Atrium Evolution Series – Diversified Fund AEF 5
As at 30 June 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:
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. Investors should consider the Fund’s Product Disclosure Statement (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 rating issued 05/2024 Atrium Evolution Series – Diversified Fund AEF 5, 05/2024 Atrium Evolution Series – Diversified Fund AEF 7, 05/2024 Atrium Evolution Series – Diversified Fund AEF 7 P Units, 05/2024 Atrium Evolution Series – Diversified Fund AEF 9, 05/2024 Atrium Evolution Series – Diversified Fund AEF 9 P Units are published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445 (Lonsec). 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 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. © 2024 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 | 4.75% | 3.85% | 3.85% | 4.31% | 4.59% | 6.32% | 3.06% | 2.37% | 1.00% |
| Objective | 4.73% | 4.38% | 4.47% | 4.83% | 6.31% | 6.73% | 3.22% | 1.58% | 0.51% |
Objective refers to the Return objective as stated in the Key Facts table.
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). 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. Investors should consider the Fund’s Product Disclosure Statement (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 | 37.88% | |
| Cash | 6.52% | |
| Australian equities | 6.71% | |
| International equities | 15.54% | |
| Listed infrastructure | 3.15% | |
| Liquid alternatives | 20.40% | |
| Private markets | 9.80% |
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 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. Investors should consider the Fund’s Product Disclosure Statement (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 | 9.42% | Rates & credit |
| COOLABAH SHORT TERM INCOME FUND | 6.69% | Rates & credit |
| CASH POSITION | 5.80% | Cash |
| RUSSELL AUSTRALIAN EQUITY OPPORTUNITIES FUND | 5.36% | Australian equities |
| JP MORGAN GLOBAL STRATEGIC BOND FUND | 4.55% | Rates & credit |
| CROWN ATRIUM SEGREGATED PORTFOLIO SERIES 1 USD | 3.89% | Liquid alternatives |
| DAINTREE CORE INCOME TRUST | 3.87% | Rates & credit |
| ARDEA REAL OUTCOME FUND CLASS A | 3.52% | Rates & credit |
| MAN ALTERNATIVE RISK PREMIA - CLASS A SHARES (AUD) | 3.52% | Liquid alternatives |
| LGT (LUX) DYNAMIC CAT BOND FUND AUD CLASS S | 3.49% | Liquid alternatives |
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). 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. Investors should consider the Fund’s Product Disclosure Statement (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
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.
Performance
The Fund advanced further in June ending a very strong quarter as equity and bond markets both rallied in expectations of easing monetary policy and calming US trade tensions. Global equities again outperformed the local market, led by US stocks. Contributors to positive returns were broadly across equities and rates & credit. Liquid alternatives detracted slightly.
In equities, outperforming global benchmarks that have become concentrated in large tech names again proved difficult. Fairlight and Hyperion underperformed while Antipodes outperformed. Emerging market equities were solid contributors while our US equal weight allocation trailed the index.
Our active Australian equity allocation had a strong month, led by the systematic strategy from Russell and Ausbil which both outperformed the benchmark. Macquarie underperformed for the month while Firetrail performed in line with the small cap benchmark and was well ahead over the quarter.
In liquid alternatives, One River Systematic Trend bounced back with strong contributions from currency positioning and Man Alternative Risk Premia had another positive month driven by long/short equity strategies. P/E Global FX Alpha had a negative month hurt by a long USD position.
Credit spreads tightened over the month, driving solid returns from CQS Credit Multi Asset Fund. Rates were also generally lower over the month, also providing a positive contribution as falling yields means positive returns in bond markets.
Portfolio changes
There were no significant changes to holdings over the month. The Fund remains fully invested with equity positioning above the Fund’s long-run average. Active investments remain tilted to quality, growth, and the small and mid-capitalisation end of equity indices.
Outlook
Despite a volatile quarter of global trade policy threats and some weaker economic data in the US and Australia, markets are looking through short-term noise and are factoring in lower rates which should underpin a recovery in growth and sentiment and support valuations. We remain positive and have positioned the portfolio to weather volatility with high levels of diversification.
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). 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. Investors should consider the Fund’s Product Disclosure Statement (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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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). 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. Investors should consider the Fund’s Product Disclosure Statement (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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