Atchison Active Australian Shares SMA
31 December 2025
PORTFOLIO PERFORMANCE
The Atchison Active Australian Shares SMA delivered -0.4% for the month, and -2.5% over the quarter.
Over the last 12 months, the Atchison Active Australian Shares SMA delivered 10.5%, significantly beating Inflation by 6.7%.
Relative to the Peer Group (FE AMI Peer Average), Atchison Active Australian Shares SMA has significantly outperformed 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 largest holding contributor to the portfolio outcome has been iShares Core S&P/ASX 200 ETF
- The holding that contributed the least to portfolio return was Hyperion Australian Growth Companies Fund
- The current holding with the highest absolute return has been Ausbil Australian SmallCap Fund
- Whilst the current holding with the lowest absolute return has been Hyperion Australian Growth Companies Fund
The iShares Core S&P/ASX 200 ETF provides a low-cost price and yield performance of the market, as indicated by the S&P/ASX 200 Accumulation Index, less the investment management fee of 0.05 per cent pa.
Ausbil is a style agnostic manager, aiming to exploit opportunities in small (listed ASX companies with a market value of between A$300 million to A$2 billion) and micro-cap markets (listed ASX companies with a market value of less than A$300 million). Typically, active small-cap managers over the long-term have the capacity to outperform their benchmark due to the inefficiencies within the index consisting of roughly 2000 names.
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
Individual Returns of Underlying Manager/Security Holdings
PORTFOLIO CONSTRUCTION
Portfolio Construction - Look Through Exposures
Portfolio Construction - Manager Level
PORTFOLIO LOOK THROUGH ANALYSIS
Portfolio vs Benchmark Weights by Industry Segment (GICS level 1)
Portfolio vs Benchmark Weights by Country
Look Through Exposures - Company Size vs ROE (Dot size = Portfolio Weight; Dot Colour = Industry)
Look Through Exposures - ROE vs Price/Earnings Ratio (Dot size = Portfolio Weight; Dot Colour = Industry)
Look Through Exposures - Earnings Growth vs Earnings Yield (Dot size = Portfolio Weight; Dot Colour = Industry)
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
Performance Table
|
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.
