Multi Asset

The Royal London GMAPs (‘Global Multi Asset Portfolios’) and MAST (‘Multi Asset Strategies Fund’) are available for inclusion on a wide range of platforms. The Funds cover a broad range of asset types and are designed to offer investors diversified exposure in line with their investment objectives and appetite for risk.

The Funds

The GMAP range is comprised of six actively managed, diversified multi asset funds spanning the risk spectrum, constructed with the aim of maximising the real return after inflation over the medium to long term subject to a given level of expected risk. The Funds are managed in line with strategic benchmarks designed in conjunction with Moody’s Analytics and consistent with Royal London’s Governed Portfolios. The Funds primarily invest in RLAM funds and use a derivative overlay to implement Tactical Asset Allocation positions derived using RLAM’s proprietary Investment Clock approach. 

MAST (‘Multi Asset Strategies Fund’) is part of the GMAP family but managed on an absolute return basis. The Fund seeks to achieve returns in excess of cash (cash+4%) while managing volatility and downside risk through diversified multi asset strategies. MAST is an unleveraged portfolio, long only at the asset class level and it uses the same Tactical Asset Allocation process as the GMAPs. MAST applies a volatility capping process in order to limit downside risk in turbulent markets and has the ability to go to 100% cash if deemed necessary to protect capital.

RLAM’s expertise

Focusing on RLAM funds allows the manager to benefit from working closely with our award-winning asset class experts. The funds combine exposure to our actively managed fixed interest, property and cash ranges as well as our cost effective range of equity funds.

The team

RLAM’s Multi Asset Team was established in 2015. The team is made up of 10 investment professionals with an average of around 19 years’ experience. The team is led by Trevor Greetham, a skilled asset allocation specialist with 25 years’ experience.

Investment process

The investment process used by the team focuses on tactical asset allocation as a key driver of returns. A systematic framework is used to aid decision making. A central part of this is the Investment Clock, a quantitative model tracking growth and inflation trends and the performance of various investments. The Clock is the product of over 20 years of research.

Risk and governance

The funds are monitored against their respective benchmarks to ensure positions remain within an expected range. In addition, a risk committee will monitor and oversee the funds on an ongoing basis. While the team retain full responsibility for all investment decisions, this ensures they are managed in a disciplined, repeatable manner.

Equity and bond funds

The range includes one fund investing solely in cash and bonds from across the fixed interest universe globally – the RL GMAP Conservative Fund, as well as another comprised only of equity investments from a range of sectors across the globe – the RL GMAP Dynamic Fund. While these two outliers do not include the same level of diversification by asset class, they are aimed at offering investors with lower and higher appetites for risk respectively, exposure to a wide range of assets from across the underlying funds held. Across the Dynamic Fund, regional and sector exposure will be actively managed while the Conservative Fund will have allocation to government, investment grade, and unrated bonds adjusted by the manager. These funds will be managed in line with the investment and asset allocation process used across all of the GMAPs, offering more cautious and adventurous investors access to the team’s expertise.

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