Quarterly Performance Update

Multi-Asset SMAs and Private Credit Portfolio

31 January 2026

Our Multi-Asset SMAs on the Mason Stevens platform continue to deliver resilient outcomes despite a challenging and uneven market environment. While all portfolios have generated positive returns year-to-date, the strongest relative performance has come from allocations with higher exposure to private credit, which has been the standout contributor since inception (July 2021).

Performance Snapshot (to Jan 2026)

Return

Conservative

Balanced Income

Balanced Growth

Growth

High Growth

Since Inception %

36.91%

37.44%

39.67%

43.77%

42.94%

Since Inception p.a. %

9.88%

10.01%

11.54%

11.51%

11.31%

Year to Date

11.03%

10.41%

9.67%

8.73%

7.78%

The performance figures listed are accurate from September 2022 until January 2026. Past performance is not an indication of future performance. 

Multi-Asset Portfolios

Conservative & Balanced Income Portfolios

These portfolios have outperformed on a relative basis over the last twelve months, reflecting their larger allocations to defensive income assets, particularly private credit. With interest rates remaining structurally higher than the pre-2021 environment, private lending continues to reprice at attractive spreads, supporting both capital stability and income returns.

Their twelve month performance (11.03% and 10.41% respectively) highlights the benefit of combining stable income streams with measured exposure to equities and alternatives.

Balanced Growth, Growth & High Growth Portfolios

 

The growth-oriented portfolios have delivered strong but comparatively lower returns over the past year (7.78-9.67%). This is less a reflection of weakness and more an indication of how exceptional private credit performance has been over the cycle.

 

Equity markets remain constructive but have experienced higher volatility, while private credit has delivered smoother, more consistent outcomes. Importantly, the growth portfolios continue to compound well on a multi-year basis, with annualised returns between 8.27% and 8.95% p.a. since inception.

 

Click here to Download the Combined Factsheets for our Multi-Asset SMA’s.

Spotlight: Rivkin Private Credit Portfolio

With the RBA now signalling that interest rates are likely to remain higher for longer, and with little indication of further cuts in the near term, the income environment for private credit remains highly compelling. For investors seeking reliable, regular income with capital stability, the Rivkin Private Credit Portfolio continues to stand out as a core solution.

 

Unlike traditional bond markets, which reprice slowly, private credit benefits directly from elevated base rates because most lending is short-duration or floating-rate. This means income flows adjust quickly, allowing investors to capture higher yields without increasing portfolio risk.

A Different Portfolio, Built for Today’s Market

  • Woodbridge Secured Income Fund – short-duration, asset-backed property and construction loans with attractive monthly income.
  • Coller Capital Credit Secondaries – access to seasoned global private loans purchased at discounts, supporting both income and total return.
  • MA Secured Real Estate Income Fund – senior real estate credit backed by high-quality Australian assets.
  • MA Priority Income Fund – diversified private lending across corporate and real estate borrowers.
  • Hamilton Lane Senior Credit Opportunities (AUD) – global senior secured credit with institutional underwriting standards.

Each strategy plays a different role, giving investors a diversified blend of real-estate backed lending, corporate credit, and secondary loan exposures all selected for income consistency, diversification, capital protection, and low volatility.

Why This Environment Favors Private Credit

  • Higher-for-longer rates mean private credit yields remain elevated and are expected to stay attractive.
  • Strong security and senior ranking across the portfolio help protect capital, even if economic conditions soften.
  • Stable monthly or quarterly income suits retirees, SMSFs, and income-focused investors seeking alternatives to term deposits or traditional fixed income.
  • Reduced competition from banks has allowed private lenders to negotiate stronger covenants and better pricing.

What Investors Can Expect

Based on the underlying manager yields in the portfolio, Rivkin investors currently benefit from a targeted income return of ~8.5% p.a., net of fees, with the potential for additional uplift from secondary credit strategies. These returns are generated from diversified, secured lending rather than equity market risk supporting smoother total portfolio outcomes across our broader SMA range.

A Complementary Building Block Alongside Our Multi-Asset Portfolios

The Rivkin Private Credit Portfolio also works seamlessly as a complementary allocation alongside our Multi-Asset SMAs. While the SMAs provide broad diversification across equities, property, infrastructure, fixed income and alternatives, a dedicated private credit allocation can enhance the overall income profile of a client’s total wealth, or serve as an allocation to generate income to be drawn, allowing clients to compound wealth in SMAs.

 

Because private credit delivers stable, contractually driven cashflows with low correlation to listed markets, it can help smooth total portfolio returns, reduce reliance on equity market performance, and improve predictability particularly valuable for retirees, SMSFs, and clients seeking lower-volatility income streams. The Private Credit Portfolio can be complementary to existing investments such as the multi-asset models as a targeted income sleeve that strengthens the defensive characteristics of a broader multi-asset strategy without sacrificing return potential.

 

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