Seeking resilient returns in a variety of market environments
In this unpredictable environment, building portfolios that are risk diversified, flexible and able to preserve capital through varying market conditions is more crucial than ever. Liquid alternative funds can play a vital role in a broad portfolio as a diversifier.
The AIMS Target Return Fund is a multi-strategy portfolio that can offer investors resilient returns in a variety of market environments, with a focus on capital preservation through periods of equity market stress. The Fund on average is composed of 20-30 diversified strategies with a medium to long-term investment horizon which can take long and short views across a variety of risk drivers.
Why invest?
AIMS Target Return is an unconstrained strategy, in contrast to traditional funds that are benchmarked. It employs a multi-strategy approach to improve the distribution of pay-offs and reduce the fund’s sensitivity to equity markets, targeting the following investor outcomes:
Absolute return
Targets annual return of five per cent over cash.1
Managing volatility
Maintain fund volatility at less than half that of global equities.1
Enhanced diversification
Lower sensitivity to equities and bonds.
1 Target for return and volatility is over a rolling three-year period. Outcomes and targets are not guaranteed and may not be achieved.
Explore fund performance and key data
Find the latest prices and performance data in our fund centre via the links below. If you have any questions, please contact our distribution team.
Aviva Investors Multi-Strategy Target Return Fund (SICAV)
The performance target of the AIMS Target Return is five per cent over the European Central Bank base rate per annum over any rolling three-year periods, before fees.
Find opportunities across all markets
The AIMS portfolio seeks to deliver returns by identifying investment ideas and opportunities across and within asset classes. Having managed this strategy for over ten years, the team have been evolving and strengthening the process by harnessing high-conviction ideas, making effective use of quantitative tools and a disciplined approach to risk-taking.
Unconstrained approach
Multi-strategy approach utilising discretionary and systematic strategies.
Connected thinking
Firm-wide collaboration seeks to generate best-in-class ideas.
Robust portfolio construction
Focus on capturing alpha whilst preserving capital to generate absolute returns across market cycles.
Seeking to deliver across market cycles
Survival of the fittest: Resilience, persistence and AIMS Target Return
AIMS Target Return seeks to deliver long-term capital growth with low volatility across market cycles. Learn more in this in-depth article exploring our approach.


Aviva Investors Multi-Strategy Target Return: Strategy-in-brief
Strategy-in-brief: A guide for Investment professionals.
Investment insights
Investment thinking that brings together the collective insight of Aviva Investors’ teams from across the globe on the key themes influencing markets.
-
Uncertainty and the correlation conundrum: Why it’s time to look at liquid alternatives in a new light
23 Jun 2025
The current macro environment poses significant challenges for investors. Our AIMS Target Return team explain why a less conventional approach can help maintain portfolio resilience and unlock return opportunities.
-
Uncertainty and the correlation conundrum: Why it’s time to look at liquid alternatives in a new light
23 Jun 2025
The current macro environment poses significant challenges for investors. Our AIMS Target Return team explain why a less conventional approach can help maintain portfolio resilience and unlock return opportunities.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
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.

Key risks
For further information on the risks and risk profiles of our funds, please refer to the relevant fund documents.
Investment risk and 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 and exchange rates. Investors may not get back the original amount invested.
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.
Illiquid securities risk
Some investments could be hard to value or to sell at a desired time, or at a price considered to be fair (especially in large quantities). As a result, their prices can be volatile.
Sustainability risk
The level of sustainability risk may fluctuate depending on which investment opportunities the Investment Manager identifies. This means that the fund is exposed to Sustainability Risk which may impact the value of investments over the long term.
Multi-strategy team
The fund is managed by Peter Fitzgerald and Ian Pizer, who are directly accountable for idea generation and performance, drawing on the heritage and expertise within our multi-asset and macro division, our single asset class teams, and the sustainable investing team.

Peter Fitzgerald
Chief Investment Officer, Macro Discretionary

Ian Pizer
Head of Multi-Strategy Funds and Portfolio Manager, AIMS Target Return
Explore
Multi-asset & multi-strategy
With over four decades of managing multi-asset and multi-strategy portfolios, we offer bespoke and off-the-shelf actively managed solutions.
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