Atchison Active 55 SMA
31 May 2026
PORTFOLIO PERFORMANCE
The Atchison Active 55 SMA delivered 1.8% for the month, and 0.5% over the quarter.
Over the last 12 months, the Atchison Active 55 SMA delivered 5.8%, beating Inflation by 1.9%. Relative to the Peer Group (FE AMI Peer Average), Atchison Active 55 SMA has materially underperformed over the last 12 months.
All performance metrics listed above are net of appointed investment management fees but before tax. Where noted, the Since Inception date of this analysis is: 31 December 2022. All performance is based on daily asset returns using portfolio target weights. Where a portfolio target weight change has been input into the dataset, it is assumed to have been applied as at the end of day asset valuations.
Returns vs Benchmarks
Performance of $100,000 Investment
KEY CONTRIBUTORS, DETRACTORS & ATTRIBUTION
- On a weighted basis, the asset class that contributed the most to the portfolio return was International Shares at (+13.72%)
- The asset class that contributed the least to portfolio return was Cash at (+1.16%)
- The asset class with the highest absolute return was International Shares (+72.62%)
- Whilst the asset class with the lowest absolute return was Long Duration (+12.26%)
- Attribution analysis relative to SAA shows Tactical Allocation Effect having the highest impact on value add at (+3.68%).
- Whereas, Manager Effect (net fees) was found to have a (-2.01%) impact on relative performance of the portfolio.
Daily Return Analysis
Portfolio Performance Heatmap - Latest Month
Portfolio Performance Heatmap - Latest Quarter
Portfolio Performance Heatmap - Latest 1 Year
Portfolio Performance Heatmap - Since Inception
Portfolio Performance Heatmap (Look Through) - Latest Quarter
Aggregate Returns of Underlying Sector Sleeves
CURRENT POSITIONING vs TYPICAL HOLDING RANGE
PORTFOLIO CONSTRUCTION
Allocation Adjustments Through Time
Portfolio Construction - Manager Level
Portfolio Construction - Manager Level Categorised
SENSITIVITY ANALYSIS
Inflation Sensitivity (Monthly Returns)
ASX Market Sensitivity (Monthly Returns)
US Market Sensitivity (Monthly Returns)
RISK ANALYSIS
Drawdown Periods & Recovery
Rolling 3yr Tracking Error - Level of Relative Risk Being Taken
Rolling 3yr Batting Average - % of Months Outperforming Benchmark Return
90 Day Volatility
Risk Metrics
MARKET OVERVIEW - May 2026
- Australian and New Zealand equities gained in May on hopes of cooling Middle East conflicts, with the ASX 200 up 1% and the NZX 50 up 3%.
- Small caps outperformed large caps, with the ASX Small Ordinaries up 2% and NZX SmallCap up 4%. Five of 11 ASX 200 sectors rose, led by Materials (+11%) on industrial metals strength.
- Health Care (-9%), Utilities (-8%) and Energy (-6%) underperformed. Among factor indices, GARP led with a 3% gain (up 6% YTD), while Low Volatility and Momentum lagged.
- Asia Pacific equities advanced as focus shifted from Middle East uncertainty to AI, lifting the Pan Asia BMI 7%. South Korea soared 31% (111% YTD) and Taiwan 16%, while Indonesia fell 13%.
- The S&P 500 extended its rally in May, climbing 5% to eleven all-time closing highs, as strong tech earnings, AI exuberance, falling oil prices, and easing geopolitical concerns lifted sentiment.
- Mid- and small-cap equities lagged large caps; mid-caps delivered 2% and Small Caps delivered 1%, weighed down by rising Treasury yields and inflation worries.
- Sector performance skewed heavily to Information Technology, up 16% and the sole sector to outperform, while Energy fell 6% as oil slumped. Momentum, High Beta and Growth led factors; S&P 500 Momentum is up 27% YTD.
- The S&P Europe 350 climbed 3% amid easing geopolitical concerns, with mid- and small-caps up 2% and 4%. Information Technology led (+14%), while Energy (-6%) and Utilities (-5%) lagged.
- US fixed income posted positive returns despite longer-dated Treasury yields climbing toward multi-month highs, amid persistent inflation concerns and shifting expectations for Fed policy.
- Markets and the Big Four banks expect the RBA to hold the cash rate at 4.35% on June 16, after cooling April inflation and a rise in unemployment to 4.5%, though some flag a possible hike later in the year.
- Commodities fell broadly, with severe energy losses as progress on a US-Iran ceasefire and the Strait of Hormuz reopening drove crude oil down 12%. Copper climbed 6% to a record high; gold weakened.
- Solid earnings underpin equities, with leadership broadening beyond US tech into EM and Asia hardware. But elevated oil, sticky inflation, and stretched AI valuations keep central banks on hold and markets shock-prone.
HOW TO INVEST?
Our SMA strategies are currently available on the following platforms:
CONTACT US
Please reach out via phone or email below:
Email: enquiries@atchison.com.au
Phone: +61 3 9642 3835
Address (Melbourne): Level 4, 125 Flinders Lane Melbourne Victoria 3000 Australia
Address (Sydney): Level 3, 63 York Street, Sydney, NSW 2000 Australia
MODEL BENCHMARK ASSUMPTIONS
| G1 | Code | Description | |
|---|---|---|---|
| 0 | Australian Shares | BM_AusShares | 100% iShares Core S&P/ASX 200 ETF |
| 1 | International Shares | BM_IntShares_85DM15EM | 85% Vanguard MSCI Index International Shares ETF + 15% iShares MSCI Emerging Markets ETF |
| 2 | Real Assets | BM_RealAssets | 20% AMI Property - Australia Direct + 25% iShares Australian Listed Property ETF + 30% BlackRock iShares Global Listed Property Index (hedged) + 25% Vanguard Global Infrastructure Index ETF |
| 3 | Alternatives | BM_Alts | 100% iShares Core Cash ETF |
| 4 | Long Duration | BM_Duration | 50% iShares Core Composite Bond ETF + 50% Vanguard International Fixed Income ETF |
| 5 | Floating Rate | BM_Floating | 100% VanEck Australian Floating Rate ETF |
| 6 | Cash | BM_Cash | 100% iShares Core Cash ETF |
FINE PRINT
Important Notice: This document is published by TAG Asset Consulting Group Pty Ltd, trading as Atchison Consultants, ABN 58 097 703 047, AFSL 230 846. Atchison Consultants distributes its investment solutions via platform and dealer groups (financial advisory groups).
Warning: Please be advised that past performance is not indicative of future performance. The returns discussed herein are based on model asset allocations and are for illustrative purposes only. Actual returns may differ due to variations in fees, timing of model change implementation, and the need to substitute individual holdings where reliable data was not available from our data providers. Any insights or recommendations provided in this document are intended for general advice purposes only and are based on our opinion of the investment merits of the financial products discussed, independent of the financial circumstances of any individual. Before proceeding with any investment based on the information provided, recipients must assess its suitability to their financial situation and consider seeking advice from an independent financial advisor.
Disclaimer: While care is taken to ensure the accuracy and completeness of the information presented herein, no warranties or representations are made as to its reliability. The content provided is derived from publicly available sources, or external data providers, which have not been independently verified by Atchison Consultants. Atchison Consultants, along with its directors, officers, employees, and agents, expressly disclaims any liability for errors, inaccuracies, or omissions in this document, as well as for any loss or damage that may arise from reliance on its contents. Readers are cautioned to verify all information independently before taking any actions based on this report.