1 December 2025 5 minute read
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Financial advisers work with clients at all stages of life. In this final article in our series looking at the different types of clients that financial advisers support through every stage of life, we meet Luke.

Case study: Luke – the legacy builder

As a comfortable-retired former architect, 68-year-old Luke spent his career designing spaces that serve communities and respect the environment. Now, in retirement, he wants his money to do the same.

He wants his legacy to go beyond passing on assets to his now financially-independent children.

To help him achieve this, his adviser points him towards Aviva Investors, whose sustainable capabilities and funds are some are of the oldest in the UK, dating back to the 1980s.

That’s why Luke’s adviser recommends MAF Stewardship. It’s a multi-asset fund range designed to grow investments through a responsible capital allocation, built on the belief that sustainable practices and long-term value creation go hand in hand.

The fund invests across asset classes, including equities and bonds. It is actively managed and globally diversified to balance performance with purpose.

It goes beyond environmental, social and governance (ESG) principles, with over 70 per cent of the holdings aligned with the UN’s Sustainable Development Goals. These are a set of 17 goals laid out in 2015 that aim to eradicate poverty, reduce inequality, and protect the planet.

Investing with purpose

Luke want his investments to support sustainable businesses, steer clear of industries that do not align with his ethics, and build a legacy that reflects his values.

He’s also pragmatic and wants his money to work hard; to be diversified, professionally managed, and aligned with his appetite for risk. That’s where MAF Stewardship fits in, as it blends global market exposure with a strong commitment to ESG principles.

Like Aviva’s MAF Core and MAF Plus ranges, MAF Stewardship offers a spectrum of risk profiles — from Stewardship I, designed for more cautious investors, to Stewardship IV, which carries higher risk (see Figure 1).

Since Luke intends to leave this investment to his children, his adviser recommends MAF Stewardship IV. This option is designed for long-term growth, with 75 per cent per cent of assets invested in equity. It provides exposure to some responsible companies while maintaining a level of diversification that suits him.

Figure 1: MAF Stewardship range

MAF Stewardship range

This diagram is for illustrative purposes only, asset allocations are subject to change.

Note: ESG integrated cash = Cash allocation in the fund is invested in Aviva Investors Return Plus, which is an ESG integrated fund. GSS bonds = Green, Social and Sustainability bonds, which are used to fund projects with environmental or social benefits.

Source: Aviva Investors, October 2025.

People, climate, Earth

Aviva Investors’ MAF Stewardship sustainability framework is built around three core themes: People, climate and Earth. Figure 2 shows why our investment approach focuses on these three key themes.

At least 70 per cent of the allocation of the MAF Stewardship fund range is aligned to these three themes, with an active focus on identifying high-quality, responsible investments with long-term growth potential. For Luke, that means supporting companies that treat workers fairly, reduce carbon emissions, and protect natural ecosystems.

The fund also offers a highly competitive 0.45 per cent fee, making it accessible and cost-effective. And with transparent sustainability reporting, Luke can see how his investments are contributing to the kind of future he wants to leave behind.

Avoid, invest, engage

Unlike traditional ethical funds, MAF Stewardship has a three-step framework.

Step 1: Avoid harm

Luke doesn’t want to support industries like tobacco, weapons and fossil fuel. MAF Stewardship screens out companies that pose risks to people, the climate, or the planet (see Figure 3). That includes everything from thermal coal and Arctic oil drilling to businesses involved in animal testing or severe pollution.

Figure 2: Two-tiered approach – thematic engagements and company specific

Avoid companies that harm the transition to a more sustainable future

The information provided is for illustrative purposes only and the information about specific asset classes should not be construed as an investment recommendation.

Source: Aviva Investors, October 2025.

Step 2: Invest in solutions

Avoiding harm is only part of the picture. Luke also wants his investments to back companies that are actively doing good, whether that’s providing clean water, building low-carbon infrastructure, or supporting inclusive employment. The fund includes names like Veralto, which helps deliver safe drinking water to millions, and CRH, a building materials firm investing in greener technologies.1 It also holds sustainable government bonds that finance projects like low-emission public transport. In Luke’s view, this is where investing becomes a way to support progress, not just avoid damage.

Figure 3: Investment aligned to People, Climate and Earth

Investment aligned to People, Climate and Earth

The information provided is for illustrative purposes only and the information about specific asset classes should not be construed as an investment recommendation.

Source: Aviva Investors, October 2025.

Step 3: Engage for change

What really sets the approach apart, though, is its commitment to engagement. Rather than just investing and observing, Aviva Investors uses its position as a shareholder to push for better (see Figure 4). That means engaging with companies on everything from human rights and emissions to water use and fair pay. In other words, using influence to drive meaningful change. That could mean encouraging Microsoft to decarbonise its IT infrastructure, for example, or urging L’Oréal to commit to real living wages. For Luke, that’s the most powerful part, knowing his investments are pushing to shape a better future.

Figure 4: Two-tiered approach – thematic engagements and company specific

Two-tiered approach – thematic engagements and company specific

The information provided is for illustrative purposes only and the information about specific asset classes should not be construed as an investment recommendation.

Source: Aviva Investors, October 2025.

When it all falls into place

Luke’s story shows how multi-asset funds like MAF Stewardship can help clients ensure their investments reflect the future they hope to shape. For advisers, it opens up thoughtful conversations about values, purpose and legacy.

Multi-asset funds like MAF Stewardship can help clients ensure their investments reflect the future they hope to shape

Throughout this series, we’ve explored our multi-asset proposition and met four distinct client types. Henrietta, who is just starting out and seeking simplicity and growth. Simon, who is navigating the complexities of retirement planning with a strategic mindset. Carol, whose cautious approach underscored the importance of income and capital preservation. And Luke, whose values-led perspective shows investing can be more than just financial outcomes.

Each of these clients is different, but they share a common need: clarity, confidence, and solutions that fit their lives. Multi-asset funds offer advisers a flexible toolkit to meet those needs – helping them tailor advice to each of their clients’ goals, risk profiles and life stages.

References

  1. This is checked as part of the Sustainable Deep Dive Assessment.
  2. The companies mentioned are for illustrative purposes only, not intended to be an investment recommendation.

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Key risks

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.

Investment and 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 markets risk

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

Derivatives risk

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.

Credit and interest rate risk

Bond values are affected by changes in interest rates and the bond issuer's creditworthiness. Bonds that offer the potential for a higher income typically have a greater risk of default.

Sustainable investing risk

 The level of sustainability risk to which the fund is exposed, and therefore the value of its investments, may fluctuate depending on the investment opportunities identified by the investment manager.

Counterparty risk

 The fund could lose money if an entity with which it does business becomes unwilling or is unable to meet its obligations to the fund.

Equities risk

Equities can lose value rapidly, can remain at low prices indefinitely, and generally involve higher risks – especially market risk – than bonds or money market instruments. Bankruptcy or other financial restructuring can cause the issuer's equities to lose most or all of their value.

Default risk

Issuers of certain bonds or money market instruments could become unable to make payments on their bonds, causing a reduction in income to the Fund and also in the value of bonds held by the Fund. Under extreme market or economic conditions, defaults could be widespread and their effect on Fund performance significant.

Fixed income risk

Investments in fixed interest securities are impacted by market and credit risk and are sensitive to changes in interest rates and market expectations of future inflation. Bonds that produce a higher level of income usually have a greater risk of default.

Interest rate risk (bonds)

When interest rates rise, bond values generally fall. This risk is generally greater for longer-term bonds and for bonds with higher credit quality.

Leverage markets risk

A small price decline on a "leveraged" underlying investment will create a correspondingly larger loss for the Fund. A high overall level of leverage and/or unusual market conditions could create significant losses for the fund.

Hedging risk

Any measures taken to offset specific risks will generate costs (which reduce performance), could work imperfectly or not at all, and if they do work will reduce opportunities for gain.

Important information

THIS IS A MARKETING COMMUNICATION

Except where stated as otherwise, the source of all information is Aviva Investors Global Services Limited ("Aviva Investors"). 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 value of an investment and any income from it can go down as well as up. Investors may not get back the original amount invested.

Past performance is not a guide to the future. Nothing in this material, including any references to specific securities, assets classes and financial markets is intended to or should be construed as advice or recommendations of any nature. This material is not a recommendation to sell or purchase any investment.

The 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 Multi‐asset Core Fund V (“MAF Core V”).

The 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 Multi‐asset Plus Fund V (“MAF Plus V”).

The Aviva Investors MAF Stewardship funds comprise four funds: Aviva Investors Multi-asset Stewardship Fund I (“MAF S I”), the Aviva Investors Multi-asset Stewardship Fund II (“MAF S II”), the Aviva Investors Multi-asset Stewardship Fund III (“MAF S III”) and the Aviva Investors Multi-asset Stewardship Fund IV (“MAF S IV”).

MAF Core, Plus and Stewardship are sub-funds of the Aviva Investors Portfolio Funds ICVC.

MAF Income is a sub-fund of the Aviva Investors Investment Funds ICVC.

For further information please read the latest Key Investor Information Documents and Supplementary Information Documents. The Prospectuses 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, 80 Fenchurch Street, London, EC3M 4AE. You can also download copies from our website. Issued by Aviva Investors UK Fund Services Limited. Registered in England and Wales No 1973412. Authorised and regulated by the Financial Conduct Authority. Firm Reference No. 119310. Registered address 80 Fenchurch Street, London, EC3M 4AE. An Aviva company.