Please contact us if you would like a copy of the report.
This material is intended only for High-Net-Worth, Qualified Investors, and Investment Professionals. Not intended for retail investors or for public distribution. This is a portfolio managed by our Investment Committee, providing transparency into the strategies we track as a group.
Please note: opportunistic, closed-ended investments are excluded from this model. These positions are highly dynamic, span multiple asset classes, and have historically been a key driver of substantial excess returns for our clients.
Portfolio Snapshot
The Zeteo Wealth Model Portfolio delivered a total return of 11.8% net for the calendar year 2025 — a strong result in a complex and volatile environment.
- Capital appreciation: 8.0%
- Income yield: 3.9%
January 2026 data (based on 70% coverage) points to a further +3.7%, led by precious metals.
Portfolio Statistics
What Drove Performance
The portfolio benefited from a high-conviction allocation to precious metals, well-structured private credit, unlisted infrastructure and alternatives. Selective equity underweights to expensive growth-oriented names and traditional fixed income further contributed to relative outperformance.
Commodities were the portfolio’s standout performers, with gold surging over 54% and silver gaining 36%, driven by inflation uncertainty, US dollar weakness and strong central bank demand — making them the single largest contributor to overall returns. Domestic private credit delivered high single-digit to double-digit income with zero capital loss, while infrastructure provided inflation-linked cash flows and meaningful capital appreciation exactly as designed. Rounding out the contributors, multi-strategy alternatives harvested alpha from AI-driven volatility and geopolitical divergence, adding genuine diversification.
Indian equities were the most notable detractor, with AUD strength, AI disruption concerns in the IT services sector and geopolitical caution all weighing on returns — though the long-term structural growth thesis remains firmly intact. Small and mid-cap domestic growth stocks struggled in a higher-for-longer rate environment, and capital from this sleeve is being redeployed toward value opportunities. Within global credit, one position lagged on a capital basis despite strong income generation, though overall credit returns remained well above benchmark equivalents — and while we remain highly selective in direct lending, we see the market’s reaction as having created genuine value opportunities.
Our Portfolio Positioning for 2026
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Disclaimer: The material contained in this post and document is for general information purposes only. It is not intended as an offer or a solicitation for the purchase and/or sale of any security, derivative, index, or financial instrument, nor is it an advice or a recommendation to enter any transaction.
No allowance has been made for transaction costs or management fees, which would reduce investment performance. Actual results may differ from reported performance. Past performance is no guarantee for future performance. This material is based on information that is reliable, but Zeteo Wealth Partners makes this information available on an ‘as is’ basis without a duty to update or make warranties, express or implied, regarding the accuracy of the information contained herein. All opinions expressed herein are subject to change without notice.
The information contained in this material should not be acted upon without obtaining advice from a licensed investment professional. Errors may exist in data acquired from third-party vendors and in coding related to statistical analyses.
Our Investment Philosophy
Absolute Return. Client First. Boutique Advantage.
Our investment philosophy is grounded in absolute return thinking. We are not benchmark chasers. What matters to us — and to our clients — is protecting capital and achieving meaningful, sustainable real returns over time. This shapes every allocation decision, every manager selection and every risk management call we make.
Being boutique is our competitive advantage. We move quickly, think independently and act decisively when conditions change.
We partner with specialist boutique managers for the same reason: alpha is generated by high-conviction, experienced teams with genuine edge — not by large platforms optimising for assets under management. Our manager selection focuses on strategy integrity, team experience, environmental fit and alignment with our clients’ risk/return objectives.