A low-cost range of global multi-asset funds with a passive investment focus
Growth assets include equity but also riskier forms of fixed income.
Defensive assets include sovereign debt, investment grade credit and cash.
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.
Download our customer brochure
For additional information on our MAF funds, download our customer brochure.
Multi-asset Core Key Features
The Aviva Investors multi-asset funds aim to give you a simple way to grow your savings. They invest globally in a selection of asset classes, including equities and bonds, allowing you to access a variety of different investments – all in one place. They are medium to long-term investments, so you should be prepared to invest for five years or more. Multi-asset Core is accessible via a range of different pension, investment and savings products. With Multi-asset Core you get three key features:
Multi-asset expertise
Multi-asset Core consists of a broad range of global growth and defensive assets. The funds utilise in house strategic asset allocations to drive returns. We have been trusted to manage multi-asset solutions for more than 40 years and manage over £90 billion in multi-asset solutions today.
Product features
In-house built strategic asset allocation
Global investment approach
Broadly diversified growth and defensive assets
ESG integrated
The funds seek to invest in companies/countries with a stronger ESG score than the underlying markets by tilting global equity and sovereign bond investments towards higher ESG rated securities. Our baseline exclusion and engagement policies are also applied to the range.
Product features
Baseline exclusion policy
ESG Enhanced index building blocks1
Active ownership
Great value
We aim to give clients great outcomes at a competitive cost, with Multi-asset Core priced at a fixed OCF of 0.15%. We offer transparency on our performance through stated fund benchmarks. The funds map to key market risk profiling tools as outlined below.
Product features
Risk profiled
Performance benchmarks
Competitive fees (0.15% Fixed OCF)
- Global equity and sovereign bond investments systematically towards higher ESG rated securities than the underlying market. Global equities also tilt towards companies with lower carbon intensity than the underlying market. The ESG score is measured by both our in-house ESG scoring system and MSCI® ESG. The "underlying market" for equity is MSCI® World Index and for sovereigns it is the Bloomberg® Global Aggregate Treasuries Index.
Multi-asset Core Objectives
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 Barclays® Global Aggregate Bond Index Hedged GBP
Risk ratings that funds map to
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 | 2.4 | 3.4 | 3.9 | 4.6 | 5.4 |
FinaMetrica | 20-45 | 46-67 | 58-67 | 68-76 | 77-100 |

Where to invest in Aviva Investors Multi-asset fund ranges
Key risks
For further information on the risks and risk profiles of our funds, please refer to the relevant KIID and Prospectus.
MAF Core: Multi-asset fund range team

Peter Fitzgerald
Chief Investment Officer, Multi-asset & Macro

Sunil Krishnan
Head of Multi-Asset Funds

Guillaume Paillat
Fund Manager, Multi-assets

Sotirios Nakos
Fund Manager, Multi-Asset & Macro

Baylee Wakefield
Portfolio Manager, Multi-Asset

Shane O'Brien
Senior Investment Director & Head of Multi-asset & Macro Investment Specialists

Thomas Stokes
Investment Director, Multi-assets
MAF Core in focus
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FCA’s SDR Consultation Paper: what does it mean for you?
6 Dec 2022
In our video, Senior Investment Director Andy Ford, speaks to Global Responsible Investment Senior Manager Jess Foulds, asking; what are the FCA hoping to achieve? What do advisers need to do in response to the consultation? And, where will the FCA turn their attention to next?
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Welcome to MAF 2.0: Why expertise, ESG and value for money must be part of the package
10 Nov 2022
To meet the evolving needs of clients, a robust multi-asset strategy must be built around three principles: investment expertise, ESG integration and value for money.
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MAF Core: A multi-asset solution for multiple client types
10 Nov 2022
Our MAF Core range is designed to appeal to a broad range of investors. Shane O’Brien introduces five client types who may find MAF Core an attractive addition to their portfolios.
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Know your stuff: Why success in multi-asset investing is more than potluck
13 Oct 2022
Building robust multi-asset portfolios is not a game of chance. We explain how expertise is a key pillar of our MAF Core range.
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More bang for your buck: How value is changing in multi-asset strategies
22 Sep 2022
In a world of high inflation and rising borrowing costs, every penny counts. We understand this, which is why value for money is the key pillar of the Aviva Investors Multi-asset Core Fund range.
Explore our Multi-asset fund ranges
Aviva Investors MAF Plus: Multi-asset fund range
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.
