Aviva Investors Multi-asset Core Fund IV Class 1

ISIN

GB00BMGWH684

Asset class

Multi Asset

NAV

150.97 GBX (as at 06/03/2026)

View all funds

Fund overview

Objective: The Fund aims to grow your investment over the long term (5 years or more) through a combination of income and capital growth. The Fund targets an overall average return before charges and taxes of at least 0.30% greater than the performance benchmark per year, measured over 3-year rolling periods. The Fund aims for an average volatility of 75% of the volatility of global equities.

Investments: The Fund invests in a broad range of global asset classes (including emerging markets) that may include shares, bonds, cash, property, and commodities, and gains this exposure by investing in other funds managed by Aviva Investors companies, directly in these assets, or through the use of derivatives. The Fund makes significant use of derivative instruments for investment purposes.

 


Strategy & Sustainability Characteristics: The Fund is actively managed and uses an “ESG Approach” when selecting shares and bonds in global developed markets. The Investment Manager also uses an asset allocation model to blend asset classes, which means the proportion of the portfolio allocated to each asset class is not fixed and may vary over time. The allocation model determines, within a range, the Fund's allocation to the different asset classes. The Fund is subject to Aviva Investors’ baseline exclusion policy. This policy excludes investment in companies engaged in economic activities in some sectors that, in Aviva Investors’ view, have sustainability risks that are so severe that providing investment funding to companies active in these sectors is fundamentally misaligned with Aviva Investors’ approach. Full details of the Fund’s Objective & Investment Policy are available on our website and Prospectus. Further information on the ESG Approach, Baseline Exclusions Policy and the limited investment restrictions are set out in the Prospectus.

For more details on the Fund specific risks, click here.

Share class currency
GBP
Return type (Inc / Acc)
Accumulation
Share class
1
Minimum Investment
GBP 5,000
Fund size (as at 06/03/2026)
GBP 497.19m
Share class inception date
30/11/2020
Fund launch date
30/11/2020
Performance benchmark
75% MSCI ACWI 25% BBGA Bond Ind Hgd GBP
Fund volatility
9.66
Benchmark volatility
-
SFDR
-
IA Sector
Volatility Managed
*The Fund is expected to operate within a range of 71% to 79% of the volatility of the MSCI All Countries World Index (net) GBP.
Distribution dates
02/03/2026
Income distribution frequency
Semi-Annually
Latest dividend
0.01

Historic yield

The historic yield reflects distributions declared over the past 12 months as a percentage of the share / unit price, on the date shown. This does not include entry charges and investors may be subject to further tax on their distributions.

1.30%

Underlying yield

This reflects the annualised income net of expenses of the fund as a percentage of the share price of the fund on the date shown. It does not include the deduction of entry charges and is the gross return before tax on distributions.

-

Distribution yield

This reflects the amount that is expected to be distributed over the next 12 months as a percentage of the share price of the fund on the date shown. It does not include the deduction of entry charges and is the gross return before tax on distributions. You may be subject to further tax on your distributions. The yield is not guaranteed.

-
Fund income (gross of charges and taxes)*
-
Benchmark Income (gross of charges and taxes)*
-
Trading currency
GBX
NAV (as at 06/03/2026)
150.97
Daily change
-1.06%
12 Months NAV high (as at 02/03/2026)
155.16
12 Months NAV low (as at 09/04/2025)
121.41
Valuation frequency
Daily
ISIN
GB00BMGWH684
SEDOL
BMGWH68
MEXID
-
Bloomberg
AVMAC41 LN

Cumulative performance

Source: Morningstar

Performance basis: Month end returns, Mid to mid, net income reinvested, net of ongoing charges and fees, in the share class currency and net of tax payable by the fund. The figures do not include the effect of any exit or entry charge.

The Fund's performance is compared against the 75% MSCI® ACWI (Net) GBP and 25% BBGA Bond Index (G) Hedged GBP

Fund commentary

Summary review (as at January 2026)

Fund returns were only modest in January as sovereign bonds struggled for momentum and volatility was a feature of equity markets, with the US underperforming.

Fees and expenses

Fees %

Entry charge Entry charge

Entry charge

A one-off charge may be taken from your money before it is invested. The charge is usually a percentage of the amount invested and is additional to the price paid for the units/shares. The entry charge is deducted from the investment before units/shares are bought and is also known as the “initial charge”.

 0.00

Exit charge Exit charge

Exit charge

A one-off charge levied on redemption of units/shares before the proceeds of your investment are paid out. This is also known as a “redemption charge”.

 0.00

Ongoing charges Ongoing charges

Ongoing charges

The ongoing charge figure represents the costs you can expect to pay annually based on last year's expenses. The ongoing charges figure is made up of various elements such as the fund management fee, professional fees, audit fees and custody fees. Performance fees (if payable) are not included in this figure.

 0.31

Fund Management fee (included in Ongoing charge) Fund Management fee

Fund Management fee

The management fee is fixed rate charge to cover the costs of managing the investments of the fund. It accrues daily on a percentage of the fund's net asset value and deducted from the fund's assets.

 0.30

Performance fee Performance fee

Performance fee

The percentage of any outperformance of the hurdle rate and/or benchmark that will be taken as a performance fee.

 -

Portfolio

Portfolio stats (as at 31/01/2026)

Aviva Investors - Emerging Markets Bond Fund Iyh GBP Acc Portfolio stats
1 Year 3 Years 5 Years

Alpha

Indicates the excess return provided by the Fund over the benchmark.

 -0.76 -1.15 -0.65

Beta

A measure of the fund volatility in comparison to the market. A beta of less than 1 implies that the fund will be less volatile than the market whilst a beta greater than 1 implies the fund is more volatile than the market. As an example, a fund with a beta of 1.2 would be expected to rise to 1.2 if there was a 1 unit rise of the benchmark, or to fall 1.2 units if there was a 1 unit fall in the benchmark.

 1.02 1.02 1.01

Information ratio

A measure of the manager's ability to generate excess and consistent returns relative to the funds benchmark. The greater the IR, the more consistent a manager is.

 -1.78 -2.37 -1.30

Correlation (%)

Measures the extent to which the Fund and the benchmark move together, a correlation of 1 indicates the Fund matched the benchmark exactly.

 99.88 99.66 99.73

Sharpe ratio

A measure of the fund's risk-adjusted performance. The greater the fund's Sharpe ratio, the better its historical risk-adjusted performance has been. This ratio is best used to compare a number of funds rather than used in isolation for a single fund.

 0.90 0.99 0.66

Annualised volatility (%)

A measure of the funds dispersion of returns. A higher volatility implies that a fund's return is spread over a larger range of values whilst a lower volatility implies that a funds return is spread over a smaller range of values.

 9.30 7.61 8.89

Tracking error (%) *

A measure of how closely the fund follows its benchmark. A passive fund should have a tracking error close to zero, while an actively managed fund would normally have a higher tracking error.

 0.37 0.47 0.48

*

Stock style

Read more about Stock style Stock style (as at 31/01/2026)

The Equity style box classifies holdings into market capitalization on the vertical axis (company size) and investment style on the horizontal axis (growth or value). This graphical representation is determined by attributing an investment style to each underlying holding, which is then summarised here for the overall fund.
A well-diversified fund doesn't necessarily require holdings across all styles, however, exposure across the Style Box does represent greater diversification.
Legend:
Val: Value
Core: Core
Gwt: Growth

Large: Group that accounts for the top 70% of the capitalization of the Morningstar domestic stock universe.
Medium: Group that accounts for the next 20% of the capitalization of the Morningstar domestic stock universe.
Small: Group that accounts for the bottom 10% of the capitalization of the Morningstar domestic stock universe.

Fixed Income Style

Read more about Fixed Income Style Fixed Income Style (as at 31/01/2026)

The Fixed Income Style Box shows the fund's overall interest rate sensitivity (horizontal axis) and credit quality (vertical axis). It is created by classifying the fund's fixed income holdings according to interest rate sensitivity (measured by average duration) and credit quality.
In general, higher percentages in the upper left-hand quadrants of the Style Box represent a conservative fixed-income exposure for the fund, with bonds of investment-grade quality and short to intermediate bond maturity. Conversely, larger percentages in the lower right-hand portions of the Style box represent a riskier fixed-income allocation for the fund, although one that may produce higher yields.
Legend:
Ltd: Limited. Duration <= 4.5 years
Mod: Moderate. Duration >4.5 and <= 7 years
Ext: Extensive. Duration >7.0 years.

Low: Low quality (average credit < BBB)
Mid: Medium quality (average credit rating < AA and >= BBB)
High: High quality (average credit rating AAA or AA).

Credit Quality

Read more about Credit Quality Breakdown Credit Quality Breakdown (as at 31/01/2026)

Globally, credit rating from Fixed Income Survey provided by fund company: Government, AAA , AA, A , BBB, BB, B, Below B and Not Rated. AAA bonds carry the highest credit rating. For the purpose of Morningstar's calculations, U.S. government bonds are considered AAA. For municipal bonds, anything at or below BBB is considered a high-yield or junk bond. Nonrated municipal bonds generally are classified as BBB. Other nonrated bonds generally are considered B. Morningstar base on the surveyed credit quality breakdown to calculate the average credit quality, please refer to the methodology paper for more detail.

% of Bond % of Bond

AAA

8.57

BB

7.78

AA

59.38

B

3.1

A

14.58

Below B

1.28

BBB

4.84

Not Rated

0.47

Bond statistics

Read more about Interest Rate Risk Interest Rate Risk(as at 31/01/2026)

The interest rate risk refers to the chance that investments in fixed income funds will suffer as the result of unexpected interest rate changes.

Portfolio

Avg Eff Maturity Read more about Avg Eff Maturity

Average effective maturity is a weighted average of all the maturities of the bonds in a portfolio, computed by weighting each bond's effective maturity by the market value of the security. Average effective maturity takes into consideration all mortgage prepayments, puts, and adjustable coupons. Longer-maturity funds are generally considered more interest-rate sensitive than their shorter counterparts. We list Average Effective Maturity for Taxable Fixed-Income and Hybrid funds and Average Nominal Maturity for Municipal Bond Funds. Since this is collected by survey, it is important to bear in mind that different fund companies may use different interest-rate assumptions in determining call likelihood and timing. Generally speaking, the longer the maturity, the greater the interest rate risk. When duration is unavailable, this is used in the calculation of the fixed-income style box.

-

Avg Eff Duration Read more about Avg Eff Duration

A measure of a fund's interest-rate sensitivity - the longer a fund's duration, the more sensitive the fund is to shifts in interest rates. Duration is determined by a formula that includes coupon rates and bond maturities. Small coupons tend to increase duration, while shorter maturities and higher coupons shorten duration. The relationship between funds with different durations is straightforward: A fund with a duration of 10 years is twice as volatile as a fund with a five-year duration.

1.42

Avg Credit Quality Read more about Avg Credit Quality

Globally, credit rating from Fixed Income Survey provided by fund company: Government, AAA , AA, A , BBB, BB, B, Below B and Not Rated. AAA bonds carry the highest credit rating. For the purpose of Morningstar's calculations, U.S. government bonds are considered AAA. For municipal bonds, anything at or below BBB is considered a high-yield or junk bond. Nonrated municipal bonds generally are classified as BBB. Other nonrated bonds generally are considered B. Morningstar base on the surveyed credit quality breakdown to calculate the average credit quality, please refer to the methodology paper for more detail.

BBB

Pie chart

Asset Allocation (as at 31/01/2026)

Bar chart

Asset Allocation (as at 31/01/2026)

Aviva Investors - Emerging Markets Bond Fund Iyh GBP Acc Portfolio stats
Name Maturity Country Fund (%)
1 Msci Emgmkt 03/20/2026 - 8.67
2 United Kingdom of Great Britain and Northern Ireland - GBR 5.16
3 United Kingdom of Great Britain and Northern Ireland - GBR 4.23
4 United Kingdom of Great Britain and Northern Ireland - GBR 4.16
5 NVIDIA Corp - USA 3.67
6 Apple Inc - USA 3.04
7 Aviva Investors Global HY Bd Zyh GBP Acc - LUX 2.50
8 Aviva Investors Em Mkts Bd Zyh GBP Acc - LUX 2.49
9 Aviva Investors Stlg Lqudty 9 GBP Inc - IRL 2.45
10 Microsoft Corp - USA 2.38

Risks

Investment risk & currency 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 and exchange rates. Investors may not get back the original amount invested.


Emerging market risk:
Investments can be made in emerging markets. These markets may be volatile and carry higher risk than developed markets.

Derivatives risk:
Investments can be made in derivatives, which can be complex and highly volatile. Derivatives may not perform as expected, meaning significant losses may be incurred.

Full information on risks applicable to the Fund are in the Prospectus and the Key Investor Information Document (KIID).

UK Sustainable Investment Label

This product does not have a UK sustainable investment label. This is because – although the fund has sustainability characteristics - it does not meet the criteria for a label. Sustainable investment labels help investors find products that have a specific sustainability goal. They can only be applied to funds with an explicit sustainability objective and that meet other specific regulatory criteria for a UK sustainable investment label.

Ongoing Charges

This Share Class integrates Economies of Scale discounts to the Fund Management Fee (“FMF”) which is a component of the Ongoing Charge Figure. Consequently, when a Fund reaches a certain size (a pre-defined “trigger point”) a discount will automatically apply to the FMF. However, at all other times the FMF will be charged at the rate as set out in the Fund's prospectus. For further details on the Economies of Scale discounts and the trigger points at which they apply, please refer to the Fund's prospectus.

Management

  • Company name

    Aviva Investors UK Fund Services Limited

  • Legal structure

    Open Ended Investment Company

  • Head office

    80 Fenchurch Street,
    London,
    United Kingdom,
    EC3M 4AE

  • Ucits

    No

Fund managers

Fund manager

Sotirios Nakos

Manager start date

30 Nov 2020

Biography

Sotirios joined Aviva Investors as an Assistant Fund Manager in the Multi-Asset team, before moving into the fund management role. Before joining, Sotirios completed internships with PwC and Crowe Horwath. Prior to this, he served in the Greek army for a year. Sotirios holds a Bachelor’s degree in Accounting and Finance from Athens University of Economics and Business, and an MSc in Finance from London School of Economics. He is also a CFA® charterholder.

Fund manager

Dean Cook

Manager start date

25 Apr 2025

Biography

Dean is a fund manager with primary responsibility for Aviva’s Multi-Asset Active Funds sold across Ireland and co-manager of the MAF Sustainable Stewardship fund range. He also contributes to the firm-wide Strategic Investment Group forum. Dean joined Aviva Investors from M&G plc where he worked in the Multi Asset Portfolio Management team, responsible for Prudential UK’s multi asset offering. Prior to this, he spent eight years in investment research at Duncan Lawrie Private Bank. He holds a BA (first class) in English Literature from Essex University. He is also a CFA® Charterholder and has completed the CFA Certificate in ESG Investing.

Registered countries

  • United Kingdom

Documents

Important information

Unless stated otherwise the source for all performance, portfolio and fund breakdown data is Morningstar. This information does not constitute advice or a recommendation. If you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Care is taken to ensure that the information provided by Morningstar is correct but it neither warrants, represents nor guarantees the contents of the information, nor does it accept any responsibility for errors, inaccuracies, omissions or any inconsistencies herein.

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