperion Global Growth Companies Fund also outperformed as Tesla surged 33% on better sales and a large open-market stock purchase from CEO Elon Musk which buoyed confidence in the stock. Fairlight Small and Mid-Cap Companies Fund underperformed. Global listed real estate and infrastructure securities gained but lagged the broader market. In Australian equities, the Firetrail Australian Small Companies Fund rose while the Russell Investments Australian Equity Opportunities Fund trailed the benchmark. The Vanguard FTSE Emerging Markets ETF rose strongly led by its China allocation.
Liquid alternatives were strong, with P/E Investments Commodity Strategy and Crown Diversified Macro Segregated Portfolio both up sharply driven by the rise in gold. The Crown Atrium Segregated Portfolio was also up on the back of a tilt to global mining stocks. Trend following strategies had a good month with long positioning in gold and equities paying off. The LGT Lux Dynamic Cat Bond Fund was up as insurance spreads tightened.
Credit strategies also contributed positively with CQS Credit Multi Asset and the KKR Global Credit Opportunities Fund advancing on tighter credit spreads.
Portfolio changes
The Fund retained an overweight allocation to equities but with option strategies increased to provide downside protection.
Outlook
The tailwinds from easier monetary policy and solid US corporate earnings growth outweigh concerns over inflation and optimistic valuations into year end. The Fund remains highly diversified within its equity and credit exposures and with a substantial allocation to alternative assets.
Important Information:
Marketing name: Atrium Evolution Risk Targeted Fund
Registered name: Atrium Evolution Series – Diversified Fund
(ARSN 151 191 776)
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). The Trust Company (RE Services) Limited (ABN 45 003 278 831, AFSL 235 150) is the Responsible Entity of the Atrium Evolution Series – Diversified Fund (ARSN 151 191 776) (Fund). The Information is of a general nature only and does not take into account the objectives, financial situation or needs of any person. Before acting on the Information, investors should consider its appropriateness having regard to their own objectives, financial situation and needs and obtain professional advice. No liability is accepted for any loss or damage as a result of any reliance on the Information. The ‘return objective’ is an internal return objective which is a measure that Atrium considers internally when managing the portfolio. Internal return objectives are not performance benchmarks and are not features set out in the Fund’s Product Disclosure Statement (PDS). Investors should consider the Fund’s PDS and Target Market Determination (TMD) (available from www.atriuminvest.com.au) before making any investment decision. Past performance is not a reliable indicator of future performance. Future performance and return of capital are not guaranteed.
Powered by data from FE fundinfo
Important Information:
Marketing name: Atrium Evolution Risk Targeted Fund
Registered name: Atrium Evolution Series – Diversified Fund
(ARSN 151 191 776)
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). The Trust Company (RE Services) Limited (ABN 45 003 278 831, AFSL 235 150) is the Responsible Entity of the Atrium Evolution Series – Diversified Fund (ARSN 151 191 776) (Fund). The Information is of a general nature only and does not take into account the objectives, financial situation or needs of any person. Before acting on the Information, investors should consider its appropriateness having regard to their own objectives, financial situation and needs and obtain professional advice. No liability is accepted for any loss or damage as a result of any reliance on the Information. The ‘return objective’ is an internal return objective which is a measure that Atrium considers internally when managing the portfolio. Internal return objectives are not performance benchmarks and are not features set out in the Fund’s Product Disclosure Statement (PDS). Investors should consider the Fund’s PDS and Target Market Determination (TMD) (available from www.atriuminvest.com.au) before making any investment decision. Past performance is not a reliable indicator of future performance. Future performance and return of capital are not guaranteed.
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