Atrium Evolution Risk Targeted - AEF 9 P
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.
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 | 9.02% | 9.82% | 9.87% | 4.71% | 0.62% | 0.16% | |||
| Objective | 8.49% | 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:
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 | 3.25% | |
| Cash | 0.27% | |
| Australian equities | 19.47% | |
| International equities | 46.89% | |
| Listed infrastructure | 4.13% | |
| Liquid alternatives | 15.43% | |
| Private markets | 10.55% |
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 | 19.47% | Australian equities |
| ANTIPODES GLOBAL FUND | 9.64% | International equities |
| ISHARES MSCI USA EQUAL WEIGHTED ETF | 6.89% | International equities |
| CME MINI S&P FUT INDEX FUTURE EXP MAR 26 | 6.73% | International equities |
| FAIRLIGHT GLOBAL SMALL & MID CAP FUND | 6.67% | International equities |
| RUSSELL GLOBAL LISTED REAL ASSET FUND | 4.13% | Listed infrastructure |
| CROWN ATRIUM SEGREGATED PORTFOLIO | 4.04% | Liquid alternatives |
| VANGUARD S&P 500 ETF | 3.96% | International equities |
| HYPERION GLOBAL GROWTH COMPANIES FUND | 3.35% | International equities |
| KEYVIEW PRIVATE CREDIT FUNDS | 3.29% | 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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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 Fund was close to flat for the month as strength in Australian equities was 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 Fund’s gold position.
In equities, Australian shares were the key source of returns with the Russell Australian Equity Opportunities Fund outperforming the S&P/ASX 200. The Russell Factor Portfolio contributed positively 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 Fund’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 Man Alternative Risk Premia Fund had 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.
Credit strategies added positively with CQS Credit Multi Asset Fund generating solid returns from European loans, while the Fund’s duration overlay via government bond futures detracted as markets priced a risk that sticky inflation may necessitate a higher cash rate in 2026.
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 Fund aims to balance a relatively large equity exposure with effective diversifiers across multiple markets and strategies within our alternatives allocation.
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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