Atchison Active Australian Shares SMA
28 February 2026
PORTFOLIO PERFORMANCE
The Atchison Active Australian Shares SMA delivered 1.4% for the month, and 1.8% over the quarter.
Over the last 12 months, the Atchison Active Australian Shares SMA delivered 11.7%, significantly beating Inflation by 7.9%.
Relative to the Peer Group (FE AMI Peer Average), Atchison Active Australian Shares SMA has materially 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 - 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
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.
