Atchison Active 55 SMA
28 February 2026
PORTFOLIO PERFORMANCE
The Atchison Active 55 SMA delivered 0.7% for the month, and 0.7% over the quarter.
Over the last 12 months, the Atchison Active 55 SMA delivered 6.5%, materially beating Inflation by 2.7%. 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 (+12.06%)
- The asset class that contributed the least to portfolio return was Cash at (+1.10%)
- The asset class with the highest absolute return was International Shares (+62.97%)
- Whilst the asset class with the lowest absolute return was Long Duration (+12.51%)
- Attribution analysis relative to SAA shows Tactical Allocation Effect having the highest impact on value add at (+3.43%).
- Whereas, Manager Effect (net fees) was found to have a (-1.58%) 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 - February 2026
- The ASX200 lifted 4% for the month of February. Sector dynamics drove the divergence, with Financials and Materials within the S&P/ASX 200 each climbing close to 9%. In contrast, Health Care fell sharply and Information Technology remained under pressure, now significantly below its July 2025 peak amid concerns around AI disruption.
- The ASX 20 advanced about 8%, while smaller companies lagged and both the ASX Small Ordinaries and NZX SmallCap indices declined.
- South Korea led regional markets once again, with the Korea BMI advancing roughly 20% for the month and around 52% year-to-date.
- U.S. equities faced headwinds in February, as heightened scrutiny around AI-related capital spending and its implications for corporate profitability weighed on large-cap technology companies. The S&P 500 recorded its third weekly decline.
- Sector performance among large caps was uneven, reflecting a pullback in enthusiasm for major technology companies and a move toward more defensive positioning. Utilities delivered the strongest gains, while Communication Services and Consumer Discretionary sectors declined.
- Factor strategies largely produced positive results, with quality, dividend and low-volatility approaches outperforming. Value-oriented strategies also exceeded growth-focused approaches during the month.
- In Europe, most sectors delivered positive returns, with Communication Services and Real Estate producing particularly strong gains, while Financials was the only sector to decline during the month.
- Australian 10-year government bond yields eased to 4.29%, while expectations for domestic monetary easing expected later in 2026.
- U.S. 10-year Treasury yields declined to 4.21%, with interest rate markets increasingly assigning a greater probability to a third Federal Reserve rate reduction later in the year.
- Recent escalation in the Middle East has increased geopolitical uncertainty and reintroduced energy supply risk into market pricing. Investors are assessing whether higher oil prices could reignite inflation, slow growth, or both.
- We maintain, meaningful exposure to global infrastructure, structural allocation to energy stocks, dedicated gold allocation, high-quality fixed income, active currency hedging.
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.