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Tailored for investment professionals this site provides information on our products, strategies and services. Please remember capital is at risk and past performance is not a guide to the future.

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Global Multi-Asset Income Fund

An outcome-focused defensive total return Fund

Structurally diversified and actively managed, the portfolio is built from the bottom-up by focussing on underlying asset behaviours and relationships rather than relying on asset class labels. By doing so it seeks to limit downside risk at times of market turbulence. 

John Stopford

John Stopford

Co-Portfolio Manager

Jason Borbora-Sheen

Jason Borbora-Sheen

Co-Portfolio Manager

Why choose this Fund?

Core, defensive total return fund: Aiming for attractive income with capital growth over the long term

Attractive, sustainable yield: Targets 4-6%* p.a. portfolio yield

'Bond-like’ volatility: Targets less than half the volatility of global equities

Defence is the best form of attack

Fund facts

Sector: Morningstar Global USD Cautious Allocation
Re-launch Date: 31 May 2013
Minimum investment: Lump sum: USD3,000
Risk Profile

Quick links

  • 01 - Resilient portfolio built from the bottom up

    Every holding aligned to the Fund’s outcomes

    Focused security selection helps deliver our objectives.

    Fund characteristics vs. the market
    Equity Holdings Fund MSCI World
    Number of holdings 47 1,700
    Return on Equity 20% 14%
    Forward P/E 13.5x 17x
    Government Bonds Fund Citi G7
    Number of holidings 20 730
    Proportion with negative yield 0% 25%
    AA and above 100% 31%


    Source: Investec Asset Management, Bloomberg, JP Morgan, 30 June 2019

  • 02 - Structurally diversified and actively managed

    Behaviours matter more than labels

    We seek an optimal blend of Growth, Defensive and Uncorrelated assets to reflect market conditions.


    • Equities
    • High yield debt
    • Emerging market debt and currency
    • FX carry
    • Property
    • Private equity

    Assets that respond positively whn the economy is doing well


    • Government bonds
    • Index-linked bonds
    • Investment grade bonds
    • Shorting growth
    • FX

    Assets that perform well when the economy is doing badly


    • Infrastructure
    • Insurance
    • Relative value

    Assets that are generally unaffected by the state of the economy

  • 03 - Focus on limiting downside risks

    We focus on limiting downside risks

    Attractive downside capture vs. key competitors

    Calendar year returns* for the Fund (and peer group**); 2018: 0.5% (-4.9); 2017: 6.0%(8.7%); 2016: 4.3% (6.7%); 2015: 0.9% (-2.4%); 2014: 3.7% (4.2%).

    Source: Morningstar, 30 June 2019. Performance is net of fees (NAV based, including ongoing charges, excluding initial charges), gross income reinvested, in USD. If the share class currency differs from the investor's home currency, returns may increase or decrease as a result of currency fluctuations. Inception: 31 May 2013.
    **Peer group average based on five of the largest offshore Multi-Asset income funds by AUM based on our Multi-Asset team’s analysis of the competitor landscape.

Past performance is not a reliable indicator of future results, losses may be made.

Currency exchange: Changes in the relative values of different currencies may adversely affect the value of investments and any related income. Default: There is a risk that the issuers of fixed income investments (e.g. bonds) may not be able to meet interest payments nor repay the money they have borrowed. The worse the credit quality of the issuer, the greater the risk of default and therefore investment loss. Derivatives: The use of derivatives may increase overall risk by magnifying the effect of both gains and losses leading to large changes in value and potentially large financial loss. A counterparty to a derivative transaction may fail to meet its obligations which may also lead to a financial loss. Equity investment: The value of equities (e.g. shares) and equity-related investments may vary according to company profits and future prospects as well as more general market factors. In the event of a company default (e.g. insolvency), the owners of their equity rank last in terms of any financial payment from that company. Interest rate: The value of fixed income investments (e.g. bonds) tends to decrease when interest rates rise. Government securities exposure: The Fund may invest more than 35% of its assets in securities issued or guaranteed by a permitted sovereign entity, as defined in the definitions section of the Fund’s prospectus. Emerging market (inc. China): These markets carry a higher risk of financial loss than more developed markets as they may have less developed legal, political, economic or other systems.


Important information

All information is as at 30 June 2019 unless otherwise stated.

*These internal parameters are subject to change not necessarily with prior notification to shareholders.

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