Atchison Active 55 SMA
31 December 2025
PORTFOLIO PERFORMANCE
The Atchison Active 55 SMA delivered -0.2% for the month, and 0.3% over the quarter.
Over the last 12 months, the Atchison Active 55 SMA delivered 7.3%, materially beating Inflation by 3.5%. Relative to the Peer Group (FE AMI Peer Average), Atchison Active 55 SMA has 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 (+12.35%)
- The asset class that contributed the least to portfolio return was Cash at (+1.07%)
- The asset class with the highest absolute return was International Shares (+64.97%)
- Whilst the asset class with the lowest absolute return was Long Duration (+11.08%)
- Attribution analysis relative to SAA shows Tactical Allocation Effect having the highest impact on value add at (+3.49%).
- Whereas, Manager Effect (net fees) was found to have a (-1.12%) 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 - December 2025
- The S&P/ASX 200 generated a total return of 10% over the year, extending its run to three consecutive years of double-digit performance. Market leadership came from smaller capitalisation stocks, with the Small Ordinaries Index climbing 25% and the Emerging Companies Index surging 39%.
- Sector outcomes across the Australian market were uneven despite broad participation. Nine of the eleven S&P/ASX 200 sectors finished higher, led by a 35% rally in Materials. In contrast, Health Care endured a sharp 24% decline, and Information Technology reversed last year's strength, falling 21%.
- The largest detractors over the year included CSL, WiseTech Global, and Xero.
- China's CSI 300 rose 21% over the year, supported by policy easing, state-backed buying, and strength in financials, consumer staples, and industrials, despite ongoing property and growth challenges.
- The S&P 500 delivered 18% for the year, the technology-heavy Nasdaq delivered 21% for the year. US aerospace and defence names were the biggest winners, along with unloved semiconductor companies including Intel and Micron Technology.
- Sector performance across the large-cap universe was uniformly positive. Communication Services were up 34%, followed by Information Technology, which rose 24% over the year.
- Expectations of Federal Reserve rate cuts also helped extend market gains beyond mega-caps, supporting improved performance across mid- and small-capitalisation stocks.
- Several European markets performed strongly over the past 12 months, including Spain, up 50%, Italy, up 33%, and Germany, up 23%. Performance was supported by strength in European banks, while Germany benefited primarily from aerospace and defence stocks.
- Economists expect persistent inflation to force the RBA into multiple rate hikes this year, potentially starting as early as February, amid resilient demand, tight labour markets, and rising housing costs.
- In the US, markets anticipate further rate cuts in 2026, bringing rates down from their current range of 3.5%-3.75%, towards 3%.
- Commodity performance was mixed. Gold rose 64% over the year, while silver outperformed with gains of 145%. In contrast, crude oil and Brent prices continued to struggle, declining around 20%.
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.