Atrium Evolution Risk Targeted - AEF 9 P
As at 31 October 2025
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. The ‘return objective’ is an internal return objective which is a measure that Atrium considers internally when managing the portfolio. Internal return objectives are not performance benchmarks and are not features set out in the Fund’s Product Disclosure Statement (PDS). 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. Performance shown as at the date of this report. Inception date is 11/11/2022. 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 | 9.67% | 12.64% | 9.82% | 3.96% | 0.93% | ||||
| Objective | 8.51% | 8.50% | 4.08% | 1.99% | 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. The ‘return objective’ is an internal return objective which is a measure that Atrium considers internally when managing the portfolio. Internal return objectives are not performance benchmarks and are not features set out in the Fund’s Product Disclosure Statement (PDS). 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 | 3.11% | |
| Cash | 0.46% | |
| Australian equities | 19.36% | |
| International equities | 48.39% | |
| Listed infrastructure | 4.04% | |
| Liquid alternatives | 14.35% | |
| Private markets | 10.29% |
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. The ‘return objective’ is an internal return objective which is a measure that Atrium considers internally when managing the portfolio. Internal return objectives are not performance benchmarks and are not features set out in the Fund’s Product Disclosure Statement (PDS). 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 | 19.36% | Australian equities |
| ANTIPODES GLOBAL FUND LONG UCITS CLASS S | 9.12% | International equities |
| FAIRLIGHT GLOBAL SMALL AND MID CAP (SMID) FUND - FOUNDATION CLASS | 6.99% | International equities |
| HYPERION GLOBAL GROWTH COMPANIES FUND CLASS C | 6.89% | International equities |
| ISHARES MSCI USA EQUAL WEIGHTED ETF | 6.82% | International equities |
| S+P500 EMINI FUT DEC25 | 5.13% | International equities |
| RUSSELL GLOBAL LISTED REAL ASSET FUND | 4.04% | Listed infrastructure |
| VANGUARD S&P 500 ETF | 3.98% | International equities |
| CROWN ATRIUM SEGREGATED PORTFOLIO SERIES 1 USD | 3.92% | Liquid alternatives |
| VANGUARD FTSE EMERGING MARKETS ETF (US LISTED) | 3.26% | 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. The ‘return objective’ is an internal return objective which is a measure that Atrium considers internally when managing the portfolio. Internal return objectives are not performance benchmarks and are not features set out in the Fund’s Product Disclosure Statement (PDS). 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 ended October 2025 on mixed footing, as diverging regional growth signals and shifting central bank expectations continued to shape investor sentiment. Developed market equities consolidated near record levels, while, towards the end of the month, bond yields edged higher amid renewed inflation concerns.
In the United States, the S&P 500 rose, supported by resilient earnings from major technology firms such as Apple and Microsoft. However, sticky core inflation and hawkish Federal Reserve language dampened optimism for near‑term rate cuts. The 10‑year Treasury yield briefly fell through 4%, before lifting at the end of the month reflecting expectations that monetary policy could remain restrictive well into 2026.
European markets lagged slightly as the Eurozone economy showed further signs of stagnation. The European Central Bank maintained a cautious tone, prioritising inflation control despite growing pressure to support growth. Energy prices stabilised after sharp swings earlier in the quarter, helping temper headline inflation but keeping real disposable incomes under strain.
In Australia, the S&P/ASX 200 advanced but lagged most global peers with gains in commodity stocks offset by losses in tech and consumer discretionary sectors. The unemployment rate rose to a 4-year high and the Reserve Bank of Australia held rates steady but reiterated a tightening bias if inflation remains elevated.
Global macroeconomic data reflected persistent but slowing growth, with key indicators pointing to ongoing fragility across major economies. The International Monetary Fund noted global growth is projected to slow from 3.3 percent in 2024 to 3.2 percent in 2025, as temporary boosts fade and policy shifts take effect. Advanced economies are expected to expand at just 1.5 percent, while emerging and developing regions maintain growth above 4 percent. Inflation continued to moderate in most regions, though remained above target in the United States, keeping monetary policy in focus and driving market volatility.
Gold gained as investors sought safety amid market volatility and a stronger US dollar, and the AUD weakened.
Performance
The Fund posted another solid gain in October as global equities hit record highs driven by resilience in US tech stock earnings and strength in emerging market equities. Equities were the main driver of returns, while liquid alternatives also had a strong month across a broad range of strategies and markets. Currency hedges detracted for the month as the $A fell.
In global equities, Hyperion Global Growth Companies Fund led gains as positions in semiconductor stocks including ARM Holdings rose on US trade talks. Antipodes outperformed the benchmark, while smaller companies lagged and Fairlight Global Small and Mid-cap Fund declined. Northcape Global Emerging Markets Fund also rode the increase in semis with TSMC, Samsung, and SK Hynix major contributors to alpha for the month. Other equity allocations were mostly positive but lagged global markets including the US equal weight allocation, and listed infrastructure. REITs declined for the month as inflation concerns ticked higher.
Australian equities rose with a strong contribution from Firetrail where an allocation to copper explorer Firefly Metals soared 42% on an outlook upgrade. The MQAE ETF lagged slightly.
Liquid alternatives gained strongly as PE Global FX Alpha benefited from a long USD, short EUR position, while trend following and global macro strategies within the Crown Diversified Macro Fund gained on gold and soybeans positions. In private markets a write-down of the Fund’s investment in URBNSURF detracted.
Credit spreads widened over the month, and high yield and loans exposures declined.
Portfolio changes
We have renewed some downside protection through put options strategies on the expectation that the rush into equities over the past 6 months has left markets overbought and near-term volatility expectations have increased.
Outlook
The outlook remains positive for equities as global financial conditions loosen, and the earnings outlook remains upbeat.
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. The ‘return objective’ is an internal return objective which is a measure that Atrium considers internally when managing the portfolio. Internal return objectives are not performance benchmarks and are not features set out in the Fund’s Product Disclosure Statement (PDS). 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. The ‘return objective’ is an internal return objective which is a measure that Atrium considers internally when managing the portfolio. Internal return objectives are not performance benchmarks and are not features set out in the Fund’s Product Disclosure Statement (PDS). 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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