Before looking at specific holdings, I'd suggest focusing on...

Before looking at specific holdings, I'd suggest focusing on asset allocation and after tax cash yield in an iterative way.

1) Look at risk appetite and do first cut at asset allocation, then check yield and 2) adjust allocation to try to get closer to yield target.

Example: Our average after tax cash yield target was 6% and our SMSF was achieving that but with price rises in markets and profits, I decided to cash in on some holdings and our after tax yield is now only about 5%. The allocations are now quite 'bearish' compared to where they were 12 months ago.

Here's how we sit right now:
-ASX Shares = 32% allocation (7% yield after franking)
-ASX Hybrids = 18% allocation (5.5% yield after franking)
-High Yield Bond Funds (USD exposure, non-hedged) = 12.5% (7% yield after 15% withholding tax)
-Cash and TD's = 23.5% total:
AUD 12.5% allocation at 4% average yield
USD 9% allocation at 0% yield in brokerage account (non-hedged)
-ASX BEAR (inverse fund) = 5.5% allocation at 0% yield
-GOLD = 6.5% allocation at 0% yield
-Other metals/miners = 2% allocation at 0% yield

Biggest gap in this allocation is international securities and I'm actively studying options in that space. Another gap is property.
Luckily the current 5% yield achieved still gives the pension income that we need . I'm now looking for some more value in the markets before moving some of that cash and BEAR fund money into income yielding shares or bonds, so now its a waiting game for us. I'm also looking to sell some USD and buy some AUD if/when AUD weakens further.