Atrium Evolution Risk Targeted - AEF 9 P
As at 31 January 2026
Features
Information
Ratings & awards
A rating is only one factor to be taken into account when deciding whether to invest.
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:
Marketing Name: Atrium Evolution Risk Targeted Fund
Registered Name: Atrium Evolution Series – Diversified Fund (ARSN 151 191 776)
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 Risk Targeted Fund (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 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 ratings published 04/2025 Atrium Evolution Series – Diversified Fund AEF 5, 04/2025 Atrium Evolution Series – Diversified Fund AEF 7, 04/2025 Atrium Evolution Series – Diversified Fund AEF 7P Units, 04/2025 Atrium Evolution Series – Diversified Fund AEF 9, 04/2025 Atrium Evolution Series – Diversified Fund AEF 9P Units are issued by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445 (Lonsec Research). 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 Research 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. © 2025 Lonsec. All rights reserved.
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Source: Atrium Investment Management, Bloomberg. Inception date is 11/11/2022. Past performance is not a reliable indicator of future performance. Future performance and return of capital are not guaranteed. Performance figures are based on input data available as at the date of this report. Performance is after fees and costs and assumes re- investment of all distributions. Return objectives are set out in the Fund’s Product Disclosure Statement (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 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 | 9.07% | 9.15% | 8.08% | 4.54% | 0.56% | 0.87% | |||
| Objective | 8.48% | 8.55% | 8.31% | 4.01% | 1.98% | 0.66% |
Objective refers to the Return objective as stated in the Key Facts table.
Important Information:
Marketing Name: Atrium Evolution Risk Targeted Fund
Registered Name: Atrium Evolution Series – Diversified Fund (ARSN 151 191 776)
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 Risk Targeted Fund (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 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 | 3.28% | |
| Australian equities | 19.86% | |
| International equities | 46.46% | |
| Listed infrastructure | 4.26% | |
| Liquid alternatives | 15.63% | |
| Private markets | 10.52% |
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:
Marketing Name: Atrium Evolution Risk Targeted Fund
Registered Name: Atrium Evolution Series – Diversified Fund (ARSN 151 191 776)
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 Risk Targeted Fund (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 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 | 19.87% | Australian equities |
| ANTIPODES GLOBAL FUND | 9.89% | International equities |
| ISHARES MSCI USA EQUAL WEIGHTED ETF | 6.72% | International equities |
| CME MINI S&P FUT INDEX FUTURE EXP MAR 26 | 6.65% | International equities |
| FAIRLIGHT GLOBAL SMALL & MID CAP FUND | 6.42% | International equities |
| RUSSELL GLOBAL LISTED REAL ASSET FUND | 4.26% | Listed infrastructure |
| CROWN ATRIUM SEGREGATED PORTFOLIO | 3.89% | Liquid alternatives |
| VANGUARD S&P 500 ETF | 3.84% | International equities |
| KEYVIEW PRIVATE CREDIT FUNDS | 3.33% | Private markets |
| VANGUARD FTSE EMERGING MARKETS ETF | 3.16% | Emerging markets |
Important Information:
Marketing Name: Atrium Evolution Risk Targeted Fund
Registered Name: Atrium Evolution Series – Diversified Fund (ARSN 151 191 776)
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 Risk Targeted Fund (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 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
Global markets began 2026 on a steadier footing, as investors balanced resilient growth momentum against ongoing geopolitical risks. January was characterised by selective risk appetite, rotation within equity markets, and continued volatility in global bond yields.
Global equities delivered mixed outcomes. US equities were broadly flat to modestly higher, with leadership rotating toward value and cyclical sectors such as financials, industrials and energy, while large-cap growth stocks lagged after a strong 2025. Markets continued to assess the implications of a higher-for-longer rate environment alongside early policy signals from the new US administration, particularly around trade and fiscal settings. European equities outperformed, supported by easing inflation and expectations of gradual monetary easing later in the year. Emerging markets were mixed, with China showing tentative stabilisation but still constrained by weak property activity and subdued consumer demand.
Bond markets remained volatile. US Treasury yields moved higher early in the month on firm economic data before retracing as inflation readings surprised modestly to the downside. Markets continued to price only limited Federal Reserve rate cuts in the second half of 2026. Credit markets remained well supported, with spreads tight and corporate balance sheets resilient.
The US dollar weakened modestly during January as interest rate differentials stabilised and positioning adjusted. In this environment, the Australian dollar traded firmer, supported by commodity prices, improved global risk sentiment, and a wider real interest rate differential with the US.
Australia’s latest inflation print surprised to the upside, underscoring sticky services and housing cost pressures. Fiscal policy remained expansionary, with infrastructure spending and cost-of-living support underpinning near-term growth but adding to medium-term budget pressures. These conditions cemented a Reserve Bank rate hike for early February where Governor Bullock also moderated the growth outlook for 2026 and increased unemployment expectations.
Overall, January reinforced the importance for Australian investors of diversification, active currency awareness, and selective risk exposure as global growth slows but we believe the economy avoids a sharp downturn in 2026.
Performance
The Fund posted a solid positive return for the first month of 2026 driven by strong contributions from liquid alternatives including gold. Equities were mixed with some global markets declining in $A terms while property and infrastructure markets contributed strongly. Hedging changes from mid-2025 to reduce foreign currency exposure helped as the AUD rose 4% against the US dollar.
In global equities, Antipodes Global performed well with the top contributor for the month, Hyundai Motor, surging a further 68% on its aggressive pivot from motor vehicles to an AI/mobility tech strategy. Antipodes’ pragmatic valuation-led approach has been benefiting from the rotation in global equities away from the previous US tech and growth leaders towards global tech, Europe, and areas such as electricity transition infrastructure. Hyperion Global Growth Companies continued to lag the benchmark on the back of software sector exposure although the Fund’s position in Hyperion was halved in November 2025 to lock in previous gains. Listed property and infrastructure had a good month with solid returns and the Russell Global Listed Real Asset Fund performed broadly in line with the benchmark in $A hedged terms.
Alternatives were the stand-out for the month driven by strong trends in commodities and currencies. Crown Diversified Macro Fund saw strong returns from trend following and global macro strategies with gold, copper, and gasoline positions driving positive returns. One River Systematic Trend also benefited from the positive environment for trend strategies. PE Global FX Alpha declined on the back of a short AUD position.
In private markets, the investment at 170 Pacific Highway has secured Development Application approval following the implementation of a revised asset strategy, which transitioned the property from a commercial office use to residential. This repositioning is expected to deliver an upward revaluation of the asset .
Portfolio changes
The Fund reinstated put option protection against a fall in US equities during the month.
Outlook
The outlook remains positive with solid US corporate earnings delivering on lofty growth expectations and the rotation from tech/growth sector leadership to a broader set of positive return contributors is an environment in which we believe the Fund is well positioned to continue to achieve its objectives.
Important Information:
Marketing Name: Atrium Evolution Risk Targeted Fund
Registered Name: Atrium Evolution Series – Diversified Fund (ARSN 151 191 776)
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 Risk Targeted Fund (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 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:
Marketing Name: Atrium Evolution Risk Targeted Fund
Registered Name: Atrium Evolution Series – Diversified Fund (ARSN 151 191 776)
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 Risk Targeted Fund (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 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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