Elston Growth 97 Model Portfolio
Features
Information
Fees
Platform Availability
HUB24, Netwealth, MyNorth, BT Panorama, Macquarie Wrap, Praemium, CFS Edge, Expand.
Investment Objective
The aim of the portfolio is to outperform the composite benchmark, over rolling seven-year periods, after 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 oriented asset classes, such as cash and fixed interest securities. In general, the portfolio will have a long-term average exposure of around 97% in growth assets and 3% in defensive assets, however the allocations will be actively managed within the allowable ranges depending on market conditions.
Research House Ratings
RatingPortfolio Managers
SQM Research
The rating contained in this document is issued by SQM Research Pty Ltd ABN 93 122 592 036 AFSL 421913. 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. 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. The rating may be subject to change at any time. 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.
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.) | |
|---|---|---|---|---|---|---|---|---|---|
| Growth 97 Model Portfolio | 4.27% | 8.37% | 3.45% | 4.74% | 6.68% | 6.38% | 6.91% | 8.64% | 9.65% |
| Benchmark | 1.45% | 6.95% | 4.42% | 10.27% | 13.02% | 9.11% | 9.42% | 10.45% | 10.10% |
Investments can go up and down. Past performance is not a reliable indicator of future performance.
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Asset Allocation as at 30/6/2026
| Australian Equities | 57.0% | |
| International Equities | 29.0% | |
| Global Listed Property | 6.0% | |
| Global Listed Infrastructure | 5.0% | |
| Cash | 3.0% |
Current (TAA) vs Long Term (SAA) Asset Allocation
| Portfolio | TAA | SAA |
|---|---|---|
| Australian Equities | 57.0% | 58.0% |
| International Equities | 29.0% | 29.0% |
| Global Listed Property | 6.0% | 5.0% |
| Global Listed Infrastructure | 5.0% | 5.0% |
| Cash | 3.0% | 3.0% |
| Asset range |
|---|
| 43-73% |
| 14-44% |
| 0-20% |
| 0-20% |
| 0-15% |
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:
While the portfolio underperformed its benchmark over the past 12 months, a shift in market sentiment allowed it to beat the benchmark this quarter. Within Australian shares, oversold companies like James Hardie, Block, and Treasury Wine Estates rebounded strongly. Additionally, the Healthcare sector outpaced heavyweights Financials and Materials, attracting investors with its strong earnings and valuations.
Across other asset classes, Acadian Enhanced Emerging Markets benefited from South Korean semiconductor exposure, while a stronger Australian dollar boosted the currency-hedged Betashares Global Share ETF. Among real assets, our global property manager delivered a strong quarter but trails over the full year. Looking ahead, we remain positive on infrastructure and property for their ability to deliver real returns if interest rates stay higher.
Portfolio Changes:
We made several changes to the portfolio this quarter. In Australian shares, we added Xero and increased our positions in Telix, SGH, and BlueScope. We funded these additions by selling Challenger and Mirvac, and by trimming other holdings. In international shares, we added the GMO Quality Trust in early July. This fund provides diversified exposure to high-quality companies that historically perform well during market downturns.
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 our exposure to growth assets and adding downside protection to international shares. At the same time, we still favour real assets— property and infrastructure—which have historically performed well when interest rates stay high.
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