Atrium Risk Targeted 7 Portfolio
As at 31 January 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 | 5.54% | 5.94% | 5.95% | 8.21% | 6.77% | 4.74% | 0.58% | 0.66% | |
| Objective | 5.49% | 5.65% | 6.24% | 7.55% | 7.31% | 3.52% | 1.74% | 0.58% |
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.) | - | 5.05 | 4.15 | 3.74 |
| Sharpe Ratio | - | 0.74 | 0.76 | 1.09 |
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 | 15.75% | |
| Cash | 8.21% | |
| Australian equities | 12.74% | |
| International equities | 35.38% | |
| Listed infrastructure | 3.06% | |
| Liquid alternatives | 24.86% |
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 | 10.92% | International equities |
| CASH POSITION | 8.21% | Cash |
| COOLABAH ACTIVE COMPOSITE BOND ETF | 6.05% | Rates & credit |
| RUSSELL IM - 30 STOCK FACTOR PORTFOLIO | 5.91% | Australian equities |
| BETASHARES S&P 500 EQUAL WEIGHT ETF (HEDGED) | 5.86% | International equities |
| MAN ALTERNATIVE RISK PREMIA | 5.78% | Liquid alternatives |
| ANTIPODES GLOBAL FUND | 5.04% | International equities |
| CROWN DIVERSIFIED MACRO | 4.76% | Liquid alternatives |
| CROWN ATRIUM SEGREGATED PORTFOLIO | 4.58% | Liquid alternatives |
| BETASHARES GLOBAL SHARES HEDGED ETF | 4.40% | International 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 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 began 2026 on a steadier footing, as investors balanced resilient growth momentum against ongoing geopolitical risks. January was characterised by selective risk appetite, rotation within equity markets, and continued volatility in global bond yields.
Global equities delivered mixed outcomes. US equities were broadly flat to modestly higher, with leadership rotating toward value and cyclical sectors such as financials, industrials and energy, while large-cap growth stocks lagged after a strong 2025. Markets continued to assess the implications of a higher-for-longer rate environment alongside early policy signals from the new US administration, particularly around trade and fiscal settings. European equities outperformed, supported by easing inflation and expectations of gradual monetary easing later in the year. Emerging markets were mixed, with China showing tentative stabilisation but still constrained by weak property activity and subdued consumer demand.
Bond markets remained volatile. US Treasury yields moved higher early in the month on firm economic data before retracing as inflation readings surprised modestly to the downside. Markets continued to price only limited Federal Reserve rate cuts in the second half of 2026. Credit markets remained well supported, with spreads tight and corporate balance sheets resilient.
The US dollar weakened modestly during January as interest rate differentials stabilised and positioning adjusted. In this environment, the Australian dollar traded firmer, supported by commodity prices, improved global risk sentiment, and a wider real interest rate differential with the US.
Australia’s latest inflation print surprised to the upside, underscoring sticky services and housing cost pressures. Fiscal policy remained expansionary, with infrastructure spending and cost-of-living support underpinning near-term growth but adding to medium-term budget pressures. These conditions cemented a Reserve Bank rate hike for early February where Governor Bullock also moderated the growth outlook for 2026 and increased unemployment expectations.
Overall, January reinforced the importance for Australian investors of diversification, active currency awareness, and selective risk exposure as global growth slows but we believe the economy avoids a sharp downturn in 2026.
Performance
The Portfolio posted a solid positive return for the first month of 2026 driven by strong contributions from liquid alternatives including gold. Equities were mixed with some global markets declining in $A terms while property and infrastructure markets contributed strongly. Hedging changes from mid-2025 to reduce foreign currency exposure helped as the AUD rose 4% against the US dollar.
In global equities, Antipodes Global performed well with the top contributor for the month, Hyundai Motor, surging a further 68% on its aggressive pivot from motor vehicles to an AI/mobility tech strategy. Antipodes’ pragmatic valuation-led approach has been benefiting from the rotation in global equities away from the previous US tech and growth leaders towards global tech, Europe, and areas such as electricity transition infrastructure. Hyperion Global Growth Companies continued to lag the benchmark on the back of software sector exposure although the Portfolio’s position in Hyperion was halved in November 2025 to lock in previous gains. Listed property and infrastructure had a good month with solid returns and the Russell Global Listed Real Asset Fund performed broadly in line with the benchmark in $A hedged terms.
Liquid alternatives were the stand-out for the month driven by strong trends in commodities and currencies. Within the Atrium Alternatives Fund, Crown Diversified Macro Fund saw strong returns from trend following and global macro strategies with gold, copper, and gasoline positions driving positive returns. One River Systematic Trend also benefited from the positive environment for trend strategies. The Portfolio’s allocation to PE Global FX Alpha detracted on the back of its short AUD position.
Credit strategies were additive with Atrium Enhanced Fixed Income Fund positive despite government bond yields rising (prices falling) for the month.
Portfolio changes
There were no significant changes to the Portfolio in January. Within the Atrium Alternatives Fund put option protection was reinstated to partially hedge against a fall in US equities.
Outlook
The outlook remains positive with solid US corporate earnings delivering on lofty growth expectations and the rotation from tech/growth sector leadership to a broader set of positive return contributors is an environment in which we believe the Portfolio is well positioned to continue to achieve its objectives.
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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