Aviva Investors Multi-asset Stewardship Fund III 8 GBP Accumulation
Fund overview
Objective: The Fund aims to: i) grow your investment over the long term (5 years or more) through the responsible allocation of capital, generating a combination of income and capital growth*; and ii) manage volatility within a risk range of 3% higher or lower than the volatility of the Volatility Index**.
At least 70% of the Fund’s investments (the “minimum stewardship allocation”) must contribute to one of three pillars through their products and services or through their operations:
- Climate - e.g. tackling the causes or impacts of climate change;
- Earth - e.g. tackling increasing biodiversity loss and resource scarcity;
- People - e.g. tackling social inequality and unfair working practices.
Further details on the Investment Manager’s proprietary investment framework are set out in the prospectus.
*The Fund’s sustainability and volatility aims may mean achieving a lower financial return than if the Fund did not have a sustainability or volatility objective.
**The Volatility Index is a composite index comprising 60% MSCI® All Country World Index (Net) GBP and 40% Bloomberg® Global Aggregate Bond Index Hedged GBP. Volatility is measured on an annualised basis, over 3-year rolling periods, using the volatility figures as at the end of each week.
Investments: The Fund will invest directly, indirectly via other funds (including funds managed by Aviva Investors companies) or through the use of derivatives, in a variety of global asset classes, including shares of both developed and emerging market companies and bonds issued by companies, governments or large institutional organisations in developed and emerging markets. The Fund may invest in other funds (including funds managed by Aviva Investors companies) to obtain exposure to, for example, alternative strategies and property. The Fund may also invest in real estate investment trusts, asset and mortgage-backed securities, other derivatives, money market instruments, cash and deposits and indirectly in commodities for example through another collective investment scheme, exchange traded commodity or a derivative.
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.
Fund commentary
Fees and expenses
Risks
Currency Risk:
Changes in currency exchange rates could reduce investment gains or increase investment losses. Exchange rates can change rapidly, significantly and unpredictably.
Derivatives Risk:
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.
Equities Risk:
Equities can lose value rapidly, can remain at low prices indefinitely, and generally involve higher risks — especially market risk — than bonds or money market instruments. Bankruptcy or other financial restructuring can cause the issuer's equities to lose most or all of their value.
Emerging Markets Risk:
Compared to developed markets, emerging markets can have greater political instability and limited investor rights and freedoms, and their securities can carry higher equity, market, liquidity, credit and currency risk.
Counterparty Risk:
The Fund could lose money if an entity with which it does business becomes unwilling or is unable to meet its obligations to the Fund. A bond or money market security could lose value if the issuer's financial health weakens.
Credit Risk:
Below investment grade bonds (also known as high yield securities) typically have greater credit risk than investment grade securities.
Default Risk:
Issuers of certain bonds or money market instruments could become unable to make payments on their bonds, causing a reduction in income to the Fund and also in the value of bonds held by the Fund. Under extreme market or economic conditions, defaults could be widespread and their effect on Fund performance significant.
Fixed Income Risk:
Investments in fixed interest securities are impacted by market and credit risk and are sensitive to changes in interest rates and market expectations of future inflation. Bonds that produce a higher level of income usually have a greater risk of default.
Interest Rate Risk (bonds):
When interest rates rise, bond values generally fall. This risk is generally greater for longer-term bonds and for bonds with higher credit quality.
Leverage Markets Risk:
A small price decline on a "leveraged" underlying investment will create a correspondingly larger loss for the Fund. A high overall level of leverage and/or unusual market conditions could create significant losses for the Fund.
Hedging Risk:
Any measures taken to offset specific risks will generate costs (which reduce performance), could work imperfectly or not at all, and if they do work will reduce opportunities for gain.
Sustainability Risk:
The level of sustainability risk to which the Fund is exposed, and therefore the value of its investments, may fluctuate depending on the investment opportunities identified by the Investment Manager.
Management
Important information
Unless stated otherwise the source for all performance, portfolio and fund breakdown data is Morningstar. This information does not constitute advice or a recommendation. If you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Care is taken to ensure that the information provided by Morningstar is correct but it neither warrants, represents nor guarantees the contents of the information, nor does it accept any responsibility for errors, inaccuracies, omissions or any inconsistencies herein.
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Summary review (as at March 2026)
Exposure to US equities was a headwind for the fund in the quarter, as was the low weighting to the energy theme, with performed well as oil prices spiked.
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