Why invest in Multi-Asset Plus Funds?
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 managed multi-asset solutions for over 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.
Product features
· Risk profiled
· Performance benchmarks
· Competitive fees (0.60% Capped OCF)
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.
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 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.
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: https://www.avivainvestors.com/en-gb/about/responsible-investment/policies-and-documents/
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
PLUS I | PLUS II | PLUS III | PLUS IV | PLUS V | |
Defaqto | 2 | 4 | 5 | 7 | 9 |
Dynamic Planner | 3 | 4 | 5 | 6 | 8 |
EValue | 5 | 8 | 9 | 10 | 10 |
Synaptic | 2.5 | 3.3 | 3.8 | 4.5 | 5.2 |
FinaMetrica | 19-44 | 45-57 | 58-67 | 68-78 | 79-100 |

Aviva Investors Multi-asset Funds can be accessed from all major platforms.

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.
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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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: Stress relief for markets
9 May 2025
The investor fear gauge, otherwise known as the VIX Index, hit a four-week low as markets have now bounced back from their April nadir.
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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.
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UK Spring Statement: What it means for markets and the economy
27 Mar 2025
Vasileios Gkionakis, senior economist and strategist at Aviva Investors, gives his initial reaction to the UK spring budget, outlining what it might mean for UK financial markets and sterling.
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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.
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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.
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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.
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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.
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Beyond bonds: Finding diversification in an era of higher rates volatility
27 Nov 2024
Bond markets are jumpy once again following recent political developments. Rising deficits and renewed inflation risk mean bond market volatility, and with it the search for alternative sources of portfolio diversification, looks to be here to stay.
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What happened in April: Multi-asset portfolio commentary April
Our investment experts delve into April’s key trends: market volatility following ‘Liberation Day’, resilient earnings from AI companies, and a continued rally in gold as investors seek safety.
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What happened in Q1: Multi-asset portfolio commentary Q1 2025
Our investment experts delve into Q1 key trends: policy uncertainty driven by the US, doubts on US exceptionalism, and divergence in central banks’ moves.
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What happened in February: Multi-asset portfolio commentary February 2025
Our investment experts delve into February 2025's key trends: the threat of higher tariffs on Canada, Mexico, and China by Trump, escalating inflation concerns, and the surge in European stock markets.
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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.
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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.
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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.
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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.
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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.
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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.
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.

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.

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.
Transcript for video Multi-asset funds quarterly video update - April 2025
Transcript not available
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.
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.
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.
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
Fund Manager, Multi-asset

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

Thomas Stokes
Investment Director, Multi-Asset
Explore
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 at least annually, with daily cash flow management and oversight.
MAF Stewardship
Risk-profiled multi-asset portfolios with a focus on sustainable investment linked to our three pillars: Climate, Earth and People.
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 & 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.