Innova Active High Growth Portfolio (S)

July 2026

Performance Table

1MTH3MTH6MTH1YR3YR (PA)5YR (PA)INCEPTION (PA)
Innova Active High Growth Portfolio (S)0.95%4.06%4.84%8.94%9.31%-10.18%
FE Peer Group High Growth0.03%4.05%3.94%8.05%10.59%7.09%11.71%
Excess Returns0.92%0.01%0.90%0.89%-1.28%--1.53%

Portfolio Performance

Against this backdrop, Innova portfolios posted modest, mostly positive returns for the month. Growth oriented portfolios edged ahead of more defensive, income focused portfolios, primarily reflecting their larger exposure to Australian shares, which was the standout performer of the month, alongside a modest boost from floating rate credit holdings. More defensive portfolios, which typically hold a larger allocation to government bonds, saw a small drag from the rise in bond yields over the month, only partly offset by their credit exposure.

Currency positioning was also a meaningful driver of relative outcomes. Portfolios with a higher proportion of their overseas shares hedged back to Australian dollars generally outperformed those with more unhedged exposure, as broad weakness in the US dollar meant unhedged international holdings gave back some of their gains once converted back into Australian dollars.

Asset Allocation Exposure

Breakdown pie chart
Global Shares41.27%
Australian Shares36.23%
Real Assets8.90%
Alternatives6.40%
Fixed Interest4.48%
Cash2.72%

Top Portfolio Holdings

Realindex Wholesale Australian Share
13.04%
GQG Partners Global Equity - Hedged
11.78%
Colonial First State Wholesale Index Global Share
11.07%
Acadian Australian Equity Long Short
9.60%
DNR Capital Wholesale Australian Equities High Conviction
9.59%
Fidelity Global Future Leaders
7.68%
Aspect Wholesale Absolute Return
6.40%
Fidelity Wholesale Asia
5.83%
Resolution Capital Wholesale Global Property Securities
5.74%
Realindex Wholesale Global Share
4.91%

Growth of $100,000 since inception

ResetPerformance line chart
3YR1YR
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Please note Benchmark performance is priced daily.

Market Outlook

Global markets moved through a volatile July, unsettled by a renewed flare up in tensions between the United States and Iran that briefly reignited fears over oil supply through the Middle East. Oil prices surged before partly retracing as the risk of a broader conflict eased, and the swings fed through to a choppier month for shares generally, with sharp pullbacks mid-month and again in the final week largely offset by strong rebounds in the days that followed.

Beneath the surface, leadership rotated away from the technology and semiconductor companies that had driven much of this year's gains, in favour of energy, financials and other more value oriented areas of the market. Australian shares were a standout, supported by this shift toward cyclical sectors, while global shares, once translated back into Australian dollars, were roughly flat to modestly lower, as broad US dollar weakness meant unhedged international holdings gave back some of their local currency gains. Portfolios that hedge their overseas exposure back to Australian dollars, removing the impact of currency movements, held up noticeably better as a result.

Government bond yields rose as investors weighed the inflationary impact of higher oil prices and continued heavy government borrowing, which weighed modestly on bond returns, while shorter dated floating rate credit, credit investments whose interest payments adjust with interest rates, continued to deliver steady, positive income. Domestically, the Reserve Bank of Australia left interest rates unchanged at its July meeting but flagged that further increases remain possible given elevated inflation pressures.

Investment Objective

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

Key Information

Inception14/12/2022
Management Fee0.00%
Maximum Expected Volatility13.00%
Standard Risk MeasureHigh
BenchmarkRBA Cash Rate Target + 5.0%
Model CodeCFSFC010
Investment Timeframe8 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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