Innova Active Growth Portfolio (S)

August 2026

Performance Table

1MTH3MTH6MTH1YR3YR (PA)5YR (PA)INCEPTION (PA)
Innova Active Growth Portfolio (S)0.57%2.51%2.63%7.29%8.68%-9.32%
FE Peer Group Growth0.71%1.73%2.72%5.91%9.17%5.49%9.61%
Excess Returns-0.14%0.78%-0.09%1.38%-0.49%--0.29%

Portfolio Performance

Portfolio performance across Innova portfolios was positive overall in August, though results varied by risk profile. Growth oriented portfolios, which carry higher exposure to shares, generally outperformed more defensive, income focused portfolios over the month. This was largely driven by gains in global and Australian shares, alongside the added benefit of currency hedging for investors with exposure to international markets.

Government bonds and floating rate credit, which make up a larger share of more defensive portfolios, delivered smaller but still positive returns, helping to cushion these portfolios during the periods of short term volatility. Listed property and infrastructure exposures were the main drag on performance across the range, reflecting the broader sector weakness noted above, though this was more than offset by stronger gains elsewhere for most portfolios.

Overall, every Innova portfolio suite and risk profile recorded a positive return for the month. Growth oriented portfolios generally led, given their higher weighting to shares, while defensive portfolios delivered more modest, steadier gains in keeping with their lower risk objective. We continue to monitor portfolio positioning closely and will adjust where appropriate to manage risk and support long term outcomes for investors.

Asset Allocation Exposure

Breakdown pie chart
Global Shares34.46%
Australian Shares30.95%
Fixed Interest16.99%
Real Assets8.30%
Alternatives6.16%
Cash3.14%

Top Portfolio Holdings

GQG Partners Global Equity - Hedged
9.37%
Realindex Wholesale Australian Share
9.19%
Western Asset Wholesale Australian Bond
8.95%
Colonial First State Wholesale Index Global Share
8.92%
Acadian Australian Equity Long Short
8.26%
DNR Capital Wholesale Australian Equities High Conviction
8.25%
Perpetual Wholesale Diversified Income
8.04%
Fidelity Global Future Leaders
6.89%
Aspect Wholesale Absolute Return
6.16%
Resolution Capital Wholesale Global Property Securities
5.35%

Growth of $100,000 since inception

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3YR1YR
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Please note Benchmark performance is priced daily.

Market Outlook

Global share markets held up reasonably well through August, even though the month included a period of sharper swings in the middle two weeks as investors reassessed the pace of future interest rate moves. Australian and global shares still finished the month higher, supported by resilient company earnings and continued expectations that central banks will keep policy settings broadly supportive. Government bond yields rose due to rising oil prices and renewed conflict in the Middle East.

One area that stood out was listed property and infrastructure, both domestically and overseas, which came under pressure and detracted from returns for portfolios with exposure to these real assets. This was a reminder that even in a month where broader markets were calm, individual sectors can still experience their own bouts of volatility.

The Australian dollar also continued to strengthen against the US dollar over the month. This meant that international investments without currency hedging in place delivered lower returns in Australian dollar terms than those that were hedged, since a rising Australian dollar reduces the value of unhedged overseas earnings once converted back home.

Looking ahead, we continue to expect a mixed but broadly constructive backdrop for markets, and we remain focused on ensuring portfolios are well diversified across regions, sectors and asset classes to manage the risk of further short term swings.

Investment Objective

To deliver a total investment return in line with the benchmark, after fees, over a rolling seven year period.

Key Information

Inception14/12/2022
Management Fee0.00%
Maximum Expected Volatility11.00%
Standard Risk MeasureHigh
BenchmarkRBA Cash Rate Target + 3.5%
Model CodeCFSFC009
Investment Timeframe7 years
PlatformCFS FirstChoice

About the Manager

Innova is a boutique portfolio management firm with institutional-grade capabilities that specialises in risk-focused portfolio solutions. Co-founded by Dan Miles and Dinyar Irani in 2010, Innova’s objective is to provide robust investment solutions that work with investor behaviour, rather than against it.

Innova has a comprehensive understanding of investment risk and has developed a proprietary risk management framework based on rigorous academic research to support their investment process. Their quantitative framework acts as the compass, with their experienced investment team determining the best approach to execute this outcome. Innova's systematic approach to portfolio construction has enabled them to navigate global markets successfully, even during challenging market cycles.

Innova has consistently adhered to their investment process across all market regimes. They have rigorously tested their process and analysed hundreds of historical data sources to ensure they always have conviction in their investment decision making. As a result, Innova is able to consistently manage portfolio risk during market downturns and their performance track record is a testament to the effectiveness of their approach.

Important Information

This document has been prepared by Innova Asset Management Pty Ltd (Innova), ABN 99 141 597 104, Corporate Authorised Representative of Innova Investment Management, AFSL 509578 for provision to Australian financial services (AFS) licensees and their representatives, and for other persons who are wholesale clients under section 761G of the Corporations Act.
To the extent that this document may contain financial product advice, it is general advice only as it does not take into account the objectives, financial situation or needs of any particular person. Further, any such general advice does not relate to any particular financial product and is not intended to influence any person in making a decision in relation to a particular financial product. No remuneration (including a commission) or other benefit is received by Innova or its associates in relation to any advice in this document apart from that which it would receive without giving such advice. No recommendation, opinion, offer, solicitation or advertisement to buy or sell any financial products or acquire any services of the type referred to or to adopt any particular investment strategy is made in this document to any person.
All investment involves risks, including possible delays in repayments and loss of income and principal invested. Any discussion of risks contained in this document with respect to any type of product or service should not be considered to be a disclosure of all risks or a complete discussion of the risks involved. Past performance information provided in this document is not indicative of future results and the illustrations are not intended to project or predict future investment returns.
The performance reporting in this document is a representation only. Innova has used a calculation methodology to simulate the performance of the relevant Investment Program since commencement, net of all fees and commissions at the fund/security level, and gross of other fees and commissions. Simulated performance does not reflect the performance of any specific account. Each account will have its own unique performance history, due to factors including varied methods of implementation, fee and tax structures. Therefore, simulated performance may vary significantly compared to that of any specific account. The out of sample backtested performance data has been simulated by Innova and is for illustrative purposed only, and is not representative of any investment or product, Results based on simulated performance results have certain inherent limitations as these results do not represent actual trading. No representation is being made that any account will or is likely to achieve profits or losses similar to those being shown.
Although non-Fund specific information has been prepared from sources believed to be reliable, we offer no guarantees as to its accuracy or completeness. Any performance figures are not promises of future performance and are not guaranteed. Opinions expressed are valid at the date this document was published and may change. All dollars are Australian dollars unless otherwise specified.

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