Atrium Risk Targeted 7 Portfolio
As at 28 February 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.
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Investment objective
To seek to maximise returns while managing portfolio volatility such that it does not exceed the Upper Risk Limit of 7% p.a. over rolling three (3) year time 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 | 5.57% | 5.62% | 6.00% | 8.36% | 9.32% | 4.26% | 1.45% | 0.66% | |
| Objective | 5.51% | 5.68% | 6.30% | 7.57% | 7.28% | 3.47% | 1.72% | 0.54% |
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 | -2.0% |
| Mar 2020 | -6.8% |
| Apr 2020 | 1.5% |
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.) | - | 4.97 | 4.15 | 3.73 |
| Sharpe Ratio | - | 0.69 | 0.76 | 1.13 |
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 | 15.59% | |
| Cash | 8.21% | |
| Australian equities | 12.99% | |
| International equities | 35.70% | |
| Listed infrastructure | 2.99% | |
| Liquid alternatives | 24.51% |
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 | 10.91% | International equities |
| CASH POSITION | 8.21% | Cash |
| RUSSELL IM - 30 STOCK FACTOR PORTFOLIO | 5.97% | Australian equities |
| COOLABAH ACTIVE COMPOSITE BOND ETF | 5.96% | Rates & credit |
| BETASHARES S&P 500 EQUAL WEIGHT ETF (HEDGED) | 5.87% | International equities |
| MAN ALTERNATIVE RISK PREMIA | 5.76% | Liquid alternatives |
| ANTIPODES GLOBAL FUND | 5.16% | International equities |
| CROWN DIVERSIFIED MACRO | 4.68% | Liquid alternatives |
| BETASHARES GLOBAL SHARES HEDGED ETF | 4.38% | International equities |
| CROWN ATRIUM SEGREGATED PORTFOLIO | 4.35% | 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 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 Portfolio 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 returns. The Australian dollar rose meaning the decision to switch some global exposure to currency hedged ETFs also helped performance.
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, the Atrium Alternatives Fund advanced, with One River Systematic Trend and Crown Diversified Macro the standouts, benefiting from sustained directional moves in currencies, commodities, and rates. 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.
Rates and credit strategies were positive contributors with the Coolabah Active Composite Bond Fund up strongly as government bond yields fell. The Atrium Enhanced Fixed Income Fund was also positive.
Portfolio changes
The portfolio managers increased tail risk protection (held within the Atrium Alternatives Fund) 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 Portfolio is positioned to benefit from both stronger markets and rotation away from the early cycle leaders.
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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