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Thesis global multi asset acc (gb00b3sbv573.l).

• Previous Close 199.00
• YTD Return 7.79%
• Expense Ratio 2.39%
• Category GBP Aggressive Allocation
• Last Cap Gain 0.00
• Morningstar Rating ★ ★ ★ ★ ★
• Morningstar Risk Rating Average
• Sustainability Rating --
• Net Assets 30.24M
• Beta (5Y Monthly) 0.87
• Yield 0.30%
• 5y Average Return --
• Holdings Turnover --
• Last Dividend 0.00
• Inception Date Jun 21, 2010

Thesis Global Multi Asset Acc Overview Thesis Unit Trust Management Limited / GBP Aggressive Allocation

The investment objective of the Company is to achieve long-term capital appreciation from a globally diversified portfolio

Thesis Unit Trust Management Limited

Fund Family

GBP Aggressive Allocation

Fund Category

Inception date, performance overview: gb00b3sbv573.l.

Trailing returns as of 3/31/2019. Category is GBP Aggressive Allocation.

1-Year Return

3-year return, 5-year return, holdings: gb00b3sbv573.l, top 10 holdings (41.91% of total assets), sector weightings, related mutual fund news.

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Multi-Asset Income Funds: Is the Extra Income Worth the Extra Risk?

A deep dive into this group.

Editor’s note: Read the latest on how the coronavirus is rattling the markets and what investors can do to navigate it.

While all the major asset classes have collectively taken a beating this year, multi-asset income, or MAI, funds have held up comparatively well. In the first five months of 2022, the three most crucial markets for U.S. investors—domestic stocks, international stocks, and U.S. bonds—have tumbled nearly in lockstep. Specifically, through May 31, the Morningstar US Market Index dove 14.1%, the Morningstar Global ex-US Index fell 10.3%, and the Morningstar US Core Bond Index dropped 9.0%. Meanwhile, the 68 mutual funds we identify as multi-asset income slid an average of just 7.4%. In other words, they have recently been more buoyant than the broad markets—despite devoting an average of 45% of assets to equities.

Those results might make you think these funds are solid capital-preservation tools. But portfolios that offer sustainable, repeatable downside protection generally do so because their design includes some combination of cash, short-term fixed-income, and holdings with low intercorrelation. Multi-asset income funds, on the other hand, exist specifically to distribute attractive levels of income, so most of them eschew low-yielding bonds and hold different assets based on income potential more than for diversifying characteristics. In other words, the multi-asset income fund group may occasionally do well in a downturn, but that’s by chance—not by plan.

While these funds have done well in this downturn, they don’t always play strong defense: Just two years ago in the pandemic panic, most of them plummeted. Their heavy emphasis on income has meant that, inside most of these multi-asset packages, two subasset classes usually take up a lot of space. And these two subasset classes, high-yield bonds and large-value stocks, can move together in a downturn—sometimes for better and sometimes for worse.

The Origins of Multi-Asset Income

It’s obvious why investors would want an investment to produce income and almost as clear why they’d want it to come from more than one asset class. Most people invest primarily to secure comfortable retirements—specifically to generate dependable, stable, long-lasting levels of income, ideally without quickly or sharply cutting into principal. And most investors would rather not put all their eggs in one basket, as the proverb goes. Traditionally, mixing stocks and bonds has seemed prudent. But over the past four-plus decades, using a straightforward mix for income in retirement has become far more challenging as bond yields and aggregate stock dividend yields have steadily, significantly declined.

Four decades ago, in 1980, intermediate-term Treasuries yielded 11.3% and large-cap stocks yielded 5.5%. By April 30, 2022, both intermediate government-bond yields and stock dividends had cratered to 1.4%. An even mix of bonds and stocks produced a roughly 8.4% portfolio yield in 1980; at the end of April 2022, the same blend only generated a 1.4% yield.

- source: Morningstar Direct; IA SBBI Indexes. The IA SBBI US IT Government Yld Index tracks Intermediate Treasury Yields The IA SBBI US Large Stock IR Index tracks the monthly income return of the S&P 500.

For retirees looking to replace paychecks with income, a once-simple determination has become a baffling challenge. Many investors hope that multi-asset income funds are part of the solution.

The core idea behind multi-asset income funds is straightforward: a portfolio that aims to provide income from a variety of assets. To be clear, Morningstar doesn’t group multi-asset income funds into one Morningstar Category because the funds collect income from a wide array of asset-allocation schemes, and holdings exposures drive our category system. We do have a separate multi-asset income institutional category that tracks 68 funds with two key things in common: All actively focus on income, and they have more than one asset class in their portfolio. All but one (Delaware Wealth Builder DDIAX) have “income” in their name: 13 contain the phrase “multi-asset income” and another 14 use “income builder.” The 68 funds spread across eight conventional Morningstar Categories, mainly congregating in three:

- source: Morningstar Analysts

These funds have consistently provided yields well above their own category peers that don’t intentionally focus on income. As the saying goes, however, you can’t get blood from a turnip. In an investment world where yields (especially in fixed-income) remain below their historical averages—even after the sharp rise in bond yields in 2022—few assets provide the kind of truly attractive yields that were once commonplace. Moreover, those investments producing higher income generally carry some type of added risk.

So, while most portfolios that mix multiple asset classes aim to offset the characteristics of one asset with counterbalancing traits from another, multi-asset income funds tend to lean heavily on subasset classes whose behavior has some key similarities. Specifically, the large-value equities these funds overweight tend in some ways to be a rather bondlike group of stocks given their attractive dividend yields and sedate profile (relative to other stocks). And in the fixed-income sleeves of multi-asset income funds, there’s heavy emphasis on high-yield bonds, whose sensitivity to companies’ creditworthiness makes them more volatile than other types of bonds (although they’re generally only about half as volatile as equities). Plus, high-yield bonds often slide when stocks do—just when higher-quality bonds tend to serve as ballast. Overall, multi-asset income funds have succeeded in generating plump yields, but that’s because they have heavy concentration risks in areas such as high-yield bonds and large-value equities, meaning the multi-asset income funds can fall much more than one would expect when risk becomes reality.

A Popular Potential Solution

While they’ve proliferated since the global financial crisis from 2007-09, multi-asset income funds aren’t an exclusively recent phenomenon. About half of those existing today were launched in the last decade, a quarter in the previous decade, and the remainder before 2000. (Not all of them—especially the older ones—have always been multi-asset income funds. For instance, Goldman Sachs Income Builder GKIRX was originally Goldman Sachs Balanced and changed name and strategy in 2012.)

- source: Morningstar Direct

Over the past two-plus decades, multi-asset income funds have quietly accumulated a large asset base. At the turn of the century, they held $48 billion but as of April 30, 2022, held roughly 8 times that amount at $388 billion. That asset base is a bit smaller than that of the diversified emerging-markets category and a bit more than the collective assets of the funds in the small-blend category. (It’s worth noting that about 40% of the assets in multi-asset income offerings are invested in two American Funds—American Funds Capital Income Builder CAIBX and American Funds Income Fund of America AMECX.) Most of this asset growth has been asset appreciation, though: Inflows have only totaled $78 billion over those two-plus decades.

A Few Fundamental Risks

Compared with some broadly comparable Morningstar Categories, including those that call them home, multi-asset income funds as a group have certainly provided lofty income. While their average yields declined to 4.9% from 6.5% over the past decade, they’ve consistently boasted much higher yields than those of the allocation categories and especially the intermediate core bond Morningstar Category that covers the same ground as the broad-market Morningstar Core Bond Index or the Bloomberg U.S. Aggregate Index.

Indeed, versus the intermediate core bond category, which carries considerable interest-rate risk but only modest credit risk, the multi-asset income institutional category has had a roughly 200-basis-point yield advantage over time. Put another way, the average yield among multi-asset income funds is currently about 72% higher than that of the average core bond fund. That yield premium is a dependable signal of one type of elevated risk or another.

While these funds are far from uniform, the most common hunting grounds for their income, as above, are in high-yield bonds and large-value stocks. Across the 68 funds in the institutional category, on average, 39% of fixed-income assets went to high-yield bonds as of March 31, 2022. For comparison, in the intermediate core bond category, the average was 2%; for funds outside the multi-asset income group in the allocation—30% to 50% equity Morningstar Category, the average was 15% of assets in high-yield bonds.

Turning to large value, as of March 31, 2022, multi-asset income funds invested, on average, 28% of equity assets in large-value stocks. For comparison’s sake, within the allocation—30% to 50% equity and global allocation categories (aside from multi-asset income funds) the typical fund devoted an average of 18% and 20% of equity assets to large-value stocks.

To get a sense of what these concentrations mean in combination, here’s a quick look at the allocation—30% to 50% equity category as of March 31, 2022. Excluding the subgroup of multi-asset income offerings, funds in that category averaged 14% of fund assets combined in high-yield bonds and large-value stocks. By contrast, multi-asset income funds in the category carried 31% of their assets in high-yield bonds and large-value equities. Note that these are averages; some funds lean extra hard on these areas: Transamerica Multi-Asset Income TASHX recently devoted 60% of assets to high-yield bonds and large-value stocks. Such a level of concentration in two asset classes that share risk factors, such as credit sensitivity, makes them precarious.

In addition to this concentration risk, there is also high-yield bonds’ credit risk. As interest rates have risen in 2022, credit spreads have widened. That said, they’ve only recently reached the normal range—not a generous one. Since Dec. 31, 1999, high-yield investors have received an average premium of 5.4% percentage points over 10-year Treasuries, with the median level at 4.6%. The average spread was just 3.3% on March 31, 2022, before it rose swiftly to 4.6% as of May 26, 2022.

- source: Morningstar US High-Yield Bond OAS Index

This fairly standard level of compensation comes when many believe the Federal Reserve’s overnight lending rate hikes may cause a recession. Receiving only average yields on debt from companies with risky financial footing in a precarious environment doesn’t argue strongly for a comfortable margin of safety. If the economic risks become reality, considerable drawdowns in high-yield bonds remain possible.

Return-Based Risk Measurements Miss the Mark

The fundamental risks that we see in multi-asset income funds, moreover, can hide in plain view for extended periods. That is, when looking at metrics based on trailing returns, funds can look sedate until a crisis. On this front, multi-asset income funds faced a comeuppance in early 2020 during the pandemic panic from Feb. 19 through March 3.

The classical volatility measure is historical standard deviation, which didn’t signal an impending problem heading into the 2020 crisis. From 2012 up through early 2020, it would have been fair to call multi-asset income funds sedate based on it. Over this nine-year period, they had an average three-year standard deviation of 6.6%, roughly two thirds that of the S&P 500 index’s 10.5% mark. At the end of 2019, multi-asset income funds’ average three-year standard deviation was just below that level, at 6.4%. As the pandemic panic took hold, however, their average standard deviation jumped to 10.3% in just three months, a 60% increase.

Another metric that would have projected a relatively low-risk image was beta, which approximates market sensitivity. Ideally, this metric should indicate how much an asset will fall (or rise) compared with a broad market benchmark—typically the S&P 500 index. It can be helpful in making rough estimates. For instance, in late 2019, the nearly 300-fund large-blend category had an average beta of 0.99 to the S&P 500. So, when that index fell 33.5% from Feb. 19 through March 23, 2020, you would have expected the average large-blend fund to drop about the same amount. The actual figure was 34.1%, for a single percentage point of additional damage.

On the other hand, the admittedly heterogenous multi-asset income group had an average beta of 0.45 to the S&P 500 at the end of 2019. Using that number, you’d estimate a typical pandemic-panic loss of 15.2%. The actual losses, however, were an average of 25.1%, or roughly 1,000 basis points more than a beta measurement would have suggested. Of course, that’s just the average loss: Individual fund showings ranged from a best return of negative 11.0% to a worst return of negative 43.1%.

The calculation behind beta rests on past returns, and as the warning goes: Past performance does not necessarily predict future results.

To understand why multi-asset income funds slid so badly, you’d need to go back to fundamentals risks: multi-asset income funds’ concentration in their favored subasset classes. First, there’s large value. While that corner of the market didn’t implode, it did underperform: The large-value Morningstar Category fell 37% in the pandemic panic. Second, high-yield bonds crashed when compared with other fixed-income assets. The average high-yield bond fund plummeted 20.0% in the pandemic panic—or 1,700 basis points worse than the typical intermediate core bond fund. When investors anticipated the ravages of recession and default, highly compressed credit spreads gapped widely, driving a selloff that coincided with and echoed the stock market’s plunge.

A sharp capital loss can easily create a difficult situation for income investors. After all, total returns are composed of capital returns and income. But those investors who are spending the income—and there’s no good reason to own a strongly income-focused fund if you’re not spending the income—are not reinvesting to build their asset bases back up. That can be fine in a mild pullback but creates more difficulty in a crisis. Because of the pandemic panic, 26 out of 68 mulit-asset income funds (nearly 40% of the total group) had negative returns in 2020—and didn’t fully recover from the sharp losses early in the year. Problematically, 21 out of those 26 also had lower income levels in 2020 than in 2019. And these funds’ income levels dropped a lot, averaging 22% less income from 2019 to 2020. Keep in mind, those income returns were not mere paper losses: Owners of those funds living on the income either had to reduce spending, find funds elsewhere, or sell down something in their overall portfolios to make up the difference. (While investors may seek the high income levels that multi-asset income funds provide, it’s not a good idea to use them as one-fund holdings in retirement.) Those who sold down their MAI funds, of course, were lowering their income levels going forward because they were, in effect, locking in losses in their asset bases.

As noted, every downturn is different, and multi-asset income funds won’t always deliver bad surprises when the stock market falls. As above, in 2022 through May 31, 2022, the Morningstar US Market Index has fallen 14.1%. The multi-asset income funds had an average three-year beta of 0.59 to this broad index as of year-end, so an investor might have expected a loss of 8.5%. The actual average for the funds has been a decline of 7.4%—nearly a percentage point better than one might have anticipated.

The rising interest rates that are largely driving the current downdraft in both equity and bond markets may also help create a new era for multi-asset income funds. First, with higher absolute yields now more widely available, the funds themselves may diversify more and tamp down risks. Second, now that core bond holdings have improved yields, investors may find the income streams of more conservative vehicles more attractive.

Multi-Asset Income Funds That Stand Out in the Crowd

In the meantime, while it’s clear that many multi-asset income funds now carry significant risks hiding in plain view, worthy mutual funds in the group do exist. Indeed, several carry high Morningstar Analyst Ratings, and they’ve often fared better than the pack.

The only Gold-rated fund in the multi-asset income group is Vanguard Wellesley Income VWINX, which resides in the allocation—30% to 50% equity category. It should be no surprise that its profile is more conservative than those of its multi-asset income peers. The fund stands apart by emphasizing dividend growth over dividend level and, strikingly, by swearing off high-yield bonds. Its yield was recently a conservative and maintainable 2.9%; given its relative caution, the Vanguard fund fell just 17.2% in the pandemic panic—outperforming the average multi-asset income fund in the allocation—30% to 50% equity category by 700 basis points.

American Funds has three Silver-rated funds in its lineup that demonstrate how multi-asset income funds can manage risk effectively in different ways. American Funds Income Fund of America AMECX is one of the few multi-asset income residents of the allocation—70% to 85% equity category. It mixes a 71% stake in dividend-paying equities (with a combined target of 2.5% yield) with high-yield bonds that consume 5% to 10% of total assets. Given an equity weight that’s fairly high-octane in the multi-asset income group, the fund fell a comparatively light 25.7% in the pandemic panic—in line with the typical multi-asset income fund overall. American Funds Capital Income Builder CAIBX is a similar global allocation fund that tilts more toward foreign stocks. Recently, it devoted 79% of assets to equities, including 34% from abroad. It doesn’t lean hard on high yield, however, with just 6% of its bond assets in that sector. Much like its sibling, it slid 25.0% in the pandemic panic, about the same as average multi-asset income funds with much higher equity weightings. Finally, American Funds Conservative Growth & Income RINFX has demonstrated that even with high exposures to the favored MAI areas, a fund can perform well in choppy markets. Its 39% combined weight in large value and high yield is even higher than the 31% figure typical of multi-asset income funds in the allocation—30% to 50% equity category. Yet, given the portfolio managers’ security-selection skill, the fund outperformed those multi-asset income allocation—30% to 50% equity peers by 300 basis points in the 2020 pandemic panic.

Finally, showing that a multi-asset income fund can do well despite a truly heavy stake in high-yield bonds, there is Silver-rated BlackRock Multi-Asset Income BIICX. The fund loaded up on high-yield fare to the tune of 54% of bond assets recently. So, the managers do hold a larger slug of riskier bonds but focus tightly on keeping the fund’s volatility below that of a 50% equity and 50% bond benchmark. Using that framework, the fund lost just 19.5% in the pandemic panic, nearly 500 basis points better than the typical allocation—30% to 50% equity multi-asset income offering’s loss despite the large high-yield stake.

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About the author, todd trubey.

Todd Trubey is a senior manager research analyst for Morningstar Research Services LLC, a wholly owned subsidiary of Morningstar, Inc. He covers multi-asset and alternative fund strategies.

Before rejoining Morningstar in 2021, Trubey served as vice president of marketing and analytics for Advisory Research and as vice president of portfolio strategies for Ariel Investments. In his previous stint with Morningstar, he worked in training and education and was a senior fund analyst.

Trubey holds a bachelor's degree in English from Sewanee: The University of the South and master's and doctorate degrees in English from Northwestern University.

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Fidelity Funds - Global Multi Asset Income Fund A-ACC-USD

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The fund aims to generate stable, natural income over a market cycle with low levels of volatiliy and is managed with a focus on mitigating capital losses. The fund follows a team approach with portfolio managers drawing upon the expertise of the broader multi asset team and Fidelity’s research capabilities. The fund is unconstrained and is managed actively with a flexible investment approach to navigate different market environments and deliver consistently on the objectives. It seeks to capture attractive income opportunities from a diversified range of traditional and alternative asset classes while managing risk and mitigating capital losses in volatile markets.

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The value of your investment may fall as well as rise and you may get back less than you originally invested. The use of financial derivative instruments may result in increased gains or losses within the fund. There is a risk that the issuers of bonds may not be able to repay the money they have borrowed or make interest payments. When interest rates rise, bonds may fall in value. Rising interest rates may cause the value of your investment to fall. The Investment Manager’s focus on securities of issuers which maintain favourable ESG characteristics or that are sustainable investments may affect the fund’s investment performance favourably or unfavourably in comparison to similar funds without such focus. When referring to sustainability – related aspects of the promoted fund, the decision to invest should take into account all characteristics or objectives of the promoted fund as detailed in the Prospectus. Information on sustainability-related aspects is provided pursuant to SFDR at https://www.fidelity.lu/sfdr-entity-disclosures .

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Objective: The fund aims to achieve moderate capital growth over the medium to long term and provide income. Investment Policy: The fund invests in a range of asset classes Including debt securities, equities, real estate, infrastructure, from anywhere in the world, including emerging markets. The fund invests at least 50% of its assets in securities of issuers with favourable environmental, social and governance (ESG) characteristics. The fund may invest in the following assets according to the percentages indicated: investment grade bonds: up to 100% below investment grade bonds: up to 60% emerging market bonds: up to 50% equities: up to 50% government bonds: up to 50% China A and B shares and listed onshore bonds (directly and/or indirectly): less than 20% (in aggregate) eligible REITs and infrastructure securities: less than 30% (in each asset class) hybrids and contingent convertible (CoCo) bonds: less than 30%, with less than 20% in contingent convertible (CoCo) bonds money market instruments: up to 25% SPACs: less than 5%. The fund may also Invest in other subordinated financial debt and preference shares The fund’s exposure to distressed securities is limited to 10% of its assets. Investment Process: In actively managing the fund, the Investment Manager will allocate investments across asset classes and geographic areas based on their potential to generate income and capital growth or reduce overall risk. The fund’s income is mainly generated by dividend payments of equities and coupon payments of bonds. The Investment Manager also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics , the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process, the Investment Manager aims to ensure that investee companies follow good governance practices. The fund adheres to the Fidelity Sustainable Investing Framework standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex. Derivatives and Techniques: The fund may use derivatives for hedging, efficient portfolio management and investment purposes. Benchmark: None.

Corporate documents

The fund promotes environmental or social characteristics, but does not have as its objective a sustainable investment. The fund promotes environmental and social characteristics by investing in securities of issuers with favourable ESG characteristics. Favourable ESG characteristics are determined by reference to ESG ratings. ESG ratings consider environmental characteristics including carbon intensity, carbon emissions, energy efficiency, water and waste management and biodiversity, as well as social characteristics including product safety, supply chain, health and safety and human rights. The fund partially intends to make sustainable investments. No reference benchmark has been designated for the purpose of attaining the environmental and social characteristics promoted. The fund will invest: (i) a minimum of 50% of its assets in issuers with favourable ESG characteristics; (ii) a minimum of 2% in sustainable investments of which a minimum of 0% have an environmental objective (which is aligned with the EU Taxonomy), a minimum of 1% have an environmental objective (which is not aligned with the EU Taxonomy) and a minimum of 1% have a social objective. In respect of its direct investments in corporate issuers, the fund is subject to: (a) a firm-wide exclusions list, which includes cluster munitions and anti-personnel landmines, and (b) norms-based screening of issuers which the investment manager considers have failed to conduct their business in accordance with international norms, including as set out in the UNGC. The above exclusions and screens (the “Exclusions”) may be updated from time to time. Attainment of the environmental or social characteristics promoted throughout the fund’s lifecycle is monitored on a daily basis, using Fidelity’s internal compliance monitoring system and the sustainability indicators are monitored by Fidelity’s sustainable investing team on a quarterly basis. Data is obtained from a combination of internal and external sources. Limitations in data availability or methodological challenges may constrain Fidelity’s ability to generate insights into an individual issuer’s contribution towards promotion of environmental or social characteristics. However, these challenges may be mitigated by issuer engagement and Fidelity do not expect these constraints to have a material impact on the fund’s ability to achieve the environmental or social characteristics promoted. Due diligence on underlying assets is carried out by reference to ESG ratings and engagement.

The fund promotes environmental or social characteristics, but does not have as its objective a sustainable investment.

What are the objectives of the sustainable investments that the financial product partially intends to make and how does the sustainable investment contribute to such objectives?

The fund determines a sustainable investment as follows: (a) issuers that undertake economic activities that contribute to one or more of the environmental objectives set out in the EU Taxonomy and qualify as environmentally sustainable in accordance with EU Taxonomy; or (b) issuers whereby the majority of their business activities (more than 50% of revenue) contribute to environmental or social objectives aligned with one or more of the United Nations Sustainable Development Goals (“SDGs”); or (c) issuers which have set a decarbonisation target consistent with a 1.5 degree warming scenario or lower (verified by the Science Based Target Initiative or a Fidelity Proprietary Climate Rating) which would be considered to contribute to environmental objectives; provided they do no significant harm, meet minimum safeguards and good governance criteria.

How do the sustainable investments that the financial product partially intends to make, not cause significant harm to any environmental or social sustainable investment objective?

Sustainable investments are screened for involvement in activities that cause significant harm and controversies, assessed through a check that the issuer meets minimum safeguards and standards that relate to principal adverse impacts (PAIs) as well as performance on PAI metrics. This includes: • Norms-based screens - the screening out of securities identified under Fidelity’s existing norms-based screening (as set out below); • Activity-based screens - the screening out of issuers based on their participation in activities with significant negative impacts on society or the environment, including issuers that are considered to have a ‘Very Severe’ controversy using controversy screens, covering 1) environmental issues, 2) human rights and communities, 3) labour rights and supply chain, 4) customers, 5) governance; and • PAI indicators - quantitative data (where available) on PAI indicators is used to evaluate whether an issuer is involved in activities that cause significant harm to any environmental or social objective.

How does this financial product take into account principal adverse impacts on sustainability factors?

For sustainable investments, as set out above, Fidelity undertakes a quantitative evaluation that identifies entities with challenging performance on PAI indicators. Issuers with a low score will be ineligible to be ‘sustainable investments’ unless Fidelity’s fundamental research determines that the issuer is not breaching “do no significant harm” requirements or is on the path to mitigate the adverse impacts through effective management or transition.

Are the sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights?

Norms-based screens are applied: Issuers identified as failing to behave in a way which meets their fundamental responsibilities in the areas of human rights, labour, environmental and anti-corruption as aligned with international norms including those set out by the OECD Guidelines for Multinational Enterprises, the UN Guiding Principles on Business and Human Rights, the UN Global Compact (UNGC) and the International Labour Organisation (ILO) Conventions, are not considered sustainable investments.

What are the environmental or social characteristics promoted by this financial product?

The fund promotes environmental and social characteristics by investing in securities of issuers with favourable ESG characteristics. Favourable ESG characteristics are determined by reference to ESG ratings. ESG ratings consider environmental characteristics including carbon intensity, carbon emissions, energy efficiency, water and waste management and biodiversity, as well as social characteristics including product safety, supply chain, health and safety and human rights. The fund partially intends to make sustainable investments. No reference benchmark has been designated for the purpose of attaining the environmental and social characteristics promoted.

What investment strategy does this financial product follow and how is the strategy implemented in the investment process on a continuous basis?

A minimum of 50% of the fund’s assets will be invested in securities with favourable ESG characteristics. Favourable ESG characteristics are determined by reference to ESG ratings provided by external agencies and Fidelity ESG ratings. Fidelity’s Multi Asset Research team aim to understand an individual manager’s approach to ESG by evaluating how far ESG considerations are integrated within the investment process and philosophy, the analyst’s financial analysis and the composition of the portfolio. They consider how ESG factors are integrated into the investment policy of the strategy, and, where proprietary ratings are used, how ESG research and output is evidenced in individual security weights and any applicable engagement and exclusion policies. The team consults a range of data sources, including Fidelity Sustainability Ratings as well as third-party data, in order to assess the ESG metrics of the relevant strategies. In respect of its direct investments in corporate issuers, the fund is subject to: 1. a firm-wide exclusions list, which includes cluster munitions and anti-personnel landmines, and 2. a norms-based screening of issuers which the Investment Manager considers have failed to conduct their business in accordance with international norms (as set out above). The above exclusions and screens (the “Exclusions”) may be updated from time to time. Please refer to the website for further information Sustainable investing framework (fidelityinternational.com). The Investment Manager also has discretion to implement enhanced, stricter sustainable requirements and exclusions from time to time.

What are the binding elements of the investment strategy used to select the investments to attain each of the environmental or social characteristics promoted by this financial product?

The fund will invest: (i) a minimum of 50% of its assets in issuers with favourable ESG characteristics, (ii) a minimum of 2% in sustainable investments of which a minimum of 0% have an environmental objective (which is aligned with the EU Taxonomy), a minimum of 1% have an environmental objective (which is not aligned with the EU Taxonomy) and a minimum of 1% have a social objective. In addition, the fund will systematically apply the Exclusions as described above.

What is the policy to assess good governance practices of the investee companies?

The governance practices of issuers are assessed using fundamental research, including Fidelity ESG Ratings, data regarding controversies and UN Global Compact violations. Key points that are analysed include track record of capital allocation, financial transparency, related party transactions, board independence and size, executive pay, auditors and internal oversight, minority shareholder rights, among other indicators.

Does this financial product consider principal adverse impacts on sustainability factors?

Consideration of the principal adverse impacts on sustainability factors of investment decisions (referred to as principal adverse impacts) is incorporated through a variety of tools, including: (i) Due Diligence - analysis of whether impacts on sustainability factors are material and negative. (ii) ESG rating - Fidelity references ESG ratings which incorporate consideration of material principal adverse impacts such as carbon emissions, employee safety and bribery and corruption, water management and, for sovereign issued securities, ratings used incorporate consideration of material principal adverse impacts such as carbon emissions, social violations and freedom of expression. (iii) Exclusions - When investing directly in corporate issuers, the fund applies the Exclusions (as defined below) to help mitigate the principal adverse impacts through excluding harmful sectors and prohibiting investment in issuers that breach international standards, such as the UNGC. (iv) Engagement - Fidelity uses engagement as a tool to better understand principal adverse impacts and, in some circumstances, advocate for mitigating the principal adverse impacts. Fidelity participates in relevant individual and collaborative engagements that target a number of principal adverse impacts (i.e. Climate Action 100+, Investors Against Slavery and Trafficking APAC). (v) Voting - Fidelity’s voting policy includes explicit minimum standards for board gender diversity and engagement with climate change for corporate issuers. Fidelity may also vote to help mitigate principal adverse impacts. (vi) Quarterly reviews - monitoring of principal adverse impacts through the fund’s quarterly review process. Fidelity takes into account specific indicators for each sustainability factor when considering whether investments have a principal adverse impact. These indicators are subject to data availability and may evolve with improving data quality and availability. Information on principal adverse impacts will be available in the annual report of the fund.

What is the planned asset allocation for this financial product?

(#1 Aligned with E/S characteristics) The fund will invest: 1. a minimum of 50% of its assets in securities of issuers with favourable ESG characteristics; 2. a minimum of 2% of its assets in sustainable investments (#1A sustainable) of which a minimum of of 0% have an environmental objective (which is aligned with the EU Taxonomy), a minimum of 1% have an environmental objective (which is not aligned with the EU Taxonomy) and a minimum of 1% have a social objective. (#1B Other E/S characteristics) Includes securities of issuers with favourable ESG characteristics but are not sustainable investments.

#1 Aligned with E/S characteristics includes the investments of the financial product used to attain the environmental or social characteristics promoted by the financial product.

#2 Other includes the remaining investments of the financial product which are neither aligned with the environmental or social characteristics, nor are qualified as sustainable investments.

The category #1 Aligned with E/S characteristics covers:

- The sub-category #1A Sustainable covers sustainable investments with environmental or social objectives.

- The sub-category #1B Other E/S characteristics covers investments aligned with the environmental or social characteristics that do not qualify as sustainable investments.

How does the use of derivatives attain the environmental or social characteristics promoted by the financial product?

Where the security underlying a derivative has favourable ESG characteristics in accordance with Fidelity's Sustainable Investing Framework, the derivative may be included in determining the proportion of the fund dedicated to promotion of environmental or social characteristics.

What is the minimum share of investments with an environmental objective aligned with the EU Taxonomy? (including what methodology is used for the calculation of the alignment with the EU Taxonomy and why; and what the minimum share of transitional and enabling activities)

The fund invests a minimum of 0% in sustainable investments with an environmental objective aligned with the EU Taxonomy. The compliance of the investments of the fund with the EU Taxonomy will not be subject to an assurance by auditors or a review by third parties. The EU Taxonomy alignment of the underlying investments of the fund is measured by turnover.

Does the financial product invest in fossil gas and/or nuclear energy-related activities that comply with the EU Taxonomy¹?

¹fossil gas and/or nuclear related activities will only comply with the eu taxonomy where they contribute to limiting climate change (“climate change mitigation”) and do not significantly harm any eu taxonomy objectives - see explanatory note in the left hand margin. the full criteria for fossil gas and nuclear energy economic activities that comply with the eu taxonomy are laid down in commission delegated regulation (eu) 2022/1214..

The two graphs below show in dark blue the minimum percentage of investments that are aligned with the EU Taxonomy. As there is no appropriate methodology to determine the Taxonomy-alignment of sovereign bonds*, the first graph shows the Taxonomy alignment in relation to all the investments of the financial product including sovereign bonds, while the second graph shows the Taxonomy alignment only in relation to the investments of the financial product other than sovereign bonds.

* For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures

The fund invests a minimum of 0% in transitional activities and a minimum of 0% in enabling activities.

What is the minimum share of sustainable investments with an environmental objective that are not aligned with the EU Taxonomy?

The fund invests a minimum of 1% in sustainable investments with an environmental objective that is not aligned with the EU Taxonomy. Investments could be aligned with the EU Taxonomy but the Investment Manager is not currently in a position to specify the exact proportion of the fund’s underlying investments which take into account the EU criteria for environmentally sustainable economic activities. However, the position will be kept under review as the underlying rules are finalised and the availability of reliable data increases over time.

What is the minimum share of socially sustainable investments?

The fund invests a minimum of 1% in sustainable investments with a social objective.

What investments are included under “#2 Other”, what is their purpose and are there any minimum environmental or social safeguards?

The remaining investments of the fund which are not aligned with the favourable ESG characteristics, will be invested in accordance with the financial investment objective of the fund, or cash and cash equivalents for liquidity purposes and derivatives which may be used for investment and efficient portfolio management. As minimum environmental and social safeguard, all direct investments in corporate issuers will adhere to the Exclusions.

What sustainability indicators are used to measure the attainment of the environmental or social characteristics promoted by this financial product?

The fund uses the following sustainability indicators in order to measure the attainment of the environmental or social characteristics that it promotes: i) the percentage of the fund invested in securities of issuers with favourable ESG characteristics in accordance with Fidelity’s Sustainable Investing Framework; ii) in respect of its direct investments in corporate issuers, the percentage of the fund invested in securities of issuers with exposure to the Exclusions (defined below); iii) the percentage of the fund invested in sustainable investments; iv) the percentage of the fund invested in sustainable investments with an environmental objective in economic activities (that do not qualify as environmentally sustainable under the EU Taxonomy); and v) the percentage of the fund invested in sustainable investments with a social objective.

How are the environmental or social characteristics and the sustainability indicators monitored throughout the lifecycle of the financial product and the related internal/external control mechanism?

The portfolio compliance team monitors attainment of the environmental or social characteristics promoted throughout the fund’s lifecycle on a daily basis, using Fidelity’s internal compliance monitoring system. The sustainability indicators are monitored by Fidelity’s sustainable investing team on a quarterly basis. The fund’s periodic disclosures report on the extent to which the fund has attained the environmental or social characteristics promoted and the sustainability indicators during the period.

What is the methodology to measure the attainment of the environmental or social characteristics promoted by the financial product using the sustainability indicators?

The attainment of sustainability indicators is measured by Fidelity’s sustainable investing team on a quarterly basis, using data obtained from daily monitoring of the environmental or social characteristics promoted by the fund.

What are the data sources used to attain each of the environmental or social characteristics including the measures taken to ensure data quality, how data is processed and the proportion of data that is estimated?

Data Sources Data is obtained from a combination of internal and external sources. External sources include: MSCI and Factset that provide data on principal adverse impacts, controversy data and ESG ratings data; Institutional Shareholder Services (ISS) that provide carbon data, climate data and data on UN Global Compact violators; Moody’s that provide EU Taxonomy data. Internal sources include Fidelity Sustainability Ratings, which complement the third-party sourced ESG ratings and controversy data for exclusions and qualitative assessments. Measures taken to ensure data quality When a data provider is initially onboarded by Fidelity, an assessment of data quality and an evaluation of data samples is made. Fidelity assesses the quality of MSCI ESG ratings data on an ongoing daily basis, using broad statistics to check data points for accuracy and completeness. Fidelity also performs certain manual checks from time to time on externally sourced data. How data is processed Data is processed in accordance with applicable local laws on processing of data and in accordance with Fidelity’s policies on data processing. Proportion of data that is estimated Fidelity does not generally estimate data, although may do so in certain circumstances. External data providers may estimate data.

What are the limitations to the methodologies and data sources? (Including how such limitations do not affect the attainment of the environmental or social characteristics and the actions taken to address such limitations)

Limitations in data availability or methodological challenges may constrain Fidelity’s ability to generate insights into an individual issuer’s contribution towards promotion of environmental or social characteristics. The data used is in part provided by external data providers, which may apply different models and may contain inaccurate or incomplete data. In case of insufficient data, these data providers may rely on estimates and approximations using internal methodologies that may be subjective. These methodologies may also vary for each data provider. As the fund relies in part on this data when making investment decisions, it might have a negative impact on the performance of the fund. However, these challenges may be mitigated by issuer engagement and Fidelity do not expect these constraints to have a material impact on the fund’s ability to achieve the environmental or social characteristics. In addition, Fidelity continue to seek alternative data providers and aim to introduce additional proprietary tools to help bridge data gaps and to provide alternative insight into an issuers performance on sustainability issues and will continue to evolve Fidelity’s ESG ratings to reflect evolving best practice.

What is the due diligence carried out on the underlying assets and what are the internal and external controls in place?

Due diligence on underlying assets is carried out by reference to ESG ratings and engagement. (i) ESG ratings which incorporate analysis of the environmental and social characteristics of an issuer and consideration of material principal adverse impacts such as carbon emissions, employee safety and bribery and corruption, water management and, for sovereign issued securities, ratings used incorporate consideration of material principal adverse impacts such as carbon emissions, social violations and freedom of expression. Fidelity ESG ratings for each issuer are reviewed on an annual basis. (ii) Engagement - Fidelity uses engagement as a tool to better understand issuers and, in some circumstances, advocate for change. Fidelity participates in relevant individual and collaborative engagements that target a number of principal adverse impacts (i.e. Climate Action 100+, Investors Against Slavery and Trafficking APAC). The Sustainable Investing frameworks and activities are overseen by the Fidelity Sustainable Investing Operating Committee (the ‘SIOC’). The SIOC is responsible for setting the policies and objectives of Fidelity as they relate to sustainable investing and oversee the implementation and delivery of these policies and objectives. This committee is comprised of Fidelity senior executives from across Fidelity’s business units, including the Global Head of Stewardship and Sustainable Investing. In addition, the SIOC is responsible for the conduct, oversight and execution of Fidelity’s ownership rights in investee issuers, including engagement and proxy voting activities. The Fidelity Sustainable Investing frameworks and Fidelity ESG Ratings have been reviewed and validated by Fidelity internal risk and internal audit teams.

Is engagement part of the environmental or social investment strategy?

If so, what are the engagement policies (including any management procedures applicable to sustainability-related controversies in investee companies).

Engagement and voting form part of the fund’s consideration of principal adverse impacts on sustainability factors but are not part of the investment strategy. The Investment Manager’s Sustainable Investing Principles and Voting Policy sets out how it may integrate shareholder engagement in investment strategies. Engagements can be undertaken to gain a deeper understanding of an issuer’s sustainability and impact on environmental and social factors practices to better inform investment decisions and to use influence to improve the sustainability practices of issuers. The Investment Manager seeks to maintain an ongoing dialogue with management of issuers. Formal meetings are typically held with most issuers at least twice a year. In addition to these regular dialogues, there are a variety of other opportunities for ESG-focussed engagements including those in response to a controversy or adverse event, or if flagged for engagement during the Fidelity Sustainability Rating assessment process, a thematic engagement on a particular sustainable investing issue, in response to an issuer’s request for engagement on a specific governance or corporate event, or through involvement with a third-party engagement forum. Once the Investment Manager has identified an engagement opportunity, a constructive dialogue starts with issuers to explain the Investment Manager’s beliefs and expectations, and to encourage shifts in long term behaviour. The Investment Manager documents engagements with issuers in a centralised application platform, which is available to the entire investment team. Engagements can have various timeframes depending on the materiality and urgency of the topic in discussion. A lack of impact of the engagement can lead to a worsened Fidelity Sustainability Rating or lead to considerations around voting and divestment.

Has a reference benchmark been designated for the purpose of attaining these characteristics promoted by the financial product?

Date of initial publication: 01/01/2023 | Version 3 | Date of latest update: 07/02/2024

The periodic disclosure of the fund, as required under SFDR, is available as an appendix to the annual report here . This takes effect from the first publishing date in 2023.

We recommend that you obtain detailed information before taking any investment decision. Investments should be made on the basis of the current prospectus and key information document, which are available along with the current annual and semi-annual reports free of charge from our distributors and from our Service Centre in the United Kingdom.

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Goldman Sachs Global Multi-Asset Income Portfolio

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• Investment involves risk. For more detailed information on the risks associated with an investment in the Portfolio, please refer to the Hong Kong offering documents including the Product Key Facts Statement (KFS).
• For more detailed information on the risks associated with an investment in the Portfolio, please refer to the Hong Kong offering documents including the Product Key Facts Statement (KFS).
• Performance is shown as of the month end on NAV to NAV basis in denominated currency of the respective share class, with dividend reinvested.
• The value of assets in the Portfolio is typically dictated by a number of factors, including political, market and general economic conditions. The Portfolio's investment portfolio may fall in value due to any of the key risk factors below and therefore your investment in the Portfolio may suffer losses. There is no guarantee of the repayment of principal.
• The Portfolio's investments are concentrated in high-yield instruments and/or below Investment Grade or unrated securities of comparable credit quality. The value of the Portfolio may be more volatile than that of a fund having a more diverse portfolio of investments.
• The Portfolio invests in Emerging Markets which may involve increased risks and special considerations not typically associated with investment in more developed markets such as liquidity risks, currency risks/control, political and economic uncertainties, legal and taxation risks, settlement risks, custody risk, risks of nationalisation or expropriation of assets, and the likelihood of a high degree of volatility. High market volatility and potential settlement difficulties in the markets may also result in significant fluctuations in the prices of the securities traded on Emerging Markets and thereby may adversely affect the value of the Portfolio.
• For Gross MDist Classes, the Portfolio may pay dividend out of gross income while charging/paying all or part of the Portfolio’s fees and expenses to / out of the capital of the Portfolio, resulting in an increase in distributable income for the payment of dividends by the Portfolio and therefore, the Portfolio may effectively pay dividend out of capital. Capital/capital gains are generally expected to be retained although the board of directors of the Fund may at its discretion pay dividend out of the capital and/or effectively out of capital of the Portfolio.
• For Gross MDist Classes, payment of dividends out of capital and/or effectively out of capital amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment. Any such distributions may result in an immediate reduction of the net asset value per share.
• The Portfolio's net derivative exposure may be up to 50% of the Portfolio's net asset value. The Portfolio is exposed to risks associated with financial derivative instruments, including writing (selling) of covered call options, which may lead to a significant loss by the Portfolio.
• The Portfolio is exposed to risks associated with currency, equity market,  small-capitalisation / mid-capitalisation companies, regulatory/exchanges requirements/policies of the equity market in Emerging Markets , RMB currency and conversion,  sustainability risk, depositary receipts, Money Market Instruments, liquidity, counterparty, credit, interest rate, downgrading, high yield instruments and/or below Investment Grade or unrated securities of comparable credit quality, investments in debt instruments with loss-absorption features, valuation, credit rating, Tactical Exposures and dynamic asset allocation strategy.
• Material losses to the Portfolio may arise as a result of human error, system and/ or process failures, inadequate procedures or controls.
• Insolvency, breaches of duty of care or misconduct of a custodian or sub-custodian responsible for the safekeeping of the Portfolio’s assets can result in loss to the Portfolio.
• For Class Other Currency Shares (Gross MDist) (AUD-Hedged), the investment returns are denominated in Australian dollar. US/HK dollar based investors are therefore exposed to fluctuations in the US/HK dollar/Australian dollar exchange rate.
• For Class Other Currency Shares (Gross MDist)(RMB-Hedged), the investment returns are denominated in Renminbi. US/HK dollar based investors are therefore exposed to fluctuations in the US/HK dollar/ Renminbi exchange rate.
• Effective December 28, 2018, the portfolio name changed from Goldman Sachs Global Income Builder Portfolio to Goldman Sachs Global Multi-Asset Income Portfolio.
• The performance up to and including 2017 was achieved under circumstances that no longer apply, as the investment objective and investment policy were changed since April 2015 and August 2017 whereby the portfolio may seek to generate income through the writing of call options on equity securities or indices, and the portfolio’s currency exposure was hedged back to the US Dollar, respectively.
• The Reference Benchmark of the Portfolio was changed in May 2016 and December 2018 to reflect changes in the strategic asset allocation of the Portfolio, and in August 2017 to reflect a change in the investment policy. The current Reference Benchmark has been applied to the performance history of the Portfolio back to inception.
• Effective April 27, 2015, the Management Fee of all Base Classes and Other Currency Share Classes changed from up to 1.50% per annum to 1.25% per annum.
• The Portfolio as well as Class Base (Acc.) Shares and Class Base (Gross MDist) Shares were launched on March 18, 2014. No calendar year performance was shown for the years prior to 2015 because there was insufficient data in those years to provide performance.
• Class Other Currency Shares (Gross MDist) (AUD-Hedged) and Class Other Currency Shares (Gross MDist) (HKD) were launched on June 28, 2019. No calendar year performance was shown for the years prior to 2020 because there was insufficient data in those years to provide performance.
• For Class Other Currency Shares (Gross MDist)(RMB-Hedged), no calendar year performance was shown because there is insufficient data to provide a useful indication of past performance to investors; the share class was launched on April 12, 2022.

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Asset Class Global Balanced

• Fund Profile

Mackenzie Maximum Diversification Global Multi-Asset Fund

Why invest in this fund.

• Maximum Diversification® process seeks to reduce biases and enhance risk-adjusted returns
• Diversified access to high-return potential assets, including up to 10% allocation to Bitcoin and Ethereum ETFs
• Enhanced diversification, whether used as a stand-alone fund or as part of an investment portfolio

Feature Page - Mackenzie Maximum Diversification Global Multi-Asset Fund

Performance, sustainability characteristics, codes & fees, historical data, fund materials, regulatory documents.

• Prospectus & Annual Information Form

Other Global Balanced

• Mackenzie ChinaAMC Multi-Asset Fund
• Mackenzie Global Strategic Income Fund
• Mackenzie USD Global Strategic Income Fund
• Mackenzie Global Sustainable Balanced Fund
• Mackenzie Ivy Global Balanced Fund
• Mackenzie Bluewater Global Growth Balanced Fund
• Mackenzie Bluewater North American Balanced Fund
• Mackenzie Inflation-Focused Fund
• Mackenzie Greenchip Global Environmental Balanced Fund
• See all Global Balanced

TOBAM is a Paris-based asset management company offering innovative investment capabilities designed to increase diversification. Its mission is to provide rational and professional solutions to long term investors in the context of efficient (i.e. unforecastable) markets.

Commissions, trailing commissions, management fees, brokerage fees and expenses may be associated with investment funds. Please read the prospectus before investing . The indicated rates of return are the historical annual compounded total returns including changes in unit value and reinvestment of all distributions and does not take into account sales, redemption, distribution, or optional charges or income taxes payable by any security holder that would have reduced returns. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated. For changes in the business, operations or affairs of an investment fund, and reorganization or acquisition of assets in an investment fund during the most recent 10 years that could have materially affected the performance of the investment fund, please refer to the "Major Changes During the Last 10 Years” section in the most recent Annual Information Form . Mutual Fund US Dollar Settlement Option details. Index performance does not include the impact of fees, commissions, and expenses that would be payable by investors in the investment products that seek to track an index. The rate of return is used only to illustrate the effects of the compound growth rate and is not intended to reflect future values of the investment fund or asset allocation service or returns on investment in the investment fund or from the use of the asset allocation service.

†The major holdings of the Fund may, but do not necessarily, represent the largest holdings of the Fund. Rather, the major holdings are selected for their overall significance in evaluating the investment portfolio. Please see mackenzieinvestments.com/currency to view the funds/products using currency derivatives to hedge exchange risk.

‡‡ Effective June 1, 2022, the redemption charge purchase option, and the low-load purchase option are no longer available for purchase, including those made through systematic purchase plans such as pre-authorized contribution plans.  Switching from securities of a Mackenzie Fund previously purchased under the redemption charge or low-load purchase options to securities of another Mackenzie Fund, under the same purchase option, will continue to be available until such redemption schedules expire.

ESG Metric Definition

* - The MSCI ESG Rating for funds is designed to measure the resiliency of portfolios to long-term ESG risks and opportunities. The most highly rated funds consist of issuers with leading or improving management of key ESG risks. The ESG Ratings range from leader (AAA, AA), average (A, BBB, BB) to laggard (B, CCC).

• The Weighted Average Carbon Intensity measures a fund's exposure to carbon intensive companies based on scope 1 and 2 emissions.
• The percentage of fund's market values exposed to companies that generate revenue from sustainable impact solutions goods and services. Additionally, sustainable impact solutions revenue from companies with negative externalities are excluded.
• The fund holdings weighted average of the percentage of board members who are women.
• The percentage of portfolio's market value exposed to companies facing one or more Very Severe controversies related to the environment, customers, human rights, labor rights and governance.
• The percentage of portfolio's market value exposed to companies involved in tobacco. This includes companies that derive more than 10% of revenue from tobacco.
• The percentage of portfolio's market value exposed to companies with ties to cluster munitions, landmines, biological / chemical weapons, depleted uranium weapons, blinding laser weapons, incendiary weapons, and/or non-detectable fragments.
• The percentage of portfolio's market value exposed to companies involved in gambling. This includes companies that derive more than 10% of revenue from gambling activities.
• The percentage of portfolio's market value exposed to companies involved in adult entertainment. This includes companies that generate more than 10% of their revenue from adult entertainment activities.

Each Fund’s ESG characteristics and performance may differ from time to time. Each Fund’s MSCI ESG rating and Morningstar Sustainability Rating does not evaluate the ESG-related investment objectives of, or any ESG strategies used by, the Funds and is not indicative of how well ESG factors are integrated by the Fund. Other providers may also prepare fund-level ESG ratings using their own methodologies, which may differ from the methodologies used by Morningstar or MSCI as applicable. Please refer to the simplified prospectus for the Funds for further information about each Fund’s investment objectives and strategies

MSCI’s ESG Fund Ratings are meant to measure environmental, social and governance (ESG) characteristics of a fund’s constituents. MSCI uses a rating system, ranging from CCC (laggard) to AAA (leader), which considers individual holding scores, ESG momentum and ESG tail risk. The rating is determined based on a weighted average of the company-level ratings of the underlying holdings of the particular fund. These ratings are updated monthly. Under MSCI’s ESG Fund Ratings methodology, a portfolio must meet an eligibility criterion of at least 65% of assets under management covered to have a public rating. See the complete methodology here .

The Morningstar Sustainability Rating is a measure of how well a portfolio, and its holdings, are performing through an ESG issues lens in comparison to its peer group. Higher number of globes indicates that portfolio has lower ESG risks. The rating is determined based on a weighted average of the company-level ratings of the underlying holdings of the particular fund. Ratings are as follows: High = 5 globes, Above Average = 4 globes, Average = 3 globes, Below Average = 2 globes, Low = 1 globe. These ratings are updated monthly. We have reported ratings as of the beginning of January. Under Morningstar’s Sustainability Rating, a portfolio must have at least 67% of assets under management covered to have a public rating. See the complete methodology here .

Weighted Average Carbon Intensity (WACI) , a carbon-intensity metric, measures a fund’s exposure to carbon-intensive companies expressed in tonnes of carbon dioxide equivalent (tCO2e) per million dollars US of revenue (USDM). This metric acts as a comparable between the fund and the benchmark, utilizing MSCI’s ESG Fund Ratings methodology Scope 1 and Scope 2 greenhouse gas emissions data. Under our internal methodology, at least 65% of a portfolio’s weight must be eligible and covered in order for the metric to be reported.

Board diversity (women) is demonstrated through company filings; depicted as the percentage of women on a company’s Board of Directors. Company filing is done on an annual basis. Under our internal methodology, at least 65% of a portfolio’s weight must be eligible and covered in order for the metric to be reported.

MSCI ESG Research LLC’s (“MSCI ESG”) Fund Metrics products (the “Information”) provide environmental, social and governance data with respect to underlying securities within more than 23,000 multi-asset class Mutual Funds and ETFs globally. MSCI ESG is a Registered Investment Adviser under the Investment Advisers Act of 1940. MSCI ESG materials have not been submitted to, nor received approval from, the US SEC or any other regulatory body. None of the Information constitutes an offer to buy or sell, or a promotion or recommendation of, any security, financial instrument or product or trading strategy, nor should it be taken as an indication or guarantee of any future performance, analysis, forecast or prediction. None of the Information can be used to determine which securities to buy or sell or when to buy or sell them. The Information is provided “as is” and the user of the Information assumes the entire risk of any use it may make or permit to be made of the Information.

© 2023 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results

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• Mutual Funds

Multi Asset Allocation Funds

Multi Asset Allocation Funds are hybrid funds that must invest a minimum of 10% in at least 3 asset classes. These funds typically have a combination of equity, debt, and one more asset class like gold, real estate, etc.

• Average Return 18.44%
• No of Funds 20

Advantages of Multi Asset Allocation funds

• Lesser risk than most hybrid funds as the investments are spread across multiple asset classes
• Lower allocation to stocks means the returns can fall behind in rising markets
• Suitable for an investment horizon of at least 3 years
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What is Multi Asset Allocation Mutual Fund

Advantages of multi asset allocation funds, top schemes of multi asset allocation mutual funds sorted by last 5 year returns.

• ETM Rank High to Low
• Returns High to Low
• Fund Size High to Low
• Monthly SIP
• One-time (Lumpsum)

₹1,829 Crs

Return (p.a)

+ 29.90 % p.a. --> + 269.88 % + 17.70 % p.a. --> + 410.30 % + 38.90 % + 38.90 % + 30.50 % p.a. --> + 122.24 % + 18.33 % + 18.33 % N.A. N.A. + 49.88 % p.a. --> + 49.88 % + 6.17 % + 6.17 %

+ 124.62% + 6.17% + 76.21% + 9.62% + 85.62% + 19.85% + 62.92% + 31.33% + 32.14% + 58.08% + 33.85% + 128.80%

Min Lumpsum

₹ 5,000

5 Yrs Return

₹3,879 Crs

+ 15.23 % p.a. --> + 103.16 % + 12.59 % p.a. --> + 227.30 % + 16.41 % + 16.41 % + 16.90 % p.a. --> + 59.73 % + 6.37 % + 6.37 % N.A. N.A. + 29.66 % p.a. --> + 29.66 % + 4.14 % + 4.14 %

+ 73.12% + 4.14% + 33.47% + 4.77% + 32.84% + 8.56% + 30.22% + 15.60% + 19.51% + 33.12% + 17.15% + 53.41%

₹36,843 Crs

+ 20.30 % p.a. --> + 151.95 % + 16.88 % p.a. --> + 375.89 % + 18.96 % + 18.96 % + 26.08 % p.a. --> + 100.44 % + 9.06 % + 9.06 % N.A. N.A. + 34.54 % p.a. --> + 34.54 % + 3.07 % + 3.07 %

+ 50.47% + 3.07% + 39.51% + 5.53% + 39.72% + 10.18% + 35.80% + 18.36% + 25.27% + 44.15% + 25.18% + 86.34%

₹2,642 Crs

+ 15.63 % p.a. --> + 106.74 % + 12.18 % p.a. --> + 215.66 % + 15.23 % + 15.23 % + 16.24 % p.a. --> + 57.04 % + 6.18 % + 6.18 % N.A. N.A. + 24.59 % p.a. --> + 24.59 % + 2.49 % + 2.49 %

+ 39.52% + 2.49% + 26.22% + 3.83% + 29.03% + 7.64% + 25.65% + 13.32% + 17.06% + 28.62% + 17.63% + 55.22%

₹1,174 Crs

+ 14.31 % p.a. --> + 95.20 % + 11.46 % p.a. --> + 195.83 % + 13.01 % + 13.01 % + 12.14 % p.a. --> + 41.02 % + 7.40 % + 7.40 % N.A. N.A. + 21.85 % p.a. --> + 21.85 % + 3.45 % + 3.45 %

+ 58.08% + 3.45% + 32.96% + 4.71% + 28.13% + 7.42% + 21.92% + 11.44% + 11.68% + 19.08% + 13.78% + 41.24%

₹1,394 Crs

+ 15.31 % p.a. --> + 103.90 % + 11.45 % p.a. --> + 195.66 % + 25.39 % + 25.39 % + 19.14 % p.a. --> + 69.12 % + 10.30 % + 10.30 % N.A. N.A. + 41.80 % p.a. --> + 41.80 % + 2.88 % + 2.88 %

+ 46.82% + 2.88% + 42.76% + 5.92% + 49.82% + 12.46% + 44.33% + 22.51% + 24.97% + 43.57% + 20.01% + 64.50%

₹3,144 Crs

N.A. N.A. N.A. N.A. + 15.50 % + 15.50 % N.A. N.A. + 7.23 % + 7.23 % N.A. N.A. + 27.14 % p.a. --> + 27.14 % + 3.80 % + 3.80 %

+ 65.56% + 3.80% + 33.92% + 4.83% + 31.70% + 8.29% + 26.37% + 13.68% N.A. N.A. N.A. N.A.

₹1,325 Crs

N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. + 2.70 % + 2.70 %

+ 43.30% + 2.70% N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

₹1,173 Crs

N.A. N.A. N.A. N.A. + 20.14 % + 20.14 % N.A. N.A. + 8.17 % + 8.17 % N.A. N.A. + 32.31 % p.a. --> + 32.31 % + 2.87 % + 2.87 %

+ 46.65% + 2.87% + 35.52% + 5.03% + 38.64% + 9.93% + 34.19% + 17.56% N.A. N.A. N.A. N.A.

₹1,524 Crs

N.A. N.A. N.A. N.A. + 15.66 % + 15.66 % N.A. N.A. + 6.96 % + 6.96 % N.A. N.A. N.A. N.A. + 2.32 % + 2.32 %

+ 36.34% + 2.32% + 29.14% + 4.21% + 30.03% + 7.86% N.A. N.A. N.A. N.A. N.A. N.A.

₹729 Crs

N.A. N.A. N.A. N.A. + 4.00 % + 4.00 % N.A. N.A. + 1.92 % + 1.92 % N.A. N.A. N.A. N.A. + 0.78 % + 0.78 %

+ 11.08% + 0.78% + 8.95% + 1.39% + 8.45% + 2.36% N.A. N.A. N.A. N.A. N.A. N.A.

₹5,367 Crs

N.A. N.A. N.A. N.A. + 18.15 % + 18.15 % N.A. N.A. + 8.58 % + 8.58 % N.A. N.A. N.A. N.A. + 3.32 % + 3.32 %

+ 55.55% + 3.32% + 36.97% + 5.21% + 36.83% + 9.50% N.A. N.A. N.A. N.A. N.A. N.A.

₹261 Crs

N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. + 2.15 % + 2.15 %

+ 33.30% + 2.15% N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

₹1,326 Crs

N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. + 2.65 % + 2.65 %

+ 42.44% + 2.65% N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

₹101 Crs

N.A. N.A. N.A. N.A. + 6.58 % + 6.58 % + 8.37 % p.a. --> + 27.25 % + 3.27 % + 3.27 % N.A. N.A. + 18.67 % p.a. --> + 18.67 % + 2.39 % + 2.39 %

+ 37.57% + 2.39% + 15.79% + 2.39% + 15.20% + 4.16% + 14.98% + 7.89% + 11.03% + 17.95% N.A. N.A.

₹2,905 Crs

N.A. N.A. N.A. N.A. + 21.23 % + 21.23 % + 18.37 % p.a. --> + 65.84 % + 8.78 % + 8.78 % N.A. N.A. + 33.61 % p.a. --> + 33.61 % + 2.25 % + 2.25 %

+ 35.09% + 2.25% + 34.44% + 4.89% + 39.70% + 10.17% + 35.25% + 18.09% + 21.15% + 36.21% N.A. N.A.

₹19 Crs

N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. + 1.51 % + 1.51 %

+ 22.47% + 1.51% N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

₹2,070 Crs

N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. + 3.45 % + 3.45 %

+ 58.20% + 3.45% N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

₹2,605 Crs

N.A. N.A. N.A. N.A. + 17.02 % + 17.02 % + 18.23 % p.a. --> + 65.26 % + 7.52 % + 7.52 % N.A. N.A. + 29.22 % p.a. --> + 29.22 % + 2.32 % + 2.32 %

+ 36.28% + 2.32% + 27.95% + 4.06% + 32.97% + 8.59% + 29.28% + 15.13% + 19.11% + 32.38% N.A. N.A.

₹393 Crs

N.A. N.A. N.A. N.A. + 13.54 % + 13.54 % N.A. N.A. + 6.79 % + 6.79 % N.A. N.A. N.A. N.A. + 2.75 % + 2.75 %

+ 44.29% + 2.75% + 32.67% + 4.67% + 28.71% + 7.56% N.A. N.A. N.A. N.A. N.A. N.A.

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It is quite easy to invest in Multi Asset Allocation mutual funds on ET Money. Here are the steps that you have to follow.

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Which are the best Multi Asset Allocation Mutual Funds to invest in 2024?

These are top 5 Multi Asset Allocation funds you can invest in 2024

How long should I stay invested in Multi Asset Allocation Mutual Funds?

Multi-Asset Allocation Funds give you access to multiple asset classes. They keep changing the mix based on certain rules with an aim to give the optimal mix of different asset classes. For this reason, these funds are ideal for an investment horizon of at least 5 years.

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What kind of returns can i earn from Multi Asset Allocation ?

Multi Asset Allocation Funds have on an average delivered 18.45% p.a. returns in the last 5 years. Their 3 and 10 year annualized returns are 18.44% and 13.71% p.a.

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• BGF Global Multi-Asset Income Fund

Trade this ETF now through your brokerage.

• NAV as of 22-Apr-2024 USD 8.01 52 WK: 7.47 - 8.21
• 1 Day NAV Change as of 22-Apr-2024 0.02 (0.25%)
• Morningstar Rating 3 stars

A go-anywhere income solution

Core, “one-stop shop” seeking to provide regular income and meaningful diversification

Focused on managing volatility

Risk first mandate diversified across stocks, bonds and non-traditional income sources

Seeking competitive income with less volatility

Seeking to deliver yield with carefully managed levels of risk

Monthly Global Allocation Insights

All currency hedged share classes of this fund use derivatives to hedge currency risk. The use of derivatives for a share class could pose a potential risk of contagion (also known as spill-over) to other share classes in the fund. The fund’s management company will ensure appropriate procedures are in place to minimise contagion risk to other share class. Using the drop down box directly below the name of the fund, you can view a list of all share classes in the fund – currency hedged share classes are indicated by the word “Hedged” in the name of the share class. In addition, a full list of all currency hedged share classes is available on request from the fund’s management company

Performance

• Growth of Hypothetical USD10,000
• Historical NAVs

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The figures shown relate to past performance. Past performance is not a reliable indicator of future performance. Markets could develop very differently in the future. It can help you to assess how the fund has been managed in the past

Share Class and Benchmark performance displayed in USD, hedged share class benchmark performance is displayed in USD.

Performance is shown on a Net Asset Value (NAV) basis, with gross income reinvested where applicable. The return of your investment may increase or decrease as a result of currency fluctuations if your investment is made in a currency other than that used in the past performance calculation. Source: Blackrock

Portfolio Characteristics

Esg integration.

ESG integration is the practice of incorporating financially material environmental, social and governance (ESG) data or information into the investment decision process with the objective of enhancing risk-adjusted returns of our clients’ portfolios. Unless otherwise stated in Fund documentation or included within the Fund's investment objective, inclusion of this statement does not imply that the Fund has an ESG-aligned investment objective or strategy, but rather describes how ESG data or information is considered as part of the overall investment process.

Exposure Breakdowns

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• Credit Quality

% of Weight

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Morningstar rating, portfolio managers.

Alex Shingler, CFA,  Managing Director, is the Co-Head of Income Investing for BlackRock’s Multi-Asset Strategies & Solutions (MASS) group. The MASS Income team manages strategies that seek to deliver attractive risk-adjusted income and total return across multiple risk profiles to clients globally.  Mr. Shingler is a member of the MASS Executive Committee. 

Mr. Shingler has spent his career investing across equity and fixed income markets.  Prior to his current role, he served as a portfolio manager and research analyst within BlackRock's European and US credit businesses. Before joining BlackRock in 2009 in London, Mr. Shingler focused on special situation equity investments.

Mr. Shingler earned an AB degree, summa cum laude, in philosophy from Princeton University.  He grew up in Montreal, Canada and resides in the New York City area with his wife and daughter. 

Justin Christofel, CFA, CAIA , Managing Director, is the Co-Head of Income Investing for BlackRock’s Multi-Asset Strategies & Solutions (MASS) group.  The MASS Income team manages strategies that seek to deliver attractive risk-adjusted income and total return across multiple risk profiles to clients globally.  Mr. Christofel is a member of the MASS Executive Committee and Blackrock’s Global Human Capital Committee. 

Prior to the launch of the Income strategies, Mr. Christofel managed customized asset allocation portfolios for institutional investors. He also managed volatility control strategies, and a multi-asset real return portfolio. Mr. Christofel joined Blackrock in 2007 from Oliver Wyman, a consulting firm specializing in financial services. His projects spanned from retail banking to structured finance.

Mr. Christofel graduated from Yale University with a BA degree, with honors, in economics and mathematics.

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Review the MSCI methodology behind the Sustainability Characteristics and Business Involvement metrics: 1 ESG Fund Ratings ; 2 Index Carbon Footprint Metrics ; 3 Business Involvement Screening Research ; 4 ESG Screened Index Methodology ; 5 ESG Controversies ; 6 MSCI Implied Temperature Rise

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Prior to 10 April 2023, the Fund was managed by Michael Fredericks, Justin Christofel and Alex Shingler.

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Unconstrained fixed income views: April 2024

Has summer heat arrived early for US inflation? With global growth on a surer footing, we ask whether the recent flurry of US inflation surprises is proving to be a ‘game changer’ or ‘a bump in the road’.

The Global Unconstrained Fixed Income team assesses the current macroeconomic environment, and where it might be heading by looking at the likelihood of various possible states of the world.

Our base case anticipates a soft landing. However, we recognize increased risks of a 'no landing' scenario due to a series of US inflation surprises and a potential upturn in the global manufacturing cycle, which could bolster commodity prices. This situation might compel central banks to maintain higher interest rates for an extended period to combat persistent inflation.

Probability of ‘no landing’ rises as robust growth increases inflation risks.

Source: Schroders Global Unconstrained Fixed Income team, 15 April 2024. For illustrative purposes only. "Soft landing" refers to a scenario where economic growth slows and inflation pressures eases; “hard landing” refers to a sharp fall in economic activity and additional rate cuts are deemed necessary; “no landing” refers to a scenario in which inflation remains sticky and interest rates may be required to be kept higher for longer.

US inflation surprises - a game changer or a bump in the road?

In short, we see the latest news of robust US inflation as somewhere in between the two. A string of upside beats does not rule out rate cuts later this year, but it certainly will create reason for the US Federal Reserve (Fed) to pause for thought, with a cut in June now looking like a relatively unlikely probability.

Looking at Fed Chair Jerome Powell’s preferred measure for inflation (that’s core services excluding shelter) the trend in the previous couple of months has been a little concerning. Having risen 0.7% month-on-month in the latest release, this “super core” measure of inflation is now running above 8% on three-month annualised basis. Looking at a broad range of measures, the reality is that inflation is currently running too hot for the Fed to feel comfortable easing monetary policy conditions in the near term.

But it’s not all bad news on the inflation front in the US. As fixed income investors we believe there are more reasons for optimism when looking at the labour market. On several measures the labour market looks like it is returning to balance with wage growth trending lower, vacancies declining gradually and - most importantly - the rate at which workers are quitting their jobs continues to move down. Quit rates are a leading indicator for wage growth, with a declining rate limiting how fast wages rise, as companies are less pressured to keep and attract workers.

The global cycle improves, pointing to a soft landing but with some inflation risk…

There has been continued improvement in global manufacturing over the month. News out of China has been particularly positive lately, something which is likely to disproportionately benefit eurozone growth in the months ahead. While all of this is encouraging for a ‘soft landing’ outcome, we stay alert to the potential that rising commodity prices feed into inflation pressures going forward as this would further challenge the thesis of rate cuts this year.

So what does this all mean for our asset class views?

Although valuations have become more compelling (cheaper), the macroeconomic narrative does justify a move higher in yields and a more cautious Fed. With this in mind, we’re neutral on duration (or interest rate risk) but keep a positive steepening bias on the curve (positioned for the shorter end of the yield curve to outperform the long end). In terms of cross-market, we favour the UK, where we see the ability for the inflation to ‘catch down’ to peers, and the US against the likes of Germany and Canada.

Over the month we have become more positive on breakeven inflation used to capture the outperformance of real yields – which are adjusted for inflation – over nominal yields. We think that upside risk to commodity prices, and some degree of easing by central banks, provide tailwinds to higher breakeven inflation rates.

In credit, we moderate our constructive outlook for European investment grade (IG) based on (expensive) valuations and limited scope for further outperformance. We retain a preference for shorter maturities, where we continue to see value. With US IG spreads close to their tightest levels ever, leaving less potential reward for the risk of investing in corporate bonds compared to safer government bonds, we keep a negative view overall.

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For illustrative purposes only and does not constitute a recommendation to invest in the above-mentioned security / sector / country.

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World Bank RAMP Trust Fund to Improve Public Asset Management Announces Second Beneficiary, Cabo Verde

From left to right: Óscar Santos, Governor, Central Bank of Cabo Verde and Jorge Familiar, Vice President & Treasurer, World Bank at signing ceremony in Washington, DC

WASHINGTON April 16, 2024 – The World Bank announced the Central Bank of Cabo Verde (CBCV) as the second beneficiary of a multi-donor trust fund for advancing public asset management worldwide. Representatives from CBCV and the World Bank signed the technical assistance agreement, which delivers technical advisory services under the World Bank’s Reserve Advisory & Management Partnership (RAMP) program.

Announced in October, the trust fund brings the World Bank’s public asset management expertise to lower-income, fragile, or conflict-affected countries that could not otherwise afford it. CBCV becomes the 75 th member of the Partnership’s global network of public asset managers and second beneficiary of the trust fund.

“A warm welcome to the Central Bank of Cabo Verde as the newest RAMP member supported by the trust fund,” said Jorge Familiar, World Bank Vice President & Treasurer . “We are grateful for the continuous support and generosity of the Norwegian Agency for Development Cooperation (Norad) to share our asset management expertise, expanding RAMP’s global impact.”

World Bank RAMP

The World Bank Reserve Advisory & Management Partnership program delivers advisory services, executive training, and asset management services in a global network of public asset managers, contributing to the Sustainable Development Goals of quality education, decent work and economic growth, climate action, strong institutions, and partnerships. Established in 2001, RAMP promotes countries’ stability, resiliency, and prosperity through public asset management advisory. With over 70 members, RAMP membership includes central banks, international financial institutions, public pension funds, and sovereign wealth funds. In the context of RAMP, the World Bank has advised over 100 public institutions and trained over 10,000 public asset management staff on sound public asset management practices. Learn more at ramp.worldbank.org .

World Bank Asset Management

The World Bank is the trusted partner for public asset managers and the largest external asset manager in the development community, with nearly $200 billion of assets under management. As a global fixed-income leader, the World Bank has advised member countries on asset management since the early 1980s. Central banks and public asset managers manage over $40 trillion in reserves and assets worldwide, underscoring their importance in the global financial system and the need for high-quality asset management & advisory services. Learn more at worldbank.org/assetmanagement .

World Bank Treasury

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