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Global Multi-Asset Income Fund

An outcome-focused defensive total return Fund.

John Stopford

John Stopford

Head of Multi-Asset Income

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

Fund facts

Sector: Morningstar Global USD Moderate Allocation
Re-launch Date: 31 May 2013
Minimum investment: Lump sum: USD3,000
Risk Profile: 1

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
    Return on Equity 23% 12%
    Forward P/E 16x 18x
    Government Bonds Fund Citi G7
    Proportion with negative yield 0% 21%
    Duration (years) 5.7 7.8
    AA and above 100% 66%

    Source: Investec Asset Management, Bloomberg, JP Morgan, 30.09.17.

  • 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.


    Returns in line with expectations of real economic growth
    i.e. react positively to increasing risk appetite

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


    Returns are positive when expectations of real economic growth are declining
    i.e. safe havens in market crises

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


    Returns are generally unrelated to real economic and corporate earnings growth
    i.e. variable relationship growth

    • Infrastructure
    • Insurance
    • Relative value
  • 03 - Focus on limiting downside risks

    We focus on limiting downside risks

    Attractive downside capture vs. key competitors

    Calendar year returns: 2016: 4.4%; 2015: 0.9%; 2014: 3.7%; 2013: N/A; 2012: N/A.

    Past performance should not be taken as a guide to the future, losses may be made.
    Source: Morningstar, 30.09.17. Performance is net of fees (NAV based, including ongoing charges, excluding initial charges), gross income reinvested, in USD. Period show is since 21.05.15 (2015 high point of MSCI ACWI). The competitors shown for comparison purposes are the five largest Luxembourg/Dublin domiciled Multi-Asset income funds by AUM based on our multi-asset team’s analysis of the competitor landscape. Performance is based on the primary share class of the fund and would be lower on share classes with higher applicable charges. Calendar year performance source: Morningstar, since inception ending December 2016. Performance is net of fees (A Acc Share class, 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.  

General risks

The value of investments, and any income generated from them, can fall as well as rise. Where charges are taken from capital, this may constrain future growth.

Past performance is not a reliable indicator of future results. If any currency differs from the investor's home currency, returns may increase or decrease as a result of currency fluctuations.

Investment objectives and performance targets may not necessarily be achieved, losses may be made.

Specific risks

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. Derivative counterparty: A counterparty to a derivative transaction may fail to meet its obligations thereby leading to financial loss. Derivatives: The use of derivatives may increase overall risk by magnifying the effect of both gains and losses. This may lead to large changes in value and potentially large financial loss. Developing market: Some countries may have less developed legal, political, economic and/or other systems. These markets carry a higher risk of financial loss than those in countries generally regarded as being more developed. 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. bankruptcy), the owners of their equity rank last in terms of any financial payment from that company. Government securities exposure: The portfolio may invest more than 35% of its assets in government securities issued or guaranteed by a permitted single state. Interest rate: The value of fixed income investments (e.g. bonds) tends to decrease when interest rates and/or inflation rises. Investing in China: Investment in mainland China may involve a higher risk of financial loss when compared with countries generally regarded as being more developed.

Important information

All information is as at 30.09.17 unless otherwise stated.

1 The Synthetic Risk Reward Indicator (SRRI) which appears in the Key Investor Information Document (KIID). A number on a scale of 1 to 7 based on how much the value of a fund has fluctuated over the past 5 years (or an estimate if the fund has a shorter track record). A rating of 1 represents the lower end of the risk scale with potentially lower rewards available whilst a rating of 7 reflects higher risk but potentially higher rewards.
*These internal parameters are subject to change not necessarily with prior notification to shareholders.

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