Atrium Evolution Series – Diversified Fund AEF 9
As at 30 April 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 9% 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 | 7.10% | 5.50% | 5.36% | 5.93% | 4.93% | 6.86% | 2.14% | -2.68% | 1.01% |
| Objective | 6.71% | 6.35% | 6.41% | 6.71% | 8.11% | 8.80% | 4.25% | 2.04% | 0.68% |
Objective refers to the Return objective as stated in the Key Facts table.
Distributions
| 31/12/2024 | 30/06/2024 | 31/12/2023 | 30/06/2023 | 31/12/2022 | |
|---|---|---|---|---|---|
| Cents per unit | 1.30 | 1.40 | 1.21 | 0.15 | 1.14 |
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 | 3.06% | |
| Cash | 12.02% | |
| Australian equities | 19.04% | |
| International equities | 36.52% | |
| Listed infrastructure | 4.11% | |
| Liquid alternatives | 14.89% | |
| Private markets | 10.36% |
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 |
|---|---|---|
| RUSSELL AUSTRALIAN EQUITY OPPORTUNITIES FUND | 14.46% | Equities |
| CASH POSITION | 12.02% | Cash |
| ANTIPODES GLOBAL FUND LONG UCITS CLASS S | 8.79% | Equities |
| FAIRLIGHT GLOBAL SMALL AND MID CAP (SMID) FUND - FOUNDATION CLASS | 7.37% | Equities |
| ISHARES MSCI USA EQUAL WEIGHTED ETF | 6.30% | Equities |
| HYPERION GLOBAL GROWTH COMPANIES FUND CLASS C | 6.18% | Equities |
| SGH ICE PROFESSIONAL INVESTOR FUND | 4.58% | Equities |
| RUSSELL GLOBAL LISTED REAL ASSET FUND | 4.11% | Equities |
| CROWN ATRIUM SEGREGATED PORTFOLIO SERIES 1 USD | 3.53% | Liquid alternatives |
| VANGUARD FTSE EMERGING MARKETS ETF (US LISTED) | 3.28% | 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 are not guaranteed.
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Market update
In April 2025, global share markets fell sharply due to concerns over US President Donald Trump’s aggressive trade policies, including reciprocal tariffs on over 180 countries. Hard-hit nations like China and the European Union retaliated, escalating fears of a global trade war. The US economy showed signs of slowing, contracting by 0.3% in the March quarter, with consumer spending at its weakest since 2023. Inflation rose modestly and consumer confidence dropped to a five-year low, with recession fears mounting. Trump’s unpredictable behavior, including flip-flopping on tariffs, caused significant market volatility, though concessions late in the month brought some calm.
Central banks globally responded to economic uncertainty. The US Federal Reserve held rates steady but warned of inflationary risks from tariffs. The European Central Bank cut rates further, citing disinflation and deteriorating growth prospects. The Bank of England and Reserve Bank of Australia are expected to lower rates in May, while the Bank of Japan maintained its rate amid trade concerns.
Corporate earnings were mixed, with strong results from companies like Microsoft and Meta, but misses from Tesla and BP. China’s GDP grew 5.4%, exceeding expectations, though manufacturing contracted due to tariffs. Australian shares performed well late in the month, aided by speculation of eased tariffs and rate cut expectations.
The Australian dollar rose against the US dollar but fell against other major currencies. Looking ahead, we see risks to both growth and inflation, but a severe recession is not our base case, and we remain neutral on equities. Diversification remains key, with non-US equities offering value. Bonds and infrastructure continue to be resilient investment options, while the USD appears overvalued compared to currencies like the AUD and Japanese Yen. Global trade tensions and policy uncertainty remain critical watchpoints for markets.
Performance
The Fund advanced for the month despite a fall in global equity markets. Australian equities contributed positively and there were solid relative returns from underlying global equity strategies that helped cushion market falls. Gains from the Fund’s tail risk hedging strategies, through the volatility created by US tariff policies and retaliation from China and Europe, helped returns, as did the decision to increase the Fund’s currency hedging (reducing US dollar exposure in particular) as the AUD fell to 59c but then recovered to above 64c. Listed real assets performed relatively well as investors sought defensive assets.
In equities, Hyperion Global Growth Companies Fund bounced, outperforming the broader market and Antipodes Global Fund and Fairlight Global Small and Mid-Cap Fund both again outperformed. Northcape Capital Emerging Markets strongly outperformed the emerging markets index thanks to overweight allocations to Mexico and India, both relative winners from aggressive “Liberation Day” US tariff announcements, particularly the 145% tariff on China which has since been tapered. Our recent allocations to the Russell Australian Equity Opportunities Fund and the Russell Global Listed Real Assets Fund were marginally behind the benchmark for the month.
Liquid alternatives allocations were a detractor over the month as trend following strategies including One River Systematic Trend were hurt by continued choppy markets and a reversal in longer-term trends. Crown Diversified Macro was hurt by a long position in energy commodities and short positions in some of the more defensive currency exposures including the Swiss Franc and the Japanese Yen but benefited again from the rally in gold.
Credit strategies were modestly lower as spreads widened on the perception of increased recession risk.
Portfolio changes
Key changes over the month were limited to an adjustment to currency and interest rate duration hedging. In foreign currency we reduced total exposure but also diversified away some of the US dollar exposure which is at risk of further declines from the aggressive US trade policy, which is causing economic growth to slow and investors to look elsewhere to allocate their capital. We added to interest rate duration via 10-year Australian government bond futures to enhance diversification and collect a term premium above the cash rate which has become reasonable after years of low rates.
Outlook
Volatility in global markets has increased as tariffs and policy uncertainty begin to offset the positive effects earlier in the year of the anticipation of lower interest rates and a business-friendly US administration. Diversification outside of bonds has increased in importance as traditional safe havens like USD and US treasuries become more correlated to equities. We remain positive and have positioned the portfolio to weather volatility with high levels of diversification including tail risk hedging strategies and alternatives to equity and bond 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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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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