Atrium Evolution Series – Diversified Fund AEF 9 Class P Units
As at 31 January 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:
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 Global Listed Infrastructure Mandate No.1 is a separately managed portfolio managed by Magellan Asset Management Limited in a manner consistent with the Magellan Infrastructure Fund.
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 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 | 9.51% | 12.96% | 6.27% | 4.80% | 2.54% | ||||
| Objective | 8.56% | 8.87% | 4.36% | 2.16% | 0.72% |
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 | |
|---|---|---|---|---|
| Cents per unit | 1.15 | 3.43 | 1.07 | 0.63 |
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 Global Listed Infrastructure Mandate No.1 is a separately managed portfolio managed by Magellan Asset Management Limited in a manner consistent with the Magellan Infrastructure Fund.
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Asset allocation
| Rates & credit | 2.97% | |
| Cash | 9.07% | |
| Australian equities | 19.01% | |
| International equities | 40.84% | |
| Listed infrastructure | 2.98% | |
| Liquid alternatives | 15.10% | |
| Private markets | 10.02% |
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. The Global Listed Infrastructure Mandate No.1 is a separately managed portfolio managed by Magellan Asset Management Limited in a manner consistent with the Magellan Infrastructure Fund.
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Top holdings
| Holding | Weight | Asset Class |
|---|---|---|
| ATRIUM EQUITY OPPORTUNITIES FUND | 14.08% | Equities |
| CASH POSITION | 9.07% | Cash |
| ANTIPODES GLOBAL FUND LONG UCITS CLASS S | 8.48% | Equities |
| FAIRLIGHT GLOBAL SMALL AND MID CAP (SMID) FUND - FOUNDATION CLASS | 7.61% | Equities |
| HYPERION GLOBAL GROWTH COMPANIES FUND CLASS C | 6.91% | Equities |
| ISHARES MSCI USA EQUAL WEIGH | 6.83% | Equities |
| SGH ICE PROFESSIONAL INVESTOR FUND | 4.93% | Equities |
| CROWN ATRIUM SEGREGATED PORTFOLIO SERIES 1 USD | 3.55% | Liquid alternatives |
| VANGUARD FTSE EMERGING MARKETS ETF (US LISTED) | 3.24% | Equities |
| NORTHCAPE CAPITAL GLOBAL EQUITIES FUND | 3.13% | 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. The Global Listed Infrastructure Mandate No.1 is a separately managed portfolio managed by Magellan Asset Management Limited in a manner consistent with the Magellan Infrastructure Fund.
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Market update
January was a firm month in equities, broadly reversing the December losses. The US market gained 2.8% despite an intra-month drawdown, based on technology concerns. US bond yields were broadly unchanged, having risen earlier in the month. Gold rose to new record highs, while the Australian dollar floundered around 0.62 against the US dollar.
US equities gained 2.8% in January, starting the year on an optimistic note, driven by:
• The removal of the election uncertainty which saw equities gain sharply, particularly sectors which are seen to potentially benefit from reduced regulation such as the Banks (+8.9%) and Energy sectors (+2.1%),
• The Gold sector (+14.8%) continued to benefit from the rising gold price
• Nvidia was lower over the month, falling sharply late in the month as the Chinese AI DeepSeek model showed much lower costs and energy usage.
The Australian market gained 4.6% with the following drivers standing out:
• Consumer Discretionary was the standout performer, as markets start to expect a cut in interest rates in February,
• Financials were very strong, as CBA made new record highs, and Insignia became an acquisition target,
• Small caps were broadly in line with the market.
Bond yields rose at the start of the month, as the markets started to price out further interest rate cuts by the US Federal Reserve, but declined (driving bond prices higher) over the remainder of the month, as market participants looked at a slower growth outlook amidst growing policy uncertainty. The US dollar continues to trade closely with bond yields, albeit at recent highs during the month, and the Australian dollar languished as a result, closing the month below 0.63, also reflecting the increased likelihood that the Reserve Bank of Australia will cut rates in February. US policy uncertainty continues to support gold prices, which closed at new record high prices.
Performance
The Fund performed strongly over the month despite some volatility which reverberated across markets after the introduction of a new open-source AI model (DeepSeek). All asset classes contributed positively to returns over the month, with Australian and Global equities the key contributors.
The global equities allocation was the key driver of performance. Momentum stocks, including Communication Services were a key driver of outperformance amongst our managers. The key outperformers included both the Hyperion Global Growth Companies and Antipodes Global Fund – Long Only, with the latter benefitting from a resurgence in a number of European stocks, while listed infrastructure was the major laggard.
Within the Atrium Equity Opportunities Fund the key contributors included, National Australia Bank and Car Group Limited which had lagged in the prior month, while Treasury Wine Estate was the only major detractor.
Our liquid alternative strategies in aggregate were positive, with our diversified macro strategies the key positive contributors, benefiting from gold and energy exposure over the month.
Portfolio changes
The team has undertaken some changes to the manager allocation to continue to focus on performance and portfolio efficiency. From this, we have terminated our investment in the Global Listed Infrastructure Mandate No 1 managed by Magellan and made changes to the Australian equities portfolio by redeeming assets from the Atrium Equity Opportunities Fund. These assets will be transitioned to a portfolio overseen by Russell Investments.
Outlook
The improving macroeconomic backdrop and sentiment over 2024 has continued into 2025.
The most recent domestic inflation numbers have brought some confidence to the local market that the long-awaited RBA interest cutting regime can begin, though the question remains the quantum of the reductions.
On the other hand, the introduction of tariffs by the Trump Administration has brought geopolitical risks and concerns back to the fore. Markets are now navigating the impacts of dramatic policy changes in the US and how this might impact areas such as global trade. For the time being, we anticipate markets to swing in both directions until more policy certainty can be gained.
The Fund remains well diversified with an array of return levers, while we continue to hold equity exposure above our longer-term averages with a preference for global over domestic 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. The Global Listed Infrastructure Mandate No.1 is a separately managed portfolio managed by Magellan Asset Management Limited in a manner consistent with the Magellan Infrastructure Fund.
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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. The Global Listed Infrastructure Mandate No.1 is a separately managed portfolio managed by Magellan Asset Management Limited in a manner consistent with the Magellan Infrastructure Fund.
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