Paul Ilott: Helping clients understand the multi-asset journey

Multi-asset funds are sometimes described as ‘all-weather' investment solutions that ought to be able to perform well under all market conditions - yet the reality can be rather different. One of the key reasons for this - other than perhaps when an investment team makes poor decisions - is that most multi-asset funds include embedded biases. These can include: structural biases in their strategy and implementation; any manager preferences regarding the types of instrument used; style and capitalisation size of equity holdings; currency profile; asset allocation policy; and the parameter...