Atrium Evolution Risk Targeted - AEF 9 P
As at 28 February 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 | 9.33% | 9.78% | 10.90% | 4.48% | 2.52% | 1.48% | |||
| Objective | 8.48% | 8.57% | 8.28% | 3.95% | 1.95% | 0.61% |
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 | 3.33% | |
| Cash | 2.25% | |
| Australian equities | 19.80% | |
| International equities | 43.95% | |
| Listed infrastructure | 4.10% | |
| Liquid alternatives | 15.70% | |
| Private markets | 10.87% |
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 | 19.80% | Australian equities |
| ANTIPODES GLOBAL FUND | 9.49% | International equities |
| ISHARES MSCI USA EQUAL WEIGHTED ETF | 6.85% | International equities |
| FAIRLIGHT GLOBAL SMALL & MID CAP FUND | 6.14% | International equities |
| CME MINI S&P FUT INDEX FUTURE EXP MAR 26 | 4.61% | International equities |
| RUSSELL GLOBAL LISTED REAL ASSET FUND | 4.10% | Listed infrastructure |
| VANGUARD S&P 500 ETF | 3.79% | International equities |
| CROWN ATRIUM SEGREGATED PORTFOLIO | 3.78% | Liquid alternatives |
| KEYVIEW PRIVATE CREDIT FUNDS | 3.40% | Private markets |
| VANGUARD FTSE EMERGING MARKETS ETF | 3.23% | 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 financial markets in February were shaped by resilient economic activity, shifting central-bank expectations and rising geopolitical uncertainty. For Australian investors, the month highlighted the divergence between regional equity markets, a gradual easing in global bond yields and increasing volatility in currencies and commodities.
Global equity markets delivered modest gains overall but with significant regional variation. The MSCI World Index rose modestly during the month, supported by stronger performance in Asia and Europe, while US markets lagged as weakness in large-cap technology and financials weighed on returns. Equity markets continue to be supported by solid corporate earnings and ongoing enthusiasm around artificial-intelligence-related investment.
Global bond markets generally performed well during the month as sovereign yields edged lower, reflecting expectations that the peak in policy rates has likely passed in several developed economies. The US Federal Reserve had previously cut rates late in 2025 and kept policy steady early in 2026, with markets anticipating further gradual easing later in the year if inflation continues to moderate. However, inflation surprises in Europe and rising energy prices kept investors cautious about how quickly central banks can ease policy. Major central banks increasingly appear to be diverging in their policy paths. While the Fed is expected to gradually ease policy, the European Central Bank is likely to remain on hold for much of 2026. In contrast, the Reserve Bank of Australia has taken a more hawkish stance and raised the cash rate by 25 basis points to 3.85% in February, citing stronger-than-expected inflation and a still-tight labour market.
The Australian dollar strengthened modestly, supported by a combination of the RBA hike and broader US dollar weakness, but also commodity markets, which remained volatile, with gold trading near record levels and energy prices rising amid geopolitical tensions, reinforcing the importance of resource exposures for Australian investors.
Overall, February reinforced the narrative of a mid-cycle global economic expansion remains resilient, but geopolitical risk, inflation uncertainty and diverging monetary policy are increasingly driving volatility across global markets.
Performance
The Fund posted a strong return for February as global equities were generally positive outside of the US and exposures to Australia, Europe, and emerging markets as well as listed real assets and gold contributed positively to Fund returns. The Australian dollar rose meaning active currency hedges also helped performance and falling government bond yields also benefited the Fund’s interest rate duration positioning.
In global equities, Antipodes Global Fund (with its value bias) was the standout equity manager, outperforming the MSCI All Country World Index, consistent with a value rotation environment where cheaper, less momentum-driven stocks outperformed. The US equal weight ETF also added value, benefitting from the underperformance of large cap concentrated US equity indices, a direct consequence of the US mega-cap tech selloff. Fairlight Global Small and Mid Cap Fund underperformed as did Hyperion Global Growth Companies Fund with its global growth-biased mandate impacted by the rotation away from high-multiple technology and growth stocks. Listed infrastructure and global REITs within the Russell Global Listed Real Assets Fund benefitted from a rate-sensitive rally as bond yields fell.
In liquid alternatives, One River Systematic Trend and Crown Diversified Macro were standouts, benefiting from sustained directional moves in currencies, commodities, and rates. The Fund’s equity market neutral long/short strategies including Crown Atrium Segregated Portfolio detracted for the month, as did PE Global FX Alpha which was again hurt by a short AUD exposure.
Government bond yields fell benefiting the Fund’s duration overlay and high yield credit strategies were positive in aggregate.
Portfolio changes
The Fund increased tail risk protection in the form of put options on the US equity market to hedge against equity market downside in a trade that also leans into the rotation out of the US large caps which are buckling under lofty valuations and uncertainty around AI capex and the disruption of the giant software sector.
Outlook
The recent rotation under the surface of equity markets and divergence in the path of regional central bank policies has increased volatility and reinforced the importance of portfolio diversification. We remain of the view we are mid-cycle and this is positive for equities and the Fund is positioned to benefit from both stronger markets and rotation away from the early cycle leaders.
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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