The way fund buyers use multi-asset funds is changing.
While the funds have often been thought of as core, or even defensive, holdings, more and more advisers are turning towards using them as holistic solutions.
At the same time, the concept of multi-asset investing - whether in one fund or via multiple - is becoming increasingly difficult. Markets no longer offer the returns, yield nor diversification they once did.
So how do multi-asset investors find the right solutions for them?
How can they find the right diversification in an environment where fixed income downside risk is as high as that associated with equities?
And in the current macro environment, where should multi-asset investors be looking for opportunities?