MAPS Risk Targeted 9 Portfolio
As at 31 December 2025
Features
Information
Ratings & awards
A rating is only one factor to be taken into account when deciding whether to invest.
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Investment objective
To seek to maximise returns while managing portfolio volatility such that it does not exceed the Upper Risk Limit of 9% p.a. over rolling 3-year periods.
Investment strategy
Atrium's focus is on the level of risk within the portfolio. We seek to allocate to investments across a broad range of asset classes based on an assessment of their value and contribution to total risk and return.
Atrium can dynamically adjust the allocation to asset classes on an ongoing basis. By doing this, we seek to build a portfolio that can withstand changes in underlying market volatility.
The aim is to deliver a risk level in the Investment Portfolio that is consistent with the investment profile selected.
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 338634) (Atrium). This Information is provided for the use of licensed and accredited financial advisers only. In no circumstances is it to be used by a potential client for the purposes of making a decision about a financial product or class of products. The Information is of a general nature only and does not take into account the objectives, financial situation or needs of any person. No liability is accepted for any loss or damage as a result of any reliance on the Information. Past performance is not a reliable indicator of future performance. Future performance and return of capital are not guaranteed.
The Trust Company (RE Services) Limited (ABN 45 003 278 831, AFSL 235150) is the Responsible Entity of the Integrated Managed Account Portfolio Service (ARSN 627 688 402) (MAPS). An investor can only invest in MAPS through HUB24 Invest, an investor directed portfolio service (IDPS) operated and administered by HUB24 Custodial Services Limited (ABN 94 073 633 664, AFSL 239122) (‘HUB24 Custodial Services’), or through HUB24 Super, a super investment service offered through the HUB24 Super Fund (ABN 60 910 190 523, RSE R1074659, USI 60 910 190 523 001) (‘Nominated Platform’ means either HUB24 Invest or HUB24 Super). HUB24 Custodial Services is the promoter of the HUB24 Super Fund and provides a range of services to the HUB24 Super Fund. Atrium is a portfolio manager for MAPS. Investors should consider the MAPS Product Disclosure Statement (PDS) and Target Market Determination (TMD) (available from the Nominated Platform’s website) before making any investment decision. Investors should refer to the disclosure documents for the Nominated Platform (available from their adviser or Nominated Platform) together with the PDS for important information concerning an investment in MAPS.
SQM Research is an investment research firm that undertakes research on investment products exclusively for its wholesale clients, utilising a proprietary review and star rating system. Information contained in this document attributable to SQM Research must not be used to make an investment decision. The SQM Research rating is valid at the time the report was issued, however it may change at any time. While the information contained in the rating is believed to be reliable, its completeness and accuracy is not guaranteed. The SQM Research star rating system is of a general nature and does not take into account the particular circumstances or needs of any specific person. Only licensed financial advisers may use the SQM Research star rating system in determining whether an investment is appropriate to a person’s particular circumstances or needs. You should read the product disclosure statement and consult a licensed financial adviser before making an investment decision in relation to this investment product. SQM Research receives a fee from the Fund Manager for the research and rating of the managed investment scheme.
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Source: Atrium Investment Management, HUB24. Performance as at the date of this report. Inception date is 6 December 2018. Past performance is not a reliable indicator of future performance. Future performance and return of capital is not guaranteed. Performance figures relate to the model portfolios managed by Atrium. Individual investor portfolio performance may be different from the results above and will differ among clients depending on the timing of their investment and the level of variation from the models. Performance is net of investment management fees, does not take into account platform administration fees that may apply and may not take into account some or all of the rebates you may receive. 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. Please refer to the managed account’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 | 6.84% | 7.03% | 6.60% | 9.54% | 9.32% | 6.29% | 1.60% | 0.19% | |
| Objective | 6.62% | 6.63% | 7.18% | 8.54% | 8.38% | 4.03% | 1.98% | 0.66% |
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 338634) (Atrium). This Information is provided for the use of licensed and accredited financial advisers only. In no circumstances is it to be used by a potential client for the purposes of making a decision about a financial product or class of products. The Information is of a general nature only and does not take into account the objectives, financial situation or needs of any person. No liability is accepted for any loss or damage as a result of any reliance on the Information. Past performance is not a reliable indicator of future performance. Future performance and return of capital are not guaranteed.
The Trust Company (RE Services) Limited (ABN 45 003 278 831, AFSL 235150) is the Responsible Entity of the Integrated Managed Account Portfolio Service (ARSN 627 688 402) (MAPS). An investor can only invest in MAPS through HUB24 Invest, an investor directed portfolio service (IDPS) operated and administered by HUB24 Custodial Services Limited (ABN 94 073 633 664, AFSL 239122) (‘HUB24 Custodial Services’), or through HUB24 Super, a super investment service offered through the HUB24 Super Fund (ABN 60 910 190 523, RSE R1074659, USI 60 910 190 523 001) (‘Nominated Platform’ means either HUB24 Invest or HUB24 Super). HUB24 Custodial Services is the promoter of the HUB24 Super Fund and provides a range of services to the HUB24 Super Fund. Atrium is a portfolio manager for MAPS. Investors should consider the MAPS Product Disclosure Statement (PDS) and Target Market Determination (TMD) (available from the Nominated Platform’s website) before making any investment decision. Investors should refer to the disclosure documents for the Nominated Platform (available from their adviser or Nominated Platform) together with the PDS for important information concerning an investment in MAPS.
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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.
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)
| Feb 2020 | -2.7% |
| Mar 2020 | -8.3% |
| Apr 2020 | 2.3% |
ASX performance (Feb 2020 - Apr 2020)
| Feb 2020 | -7.7% |
| Mar 2020 | -20.7% |
| Apr 2020 | 8.8% |
Volatility & Sharpe Ratio
| 10 Years | 7 Years | 5 Years | 3 Years | |
|---|---|---|---|---|
| Volatility (% p.a.) | - | 6.51 | 5.53 | 4.88 |
| Sharpe Ratio | - | 0.74 | 0.70 | 1.08 |
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 drawdown since inception
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
ASX200 - Average monthly return
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, HUB24. Performance as at the date of this report. Inception date is 6 December 2018. Past performance is not a reliable indicator of future performance. Future performance and return of capital is not guaranteed. Performance figures relate to the model portfolios managed by Atrium. Individual investor portfolio performance may be different from the results above and will differ among clients depending on the timing of their investment and the level of variation from the models. Performance is net of investment management fees, does not take into account platform administration fees that may apply and may not take into account some or all of the rebates you may receive.
How we manage risk in portfolios
Sequencing risk
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 338634) (Atrium). This Information is provided for the use of licensed and accredited financial advisers only. In no circumstances is it to be used by a potential client for the purposes of making a decision about a financial product or class of products. The Information is of a general nature only and does not take into account the objectives, financial situation or needs of any person. No liability is accepted for any loss or damage as a result of any reliance on the Information. Past performance is not a reliable indicator of future performance. Future performance and return of capital are not guaranteed.
The Trust Company (RE Services) Limited (ABN 45 003 278 831, AFSL 235150) is the Responsible Entity of the Integrated Managed Account Portfolio Service (ARSN 627 688 402) (MAPS). An investor can only invest in MAPS through HUB24 Invest, an investor directed portfolio service (IDPS) operated and administered by HUB24 Custodial Services Limited (ABN 94 073 633 664, AFSL 239122) (‘HUB24 Custodial Services’), or through HUB24 Super, a super investment service offered through the HUB24 Super Fund (ABN 60 910 190 523, RSE R1074659, USI 60 910 190 523 001) (‘Nominated Platform’ means either HUB24 Invest or HUB24 Super). HUB24 Custodial Services is the promoter of the HUB24 Super Fund and provides a range of services to the HUB24 Super Fund. Atrium is a portfolio manager for MAPS. Investors should consider the MAPS Product Disclosure Statement (PDS) and Target Market Determination (TMD) (available from the Nominated Platform’s website) before making any investment decision. Investors should refer to the disclosure documents for the Nominated Platform (available from their adviser or Nominated Platform) together with the PDS for important information concerning an investment in MAPS.
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Asset allocation
| Rates & credit | 2.04% | |
| Cash | 5.91% | |
| Australian equities | 17.93% | |
| International equities | 50.40% | |
| Listed infrastructure | 2.87% | |
| Liquid alternatives | 20.85% |
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 338634) (Atrium). This Information is provided for the use of licensed and accredited financial advisers only. In no circumstances is it to be used by a potential client for the purposes of making a decision about a financial product or class of products. The Information is of a general nature only and does not take into account the objectives, financial situation or needs of any person. No liability is accepted for any loss or damage as a result of any reliance on the Information. Past performance is not a reliable indicator of future performance. Future performance and return of capital are not guaranteed.
The Trust Company (RE Services) Limited (ABN 45 003 278 831, AFSL 235150) is the Responsible Entity of the Integrated Managed Account Portfolio Service (ARSN 627 688 402) (MAPS). An investor can only invest in MAPS through HUB24 Invest, an investor directed portfolio service (IDPS) operated and administered by HUB24 Custodial Services Limited (ABN 94 073 633 664, AFSL 239122) (‘HUB24 Custodial Services’), or through HUB24 Super, a super investment service offered through the HUB24 Super Fund (ABN 60 910 190 523, RSE R1074659, USI 60 910 190 523 001) (‘Nominated Platform’ means either HUB24 Invest or HUB24 Super). HUB24 Custodial Services is the promoter of the HUB24 Super Fund and provides a range of services to the HUB24 Super Fund. Atrium is a portfolio manager for MAPS. Investors should consider the MAPS Product Disclosure Statement (PDS) and Target Market Determination (TMD) (available from the Nominated Platform’s website) before making any investment decision. Investors should refer to the disclosure documents for the Nominated Platform (available from their adviser or Nominated Platform) together with the PDS for important information concerning an investment in MAPS.
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Top holdings
| Holding | Weight | Asset Class |
|---|---|---|
| BETASHARES GLOBAL SHARES ETF | 14.91% | International equities |
| RUSSELL IM - 30 STOCK FACTOR PORTFOLIO | 7.98% | Australian equities |
| ANTIPODES GLOBAL FUND | 7.36% | International equities |
| BETASHARES S&P 500 EQUAL WEIGHT ETF (HEDGED) | 6.16% | International equities |
| CASH POSITION | 5.91% | Cash |
| BETASHARES GLOBAL SHARES HEDGED ETF | 5.69% | International equities |
| FAIRLIGHT GLOBAL SMALL & MID CAP FUND | 5.09% | International equities |
| MAN ALTERNATIVE RISK PREMIA | 4.75% | Liquid alternatives |
| CROWN ATRIUM SEGREGATED PORTFOLIO | 4.12% | Liquid alternatives |
| MACQUARIE CORE AUSTRALIAN EQUITY ETF | 4.10% | Australian 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). This Information is provided for the use of licensed and accredited financial advisers only. In no circumstances is it to be used by a potential client for the purposes of making a decision about a financial product or class of products. The Information is of a general nature only and does not take into account the objectives, financial situation or needs of any person. No liability is accepted for any loss or damage as a result of any reliance on the Information. Past performance is not a reliable indicator of future performance. Future performance and return of capital is not guaranteed.
The Trust Company (RE Services) Limited (ABN 45 003 278 831, AFSL 235 150) is the Responsible Entity of the Integrated Managed Account Portfolio Service (ARSN 627 688 402) (MAPS). An investor can only invest in MAPS through HUB24 Invest, an investor directed portfolio service (IDPS) operated and administered by HUB24 Custodial Services Limited ABN 94 073 633 664, AFSL 239 122 (‘HUB24 Custodial Services’), or through HUB24 Super, a super investment service offered through the HUB24 Super Fund (ABN 60 910 190 523, RSE R1074659 USI 60 910 190 523 001) (‘Nominated Platform’ means either HUB24 Invest or HUB24 Super). HUB24 Custodial Services is the promoter of the HUB24 Super Fund and provides a range of services to the HUB24 Super Fund. Atrium is a portfolio manager for MAPS. Investors should consider the MAPS Product Disclosure Statement (PDS) and Target Market Determination (TMD) (available from the Nominated Platform’s website) before making any investment decision. Investors should refer to the disclosure documents for the Nominated Platform (available from their adviser or Nominated Platform) together with the PDS for important information concerning an investment in MAPS.
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Market update
December closed out a strong but uneven year for global investment markets amid shifting central bank expectations, geopolitical risks and sector rotation. Global equities ended 2025 in positive territory, led by emerging markets and pockets of developed market strength, supported by resilient corporate earnings amid slowing inflation and easing financial conditions. Despite late-year volatility tied to concerns around tech valuations and policy divergence, major indices finished with attractive gains. Fixed income markets reflected diverging monetary policy signals, with yields mixed as bonds responded to persistent inflation data and changing central bank outlooks.
In the United States, the Federal Reserve’s decision to cut rates late in the year sparked renewed risk asset interest, though markets remain cautious as data continue to signal a tight labour market and resilient consumer demand. European markets also rallied modestly, while Asian equity performance was bolstered by China’s reopening and improved trade activity.
Australian markets experienced a nuanced December. Materials and energy stocks benefitted from elevated commodity prices, while technology and healthcare underperformed. Critical minerals and gold-related stocks delivered standout returns.
The Reserve Bank of Australia (RBA) held the cash rate at 3.60% in December, marking the final policy decision for 2025 amid elevated inflation pressures and a strong labour market, dampening hopes for immediate rate cuts and suggesting a potential prolonged hold or even future tightening if inflation persists. Inflation remains above the RBA’s target band, while GDP growth and budget forecasts point to steady, but not overheating, expansion.
The Australian dollar strengthened modestly in December, supported by risk-on global sentiment, robust commodity prices and hawkish RBA commentary. The AUD’s resilience against the US dollar reflects both commodity export strength and interest rate differentials that have favoured the Aussie in late-year trading. This also resulted in the 10-year Australian government bond yield climbing modestly to a 2-year high.
Performance
The Portfolio was marginally positive for the month with strength in Australian equities offset by weaker global markets as well as declines in foreign currencies against the Australian dollar. Alternatives and credit strategies contributed positively as did the Portfolio’s gold position.
In equities, Australian shares were the key source of returns with the Australian Equity Managed Portfolio (managed by Russell Investments) outperforming the S&P/ASX 200 on the back of rises in BHP and Evolution Mining as commodity price strength endured, particularly in gold, copper, and iron ore. Metcash was a detractor as they announced disappointing profit growth. Emerging market equities were strong for the month as South Korea and Taiwan bounced. The Portfolio’s allocations to listed real estate and infrastructure detracted as markets priced in higher bond yields and favoured the more cyclical growth sectors. Alpha was mixed among the real asset managers, with First Sentier (a component of the Russell Global Listed Real Assets Fund) lagging its benchmark.
In alternatives, the Atrium Alternatives Fund was positive with its allocation to Man Alternative Risk Premia Fund seeing a strong month driven by momentum strategies, as did the P/E Commodity Strategy and One River Systematic Trend which both benefited from long gold positions. P/E Global FX Alpha declined mainly due to its short Australian dollar position.
Fixed income strategies were mixed with the Coolabah Active Composite Bond Fund detracting as yields rose to price a risk that sticky inflation in Australia may necessitate a higher cash rate in 2026. The Atrium Enhanced Fixed Income Fund was positive with CQS Credit Multi Asset Fund generating solid returns from European loans.
Portfolio changes
There were no significant portfolio changes for the month.
Outlook
The outlook remains positive, with global growth solid and benefiting from easier financial conditions. Risks range from persistent inflation to the geopolitical, and therefore the Portfolio aims to balance a relatively large equity exposure with effective diversifiers across multiple markets and strategies within our alternatives allocation.
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 338634) (Atrium). This Information is provided for the use of licensed and accredited financial advisers only. In no circumstances is it to be used by a potential client for the purposes of making a decision about a financial product or class of products. The Information is of a general nature only and does not take into account the objectives, financial situation or needs of any person. No liability is accepted for any loss or damage as a result of any reliance on the Information. Past performance is not a reliable indicator of future performance. Future performance and return of capital are not guaranteed.
The Trust Company (RE Services) Limited (ABN 45 003 278 831, AFSL 235150) is the Responsible Entity of the Integrated Managed Account Portfolio Service (ARSN 627 688 402) (MAPS). An investor can only invest in MAPS through HUB24 Invest, an investor directed portfolio service (IDPS) operated and administered by HUB24 Custodial Services Limited (ABN 94 073 633 664, AFSL 239122) (‘HUB24 Custodial Services’), or through HUB24 Super, a super investment service offered through the HUB24 Super Fund (ABN 60 910 190 523, RSE R1074659, USI 60 910 190 523 001) (‘Nominated Platform’ means either HUB24 Invest or HUB24 Super). HUB24 Custodial Services is the promoter of the HUB24 Super Fund and provides a range of services to the HUB24 Super Fund. Atrium is a portfolio manager for MAPS. Investors should consider the MAPS Product Disclosure Statement (PDS) and Target Market Determination (TMD) (available from the Nominated Platform’s website) before making any investment decision. Investors should refer to the disclosure documents for the Nominated Platform (available from their adviser or Nominated Platform) together with the PDS for important information concerning an investment in MAPS.
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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 338634) (Atrium). This Information is provided for the use of licensed and accredited financial advisers only. In no circumstances is it to be used by a potential client for the purposes of making a decision about a financial product or class of products. The Information is of a general nature only and does not take into account the objectives, financial situation or needs of any person. No liability is accepted for any loss or damage as a result of any reliance on the Information. Past performance is not a reliable indicator of future performance. Future performance and return of capital are not guaranteed.
The Trust Company (RE Services) Limited (ABN 45 003 278 831, AFSL 235150) is the Responsible Entity of the Integrated Managed Account Portfolio Service (ARSN 627 688 402) (MAPS). An investor can only invest in MAPS through HUB24 Invest, an investor directed portfolio service (IDPS) operated and administered by HUB24 Custodial Services Limited (ABN 94 073 633 664, AFSL 239122) (‘HUB24 Custodial Services’), or through HUB24 Super, a super investment service offered through the HUB24 Super Fund (ABN 60 910 190 523, RSE R1074659, USI 60 910 190 523 001) (‘Nominated Platform’ means either HUB24 Invest or HUB24 Super). HUB24 Custodial Services is the promoter of the HUB24 Super Fund and provides a range of services to the HUB24 Super Fund. Atrium is a portfolio manager for MAPS. Investors should consider the MAPS Product Disclosure Statement (PDS) and Target Market Determination (TMD) (available from the Nominated Platform’s website) before making any investment decision. Investors should refer to the disclosure documents for the Nominated Platform (available from their adviser or Nominated Platform) together with the PDS for important information concerning an investment in MAPS.
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