Eligible investments
- Individual listed ordinary shares
- Listed REITs
- Global developed and eligible emerging markets
Investment innovation initiative
Evermore Global Intelligence Fund.
An autonomous global listed-equities model portfolio operating within a defined investment mandate, governance framework and risk limits.
The initiative was established to explore whether artificial intelligence can apply structured research, valuation awareness and portfolio discipline across a global equity universe while maintaining a transparent and auditable decision process.
Model portfolio · Inception 1 July 2025 · Quarterly rebalancing
Status notice: This is a research and investment innovation initiative. No financial product is currently available through this page.
01
Overview
Autonomous model portfolio
A governed experiment in AI-directed investing.
The Evermore Global Intelligence Fund is an autonomous AI-directed global listed-equities model portfolio operating within a human-defined investment mandate, governance framework and risk limits.
The initiative explores how artificial intelligence can undertake portfolio selection and rebalancing within a professional investment structure. Human responsibility remains central to mandate design, research inputs, governance, compliance, execution, monitoring and oversight.
02
Performance
First year to 1 July 2026
First year to 1 July 2026.
The model portfolio completed its first full year on 1 July 2026. Returns are presented in Australian dollars and include eligible dividends and distributions on a gross basis, before fees, withholding tax, investor tax and cash interest.
Benchmark definition
80% MSCI ACWI ex Australia Net Return AUD
20% S&P/ASX 200 Total Return
Growth of A$100 at quarterly measurement dates
Quarter-end observations only. The lines between dates do not represent daily portfolio values.
03
Mandate
Defined global equity mandate
A defined global equity mandate.
The AI does not have unrestricted authority. It makes portfolio decisions within predefined eligibility rules, construction limits, liquidity requirements and documentation standards. The current research mandate may evolve through documented governance decisions.
Initially excluded
- ETFs, LICs and other listed pooled funds
- Managed funds
- Options and derivatives
- Private companies
- Frontier or standalone markets
The intention is for the system to select underlying listed investments directly rather than allocate through pooled investment vehicles.
Normally approximately 20 to 30 holdings.
Maximum in any individual security.
Cash permitted between 0% and 20%.
Maximum in any one sector.
Maximum in any one non-Australian country.
Permitted up to 20%.
Targeted around 20% Australian-listed exposure.
Normally at least A$500 million equivalent.
Substantially liquidatable within approximately five normal trading days.
04
Process
Quarterly decision cycle
Quarterly decision cycle.
The portfolio is formally reviewed and rebalanced each quarter. At each decision date, the system assesses the investment environment, company research, valuation, portfolio risk, position sizing and the opportunity set within the fund's defined mandate.
Mandate and governance
Humans define the eligible universe, diversification limits, liquidity requirements, benchmark, reporting rules and oversight arrangements.
Research environment
The system receives structured economic, market and company research for the relevant quarterly review.
Portfolio decision
The AI selects holdings, position weights, cash exposure and portfolio changes within the mandate.
Implementation and documentation
Portfolio changes are recorded at applicable reference prices and translated into an auditable rebalance record.
Review and reporting
Performance, attribution, portfolio changes, errors and process observations are documented through quarterly reviews and internal research.
05
Oversight
Autonomy within defined boundaries
Autonomy within defined boundaries.
The experiment separates investment discretion from institutional responsibility. The AI may determine the portfolio within its mandate, but it does not set its own legal structure, change its risk limits without approval, execute trades independently, handle client assets or replace compliance and governance responsibilities.
AI responsibilities
- Security selection
- Portfolio weighting
- Cash allocation within the permitted range
- Quarterly rebalance decisions
- Investment rationale
- Assessment of supplied research
- Portfolio-level trade-offs
Human responsibilities
- Mandate design and governance
- Compliance and legal responsibility
- Research preparation and data integrity
- Operational implementation
- Custody and administration in any future live structure
- Risk-limit enforcement
- Documentation and performance verification
06
Portfolio
Target allocation immediately following the 1 July 2026 rebalance
Portfolio at 1 July 2026.
Largest portfolio positions at 1 July 2026
Figures are a dated model portfolio snapshot and should not be read as a current or permanent allocation.
07
Observations
What the first year revealed
What the first year revealed.
The first year produced periods of both relative strength and weakness. The portfolio outperformed during its first two quarters, fell behind during the January-to-March 2026 sell-off, and recovered strongly in the final quarter.
The difficult third quarter showed that holdings drawn from different industries can still share common underlying exposures. In this case, growth expectations, technology-linked capital expenditure and market sensitivity created more concentration than conventional sector labels suggested.
The final rebalance broadened the portfolio's sources of potential return across semiconductors, resources, aerospace, insurance, electrification, financials and industrial infrastructure. These observations form part of the research value of the initiative and should be presented alongside the performance result.
08
Quarterly reviews
Global Intelligence Fund letters
Quarterly reviews for the AI-directed strategy.
A central purpose of the initiative is to create a transparent record of autonomous investment decision-making across different market conditions.
09
Expressions of interest
Prospective foundation partners
Evermore is accepting expressions of interest.
Evermore is speaking with prospective foundation partners and eligible investors who wish to follow the development of the Global Intelligence Fund research initiative.
Registering interest does not constitute an application for, or offer to acquire, any financial product. No financial product is currently available through this page.
Register interest ↗10
FAQ
Frequently asked questions.
Is this a live investment fund?
No. It is currently a research model portfolio and investment innovation initiative. No financial product is available through this page.
Does AI control Evermore Asset Management?
No. Evermore's core investment management proposition is analyst-led. The Global Intelligence Fund is a separate initiative designed to research autonomous portfolio management within defined limits.
Who chooses the investments?
Within the initiative, the AI determines portfolio holdings and weights at scheduled rebalance dates using the supplied research and within the human-defined mandate.
Can humans override the portfolio?
Humans enforce the mandate, governance, legal and operational requirements. Any intervention in an investment decision should be documented clearly in the quarterly review process.
How often is the portfolio rebalanced?
Quarterly.
What is the benchmark?
An 80% allocation to the MSCI ACWI ex Australia Net Return AUD Index and a 20% allocation to the S&P/ASX 200 Total Return Index, rebalanced quarterly.
Are dividends included?
Yes. Published gross total returns include eligible dividends and distributions before withholding tax, investor tax, fees and cash interest.
Are the returns investable?
No. They represent a research model portfolio. Actual investor returns in any future product would differ because of fees, taxes, transaction costs, implementation timing and operational factors.
Why does Evermore publish the results?
To create a transparent and auditable record of how autonomous investment decisions perform across changing market conditions.
11
Disclosures
Important limitations and disclosures
Important limitations and disclosures.
The Evermore Global Intelligence Fund is currently a research model portfolio and investment innovation initiative. It is not presently an offer, invitation, recommendation or solicitation to invest in a financial product.
The information on this page is general in nature and does not take account of any person's objectives, financial situation or needs.
Model portfolio returns may differ materially from the returns achievable by an actual investor. Published returns are before management fees, transaction costs, withholding tax, investor tax and cash interest unless otherwise stated.
Any future financial product would be subject to separate legal, regulatory, governance, custody, administration and disclosure arrangements.
Past performance is not a reliable indicator of future performance.