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.
Uncorrelated 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.
Download our customer brochure
For additional information on our MAF funds, download our customer brochure.
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 three 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 more than 40 years and manage over £90 billion in multi-asset solutions today.
Product features
In-house built strategic asset allocation
Tactical (active) asset allocation
Use of alternative asset classes
ESG integrated
The funds seek to take ESG factors into account when choosing investments (though this is not binding on the investment manager’s decision). In addition, the funds allocate to some strategies with specific sustainable transition themes. Aviva Investors’ baseline exclusion and engagement policies are also applied to the range.
Product features
Baseline exclusion policy
ESG Integrated active building blocks1
Active ownership
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)
- ESG Integrated: Environmental Social and Governance integration is the consideration of financially material ESG factors through investment analysis and decision making . This is not binding on the investment manager’s decision.
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 Barclays® 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 | 5 | 6 | 9 |
Dynamic Planner | 3 | 4 | 5 | 6 | 8 |
EValue | 4 | 6 | 7 | 9 | 10 |
Synaptic | 2.4 | 3.4 | 3.8 | 4.4 | 5.3 |
FinaMetrica | 19-44 | 45-57 | 58-67 | 68-78 | 79-100 |

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 Plus: 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
Explore our 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.

Multi-asset views
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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.
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Multi-asset allocation views: Investing in the age of the polycrisis
9 Mar 2023
The interlinked nature of multiple global events – known as the polycrisis – can create challenges and opportunities for investors. Sunil Krishnan explores the potential winners, losers and areas of change.
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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.
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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.
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Multi-asset allocation views: Is this the end of the 60/40 strategy?
20 Jul 2022
Government bonds have not acted as safe haven assets recently. Sunil Krishnan explores whether this spells the end of the traditional 60/40 allocation in multi-asset portfolios.
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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.
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Multi-asset allocation views: Five lessons for investors during turbulent times
22 Apr 2022
From Russia’s invasion of Ukraine to surging inflation, risk has well and truly returned to markets in 2022. Sunil Krishnan offers useful insights for investors unaccustomed to such challenging times.
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Multi-asset allocation views: How durable is ‘transitory’ inflation?
22 Nov 2021
As central banks continue to stretch what ‘transitory’ inflation means, Sunil Krishnan explores how price pressures are changing and the implications for multi-asset portfolios.
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Multi-asset allocation views: Emerging themes for portfolio diversification
22 Sep 2021
Diversification is a core tenet of multi-asset investing. Sunil Krishnan explores thematic ideas that may help diversify portfolios in the current market environment.
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Multi-asset allocation views: Moving short on duration
16 Jul 2021
A strong economic recovery and continued reflationary bias from the Federal Reserve could push long-dated yields higher on US Treasuries, says Sunil Krishnan.
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Multi-asset allocation views: Equities on a style merry-go-round
18 May 2021
Although economic growth, operating leverage and valuations support equities, it is too early to tell whether value stocks are finally set to make a comeback, says Sunil Krishnan.
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Multi-asset allocation views: Loose policy doesn’t rule out a steeper curve
15 Apr 2021
While inflation is expected to rise after last year’s lows, it will likely be transitory. Sunil Krishnan explores what this means for the economy, yield curves and equity markets.
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Multi-asset allocation views: Room to grow
16 Feb 2021
The early part of a year gives investors an opportunity to take stock. Sunil Krishnan reflects on how the current environment is shaping our views for multi-asset portfolios.
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Multi-asset allocation views: Changing seasons, changing dynamics
15 Oct 2020
After a strong summer, conditions are changing in asset markets. Sunil Krishnan assesses the risks and opportunities for investors.
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Multi-asset allocation views: What we can learn from earnings season
14 Aug 2020
Investors have faced several surprises during Q2 earnings season. Sunil Krishnan discusses what the current results round means for multi-asset investors over the coming months.
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Multi-asset allocation views: Finding opportunities in the crisis
16 Jul 2020
Despite uncertainty around lockdown exits and economic recovery, the role of a fund manager is to explore hidden opportunities as well as protect capital. Sunil Krishnan discusses why investment-grade credit and European assets could fit the bill for multi-asset portfolios.