Low cost multi-asset funds without compromising on quality
The Aviva Investors Multi-Asset Core Funds (MAF) aim to give your clients a simple way to grow their investments. And five risk-rated funds means that there’s something to suit different client appetites.
The range invests globally using our in-house strategic asset allocation across 4,000+ equities and bonds, providing access to a variety of different investments – all in one place.
You can access Multi-Asset Core Funds via a range of different pension, investment and savings products. Get in touch to find out more.
Why invest in Multi-Asset Core Funds?
Aviva Investors Multi-Asset Core Funds aim to build long-term wealth for investors, while reducing the complication and expense of investing.
Great value
A low fixed OCF of 0.15%, achieved using firm heritage and scale.
Global investment style
Invests in over 4,000 global equity and fixed income assets.
Multi-asset expertise
Aviva Investors has been managing multi-asset investment solutions for almost 50 years.
A range of five global, risk-rated funds

Growth assets include equity but also riskier forms of fixed income.
Defensive assets include sovereign debt, investment grade credit and cash.
Explore fund performance and key data
Find the latest prices and performance data in our fund centre via the links below. Investors can choose from five funds, which have a mix of growth and defensive assets aligned to their different risk/return preferences. Those investors prepared to take more investment risk could benefit from higher long-term returns.
Multi-asset Core Fund I
The Fund is managed to a “defensive” risk profile. It targets 20% equity market risk* aiming to remain within a defined risk range of 16% to 24%.
Multi-asset Core Fund II
The Fund is managed to a “cautious” risk profile. It targets 45% equity market risk* aiming to remain within a defined risk range of 41% to 49%.
Multi-asset Core Fund III
The Fund is managed to a “moderately cautious” risk profile. It targets 60% equity market risk* aiming to remain within a defined risk range of 56% to 64%.
Multi-asset Core Fund IV
The Fund is managed to a “balanced” risk profile. It targets 75% equity market risk* aiming to remain within a defined risk range of 71% to 79%.
Multi-asset Core Fund V
The Fund is managed to an “adventurous” risk profile. It targets 100% equity market risk* aiming to remain within a defined risk range of 96% to 104%.
* The funds target a percentage of overall equity market volatility as measured by MSCI® All Country World Index.
CORE I | CORE II | CORE III | CORE IV | CORE V | |
Performance Benchmarks | 20% Global equity 80% Global bonds | 45% Global equity 55% Global bonds | 60% Global equity 40% Global bonds | 75% Global equity 25% Global bonds | 100% Global equity 0% Global bonds |
Target Equity Volatility | 20% | 45% | 60% | 75% | 100% |
Outperformance Objective | +0.30% | +0.30% | +0.30% | +0.30% | +0.30% |
Fixed Fund OCF | 0.15% | 0.15% | 0.15% | 0.15% | 0.15% |
Global equity = MSCI® All Countries World Index (Net)
Global bonds = Bloomberg Global Aggregate Bond Index Hedged GBP
CORE I | CORE II | CORE III | CORE IV | CORE V | |
Defaqto | 2 | 4 | 5 | 7 | 9 |
Dynamic Planner | 3 | 4 | 5 | 6 | 7 |
EValue | 5 | 7 | 8 | 9 | 10 |
Synaptic | 2.8 | 3.2 | 3.7 | 4.3 | 5.1 |
FinaMetrica | 20-45 | 46-67 | 58-67 | 68-76 | 77-100 |

Aviva Investors Multi-asset Funds can be accessed from all major platforms.
Want to introduce MAF Core to your clients?
In this client-friendly video, Sunil Krishnan, Head of Multi Asset, explains what the MAF Core fund range is, how it is managed and how our heritage has helped deliver five low-cost funds with clear risk and return outcomes.
Transcript for video Want to introduce MAF Core to your clients?
In this client-friendly video, Sunil Krishnan, Head of Multi Asset, explains what the MAF Core fund range is, how it is managed and how our heritage has helped deliver five low-cost funds with clear risk and return outcomes.

MAF: Range in brief
We offer three multi-asset fund ranges to help you find the right solution for your clients. Learn more about our multi-asset fund range.
Useful documents
Multi-asset insights
Investment thinking that brings together the collective insight of Aviva Investors’ teams from across the globe on the key themes influencing markets.
-
UK Spring Statement: What it means for markets and the economy
27 Mar 2025
Vasileios Gkionakis, senior economist and strategist at Aviva Investors, gives his initial reaction to the UK spring budget, outlining what it might mean for UK financial markets and sterling.
-
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.
-
Beyond bonds: Finding diversification in an era of higher rates volatility
27 Nov 2024
Bond markets are jumpy once again following recent political developments. Rising deficits and renewed inflation risk mean bond market volatility, and with it the search for alternative sources of portfolio diversification, looks to be here to stay.
-
Rethinking retirement: Five trends redefining financial advisers’ retirement planning
31 Oct 2024
Retirement today looks quite different from previous generations. With longer life expectancy, fluctuating market conditions and higher costs of living, planning for it has become increasingly complex. In this article, we explore five reasons why financial advisers should rethink retirement to help clients secure their financial future.
-
When risks collide: The case for diversifying via liquid alternatives
23 Oct 2024
A growing number of investors are turning to alternatives to boost portfolio diversification, with the events of 2022 still fresh in their mind. In this article we look at why increased uncertainty over the future path of the stock-bond correlation, means this trend may persist.
-
Multi-asset allocation views: Where next for markets after the summer storms?
9 Oct 2024
Volatility returned to markets in the third quarter of the year. While the short-term drivers are not unduly worrying, Sunil Krishnan argues multi-asset investors will need to be watchful over the medium term.
-
Winds of change: The importance of a strategic asset allocation in multi-asset funds
4 Oct 2024
When market conditions change, solid foundations are paramount for multi-asset funds. Strategic asset allocation, diversification and risk management are key building blocks to help deliver consistent returns.
-
Pounds, pence and chocolate bars: Three idioms to live by when investing for children
3 Sep 2024
Investing on behalf of your children can be a great way to give them a head start in life. But in an uncertain market environment, and with myriad investment options out there, it can be difficult to know where to start. In this article, Dominique Ellis, CFA, offers some key pointers.
-
Survival of the fittest: Resilience, persistence and AIMS Target Return
7 Aug 2024
Aviva Investors’ Multi-Strategy Target Return managers talk about why their strategy has survived where others have failed, the lessons they have learned and why enhancements to their investment process in 2018 have been paying dividends.
-
A new chapter: Time to prepare for the next phase of the real estate cycle
17 Jul 2024
David Hedalen and Jonathan Bayfield from our real assets research team highlight data that shows real estate markets in the UK and Europe may be on the brink of an important shift.
-
Multi-asset allocation views: Three faces of reflation
6 Jun 2024
Reflation – another word for increasing economic activity, with an undertone that inflation isn't consistently falling – has been the dominant theme for investors so far in 2024. Sunil Krishnan explores how it is affecting bonds, equities and commodities.
-
Tech’s tightening grip: What rising US stock concentration means for equity investors
8 Apr 2024
Soaring technology share prices have driven US stock market concentration to unprecedented levels and pushed the US market to a record premium relative to other markets. While both trends could persist, investors need to be aware of the implications, argues Joao Toniato.
-
Heading for a soft landing? A Q&A with Peter Fitzgerald and Ian Pizer
14 Feb 2024
The managers of the AIMS Target Return strategy explain why equities look to be a better option than bonds given growing expectations the US central bank has engineered a “soft landing”.
-
What happened in December: Multi-asset portfolio commentary December 2024
Our investment experts delve into the key trends of December 2024, highlighting the impact of central bank rate cuts, the AI-driven surge in US mega-cap stocks, and the political shifts from a year of unprecedented elections.
-
What happened in November: Multi-asset portfolio commentary November 2024
Our investment experts unpick the investment implications of a month in which political developments dominated markets. They assess what it all means for multi-asset portfolios and what might lie ahead.
-
What happened in October: Multi-asset portfolio commentary October 2024
Our investment experts highlight the key events in October – bond market underperformance, equity market volatility and the UK Budget – discuss their impact on multi-asset portfolios and share what investors might expect in the coming months.
-
What happened in Q3: Multi-asset portfolio commentary for Q3 2024
Our investment experts highlight the key events of the third quarter – market volatility, interest rate cuts and China’s new stimulus package – discuss their impact on multi-asset portfolios MAF Core and MAF Plus and share what investors might expect in the coming months.
-
What happened in August: Multi-asset portfolio commentary for August 2024
Our multi-asset investment experts review August’s markets and the impact they have on multi-asset portfolios, as well as what investors can expect going forward.
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.

Ask the Fund Manager
A weekly series where multi-asset fund managers give their view on the latest market events, in less than five minutes.


The Multi-Asset Trilogy
Explore the three essential and timeless pillars of diversification and how to add value across the major asset classes to help clients get the best outcomes.
Investment Director Peter Smith speaks to Portfolio Manager of our MAF Core and Plus funds, Baylee Wakefield, about:
- Global equity diversification
- Balancing fixed income exposure
- The use of alternatives in today's portfolios

What big questions are investors asking right now?
Join our multi-asset team as we ask them the big questions from investors heading into 2025.
Smera Ashraf, Head of Global Wealth UK, will host a live discussion and Q&A with Sunil Krishnan and Baylee Wakefield from our multi-asset portfolio management team, who will be answering the most-asked questions from clients.
Key risks
For further information on the risks and risk profiles of our funds, please refer to the relevant KIID and Prospectus.
Investment 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.
Emerging markets risk
The funds invest in emerging markets; these markets may be volatile and carry higher risk than developed markets.
Derivatives risk
The funds use derivatives; these can be complex and highly volatile. Derivatives may not perform as expected, which means the funds may suffer significant losses.
Multi-asset expertise
Meet our multi-asset fund range team.

Peter Fitzgerald
Chief Investment Officer, Macro Discretionary

Sunil Krishnan
Head of Multi-Asset

Sotirios Nakos
Fund Manager, Multi-asset

Baylee Wakefield
Multi-Asset Fund Manager

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

Thomas Stokes
Investment Director, Multi-assets
Contact us
Our distribution team is here to help. Submit your details and our team will contact you.
Explore
MAF Plus: Multi-asset fund range
A comprehensive multi-asset investing solution that invests in Growth, Defensive and Uncorrelated assets. Each MAF Plus fund benefits from day-to-day portfolio management.
MAF Stewardship
Risk-profiled multi-asset portfolios with a focus on sustainable investment linked to our three pillars: Social, Climate and Nature.
This product does not have a UK sustainable investment label. This is because – although the fund has sustainability characteristics - it does not meet the criteria for a label. Sustainable investment labels help investors find products that have a specific sustainability goal. They can only be applied to funds with an explicit sustainability objective and that meet other specific regulatory criteria for a UK sustainable investment label.