Atrium Risk Targeted 9 Portfolio
As at 31 March 2026
Features
Information
^Liquidity dependent on underlying holdings. Varies from daily to weekly.
Ratings & awards
A rating is only one factor to be taken into account when deciding whether to invest.
Accessing our solutions
Investment objective
To return RBA Cash Rate + 4.5% p.a., after fees, while aiming to manage volatility within a 9% p.a. limit over rolling 3-year periods.
Investment strategy
Atrium's focus is on the level of risk within the portfolio. We seek to allocate to investments across a broad range of asset classes based on an assessment of their value and contribution to total risk and return.
Atrium can dynamically adjust the allocation to asset classes on an ongoing basis. By doing this, we seek to build a portfolio that can withstand changes in underlying market volatility.
The aim is to deliver a risk level in the Investment Portfolio that is consistent with the investment profile selected.
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 338634) (‘Atrium’ or ‘Atrium Investment Management’). This Information is provided for the use of licensed and accredited financial advisers only. In no circumstances is it to be used by a potential client for the purposes of making a decision about a financial product or class of products. The Information is of a general nature only and does not take into account the objectives, financial situation or needs of any person. No liability is accepted for any loss or damage as a result of any reliance on the Information. Past performance is not a reliable indicator of future performance. Future performance and return of capital are not guaranteed.
Colonial First State Investments Limited (ABN 98 002 348 352, AFSL 232468) is the Responsible Entity of the Colonial First State Separately Managed Account (ARSN 618 390 051) (CFS SMA). Investments in the CFS SMA are only available on CFS Edge. Investors should consider the Product Disclosure Statement (PDS) and Target Market Determination (TMD) before making any investment decisions. Applications for an investment in a portfolio in the CFS SMA can only be made pursuant to the application form attached to the relevant product disclosure statement or IDPS guide (CFS SMA Offer Documents). Please refer to the CFS SMA Offer Documents for important information concerning an investment in the CFS SMA.
SQM Research is an investment research firm that undertakes research on investment products exclusively for its wholesale clients, utilising a proprietary review and star rating system. Information contained in this document attributable to SQM Research must not be used to make an investment decision. The SQM Research rating is valid at the time the report was issued, however it may change at any time. While the information contained in the rating is believed to be reliable, its completeness and accuracy is not guaranteed. The SQM Research star rating system is of a general nature and does not take into account the particular circumstances or needs of any specific person. Only licensed financial advisers may use the SQM Research star rating system in determining whether an investment is appropriate to a person’s particular circumstances or needs. You should read the product disclosure statement and consult a licensed financial adviser before making an investment decision in relation to this investment product. SQM Research receives a fee from the Fund Manager for the research and rating of the managed investment scheme.
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Source: Atrium Investment Management, Colonial First State. Performance as at the date of this report. Inception date is 9 November 2016. 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. Individual investor portfolio performance may be different from the results above and will differ among clients depending on the timing of their investment and the level of variation from the models. Performance is after fees and costs, assumes reinvestment of all distributions, is calculated using the highest annual fee tier, and does not take into account some or all of the rebates you may receive. Return objectives are set out in the Fund’s Product Disclosure Statement (PDS). Please refer to the managed account’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 | 6.00% | 5.74% | 5.38% | 7.73% | 8.06% | -1.90% | -3.39% | -4.64% | |
| Objective | 6.53% | 6.71% | 7.37% | 8.58% | 8.27% | 4.00% | 1.98% | 0.69% |
Objective refers to the Return objective as stated in the Key Facts table.
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 338634) (‘Atrium’ or ‘Atrium Investment Management’). This Information is provided for the use of licensed and accredited financial advisers only. In no circumstances is it to be used by a potential client for the purposes of making a decision about a financial product or class of products. The Information is of a general nature only and does not take into account the objectives, financial situation or needs of any person. No liability is accepted for any loss or damage as a result of any reliance on the Information. Past performance is not a reliable indicator of future performance. Future performance and return of capital are not guaranteed.
Colonial First State Investments Limited (ABN 98 002 348 352, AFSL 232468) is the Responsible Entity of the Colonial First State Separately Managed Account (ARSN 618 390 051) (CFS SMA). Investments in the CFS SMA are only available on CFS Edge. Investors should consider the Product Disclosure Statement (PDS) and Target Market Determination (TMD) before making any investment decisions. Applications for an investment in a portfolio in the CFS SMA can only be made pursuant to the application form attached to the relevant product disclosure statement or IDPS guide (CFS SMA Offer Documents). Please refer to the CFS SMA Offer Documents for important information concerning an investment in the CFS SMA.
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Understanding our Risk Targeted investing approach
Atrium is a multi-asset investor that challenges conventional thinking and practices with a proven Risk Targeted approach that preserves and grows wealth for clients. Risk Targeted investing is a dynamic approach to generating investment returns in a more consistent manner while controlling overall portfolio risk. We give our investors the confidence to stay invested through the ups and downs of financial markets, providing peace of mind on your wealth building journey.
Building portfolios that smooth out volatility
When constructing portfolios, our focus is on managing risk through our allocation to a wide array of investments. In this way, Atrium aims to build portfolios that are less susceptible to market volatility and therefore deliver more consistent return outcomes.
Illustrative Only
Case study: COVID-19
The first quarter of 2020 was a volatile period for markets as the COVID-19 pandemic started to spread around the globe. In line with our Risk Targeted investment philosophy, our portfolios focused on managing risk to limit drawdowns (i.e. the loss of investor capital), and on delivering more consistent returns for investors over the long-term. While returns were lower over the quarter as a result of the sharp market decline, the Atrium portfolios benefited from our genuine diversification, our dynamic asset allocation approach and a more defensive positioning entering this volatile period.
Portfolio performance (Feb 2020 - Apr 2020)
| Feb 2020 | -2.7% |
| Mar 2020 | -8.2% |
| Apr 2020 | 2.3% |
ASX performance (Feb 2020 - Apr 2020)
| Feb 2020 | -7.7% |
| Mar 2020 | -20.7% |
| Apr 2020 | 8.8% |
Volatility & Sharpe Ratio
| 10 Years | 7 Years | 5 Years | 3 Years | |
|---|---|---|---|---|
| Volatility (% p.a.) | - | 6.63 | 5.90 | 5.77 |
| Sharpe Ratio | - | 0.53 | 0.42 | 0.62 |
What is volatility?
Volatility measures the fluctuations, or changes, in the price of an asset or market index. Assets with higher volatility generally have greater price changes, both positive and negative, and so higher volatility is generally an indication of higher risk.
What is the Sharpe Ratio?
The Sharpe Ratio measures returns relative to the volatility, or risk, that was taken to achieve that return. The higher the ratio, the better the risk-adjusted performance has been - in other words, the investment risks taken have delivered better returns to the portfolio.
Maximum drawdown since inception
What is maximum drawdown?
Maximum drawdown measures the largest fall in an asset's or market's price, from a peak to its subsequent lowest point. Maximum drawdown is an indicator of downside risk specifically - that is, it reflects the greatest loss of capital an investor may have experienced over the time period.
Performance in positive & negative markets since inception
Portfolio - Average monthly return
ASX200 - Average monthly return
What is up/down capture?
Up capture measures how an asset has performed in periods where the market return was positive, whereas down capture measures how the asset has performed in periods of negative market returns. Together, these measures provide an indication of how the asset has performed in both positive and negative market environments.
How we manage risk in portfolios
Sequencing risk
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 338634) (‘Atrium’ or ‘Atrium Investment Management’). This Information is provided for the use of licensed and accredited financial advisers only. In no circumstances is it to be used by a potential client for the purposes of making a decision about a financial product or class of products. The Information is of a general nature only and does not take into account the objectives, financial situation or needs of any person. No liability is accepted for any loss or damage as a result of any reliance on the Information. Past performance is not a reliable indicator of future performance. Future performance and return of capital are not guaranteed.
Colonial First State Investments Limited (ABN 98 002 348 352, AFSL 232468) is the Responsible Entity of the Colonial First State Separately Managed Account (ARSN 618 390 051) (CFS SMA). Investments in the CFS SMA are only available on CFS Edge. Investors should consider the Product Disclosure Statement (PDS) and Target Market Determination (TMD) before making any investment decisions. Applications for an investment in a portfolio in the CFS SMA can only be made pursuant to the application form attached to the relevant product disclosure statement or IDPS guide (CFS SMA Offer Documents). Please refer to the CFS SMA Offer Documents for important information concerning an investment in the CFS SMA.
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Asset allocation
| Rates & credit | 1.87% | |
| Cash | 6.18% | |
| Australian equities | 18.68% | |
| International equities | 49.87% | |
| Listed infrastructure | 3.02% | |
| Liquid alternatives | 20.37% |
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 338634) (‘Atrium’ or ‘Atrium Investment Management’). This Information is provided for the use of licensed and accredited financial advisers only. In no circumstances is it to be used by a potential client for the purposes of making a decision about a financial product or class of products. The Information is of a general nature only and does not take into account the objectives, financial situation or needs of any person. No liability is accepted for any loss or damage as a result of any reliance on the Information. Past performance is not a reliable indicator of future performance. Future performance and return of capital are not guaranteed.
Colonial First State Investments Limited (ABN 98 002 348 352, AFSL 232468) is the Responsible Entity of the Colonial First State Separately Managed Account (ARSN 618 390 051) (CFS SMA). Investments in the CFS SMA are only available on CFS Edge. Investors should consider the Product Disclosure Statement (PDS) and Target Market Determination (TMD) before making any investment decisions. Applications for an investment in a portfolio in the CFS SMA can only be made pursuant to the application form attached to the relevant product disclosure statement or IDPS guide (CFS SMA Offer Documents). Please refer to the CFS SMA Offer Documents for important information concerning an investment in the CFS SMA.
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Top holdings
| Holding | Weight | Capital Position |
|---|---|---|
| BETASHARES GLOBAL SHARES ETF | 13.61% | International equities |
| BETASHARES GLOBAL SHARES HEDGED ETF | 9.90% | International equities |
| RUSSELL IM - 30 STOCK FACTOR PORTFOLIO | 8.60% | Australian equities |
| ANTIPODES GLOBAL FUND | 7.24% | International equities |
| BETASHARES S&P 500 EQUAL WEIGHT ETF (HEDGED) | 6.32% | International equities |
| CASH POSITION | 6.18% | Cash |
| FAIRLIGHT GLOBAL SMALL & MID CAP FUND | 5.66% | International equities |
| MAN ALTERNATIVE RISK PREMIA | 4.62% | Liquid alternatives |
| MACQUARIE CORE AUSTRALIAN EQUITY ETF | 4.27% | Australian equities |
| CROWN DIVERSIFIED MACRO | 3.92% | Liquid alternatives |
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 338634) (‘Atrium’ or ‘Atrium Investment Management’). This Information is provided for the use of licensed and accredited financial advisers only. In no circumstances is it to be used by a potential client for the purposes of making a decision about a financial product or class of products. The Information is of a general nature only and does not take into account the objectives, financial situation or needs of any person. No liability is accepted for any loss or damage as a result of any reliance on the Information. Past performance is not a reliable indicator of future performance. Future performance and return of capital are not guaranteed.
Colonial First State Investments Limited (ABN 98 002 348 352, AFSL 232468) is the Responsible Entity of the Colonial First State Separately Managed Account (ARSN 618 390 051) (CFS SMA). Investments in the CFS SMA are only available on CFS Edge. Investors should consider the Product Disclosure Statement (PDS) and Target Market Determination (TMD) before making any investment decisions. Applications for an investment in a portfolio in the CFS SMA can only be made pursuant to the application form attached to the relevant product disclosure statement or IDPS guide (CFS SMA Offer Documents). Please refer to the CFS SMA Offer Documents for important information concerning an investment in the CFS SMA.
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Market update
Global markets were dominated in March by a sharp escalation in geopolitical risk, which drove significant cross-asset volatility as growth and inflation fears clouded the economic outlook.
The primary catalyst was the intensification of conflict in the Middle East, which triggered a substantial energy shock. Oil prices moved above US$100 per barrel during the month, contributing to a rise in inflation expectations and renewed concerns around stagflation (slow growth, high inflation). This was accompanied by a broader increase in global food prices, as higher energy and freight costs flowed through supply chains.
Equity markets were volatile, early in the month global equities remained resilient, trading near highs, supported by still-positive earnings expectations and a constructive growth backdrop. However, as the energy shock intensified, markets experienced drawdowns, particularly in rate-sensitive sectors such as technology, while energy stocks outperformed on higher commodity prices. Dispersion across regions and sectors remained elevated, with emerging markets showing relative resilience year-to-date.
Bond markets reflected the shifting inflation and policy outlook. Globally, yields moved higher through March as investors priced a reduced likelihood of near-term rate cuts, with central banks globally adopting a cautious “on hold” stance in response to uncertainty. The prevailing narrative shifted toward “higher for longer” policy settings, particularly as inflation risks were revised upward and growth expectations modestly downgraded. The Reserve Bank of Australia signalled it was prepared to keep rates restrictive for longer if required. Australia’s lack of energy supply chain resilience was exposed, and the global backdrop of higher inflation risk and policy uncertainty led to a fall in the $A and equity market underperformance versus global equities.
Looking through the geopolitical noise, the global economy continued to exhibit resilient mid-cycle characteristics but is increasingly challenged. Growth remained supported by strong labour markets and earnings, but downside risks increased on inflation fears and tighter financial conditions.
Performance
A sharp sell-off in equities led the Portfolio lower in March as the Middle East conflict sparked the worst energy shock since the 1970s. The $A fell (US dollar rose) which provided some respite for offshore assets.
Equity markets were universally lower for the month. Hyperion Global Growth Companies Fund outperformed as some US tech names bounced, including ARM Holdings, the US based semiconductor company sitting in the centre of the AI buildout. It saw continued upward revisions to long-term growth expectations tied to AI demand. Antipodes Global Fund underperformed as Europe and cyclical sectors lagged, while Fairlight Global Small and Mid Cap Fund detracted as it tends to avoid the energy and materials sectors where the few bright spots were for the month.
In Australian equities, Firetrail Australian Small Companies Fund underperformed the smaller companies benchmark as its Amplitude Energy bet suffered as a gas well previously touted as a key source of growth was proven to be uncommercial. Ausbil Australian Active Equity Fund’s energy and mining exposures were a mixed bag for the month with Sandfire Resources weaker on the fall in the copper price, while Origin Energy contributed positively on the rise in energy prices.
The liquid alternatives allocation in aggregate held up well despite falls in trend following and global macro strategies. PE Commodities Strategy held within the Atrium Alternatives Fund surged 11% as it was on the right side of some large moves in commodity prices. PE Global FX Alpha also saw strong returns on a US dollar bet versus the $A based on relative economic strength.
Government bond yields rose sharply, and credit spreads widened, hurting many fixed income strategies. The Atrium Enhanced Fixed Income Fund declined.
Portfolio changes
We responded to increased volatility by adjusting hedges in currencies and interest rate duration (via the Atrium Alternatives Fund), reducing Yen and increasing US dollar exposure, and reducing our sensitivity to higher US bond yields. We also increased equity tail risk hedges and took some profits on those at month-end.
Outlook
Despite the March drawdown our base case remains that the global economy is still in a mid-cycle expansion, supported by resilient labour markets, solid corporate earnings and generally healthy private sector balance sheets. Growth momentum, while moderating from prior peaks, remains intact, and we expect risk assets to recover as geopolitical uncertainty stabilises, and markets refocus on underlying fundamentals.
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 338634) (‘Atrium’ or ‘Atrium Investment Management’). This Information is provided for the use of licensed and accredited financial advisers only. In no circumstances is it to be used by a potential client for the purposes of making a decision about a financial product or class of products. The Information is of a general nature only and does not take into account the objectives, financial situation or needs of any person. No liability is accepted for any loss or damage as a result of any reliance on the Information. Past performance is not a reliable indicator of future performance. Future performance and return of capital are not guaranteed.
Colonial First State Investments Limited (ABN 98 002 348 352, AFSL 232468) is the Responsible Entity of the Colonial First State Separately Managed Account (ARSN 618 390 051) (CFS SMA). Investments in the CFS SMA are only available on CFS Edge. Investors should consider the Product Disclosure Statement (PDS) and Target Market Determination (TMD) before making any investment decisions. Applications for an investment in a portfolio in the CFS SMA can only be made pursuant to the application form attached to the relevant product disclosure statement or IDPS guide (CFS SMA Offer Documents). Please refer to the CFS SMA Offer Documents for important information concerning an investment in the CFS SMA.
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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 338634) (‘Atrium’ or ‘Atrium Investment Management’). This Information is provided for the use of licensed and accredited financial advisers only. In no circumstances is it to be used by a potential client for the purposes of making a decision about a financial product or class of products. The Information is of a general nature only and does not take into account the objectives, financial situation or needs of any person. No liability is accepted for any loss or damage as a result of any reliance on the Information. Past performance is not a reliable indicator of future performance. Future performance and return of capital are not guaranteed.
Colonial First State Investments Limited (ABN 98 002 348 352, AFSL 232468) is the Responsible Entity of the Colonial First State Separately Managed Account (ARSN 618 390 051) (CFS SMA). Investments in the CFS SMA are only available on CFS Edge. Investors should consider the Product Disclosure Statement (PDS) and Target Market Determination (TMD) before making any investment decisions. Applications for an investment in a portfolio in the CFS SMA can only be made pursuant to the application form attached to the relevant product disclosure statement or IDPS guide (CFS SMA Offer Documents). Please refer to the CFS SMA Offer Documents for important information concerning an investment in the CFS SMA.
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