Low-cost multi-asset without compromising on quality
The Aviva Investors Multi-Asset Core Funds (MAF Core) aim to give your clients a simple way to grow their wealth, while reducing the complication and expense of investing.
And five risk-rated funds means that there’s something to suit different client appetites.
The range invests globally using our in-house strategic asset allocation across 4,000+ equities and bonds, providing access to a variety of different investments – all in one place.
You can access Multi-Asset Core Funds via a range of different pension, investment and savings products. Get in touch to find out more.
Great value
A low fixed OCF of 0.15%, achieved using firm heritage and scale.
Global investment style
Invests in over 4,000 global equity and fixed income assets.
Multi-asset expertise
Aviva Investors has been managing multi-asset investment solutions for almost 50 years.
A range of five global, risk-rated funds
Growth assets include equity but also riskier forms of fixed income.
Defensive assets include sovereign debt, investment grade credit and cash.
Explore fund performance and key data
Find the latest prices and performance data in our fund centre via the links below. Investors can choose from five funds, which have a mix of growth and defensive assets aligned to their different risk/return preferences. Those investors prepared to take more investment risk could benefit from higher long-term returns.
Multi-asset Core Fund I
The Fund is managed to a “defensive” risk profile. It targets 20% equity market risk* aiming to remain within a defined risk range of 16% to 24%.
Multi-asset Core Fund II
The Fund is managed to a “cautious” risk profile. It targets 45% equity market risk* aiming to remain within a defined risk range of 41% to 49%.
Multi-asset Core Fund III
The Fund is managed to a “moderately cautious” risk profile. It targets 60% equity market risk* aiming to remain within a defined risk range of 56% to 64%.
Multi-asset Core Fund IV
The Fund is managed to a “balanced” risk profile. It targets 75% equity market risk* aiming to remain within a defined risk range of 71% to 79%.
Multi-asset Core Fund V
The Fund is managed to an “adventurous” risk profile. It targets 100% equity market risk* aiming to remain within a defined risk range of 96% to 104%.
* The funds target a percentage of overall equity market volatility as measured by MSCI® All Country World Index.
| CORE I | CORE II | CORE III | CORE IV | CORE V | |
| Performance Benchmarks | 20% Global equity 80% Global bonds | 45% Global equity 55% Global bonds | 60% Global equity 40% Global bonds | 75% Global equity 25% Global bonds | 100% Global equity 0% Global bonds |
| Target Equity Volatility | 20% | 45% | 60% | 75% | 100% |
| Outperformance Objective | +0.30% | +0.30% | +0.30% | +0.30% | +0.30% |
| Fixed Fund OCF | 0.15% | 0.15% | 0.15% | 0.15% | 0.15% |
Global equity = MSCI® All Countries World Index (Net)
Global bonds = Bloomberg Global Aggregate Bond Index Hedged GBP
| CORE I | CORE II | CORE III | CORE IV | CORE V | |
| Defaqto | 2 | 4 | 5 | 7 | 9 |
| Dynamic Planner | 3 | 4 | 5 | 6 | 7 |
| EValue | 5 | 7 | 8 | 9 | 10 |
| Synaptic | 2.8 | 3.2 | 3.7 | 4.3 | 5.1 |
| FinaMetrica | 20-45 | 46-67 | 58-67 | 68-76 | 77-100 |
Aviva Investors Multi-asset Funds can be accessed from all major platforms.
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.
Aviva Investors Multi-Asset Webinar
Watch the latest multi-asset webcast with Hayley Randall, Head of UK Advisory Distribution, Sunil Krishnan, Head of Multi-Asset & Thomas Stokes, Investment Director at Aviva Investors.
Investing that fits: Multi-asset solutions to build long-term wealth
Financial advisers work with clients at different life stages. In the first case study in our series we discuss Henrietta, who is looking for a simple, cost-effective way to build long-term wealth while juggling a busy family life.
Want to introduce MAF Core to your clients?
In this client-friendly video, Sunil Krishnan, Head of Multi Asset, explains what the MAF Core fund range is, how it is managed and how our heritage has helped deliver five low-cost funds with clear risk and return outcomes.
Transcript for video Want to introduce MAF Core to your clients?
In this client-friendly video, Sunil Krishnan, Head of Multi Asset, explains what the MAF Core fund range is, how it is managed and how our heritage has helped deliver five low-cost funds with clear risk and return outcomes.
MAF: Range in brief
We offer three multi-asset fund ranges to help you find the right solution for your clients. Learn more about our multi-asset fund range.
MAF Core Investor Brochure
Use this investor brochure with your clients to help them understand if the funds are suitable for their investment needs.
Useful documents
Can't find what you are looking for? Contact our Distribution team.
Multi-asset insights
Investment thinking that brings together the collective insight of Aviva Investors’ teams from across the globe on the key themes influencing markets.
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Multi-asset chart of the month for November
25 Nov 2025
It's not just the Magnificent Seven who have been benefitting from the AI investment boom.
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Multi-asset chart of the month for October
27 Oct 2025
This month’s chart looks at the strong performance of gold compared to equities so far in 2025. Has it gone too far, or does it still hold value?
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Multi-asset chart of the month for September
17 Sep 2025
This month’s chart looks at the Magnificent Seven group of stocks and explores whether – rather than being a bubble akin to the dotcom era – their high valuations are justified by high earnings.
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Energy-intensive industries: Unlocking low-carbon investment
16 Sep 2025
Vital industries for UK growth like steel or cement are also energy intensive, and their decarbonisation is essential. We convened a roundtable of experts to discuss barriers and solutions to unlocking low-carbon investment opportunities.
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Multi-asset chart of the month for July
25 Jul 2025
This month’s chart highlights why a home bias could be counter-productive for UK investors given the continued underlying strength of US companies.
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Uncertainty and the correlation conundrum: Why it’s time to look at liquid alternatives in a new light
23 Jun 2025
The current macro environment poses significant challenges for investors. Our AIMS Target Return team explain why a less conventional approach can help maintain portfolio resilience and unlock return opportunities.
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Multi-asset Bitesize: Presidents, policy and markets
16 Jun 2025
Welcome back to Bitesize, our monthly data-viz series, where we unpack market developments in a single chart (or two), giving you sharp insights in under five minutes. This month, we explore what history can tell us about the likely market impact of the US-China tariff dispute.
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The week in markets: Tariffs and tech dominate the week
30 May 2025
Markets continued to digest the endless news flow on global tariffs, while Nvidia provided further indications of the resilience of company earnings in the first quarter of the year.
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The week in markets: Debt and deficits dominate
23 May 2025
US fiscal concerns took centre stage this week, as investors reassessed the long-term sustainability of government debt.
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Multi-asset Bitesize: Why it pays to stay invested in the market
21 May 2025
Welcome back to Bitesize, a monthly data-viz series in which we unpack market developments in a single chart (or two), giving you sharp insights in under five minutes. This month, we explore the recent gold rush, and the surprising implications of taking money out of the equity market during dips.
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The week in markets: Markets bounce back
16 May 2025
This week, equity markets have been riding a wave of optimism on the back of positive news flow, with the US stock market, as measured by the S&P 500, remarkably erasing its losses for the year.
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The week in markets: 100 days of President Trump
2 May 2025
Risk assets bounced back this week following increased hopes of a further de-escalation in the trade war and a positive earnings cycle.
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The week in markets: Stocks rise but uncertainty lingers
25 Apr 2025
Risk assets bounced back this week following increased hopes of a further de-escalation in the trade war and an easing in fears surrounding the independence of the US Federal Reserve.
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Multi-asset Bitesize: How multi-asset investing helps weather tariff turbulence
22 Apr 2025
Welcome to Bitesize, our new monthly data-viz series where we unpack market developments in a single chart (or two), giving you sharp insights in under five minutes. This month, we look at the impact of President Trump’s latest tariffs – and how diversification can help investors stay resilient when markets wobble.
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The week in markets: Markets stabilise but caution remains
17 Apr 2025
Following recent market turmoil, which saw the VIX (volatility) index reach one of its highest points this century, we saw a stabilisation in risk assets this week.
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The week in markets: Calm heads required amid continued volatility
11 Apr 2025
As tariff turbulence continues, we round-up what's happened in markets this week and how we are positioning portfolios.
House View
No one can predict the future. But our quarterly House View sets out the collective wisdom of our investment teams on the current state of global markets – and where they might be heading.
Ask the Fund Manager
A weekly series where multi-asset fund managers give their view on the latest market events, in less than five minutes.
The Multi-Asset Trilogy
Explore the three essential and timeless pillars of diversification and how to add value across the major asset classes to help clients get the best outcomes.
Investment Director Peter Smith speaks to Portfolio Manager of our MAF Core and Plus funds, Baylee Wakefield, about:
- Global equity diversification
- Balancing fixed income exposure
- The use of alternatives in today's portfolios
What big questions are investors asking right now?
Join our multi-asset team as we ask them the big questions from investors heading into 2025.
Smera Ashraf, Head of Global Wealth UK, will host a live discussion and Q&A with Sunil Krishnan and Baylee Wakefield from our multi-asset portfolio management team, who will be answering the most-asked questions from clients.
Aviva Investors Multi-Asset Webinar
Join our Aviva Investors Multi - Asset webinar, where Hayley Randall, Head of UK Advisory Distribution will be talking to Sunil Krishnan, Head of Multi - Asset & Thomas Stokes, Investment Director at Aviva Investors.
Key risks
This is a summary of the key risks. For further information on the risks and risk profiles of our funds, please refer to the relevant KIID and Prospectus.
Investment/objective risk
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.
Currency risk
The fund is exposed to different currencies. Derivatives are used to minimise, but may not always eliminate, the impact of movements in currency exchange rates.
Emerging markets 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. Derivatives are instruments that can be complex and highly volatile, have some degree of unpredictability (especially in unusual market conditions), and can create losses significantly greater than the cost of the derivative itself.
Multi-asset expertise
Meet our multi-asset fund range team.
Peter Fitzgerald
Chief Investment Officer, Macro Discretionary
Sunil Krishnan
Head of Multi-Asset
Sotirios Nakos
Head of Multi-asset Portfolio Management
Shane O'Brien
Head of Investment Specialists (Public and Private markets)
Thomas Stokes
Investment Director, Multi-Asset
Contact us
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Explore
MAF Plus
A comprehensive multi-asset investing solution that invests in Growth, Defensive and Uncorrelated assets. Each MAF Plus fund benefits from day-to-day portfolio management.
MAF Stewardship
Risk-profiled multi-asset portfolios with a focus on sustainable investment linked to our three pillars: Social, Climate and Nature.
Important information
Targets and outcomes are not guaranteed and may not be achieved.
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”).
MAF Core funds are sub-funds of the Aviva Investors Portfolio 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.