A range of global multi-asset funds with a focus on active investment
Growth assets include equity but also riskier forms of fixed income.
Defensive assets include sovereign debt, investment grade credit and cash.
Alternative assets include absolute return strategies.
Multi-asset Plus 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 12% to 28%.
Multi-asset Plus 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 37% to 53%.
Multi-asset Plus 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 52% to 68%.
Multi-asset Plus 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 67% to 83%.
Multi-asset Plus 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 92% to 108%.
* The funds target a percentage of overall equity market volatility as measured by MSCI® All Country World Index.
Multi-asset Plus 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 Plus is accessible via a range of different pension, investment and savings products. With Multi-asset Plus you get two key features:
Multi-asset expertise
Multi-asset Plus consists of a broad range of global growth, defensive and uncorrelated assets. The funds utilise in house strategic and tactical asset allocations to drive returns. We have been trusted to manage multi-asset solutions for nearly 50 years and manage over £107 billion in multi-asset solutions today.
Product features
In-house built strategic asset allocation
Tactical (active) asset allocation
Use of alternative asset classes
Great value
We aim to give clients great performance at a competitive cost, with Multi-asset Plus priced at a capped OCF of 0.60%. We offer transparency on our performance through stated fund benchmarks and outline an alpha expectation with an outperformance objective. The funds map to key market risk profiling tools as outlined below.
Product features
Risk profiled
Performance benchmarks
Competitive fees (0.60% Capped OCF)
Multi-asset Plus Objectives
PLUS I | PLUS II | PLUS III | PLUS IV | PLUS 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 | +1.30% | +1.30% | +1.30% | +1.30% | +1.30% |
Fixed Fund OCF | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Global equity = MSCI® All Countries World Index (Net)
Global bonds = Bloomberg Global Aggregate Bond Index Hedged GBP
Risk ratings that funds map to
PLUS I | PLUS II | PLUS III | PLUS IV | PLUS V | |
Defaqto | 2 | 4 | 6 | 7 | 9 |
Dynamic Planner | 3 | 4 | 5 | 6 | 8 |
EValue | 5 | 7 | 8 | 9 | 10 |
Synaptic | 2.6 | 3.3 | 3.9 | 4.5 | 5.7 |
FinaMetrica | 17-44 | 45-56 | 57-66 | 67-82 | 83-100 |

Where to invest in Aviva Investors Multi-asset fund ranges
Multi-asset funds quarterly update
Sotirios Nakos, Fund Manager on our MAF Core and Plus funds looks back on Q1 2025 and answers key questions about market conditions and potential outcomes for Q2 2025 and how these can impact asset allocation decisions in our MAF Core and Plus funds. This video is available for you to share and discuss with your clients.
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 and 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.
The Investment Manager endeavours to comply with the requirements of the UK Stewardship Code when managing the Funds’ assets. Stewardship is the responsible allocation, management and oversight of capital to create long-term value for investors leading to sustainable benefits for the economy, the environment and society. Environmental (particularly climate) and social factors, in addition to governance, have become material issues for fund managers to consider when making investment decisions and undertaking stewardship. The Investment Manager therefore considers a range of financial and non-financial information when assessing investments and to inform its stewardship activities, including considering the potential or actual material risk that sustainability issues may have on an investment. For more information on how the Investment Manager carries out this activity and meets the requirements of the UK Stewardship Code, as well as details about Aviva Investors’ firmwide policy, please see our website: Policies and documents - Aviva Investors
MAF Plus: Multi-asset fund range team

Peter Fitzgerald
Chief Investment Officer, Macro Discretionary

Sunil Krishnan
Head of Multi-Asset

Sotirios Nakos
Fund Manager, Multi-asset

Shane O'Brien
Head of Investment Specialists (Public and Private markets)

Thomas Stokes
Investment Director, Multi-assets
Multi-asset views
-
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.
-
Bond investing: Five things to know about bonds
7 Mar 2025
In this article, we explain key concepts of bond investing, such as yield and duration, explore the role of bonds in investment portfolios and look at the current state of the bond markets.
-
Mix and match: The questions and charts that matter to multi-asset investors
24 Feb 2025
Are global equities as diversified as they seem? Can bonds offer reliable protection? Do alternatives enhance the risk-return profile? In this article, we examine these questions and what they mean for investors navigating today’s complex market.
-
The cash conundrum: Five things to know about cash, saving and investing
7 Feb 2025
In this article, we explore the logic behind holding assets in cash, the difference between saving and investment, and why a longer-term focus may help investors achieve their objectives.
-
Five big trends to watch in 2025: Trade, tech and tensions to shape the year ahead
17 Jan 2025
From AI breakthroughs to rising risks of trade wars and energy crunches, 2025 is shaping up to be a year of big shifts. Here are five key trends every investor needs to watch to stay ahead of the curve.
-
Rethinking retirement: Five trends redefining financial advisers’ retirement planning
31 Oct 2024
Retirement today looks quite different from previous generations. With longer life expectancy, fluctuating market conditions and higher costs of living, planning for it has become increasingly complex. In this article, we explore five reasons why financial advisers should rethink retirement to help clients secure their financial future.
-
Multi-asset allocation views: Where next for markets after the summer storms?
9 Oct 2024
Volatility returned to markets in the third quarter of the year. While the short-term drivers are not unduly worrying, Sunil Krishnan argues multi-asset investors will need to be watchful over the medium term.
-
Pounds, pence and chocolate bars: Three idioms to live by when investing for children
3 Sep 2024
Investing on behalf of your children can be a great way to give them a head start in life. But in an uncertain market environment, and with myriad investment options out there, it can be difficult to know where to start. In this article, Dominique Ellis, CFA, offers some key pointers.
-
Multi-asset allocation views: Three faces of reflation
6 Jun 2024
Reflation – another word for increasing economic activity, with an undertone that inflation isn't consistently falling – has been the dominant theme for investors so far in 2024. Sunil Krishnan explores how it is affecting bonds, equities and commodities.
-
Multi-asset allocation views: Cutting through the noise
26 Sep 2023
Issues around US tech, China, US Treasuries and Japanese monetary policy have hit the headlines in recent weeks. Sunil Krishnan explains how taking a long-term view can help multi-asset investors cut through the noise.
-
Multi-asset allocation views: A silver lining for gilts
4 Aug 2023
UK gilts have underperformed other government bonds over the last year. Sunil Krishnan explains why the worst may be over.
-
Multi-asset allocation views: An emerging direction
29 Jun 2023
With economies getting stronger and interest rates nearing their peak, the environment looks supportive for equity and bond markets, but emerging markets face challenges. Sunil Krishnan assesses the implications for multi-asset investors.
-
Multi-asset allocation views: Perfect storm or storm in a teacup?
23 May 2023
Recent concerns over the banking sector seem to have eased, but have raised uncertainties around the availability of credit and the path of interest rates. Sunil Krishnan assesses the consequences for multi-asset investors.
-
Multi-asset allocation views: How politics are influencing markets
22 Nov 2022
Political risk has returned with a vengeance in 2022. Sunil Krishnan discusses what this means for multi-asset portfolios.
-
Multi-asset allocation views: What high inflation means for portfolios
12 Oct 2022
Inflation has direct and indirect consequences for financial markets. Sunil Krishnan reflects on how multi-asset investors can mitigate them and find areas of resilience.
-
Multi-asset allocation views: Central banks’ delicate balancing act
6 Jun 2022
With high levels of inflation persisting around the world, central banks must tighten policy without hurting consumer demand and economic growth. This will be more difficult for some central banks than others, says Sunil Krishnan.
Monthly commentary
-
What happened in January: Multi-asset portfolio commentary January 2025
Our investment experts explore the key trends in January 2025: the reasons behind the surge in yields, the effects of Trump’s tariff policies and the implications of DeepSeek’s entry into the AI market.
-
What happened in December: Multi-asset portfolio commentary December 2024
Our investment experts delve into the key trends of December 2024, highlighting the impact of central bank rate cuts, the AI-driven surge in US mega-cap stocks, and the political shifts from a year of unprecedented elections.
-
What happened in November: Multi-asset portfolio commentary November 2024
Our investment experts unpick the investment implications of a month in which political developments dominated markets. They assess what it all means for multi-asset portfolios and what might lie ahead.
-
What happened in October: Multi-asset portfolio commentary October 2024
Our investment experts highlight the key events in October – bond market underperformance, equity market volatility and the UK Budget – discuss their impact on multi-asset portfolios and share what investors might expect in the coming months.
-
What happened in Q3: Multi-asset portfolio commentary for Q3 2024
Our investment experts highlight the key events of the third quarter – market volatility, interest rate cuts and China’s new stimulus package – discuss their impact on multi-asset portfolios MAF Core and MAF Plus and share what investors might expect in the coming months.
-
What happened in August: Multi-asset portfolio commentary for August 2024
Our multi-asset investment experts review August’s markets and the impact they have on multi-asset portfolios, as well as what investors can expect going forward.
Explore our other multi-asset fund ranges
Aviva Investors MAF Core: Multi-asset fund range
A simple multi-asset investing solution that invests in Growth and Defensive assets. The asset mix for each MAF Core fund is reviewed by the investment team on a quarterly basis.

Aviva Investors MAF Stewardship
Risk-profiled multi-asset portfolios with a focus on sustainable investment linked to our three pillars: Social, Climate and Nature.

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.
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 Multi‐asset 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 Multi‐asset 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, 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 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.