Schedule
Baseline asset allocation, benchmark indices and reference instruments
Benchmark indices are not investible. The weighted average of the reference instruments represents the investible benchmark for performance measurement.
| Asset class | Weight | Benchmark index | Reference instrument |
|---|---|---|---|
| Cash | 4.0% | S&P/ASX Bank Bill Index | iShares Core Cash ETF (ASX: BILL) |
| Inflation-Linked Bonds | 10.0% | Bloomberg AusBond Inflation Govt 0+ Yr | iShares Government Inflation ETF (ASX: ILB) |
| Tail Risk | 1.0% | RBA Cash Rate (flat) | iShares Core Cash ETF (ASX: BILL) |
| Gold | 2.0% | LBMA Gold Price (AUD) | iShares Physical Gold ETF (ASX: GLDN) |
| Commodities | 1.5% | Bloomberg Commodity Index Total Return | abrdn Bloomberg All Commodity Strategy ETF (NYSE Arca: BCI) |
| Credit | 6.0% | iBoxx Global DM Liquid HY Capped AUD Hedged | iShares Global High Yield Bond, AUD Hedged (ASX: IHHY) |
| Hedged Equities | 5.0% | Vanguard Growth Composite Index | Vanguard Diversified Growth Index ETF (ASX: VDGR) |
| Multi-Asset Return | 20.0% | Vanguard Growth Composite Index | Vanguard Diversified Growth Index ETF (ASX: VDGR) |
| Real Estate & Infra. | 1.5% | 50% S&P/ASX 200 A-REIT Accumulation; 50% FTSE Dev Core Infrastructure 50/50 Hedged | SPDR S&P/ASX 200 Listed Property Fund (ASX: SLF); iShares Core Global Infrastructure ETF (ASX: GLIN) |
| Developed Equities Local | 18.0% | S&P/ASX 200 Accumulation Index | iShares Core S&P/ASX 200 ETF (ASX: IOZ) |
| Small Cap & Growth | 6.0% | S&P/ASX Small Ordinaries | iShares S&P/ASX Small Ords ETF (ASX: ISO) |
| Developed Equities Intl | 20.0% | MSCI World ex Aus Net TR (AUD) | Vanguard MSCI Intl Shares Index ETF (ASX: VGS) |
| Emerging Markets | 5.0% | MSCI Emerging Markets IMI Net TR (AUD) | iShares Core MSCI Emerging Markets ETF (NYSE Arca: IEMG) |
| TOTAL | 100.0% | Weighted combination | Weighted average, c. 0.21% p.a. |
- International risk assets — equities and commodities — are unhedged.
- The Trustee may amend the Benchmark Index and Reference Instruments on 30 days’ notice; change history is published on this page.
- “Developed Equities Local” may also be described as “Australian Equities”.
Version history
| Version | Effective date | Change |
|---|---|---|
| 1.0 | 1 October 2019 | Benchmark established. |
| 2.0 | 17 August 2026 | Restated in investible form; Reference Instruments and exchanges added; Emerging Markets moved to the MSCI EM IMI. |
Issued by N. J. Renton & Partners Capital Pty Limited (AFSL 337724) as trustee for the NJR Partners Master Trust (ABN 50 445 597 741), trading as NJR Partners. 6/72 Pitt Street, Sydney NSW 2000. For wholesale clients (s761G Corporations Act 2001 (Cth)) and US qualified investors only. General information only, not personal advice. Figures are unaudited and subject to revision; loss of capital is possible.
17 August 2026