For individual investors in the UK

Diversified Growth Fund

An actively managed multi-asset portfolio that aims to deliver returns comparable to global equities over the medium term, but with lower volatility


GBP 75.97p
As of 06/12/2021

1-Day Change
GBP 0.19p (0.25%)
As of 06/12/2021

Morningstar Rating

Morningstar ratings are based on the representative share class of this fund and are dated to the last month-end upon availability from Morningstar.



The Fund aims to provide a return, from a combination of capital growth and income, with volatility lower than that of equity market volatility, over the long term.
Performance target: To outperform SONIA by 4% per annum, before the deduction of charges, over any 5 year period.


The Fund invests in Collective Investment Schemes (other funds including those managed by Janus Henderson and Exchange Traded Funds) to provide diversified global exposure to a range of assets including shares (equities) of companies, bonds issued by companies and governments, and to a lesser extent, alternative assets such as property and commodities.
The Fund may also invest in other assets including shares (equities), bonds, cash and money market instruments.
The investment manager may use derivatives (complex financial instruments) to reduce risk or to manage the Fund more efficiently.
The Fund is actively managed with reference to SONIA, as this forms the basis of the Fund’s performance target. The investment manager has complete discretion to choose investments for the Fund.


The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested.
Potential investors must read the prospectus, and where relevant, the key investor information document before investing.
This website is for promotional purposes and does not qualify as an investment recommendation.


  • The strategy aims to provide a low-volatility growth engine for client portfolios with a particular focus on capital preservation
  • Flexible approach gives investors exposure to a diverse array of potential return drivers
  • The team has a successful long-term track record of dynamic asset allocation, efficient portfolio construction, and cost-effective implementation
Past performance is not a guide to future performance. 


Nick Harper, CFA

Portfolio Manager  

Industry since 2010. Joined Firm in 2014.

Oliver Blackbourn, CFA

Portfolio Manager

Industry since 2009. Joined Firm in 2017.

Paul O’Connor

Head of Multi-Asset | Portfolio Manager

Industry since 1995. Joined Firm in 2013.


Past performance is not a guide to future performance. All performance data includes both income and capital gains or losses and reflects the deduction of any ongoing charges or other fund expenses.
Discrete Performance (%)
As of 30/09/2021
A Acc (Net) SONIA + 4%
Quarter End
As of 30/09/2021
Sep-2020 - Sep-2021 Sep-2019 - Sep-2020 Sep-2018 - Sep-2019 Sep-2017 - Sep-2018 Sep-2016 - Sep-2017
A Acc (Net) 9.86 4.17 3.63 3.03 4.96
SONIA + 4% 4.03 4.59 4.87 4.56 4.35
Cumulative & Annualised Performance (%)
As of 30/11/2021
A Acc (Net) SONIA + 4%
  Cumulative Annualised
1MO YTD 1YR 3YR 5YR 10YR Since Inception
A Acc (Net) 0.08 4.56 6.46 7.02 5.25 4.83 3.97
SONIA + 4% 0.33 3.67 4.02 4.45 4.47 4.55 4.57
A Acc (Net)
2016 2017 2018 2019 2020
A Acc (Net) 7.76 6.31 -5.00 10.54 8.79
- - - - -
Initial Charge 5.00%
Annual Charge 1.50%
Ongoing Charge
(As of 31/07/2021)


Top Holdings (As of 31/10/2021)
Ice FTSE 100 Index Dec21 (17/12/2021) 10.61
OSE Topix Index Dec21 (09/12/2021) 6.69
United States Treasury Note 0.625% 2026 5.33
CME S&P 500 Emini Index Dec21 (17/12/2021) 5.28
United States Treasury Bill 2022 5.01
BH Macro 4.12
Ice Mini MSCI Emerging Markets Index Dec21 (17/12/2021) 4.10
Goldman Sachs Access China Government Bond UCITS ETF 4.08
Janus Henderson Global Investment Grade Bond Fund Z1 USD 4.06
First State Japan Equity Fund 4.00


  • ​The value of the Funds and the income from them is not guaranteed and may fall as well as rise. You may get back less than you originally invested.
  • ​Past performance is not a guide to future performance.
  • Third party data is believed to be reliable, but its completeness and accuracy is not guaranteed.
  • Shares can lose value rapidly, and typically involve higher risks than bonds or money market instruments. The value of your investment may fall as a result.
  • The Fund invests in other funds (including exchange traded funds and investment trusts/companies), which may introduce more risky assets, derivative usage and other risks, as well as contributing to a higher level of ongoing charges.
  • The Fund may use derivatives towards the aim of achieving its investment objective. This can result in 'leverage', which can magnify an investment outcome and gains or losses to the Fund may be greater than the cost of the derivative. Derivatives also introduce other risks, in particular, that a derivative counterparty may not meet its contractual obligations.
  • If the Fund holds assets in currencies other than the base currency of the Fund or you invest in a share class of a different currency to the Fund (unless 'hedged'), the value of your investment may be impacted by changes in exchange rates.
  • Securities within the Fund could become hard to value or to sell at a desired time and price, especially in extreme market conditions when asset prices may be falling, increasing the risk of investment losses.
  • The Fund could lose money if a counterparty with which the Fund trades becomes unwilling or unable to meet its obligations, or as a result of failure or delay in operational processes or the failure of a third party provider.
  • Funds incur costs as a necessary part of buying and selling the underlying investments, these are otherwise known as portfolio transaction costs, and include charges such as broker commission and Stamp Duty.
  • For detailed product information including the risks associated with investing please read the relevant Prospectus or Annual Report.
  • Before investing in any of our funds you should satisfy yourself as to the suitability and the risks involved, you may wish to consult a financial adviser.
  • If you invest through a third party provider you are advised to consult them directly as charges, performance and terms and conditions may differ materially.