Elston Income 50 Model Portfolio
Features
Information
Fees
Platform Availability
Hub24, Netwealth, MyNorth, CFS Edge.
Investment Objective
The aim of the portfolio is to generate income above the composite benchmark over rolling four-year periods, before fees.
Benchmark
The Composite Benchmark is an index calculated as the weighted average of the indices selected as benchmarks for each asset class.
Investment Strategy
An actively managed diversified portfolio of securities across both growth asset classes, such as Australian and international equities, property and infrastructure, and defensive asset classes, including cash and fixed interest securities. In general, the portfolio will have a long-term average exposure of around 50% in growth assets and 50% in defensive assets, however the allocations will be actively managed within the allowable ranges, depending on prevailing market conditions.
Research House Ratings
RatingPortfolio Managers
Cumulative Performance
| 1 Mo | 3 Mo | 6 Mo | 1 Yr | 3 Yr (p.a.) | 5 Yr (p.a.) | 7 Yr (p.a.) | 10 Yr (p.a.) | Inception (p.a.) | |
|---|---|---|---|---|---|---|---|---|---|
| Elston Income 50 Model Portfolio | 1.43% | 4.27% | 4.14% | 8.53% | - | - | - | - | 9.24% |
| Benchmark | 1.00% | 4.12% | 3.38% | 6.77% | - | - | - | - | 8.79% |
Investments can go up and down. Past performance is not a reliable indicator of future performance.
Powered by data from FE fundinfo
Asset Allocation as at 30/6/2026
| Australian Equities | 28.0% | |
| International Equities | 12.0% | |
| Global Listed Property | 5.0% | |
| Global Listed Infrastructure | 6.0% | |
| Australian Fixed Interest | 24.0% | |
| International Fixed Interest | 19.0% | |
| Cash | 6.0% |
Current (TAA) vs Long Term (SAA) Asset Allocation
| Portfolio | TAA | SAA |
|---|---|---|
| Australian Equities | 28.0% | 28.0% |
| International Equities | 12.0% | 12.0% |
| Global Listed Property | 5.0% | 5.0% |
| Global Listed Infrastructure | 6.0% | 5.0% |
| Australian Fixed Interest | 24.0% | 20.0% |
| International Fixed Interest | 19.0% | 18.0% |
| Cash | 6.0% | 12.0% |
| Asset Range |
|---|
| 13 - 43% |
| 0 - 27% |
| 0 - 20% |
| 0 - 20% |
| 5 - 35% |
| 3 - 33% |
| 1 - 27% |
Top 10 Holdings as at 30/06/2026
Commentary on Performance
Market Review:
Markets rebounded in the second quarter. Investors found relief in a Middle East ceasefire, shifting focus back to economic fundamentals as the AI investment boom continued to surge. SpaceX made history with the largest IPO ever, while the new Federal Reserve Chairman signaled he may not be as interest-rate-friendly as President Trump hoped.
International shares were the standout performers. Semiconductor companies surged as massive AI infrastructure spending drove explosive earnings. The heart of the boom was South Korea, where the stock market leaped 64% in Australian dollars, powering Emerging Markets to a top-performing 25% return. At home, the consumer and materials sectors drove modest gains in Australian shares, led by BHP, Wesfarmers, and Macquarie.
Portfolio Performance:
The portfolio has outperformed its benchmark over the past 12 months whiles also delivering above benchmark income. Most asset classes have contributed to the outperformance, with Australian equities the standout, driven by strong performance from Rio Tinto, Ampol, Aurizon, and AMP. The Australian equities portfolio has generated over >6% dividend income (inc franking) over the past 12 months. Within global equities, currency-hedged Betashares Global Shares (ASX:HGBL) has benefited from a stronger AUD while Plato Global Share Income continues to deliver on income (>7%) and benchmark outperformance.
Portfolio Changes:
There were several changes to the portfolio this quarter. As part of the dividend rotation program, GPT Group, Mirvac, Stockland, and Transurban were added for their June dividend payments.
Outlook:
The outlook for economic growth remains attractive, particularly in the US. However, we are becoming cautious about the scale and debt-fuelled funding of AI spending, and whether these massive investments will deliver strong returns remains an unanswered question. Any pullback would create a ripple effect across the entire AI infrastructure sector.
Consequently, we have moved the portfolios to a slightly more defensive position by lowering exposure to International equities and increasing Australian equities temporarily for the September dividend season. At the same time, we still favour real assets— property and infrastructure—which have historically performed well when interest rates stay high.
Powered by data from FE fundinfo