Atrium Evolution Series – Diversified Fund AEF 7

31 December 2023

Features

Information

Inception date24 June 2011
Product codeCOL0030AU
Product typeManaged Fund
Investment strategyDiversified - Risk Targeted
Volatility limit (p.a.)7.00%
Return objectiveRBA Cash + 3.5%
Investment horizon5 years
Super/pensionYes
Investment (IDPS)Yes
Distribution frequencyHalf yearly
PricingWeekly

Ratings & awards

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A rating is only one factor to be taken into account when deciding whether to invest.

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Investment objective

To maximise returns while ensuring portfolio risk, or volatility, does not exceed 7% 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

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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 is not guaranteed. The Atrium Global Equities Mandate No. 1 is a separately managed portfolio managed by Magellan Asset Management Limited in a manner consistent with the Magellan Global Fund. The Global Listed Infrastructure Mandate No.1 is a separately managed portfolio managed by Magellan Asset Management Limited in a manner consistent with the Magellan Infrastructure Fund.

 
The rating issued 04/2023 Atrium Evolution Series – Diversified Fund AEF 5, 04/2023 Atrium Evolution Series – Diversified Fund AEF 7, 04/2023 Atrium Evolution Series – Diversified Fund AEF 7 P Units, 04/2023 Atrium Evolution Series – Diversified Fund AEF 9, 04/2023 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. © 2023 Lonsec. All rights reserved.

 

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Growth of $100,000

ResetPerformance line chart
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Since Inception10 years7 years5 years3 years1 year6 months3 months1 month
Fund111.20%64.08%36.70%28.04%9.85%4.98%2.25%3.18%1.96%
RBA Cash + 3.5%95.10%64.48%39.62%26.65%16.54%7.37%3.79%1.90%0.64%

Source: Atrium Investment Management. 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.

Performance

Since inception (% p.a.)10 Years (% p.a.)7 years (% p.a.)5 years (% p.a.)3 years (% p.a.)1 year6 months3 months1 month
Portfolio6.15%5.08%4.57%5.07%3.18%4.98%2.25%3.18%1.96%
Objective5.48%5.10%4.88%4.84%5.23%7.37%3.79%1.90%0.64%

Objective refers to the Return objective as stated in the Key Facts table.

Distributions

31/12/202330/06/202331/12/202230/06/202231/12/2021
Cents per unit1.150.321.103.571.22

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 is not guaranteed. The Atrium Global Equities Mandate No. 1 is a separately managed portfolio managed by Magellan Asset Management Limited in a manner consistent with the Magellan Global Fund. The Global Listed Infrastructure Mandate No.1 is a separately managed portfolio managed by Magellan Asset Management Limited in a manner consistent with the Magellan Infrastructure Fund.

 

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Understanding our Risk Targeted investing approach

Atrium is a multi-asset investor that challenges conventional thinking and practices with a proven Risk Targeted approach that preserves and grows wealth for clients. Risk Targeted investing is a dynamic approach to generating investment returns in a more consistent manner while controlling overall portfolio risk. We give our investors the confidence to stay invested through the ups and downs of financial markets, providing peace of mind on your wealth building journey.

Building portfolios that smooth out volatility

When constructing portfolios, our focus is on managing risk through our allocation to a wide array of investments. In this way, Atrium aims to build portfolios that are less susceptible to market volatility and therefore deliver more consistent return outcomes.

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Illustrative Only

Case study: COVID-19

The first quarter of 2020 was a volatile period for markets as the COVID-19 pandemic started to spread around the globe. In line with our Risk Targeted investment philosophy, our portfolios focused on managing risk to limit drawdowns (i.e. the loss of investor capital), and on delivering more consistent returns for investors over the long-term.
While returns were lower over the quarter as a result of the sharp market decline, the Atrium portfolios benefited from our genuine diversification, our dynamic asset allocation approach and a more defensive positioning entering this volatile period.

Portfolio performance
(Feb 2020 - Apr 2020)

PortfolioPerformanceTable

Feb 2020 -1.2%
Mar 2020 -5.2%
Apr 2020 1.4%

ASX performance
(Feb 2020 - Apr 2020)

ASX200PerformanceTable

Feb 2020 -7.7%
Mar 2020 -20.7%
Apr 2020 8.8%

Volatility & Sharpe Ratio

10 Years7 Years5 Years3 Years
Volatility (% p.a.)5.004.695.064.50

Sharpe Ratio 0.70 0.70 0.77 0.45

What is volatility?

Volatility measures the fluctuations, or changes, in the price of an asset or market index. Assets with higher volatility generally have greater price changes, both positive and negative, and so higher volatility is generally an indication of higher risk.

What is the Sharpe Ratio?

The Sharpe Ratio measures returns relative to the volatility, or risk, that was taken to achieve that return. The higher the ratio, the better the risk-adjusted performance has been - in other words, the investment risks taken have delivered better returns to the portfolio.

Maximum monthly drawdown since inception

Portfolio-7.17%
ASX200-26.75%

What is maximum drawdown?

Maximum drawdown measures the largest fall in an asset's or market's price, from a peak to its subsequent lowest point. Maximum drawdown is an indicator of downside risk specifically - that is, it reflects the greatest loss of capital an investor may have experienced over the time period.

Performance in positive & negative markets since inception

Portfolio - Average monthly return

Avg monthly return in up markets1.06%
Avg monthly return in down markets-0.41%

ASX200 - Average monthly return

Avg monthly return in up markets3.10%
Avg monthly return in down markets-3.14%

What is up/down capture?

Up capture measures how an asset has performed in periods where the market return was positive, whereas down capture measures how the asset has performed in periods of negative market returns. Together, these measures provide an indication of how the asset has performed in both positive and negative market environments.

Source: Atrium Investment Management. Performance as at the date of this report. Inception date is 24 June 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.

How we manage risk in portfolios

Find out more >

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 is not guaranteed. The Atrium Global Equities Mandate No. 1 is a separately managed portfolio managed by Magellan Asset Management Limited in a manner consistent with the Magellan Global Fund. The Global Listed Infrastructure Mandate No.1 is a separately managed portfolio managed by Magellan Asset Management Limited in a manner consistent with the Magellan Infrastructure Fund.

 

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Asset allocation

Breakdown donut chart
Rates & credit10.98%
Cash16.68%
Australian equities14.21%
International equities26.68%
Listed infrastructure4.03%
Liquid alternatives18.82%
Private markets8.58%

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.

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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.

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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.

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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 is not guaranteed. The Atrium Global Equities Mandate No. 1 is a separately managed portfolio managed by Magellan Asset Management Limited in a manner consistent with the Magellan Global Fund. The Global Listed Infrastructure Mandate No.1 is a separately managed portfolio managed by Magellan Asset Management Limited in a manner consistent with the Magellan Infrastructure Fund.

 

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Diversification within each asset class

Breakdown pie chart

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 is not guaranteed. The Atrium Global Equities Mandate No. 1 is a separately managed portfolio managed by Magellan Asset Management Limited in a manner consistent with the Magellan Global Fund. The Global Listed Infrastructure Mandate No.1 is a separately managed portfolio managed by Magellan Asset Management Limited in a manner consistent with the Magellan Infrastructure Fund.

 

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Top holdings

HoldingWeightAsset Class
CASH POSITION9.77%Cash
ANTIPODES GLOBAL FUND LONG UCITS CLASS S7.31%Equities
SMARTER MONEY FUND - ASSISTED INVESTOR6.91%Cash
ATRIUM GLOBAL EQUITIES MANDATE NO.1 (MANAGED BY MAGELLAN)5.54%Equities
GLOBAL LISTED INFRASTRUCTURE MANDATE NO. 1 (MANAGED BY MAGELLAN)4.03%Equities
HYPERION GLOBAL GROWTH COMPANIES FUND CLASS C4.00%Equities
NORTHCAPE CAPITAL GLOBAL EQUITIES FUND3.96%Equities
FAIRLIGHT GLOBAL SMALL AND MID CAP (SMID) FUND - FOUNDATION CLASS3.81%Equities
CROWN ATRIUM SEGREGATED PORTFOLIO SERIES 1 USD3.56%Liquid alternatives
SGH ICE PROFESSIONAL INVESTOR FUND3.49%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). 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 is not guaranteed. The Atrium Global Equities Mandate No. 1 is a separately managed portfolio managed by Magellan Asset Management Limited in a manner consistent with the Magellan Global Fund. The Global Listed Infrastructure Mandate No.1 is a separately managed portfolio managed by Magellan Asset Management Limited in a manner consistent with the Magellan Infrastructure Fund.

 

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Market update

The quarter ended 31 December saw a strong recovery in equity and bond markets, due in the main to an increasingly confident view that central banks have tightened policy sufficiently, and that the next move in rates may be lower. The US equity market gained 11.7% for the quarter, the Australian market generated +8.4%. 10-year bond yields fell sharply. Consistent with these moves, the Australian dollar gained strongly, +5.9%, further supported by falling market volatility. Such an environment was also very supportive for credit markets. Commodity prices were generally firm, with the notable exception of oil which fell -20.5% on the quarter.

The US equity market closed out 2023 in very strong fashion, with a substantial 11.7% return for the quarter, and a full year return of +26.3%. What was apparent in the fourth quarter was a broadening out of the positive returns. The earlier part of 2023 had been heavily reliant on around 10 tech / tech-linked names which had driven all of the return, leaving the rest of the market flat. This was somewhat reversed in the fourth quarter, as sectors such as Homebuilders (+34.0%) and Consumer Finance (+29.0%) rose strongly. Information Technology names also did well, but the market was less reliant on these names. To the downside, Oil and Gas-linked sectors fell sharply as the oil price fell, however the key thematic was lower bond yields, and a shorter path to easier financial conditions. Europe gained +6.4% for the quarter, although the key German DAX did significantly better (+8.9%). Emerging Markets lagged, gaining 5.6% in local currency terms despite materially lower US bond yields and a lower US dollar, a combination typically very supportive for Emerging Markets. Looking below the headline number however, it was again China and Hong Kong which weighed on Emerging Markets, highlighting again the importance of considering the large exposure to China in an equity allocation.

The Australian market was also strong, gaining 8.4% for the quarter, and up +12.4% for the full year. The Real Estate sector performed very strongly, reflecting a more optimistic / less pessimistic outlook on the part of investors. The sector was led by major REITs which were trading directly in reaction to the recovery in bond prices, improving the financing outlook. The issues of the Office sector have not gone away, with likely oversupply as office arrangements have changed for most companies, leading to structurally less demand, but this had already been factored in by investors. The Banks gained 9.8% for the quarter. BHP, now well in excess of 10% of the local market, drove the Materials sector higher, supported by rising commodity prices. Healthcare also did well, as CSL and ResMed saw a reversal of prior falls which had been partly linked to the growth in appetite-suppression drugs in Europe and the US. To the downside, Energy was the weakest sector, reflecting the sharp decline in oil prices for the quarter.

Bond markets were again volatile, although from late October yields moved lower into year end, finishing off the year on a very positive note (bond prices move inverse to bond yields). The bulk of the move was caused by lowering inflation prints, and a growing view that central banks may have done enough to temper inflation, and that the next move may be lower to support growth. US 10-year yields fell 69 basis points (bps) for the quarter to close at 3.88%, Australian bond yields fell 53 bps to 3.96%. The Reserve Bank of Australia again hiked the cash rate at the start of November, to sit at 4.35%. Major credit markets delivered substantially positive excess returns for the quarter.

The Australian dollar reversed much of the previous quarter’s falls, gaining 5.9% against the US dollar, influenced in the most part by falling bond yields (and associated decline in the US dollar), rising commodity prices, and declining market volatility. Gold prices approached record levels, gaining a very impressive 11.6% for the quarter, also reflecting the fall in interest rates and the US dollar.

Performance

The Fund had a strong quarter with both bond and equity markets rallying on hopes of significant interest rate cuts in both the US and Australia over 2024.

Within our growth allocation, global equities were the key contributor to performance, with the majority of our managers outperforming their respective indices, this despite the extreme concentration of the US equity market leadership in the “magnificent 7” stocks (Apple, Microsoft, Google parent Alphabet, Amazon.com, Nvidia, Meta Platforms and Tesla). Standout performers included the Fairlight Global Small and Mid Cap Fund and Hyperion Global Growth Companies, with the only laggard being the Antipodes Global Fund – Long Only, which was hurt by an underweight to the US and overweight to Chinese and energy companies.

Our global listed infrastructure mandate (managed by Magellan) also delivered a solid return over the quarter and outperformed its benchmark, as a sharp fall in real interest rates provided a tailwind to performance along with the underweight to the poorly performing energy sector.

Domestic equities also had a strong quarter as bond yields fell from their recent highs and the market began to price multiple cash rate cuts by the RBA over 2024. Key positive contributors for the Atrium Equity Opportunities Fund included BHP (a recently increased allocation)), CSL and gold miner Northern Star. Detractors included Bapcor and resource company IGO Ltd.

Rates & credit was a positive contributor, led by our high yield bond and loan exposures via the CQS Credit Multi Asset Fund and KKR Global Credit Opportunities Fund. Our recently increased interest rate duration exposure has proven to be a strong contributor over the quarter as bond prices rose aggressively on hopes of the RBA reducing interest rates over 2024.

Other diversifying allocations had a more challenging period as global bond and equity markets changed course dramatically on news of a “dovish pivot” from US Federal Reserve, which negatively impacted many of our momentum based strategies, which can typically take time to change positioning . Key detractors included the Crown Diversified Macro Fund and P/E Global FX Alpha Fund, with the latter in particular being adversely impacted by the sharp drop in the US dollar. On the positive side of the ledger, risk premia strategies managed by Man and Two Sigma have continued to perform well.

Performance in our private markets portfolio has been steady. We have seen distributions compressed in our property equity investments, due to increased funding costs, offset by increased yields in our floating rate private credit allocations.

Portfolio changes

Over the month we trimmed some of our stronger performing global equity managers, such as Fairlight and Hyperion which have delivered very strong outperformance over the period and have been major beneficiaries of the recent equity market rally.

Within the Atrium Equity Opportunities Fund we reduced our position in Macquarie Bank, after a very strong rally, while also increasing our position in BHP (after a positive research trip to China by our team) as well as adding WiseTech Global with its market leading freight forwarding platform.

Within Private Markets, no new allocations have been made in the December quarter while several of our co-investment loans have repaid. Our research program is continuing to unearth quality opportunities for deployment into 2024. Our existing investments continue to progress well with several projects nearing key milestones, such as the completion of the Sydney Wavepark in early 2024.

The investment team completed a research trip to the US and UK over the quarter and expect to have a number of new managers and strategies for due diligence review in early 2024.

Outlook

2023 has confounded many market participants and reinforces the folly of forecasting both the economy and stock market over a short period of time. Our view remains that a US recession is likely to occur, but timing as always is difficult, especially considering the long lags of monetary policy. We believe the market has become overly optimistic and shifted decisively towards the “soft landing” scenario which in our opinion remains extremely difficult to navigate for central banks.

As we look into 2024, the same risks we faced in 2023 remain evident, albeit the inflation backdrop has improved. We remain positioned towards the lower end of our equity range given our views on valuations, while our dynamic approach allows us the flexibility to quickly alter positioning as opportunities will undoubtedly emerge in the year ahead.

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 is not guaranteed. The Atrium Global Equities Mandate No. 1 is a separately managed portfolio managed by Magellan Asset Management Limited in a manner consistent with the Magellan Global Fund. The Global Listed Infrastructure Mandate No.1 is a separately managed portfolio managed by Magellan Asset Management Limited in a manner consistent with the Magellan Infrastructure Fund.

 

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NameAtrium Evolution Series – Diversified Fund AEF 7
Product profileProductProfile
PDSPDS
TMDTMD
Performance reportPerformance report
Annual reportAnnualReport

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 is not guaranteed. The Atrium Global Equities Mandate No. 1 is a separately managed portfolio managed by Magellan Asset Management Limited in a manner consistent with the Magellan Global Fund. The Global Listed Infrastructure Mandate No.1 is a separately managed portfolio managed by Magellan Asset Management Limited in a manner consistent with the Magellan Infrastructure Fund.

 

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