Nathan Buzza
Passive Portfolio

Combined family stock portfolio.

Diversified liquid holdings across three vehicles — the Buzza Family Trust, my personal portfolio, and the Buzza Family SMSF. Roughly forty-five positions, consolidated by ticker. Point-in-time, May 2026. No personal involvement in the underlying businesses.

Investment theory

The thinking behind the passive book.

The passive portfolio is the opposite of the active book. Allure Capital takes concentrated positions in healthcare-software businesses where I sit on the board, know the management, and have an opinion on the seam. The passive portfolio is what I do with everything else — capital that should compound quietly while I work on the half I can actually influence.

The thesis is plain: most active managers underperform the index after fees over a long enough window, and the long enough window arrives faster than people expect. So the core of the book is broad-market index ETFs — roughly seventy percent equity exposure, weighted toward Australia and the United States with a long tail across Europe, emerging markets, and small/mid-caps via factor sleeves. The ETFs are the engine. Individual stock picks — Metcash, Brambles, Coles, APA, Wesfarmers, CSL, NVIDIA — sit on top as conviction overlays where I want a position larger than the index will give me.

A handful of principles shape every position:

  • Low-cost first. The cheapest credible ETF for each asset class. Compounded over decades, the management-expense ratio is the single largest controllable cost.
  • No leverage on the passive side. Borrowing is for businesses I run, not for index positions. The passive book exists to be boring.
  • Tax-aware vehicles. Three structures — Family Trust (income flexibility), personal account (long-term capital gains), and SMSF (concessional retirement) — each holds the positions that suit it. Same investment philosophy, different tax envelopes.
  • Rebalance, don’t time. Allocations drift, I rebalance occasionally back toward target weights, I don’t try to call the market.
  • The percentages are the point. Dollar values move with the market; the structure is what tells you what kind of investor I am. Hence the chart below in percentages only.

The passive book is, deliberately, the half of the family office that requires no operational attention. It exists so the active book can have my full attention.

~70%
Equity exposure via index ETFs
45+
Total positions, consolidated by ticker
3
Holding vehicles: Trust, Personal, SMSF
~74%
Top-10 concentration by combined %

Asset class allocation

By broad asset class.

45+ POSITIONS consolidated by ticker
Australian Equities · direct + index ETFs 42%
International Equities · US, Europe, EM 32%
Diversified ETFs · growth, income 13%
Fixed Income · AU corp bonds 3%
Property · AU REIT index 2%
Cash & Other · broker, bank, smaller positions 8%

Top 10 · by combined %

Visual quick-read.

VGS
11.1%
VDGR
10.3%
IVV
8.3%
MVW
6.4%
VHY
5.1%
MVR
5.0%
MTS
4.2%
MVE
4.1%
VEU
4.1%
CRED
3.2%

All 25 · consolidated by ticker

Twenty-five largest positions.

Ticker
Name
Type
% of total
VGSVanguard MSCI Index International Shares ETFIntl ETF11.1%
VDGRVanguard Diversified Growth Index ETFDiversified10.3%
IVViShares S&P 500 ETFIntl ETF8.3%
MVWVanEck Australian Equal Weight ETFAU ETF6.4%
VHYVanguard Australian Shares High Yield ETFAU ETF5.1%
MVRVanEck Australian Resources ETFAU ETF5.0%
MTSMetcash LimitedAU equity4.2%
MVEVanEck S&P/ASX MidCap ETFAU ETF4.1%
VEUVanguard All-World ex-US Shares ETFIntl ETF4.1%
CREDBetaShares Australian Investment Grade Corp Bond ETFFixed Inc3.2%
IVLUiShares MSCI World ex-Aus Value ETFIntl ETF3.2%
BXBBrambles LimitedAU equity3.1%
QUALVanEck MSCI World ex-Aus Quality ETFIntl ETF2.5%
PL8Plato Income Maximiser FundDiversified2.5%
COLColes Group LimitedAU equity2.2%
APAAPA GroupAU equity2.1%
WESWesfarmers Limited (incl. 905 units inherited 2024)AU equity2.0%
VAPVanguard Australian Property Securities ETFREIT1.7%
A200BetaShares Australia 200 ETFAU ETF1.5%
NVDANVIDIA CorporationUS equity1.1%
CSLCSL LimitedAU equity1.0%
TTMTitomic LimitedAU equity0.9%
TCLTransurban GroupAU equity0.7%
BKYBerkeley Energia (LSE)UK equity0.6%
OthersSmaller positions: ASB, BAYN, MSFT, ETFs and broker cashMixed3.2%

Percentages calculated on combined market value as at the date of last broker reconciliation. Holdings rebalance over time and the breakdown shown should be treated as point-in-time. Dollar values are deliberately not disclosed — the structure of the book matters; its absolute size does not.

The other half of the family office

See active investments →