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Welcome to the Quarterly Portfolio Comment, designed to inform you about the performance of our preferred Integral Master Trust portfolio and the unique way it is structured.

Portfolio returns are calculated gross of tax and fees and gross of all management costs, but include the underlying investment fees and expenses. Returns for greater than one year are “per annum”. Further information about returns can be found in the quarterly Fund Updates located at Before making any decision to acquire any product offered by the Integral Master Trust, you should consider the information contained in the Product Disclosure Statement. Past performance is no guarantee of future performance. The Focused Growth Fund adopted its current investment strategy in July 2021.
Other funds adjusted their asset allocations in July 2021 to take great account of environmental, societal and governance aspects. This has resulted, for example, in those funds down-weighting to large global emission producers, without detrimental effects to returns. In addition, the asset allocations have been adjusted to more accurately reflect market weightings around the world.

Indexes are presented for illustrative purposes to demonstrate how the markets have generally performed recently. You cannot invest into an index. Past performance is not illustrative of future performance and the indices shown above are not the official benchmarks of the Integral Master Trust funds.



Download PDF of full Portfolio Comment for March 2024.