Multi-Asset Quarterly Update - July 2022

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Key risks

For further information on the risks and risk profiles of our funds, please refer to the relevant KIID and Prospectus.

Investment risk

The value of an investment and any income from it can go down as well as up and can fluctuate in response to changes in currency exchange rates. Investors may not get back the original amount invested.

Emerging markets risk

The funds invest in emerging markets; these markets may be volatile and carry higher risk than developed markets.

Derivatives risk

The funds use derivatives; these can be complex and highly volatile. Derivatives may not perform as expected, which means the funds may suffer significant losses.

Important information

This document is for investment professionals only. It is not to be distributed to or relied on by retail clients. Except where stated as otherwise, the source of all information is Aviva Investors as at 27 July 2022. Unless stated otherwise any opinions expressed are those of Aviva Investors. They should not be viewed as indicating any guarantee of return from an investment managed by Aviva Investors nor as advice of any nature.

The Aviva Investors Multi-asset Funds comprise two ranges, each with five funds (together the “Funds”):

Aviva Investors Multi-asset Plus Fund range comprises the Aviva Investors Multi- asset Plus Fund I (“MAF Plus I”), the Aviva Investors Multi-asset Fund Plus II (“MAF Plus II”), the Aviva Investors Multi-asset Plus Fund III (“MAF Plus III”), the Aviva Investors Multi-asset Plus Fund IV (“MAF Plus IV”) and the Aviva Investors Multiasset Plus Fund V (“MAF Plus V”).

Aviva Investors Multi-asset Core Fund range comprises the Aviva Investors Multi- asset Core Fund I (“MAF Core I”), the Aviva Investors Multi-asset Fund Core II (“MAF Core II”), the Aviva Investors Multi-asset Core Fund III (“MAF Core III”), the Aviva Investors Multi-asset Core Fund IV (“MAF Core IV”) and the Aviva Investors Multiasset Core Fund V (“MAF Core V”). The Funds are sub-funds of the Aviva Investors Portfolio Funds ICVC.

For further information please read the latest Key Investor Information Document and Supplementary Information Document. The Prospectus and the annual and interim reports are also available on request. Copies in English can be obtained free of charge from Aviva Investors UK Fund Services Limited, St Helen’s, 1 Undershaft, London EC3P 3DQ. You can also download copies from our website www.avivainvestors.com.

Issued by Aviva Investors UK Fund Services Limited. Registered in England No. 1973412. Authorised and regulated in the UK by the Financial Conduct Authority. Firm Reference No. 119310. Registered address: St Helen’s, 1 Undershaft, London EC3P 3DQ. An Aviva company.