Atrium Evolution Series – Diversified Fund AEF 9
30 June 2024
A rating is only one factor to be taken into account when deciding whether to invest.
To maximise returns while ensuring portfolio risk, or volatility, does not exceed 9% over a rolling three (3) year time period.
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.
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 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 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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Since Inception | 10 years | 7 years | 5 years | 3 years | 1 year | 6 months | 3 months | 1 month | ||
---|---|---|---|---|---|---|---|---|---|---|
Fund | 143.78% | 83.28% | 46.72% | 27.08% | 6.66% | 6.94% | 4.34% | -1.25% | 0.84% | |
Objective | 129.05% | 82.40% | 51.21% | 34.61% | 22.31% | 8.78% | 4.32% | 2.14% | 0.70% |
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.
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 | 7.09% | 6.25% | 5.63% | 4.91% | 2.17% | 6.94% | 4.34% | -1.25% | 0.84% |
Objective | 6.57% | 6.19% | 6.09% | 6.13% | 6.94% | 8.78% | 4.32% | 2.14% | 0.70% |
Objective refers to the Return objective as stated in the Key Facts table.
30/06/2024 | 31/12/2023 | 30/06/2023 | 31/12/2022 | 30/06/2022 | |
---|---|---|---|---|---|
Cents per unit | 1.40 | 1.21 | 0.15 | 1.14 | 5.08 |
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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Rates & credit | 2.84% | |
Cash | 7.66% | |
Australian equities | 18.95% | |
International equities | 36.14% | |
Listed infrastructure | 3.40% | |
Liquid alternatives | 20.80% | |
Private markets | 10.21% |
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.
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 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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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.
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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Holding | Weight | Asset Class |
---|---|---|
ANTIPODES GLOBAL FUND LONG UCITS CLASS S | 9.56% | Equities |
CASH POSITION | 7.66% | Cash |
FAIRLIGHT GLOBAL SMALL AND MID CAP (SMID) FUND - FOUNDATION CLASS | 6.05% | Equities |
ATRIUM GLOBAL EQUITIES MANDATE NO.1 (MANAGED BY MAGELLAN) | 5.95% | Equities |
NORTHCAPE CAPITAL GLOBAL EQUITIES FUND | 5.51% | Equities |
HYPERION GLOBAL GROWTH COMPANIES FUND CLASS C | 5.41% | Equities |
CROWN ATRIUM SEGREGATED PORTFOLIO SERIES 1 USD | 5.30% | Liquid alternatives |
SGH ICE PROFESSIONAL INVESTOR FUND | 5.01% | Equities |
GLOBAL LISTED INFRASTRUCTURE MANDATE NO. 1 (MANAGED BY MAGELLAN) | 3.40% | Equities |
MAN ALTERNATIVE RISK PREMIA - CLASS A SHARES (AUD) | 3.17% | Liquid alternatives |
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.
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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Equities rose in the June quarter, the third consecutive quarterly rise, although the pace of gains was much less than the prior 2 quarters. Government bond yields generally rose over the quarter. The Australian dollar outperformed, as did the gold price which remains close to record highs.
US equities saw a 4.3% uplift in the quarter with the main contributors being:
• Semiconductors, which gained very strongly on the back of AI chip maker Nvidia. At one point during the quarter, Nvidia was the most valuable stock on the US market.
• Information Technology was firm in general, and is the largest component of the US market.
• The Automobile Manufacturers Index was also strong driven by a sharp recovery in Tesla.
The Australian market underperformed the US, declining -1.1%.
• Utilities rose again, with AGL and Origin Energy both very strong for the quarter.
• The Banks were again strong, as were Financials in general, offsetting declines in Consumer Discretionary as higher interest rates continue to bite.
• Small capitalisation stocks again underperformed considerably during the quarter.
In the US, 10-year bond yields rose, reversing previous declines. Part of this rise was due to attempts to price the potential fiscal outcomes after the November US election. Australian bond yields rose by more, as the markets believe that the Reserve Bank of Australia may need to hold rates higher than elsewhere, due to persistent services price pressures.
The strength in the Australian dollar was partly driven by the divergent move in bond yields, reflecting the likelihood that Australian policy rates may need to be held higher relative to other major economies.
The Fund finished the financial year strongly, with equity exposure the key contributor to returns and liquid alternatives the only detractor for the month. Global equity markets continue to perform well as investor sentiment continues to improve and markets climb their “wall of worry”.
The equity exposure was a strong contributor to the portfolio with the Hyperion Global Growth Companies the standout performer due in no small part to a strong rebound in major holdings Tesla and ServiceNow. Our listed infrastructure exposure has continued to lag as Utility companies came under pressure from large capital raisings, while our exposure to global small and mid-cap stocks was also a notable laggard. The Atrium Equity Opportunities outperformed the market over the month on the back of strong performances from Bapcor and Treasury Wines.
Liquid alternatives were the only significant detractor over the month. The Crown Diversified Macro Segregated Portfolio has continued to have a challenging period, with short exposure to US Government bonds and long Mexican Peso exposure the largest detractors over the month. The P/E Global FX Alpha Fund was positive after the recent weakness in the US dollar reversed over the month.
We continue to shift the portfolio towards the segments of the equity market that exhibit better value as the risks of a hard landing globally have abated and we have taken some profits on selective liquid alternative exposures that have performed well year-to-date. We have recently completed due diligence on a concentrated global equity strategy that we believe will be a good complement for the fund and will look to implement this at an opportune time..
Within private markets we made a new investment into a European based private credit manager, Northwall which specialises in uncovering opportunities in complex and structured credit in Europe.
While economic indicators in the US and Australia continue to improve, risks of a second inflation wave have continued to increase – this has become more acute domestically. It remains our view that global central banks will tolerate inflation outside of their target zones for longer, which reduces the risk of restrictive monetary policy coinciding with slower economic growth over 2024.
Recent core inflation readings in Australia have caused a dramatic repricing of local interest rate expectations, with the potential for interest rate rises to unsettle the domestic markets. The balancing act for central banks (especially our own RBA) also comes at a time of rich valuations in some segments of the global equity markets – especially in the US information technology segment, which has been the key beneficiary of the “AI boom”. We continue to look for attractive investment opportunities while maintaining our risk targeted approach to investing and focus on delivering investors a smoother return profile over the full market cycle.
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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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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