Aviva Investors Multi-Manager 20-60% Shares Fund 2 GBP Acc

ISIN

GB00B1N94W01

Asset class

Multi Asset

NAV

193.20 GBX (as at 24/07/2026)

View all funds

Fund overview

Objective: To grow your investment and provide an average annual net return greater than the Investment Association Mixed Investment 20-60% Shares Sector over a rolling 5-year period through a combination of income and capital returns by investing in other funds (including funds managed by Aviva Investors companies).

Investments: At least 80% of the Fund will be invested in other funds, which in turn invest in a range of global asset classes (including emerging markets). The Fund's asset class exposures will be made up of the combined holdings of the other funds, of which between 20% and 60% of the combined holdings will be invested in the shares of companies, and a minimum of 30% in bonds and cash. The Fund may also invest indirectly in property.

 

More details on specific fund risks.

Share class currency
GBP
Return type (Inc / Acc)
Accumulation
Share class
2
Minimum Investment
GBP 100,000
Fund size (as at 24/07/2026)
GBP 119.19m
Share class inception date
24/04/2007
Fund launch date
24/04/2007
Performance benchmark
Mixed Investment 20-60% Shares
Fund volatility
7.26
Benchmark volatility
-
SFDR
-
IA Sector
Mixed Investment 20-60% Shares
Distribution dates
02/03/2026
Income distribution frequency
Semi-Annually
Latest dividend
0.03

Historic yield

The historic yield reflects distributions declared over the past 12 months as a percentage of the share / unit price, on the date shown. This does not include entry charges and investors may be subject to further tax on their distributions.

1.67%

Underlying yield

This reflects the annualised income net of expenses of the fund as a percentage of the share price of the fund on the date shown. It does not include the deduction of entry charges and is the gross return before tax on distributions.

-

Distribution yield

This reflects the amount that is expected to be distributed over the next 12 months as a percentage of the share price of the fund on the date shown. It does not include the deduction of entry charges and is the gross return before tax on distributions. You may be subject to further tax on your distributions. The yield is not guaranteed.

-
Fund income (gross of charges and taxes)*
-
Benchmark Income (gross of charges and taxes)*
-
Trading currency
GBX
NAV (as at 24/07/2026)
193.20
Daily change
-0.25%
12 Months NAV high (as at 22/06/2026)
195.46
12 Months NAV low (as at 04/08/2025)
177.14
Valuation frequency
Daily
ISIN
GB00B1N94W01
SEDOL
B1N94W0
MEXID
NUNCF2
Bloomberg
AVMMTS2 LN

Cumulative performance

Fund name Fund ID

Source: Morningstar

Past performance is not a guide to future performance
Basis: Mid to mid, net income reinvested, net of ongoing charges and fees, in the share class reference currency and net of tax payable by the Fund. For full details of the benchmark please see the PDF factsheet.

The Fund's performance is compared against the IA Mixed Investment 20-60% Shares Sector.

Fund commentary

Summary review (as at June 2026)

Global equities rose 14.1% as concerns over stagflation eased and confidence in AI-driven growth strengthened. Asia Pacific equities led gains, supported by semiconductor stocks such as Samsung. Bonds also performed well, with gilts returning 2.1%. Central banks remained cautious, while expectations for stronger earnings and further US rate hikes increased.

Fees and expenses

Fees %

Entry charge Entry charge

Entry charge

A one-off charge may be taken from your money before it is invested. The charge is usually a percentage of the amount invested and is additional to the price paid for the units/shares. The entry charge is deducted from the investment before units/shares are bought and is also known as the “initial charge”.

 0.00

Exit charge Exit charge

Exit charge

A one-off charge levied on redemption of units/shares before the proceeds of your investment are paid out. This is also known as a “redemption charge”.

 0.00

Ongoing charges Ongoing charges

Ongoing charges

The ongoing charge figure represents the costs you can expect to pay annually based on last year's expenses. The ongoing charges figure is made up of various elements such as the fund management fee, professional fees, audit fees and custody fees. Performance fees (if payable) are not included in this figure.

 1.25

Fund Management fee (included in Ongoing charge) Fund Management fee

Fund Management fee

The management fee is fixed rate charge to cover the costs of managing the investments of the fund. It accrues daily on a percentage of the fund's net asset value and deducted from the fund's assets.

 0.89

Performance fee Performance fee

Performance fee

The percentage of any outperformance of the hurdle rate and/or benchmark that will be taken as a performance fee.

 -

Portfolio

Portfolio stats (as at 30/06/2026)

Aviva Investors - Emerging Markets Bond Fund Iyh GBP Acc Portfolio stats
1 Year 3 Years 5 Years

Alpha Definition of Alpha

Alpha

Indicates the excess return provided by the Fund over the benchmark.

 -0.34 -0.22 -0.02

Beta Definition of Beta

Beta

A measure of the fund volatility in comparison to the market. A beta of less than 1 implies that the fund will be less volatile than the market whilst a beta greater than 1 implies the fund is more volatile than the market. As an example, a fund with a beta of 1.2 would be expected to rise to 1.2 if there was a 1 unit rise of the benchmark, or to fall 1.2 units if there was a 1 unit fall in the benchmark.

 0.97 1.00 0.95

Information ratio Definition of Information ratio

Information ratio

A measure of the manager's ability to generate excess and consistent returns relative to the funds benchmark. The greater the IR, the more consistent a manager is.

 -0.81 -0.23 -0.04

Correlation (%) Definition of Correlation (%)

Correlation (%)

Measures the extent to which the Fund and the benchmark move together, a correlation of 1 indicates the Fund matched the benchmark exactly.

 98.88 97.16 94.85

Sharpe ratio Definition of Sharpe ratio

Sharpe ratio

A measure of the fund's risk-adjusted performance. The greater the fund's Sharpe ratio, the better its historical risk-adjusted performance has been. This ratio is best used to compare a number of funds rather than used in isolation for a single fund.

 1.06 0.70 0.13

Annualised volatility (%) Definition of Annualised volatility (%)

Annualised volatility (%)

A measure of the funds dispersion of returns. A higher volatility implies that a fund's return is spread over a larger range of values whilst a lower volatility implies that a funds return is spread over a smaller range of values.

 7.26 6.16 6.51

Tracking error (%) * Definition of Tracking error (%) *

Tracking error (%) *

A measure of how closely the fund follows its benchmark. A passive fund should have a tracking error close to zero, while an actively managed fund would normally have a higher tracking error.

 0.80 1.04 1.49

* The Fund is expected to have an average yearly tracking error of between 2% and 6% when compared to the IA Mixed Investment 20-60% Shares Sector.

Stock style

Read more about Stock style Stock style (as at 30/06/2026)

The Equity style box classifies holdings into market capitalization on the vertical axis (company size) and investment style on the horizontal axis (growth or value). This graphical representation is determined by attributing an investment style to each underlying holding, which is then summarised here for the overall fund.
A well-diversified fund doesn't necessarily require holdings across all styles, however, exposure across the Style Box does represent greater diversification.
Legend:
Val: Value
Core: Core
Gwt: Growth

Large: Group that accounts for the top 70% of the capitalization of the Morningstar domestic stock universe.
Medium: Group that accounts for the next 20% of the capitalization of the Morningstar domestic stock universe.
Small: Group that accounts for the bottom 10% of the capitalization of the Morningstar domestic stock universe.

Fixed Income Style

Read more about Fixed Income Style Fixed Income Style (as at 30/06/2026)

The Fixed Income Style Box shows the fund's overall interest rate sensitivity (horizontal axis) and credit quality (vertical axis). It is created by classifying the fund's fixed income holdings according to interest rate sensitivity (measured by average duration) and credit quality.
In general, higher percentages in the upper left-hand quadrants of the Style Box represent a conservative fixed-income exposure for the fund, with bonds of investment-grade quality and short to intermediate bond maturity. Conversely, larger percentages in the lower right-hand portions of the Style box represent a riskier fixed-income allocation for the fund, although one that may produce higher yields.
Legend:
Ltd: Limited. Duration <= 4.5 years
Mod: Moderate. Duration > 4.5 and <= 7 years
Ext: Extensive. Duration > 7.0 years.

Low: Low quality (average credit < BBB)
Mid: Medium quality (average credit rating < AA and >= BBB)
High: High quality (average credit rating AAA or AA).

Credit Quality

Read more about Credit Quality Breakdown Credit Quality Breakdown (as at 30/06/2026)

Globally, credit rating from Fixed Income Survey provided by fund company: Government, AAA , AA, A , BBB, BB, B, Below B and Not Rated. AAA bonds carry the highest credit rating. For the purpose of Morningstar's calculations, U.S. government bonds are considered AAA. For municipal bonds, anything at or below BBB is considered a high-yield or junk bond. Nonrated municipal bonds generally are classified as BBB. Other nonrated bonds generally are considered B. Morningstar base on the surveyed credit quality breakdown to calculate the average credit quality, please refer to the methodology paper for more detail.

% of Bond % of Bond

AAA

9.37

BB

4.53

AA

20.96

B

1.83

A

37.85

Below B

0.0

BBB

25.28

Not Rated

0.18

Bond statistics

Read more about Interest Rate Risk Interest Rate Risk(as at 30/06/2026)

The interest rate risk refers to the chance that investments in fixed income funds will suffer as the result of unexpected interest rate changes.

Portfolio

Avg Eff Maturity Read more about Avg Eff Maturity

Average effective maturity is a weighted average of all the maturities of the bonds in a portfolio, computed by weighting each bond's effective maturity by the market value of the security. Average effective maturity takes into consideration all mortgage prepayments, puts, and adjustable coupons. Longer-maturity funds are generally considered more interest-rate sensitive than their shorter counterparts. We list Average Effective Maturity for Taxable Fixed-Income and Hybrid funds and Average Nominal Maturity for Municipal Bond Funds. Since this is collected by survey, it is important to bear in mind that different fund companies may use different interest-rate assumptions in determining call likelihood and timing. Generally speaking, the longer the maturity, the greater the interest rate risk. When duration is unavailable, this measure is used in the calculation of the fixed-income style box.

-

Avg Eff Duration Read more about Avg Eff Duration

A measure of a fund's interest-rate sensitivity - the longer a fund's duration, the more sensitive the fund is to shifts in interest rates. Duration is determined by a formula that includes coupon rates and bond maturities. Small coupons tend to increase duration, while shorter maturities and higher coupons shorten duration. The relationship between funds with different durations is straightforward: A fund with a duration of 10 years is twice as volatile as a fund with a five-year duration.

2.31539

Avg Credit Quality Read more about Avg Credit Quality

Globally, credit rating from Fixed Income Survey provided by fund company: Government, AAA , AA, A , BBB, BB, B, Below B and Not Rated. AAA bonds carry the highest credit rating. For the purpose of Morningstar's calculations, U.S. government bonds are considered AAA. For municipal bonds, anything at or below BBB is considered a high-yield or junk bond. Nonrated municipal bonds generally are classified as BBB. Other nonrated bonds generally are considered B. Morningstar base on the surveyed credit quality breakdown to calculate the average credit quality, please refer to the methodology paper for more detail.

BBB

Pie chart

Asset Allocation (as at 30/06/2026)

Bar chart

Asset Allocation (as at 30/06/2026)

Aviva Investors - Emerging Markets Bond Fund Iyh GBP Acc Portfolio stats
Name Maturity Country Fund (%)
1 Aviva Investors Stlg Lqudty 3 GBP Inc - IRL 16.23
2 JPM Global Corporate Bd C dist GBP Hdg - LUX 13.28
3 Aviva Investors Global Sov Bd Zh GBP Acc - LUX 10.67
4 10 Year Treasury Note Future Sept 26 Mon Sep 21 00:00:00 UTC 2026 USA 10.40
5 Aviva Investors Mlt-Strat Trgt Ret 5£Acc - GBR 6.92
6 T. Rowe Price US Struct Rsh Eq C Acc 9 - GBR 6.71
7 JPM US Research Enh Eq Act ETF USD Acc - IRL 6.70
8 iShares Core FTSE 100 ETF GBP Acc - IRL 5.69
9 iShares Pacific Index (IE) Instl Acc GBP - IRL 3.26
10 GRANAHAN US FOCUSED - 3.11

Risks

Investment Risk & Currency 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 exchange rates. Investors may not get back the original amount invested.

Emerging Markets Risk
The Fund Invests in emerging markets, these markets may be volatile and carry higher risk than developed markets.

Derivatives Risk
The Fund uses derivatives, these can be complex and highly volatile. Derivatives may not perform as expected meaning the Fund may suffer significant losses.

Full information on risks applicable to the Fund are in the Prospectus and the Key Investor Information Document (KIID).

Management

  • Company name

    Aviva Investors UK Fund Services Limited

  • Legal structure

    Open Ended Investment Company

  • Head office

    80 Fenchurch Street,
    London,
    United Kingdom,
    EC3M 4AE

  • Ucits

    No

Fund managers

Fund manager

Sotirios Nakos

Manager start date

25 Apr 2025

Biography

Sotirios joined Aviva Investors as an Assistant Fund Manager in the Multi-Asset team, before moving into the fund management role. Before joining, Sotirios completed internships with PwC and Crowe Horwath. Prior to this, he served in the Greek army for a year. Sotirios holds a Bachelor’s degree in Accounting and Finance from Athens University of Economics and Business, and an MSc in Finance from London School of Economics. He is also a CFA® charterholder.

Fund manager

Ravi Cheema

Manager start date

1 Jul 2026

Biography

Ravi is a co‑manager of the Aviva Investors Multi‑Asset Core Funds and the Aviva Investors Pensions range. Ravi joined Aviva Investors in 2026, bringing extensive experience in managing public private multi asset portfolios for large institutional clients. He spent 14 years as a senior member of the Schroders Multi Asset Solutions team, where he acted as an Outsourced Chief Investment Officer and Portfolio Manager for several of the UK’s largest defined benefit pension schemes. His experience spans overall investment strategy design, tactical asset allocation, and oversight of manager selection. Ravi previously held roles at HSBC and KPMG. He holds a First Class BSc (Hons) in Economics from the London School of Economics and is a CFA charterholder.

Registered countries

  • United Kingdom

Documents

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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