Discover multi-asset funds

Multi-asset funds aim to offer investors a way to access greater diversification.

Why multi-asset?

BNY Mellon Investment Management’s multi-asset range comprises strategies that help a range of investors achieve their goals, whether it’s individuals saving for and in retirement or institutions.



During volatile times when the traditional 60/40 portfolio model comes into question, diversification is essential to protect a client’s capital from the vagaries of markets and the global economy. BNY Mellon Investment Management’s multi-asset strategies place emphasis on protecting capital while sourcing income and growth by investing across different asset classes, geographies, companies and themes, rather than being exposed to a single source of risk.


Income and growth​

BNY Mellon Investment Management’s multi-asset funds seek exposure to asset classes and underlying securities with inflation-linked revenue streams such as infrastructure, property and renewables, including esoteric areas like music royalties and battery storage. Picking companies with sustainable and growing dividends is also a key tenet of the multi-asset range.


Risk profiling

The BNY Mellon Investment Management multi-asset funds are risk profiled, meaning they can be matched to a variety of client risk attitudes. As well as helping to manage volatility expectations, the funds target a variety of investment outcomes for a client, whether they are seeking income, growth, a balance of the two, or a cash-plus return.
Great multi-asset design needs to be robust enough to accommodate as many possible futures as practicable because, unless you have a valid claim to omniscience, it is irresponsible to build a portfolio that only works on one pathway
Euan Munro, Chief Executive Officer, Newton Investment Management

Access multi-asset solutions for different investor needs

Newton offers a choice of multi-asset solutions to meet investors’ unique mix of yield / risk appetite.

Mixed assets
Absolute return
Risk Managed

Why Newton for multi-asset?

Newton’s foundation in multi-asset investing began in 1978 with the UK Institutional Balanced strategy, a global balanced portfolio of equities and fixed interest securities, being managed since the formation of the company. Underpinning the Newton approach are three key strengths:

Research edge

The research team seek out the best ideas from around the world through focused security selection, utilising a long-term thematic approach to identify both opportunities and risks in the investment universe. Collaboration between analysts and portfolio managers ensure that the characteristics of potential ideas are aligned with client strategies and balance independent analysis together with the expertise and diversity of views and experiences across the house.

Decision-making edge

Teams at Newton come together to make decisions quickly and decisively, facilitating this strength is the blending of skills to include both those that have worked together for a long time and those with newer perspectives. Decision making accountability is central to this strength requiring teams to share ideas across desks, seek-out different views gaining both self and market awareness.

Responsible Investment edge

The integration of ESG analysis into research and portfolio management provides the portfolio managers with specialist resource for deep dives, engagement and stewardship. This dedicated resource enables analysts and portfolio managers access to thorough evaluation of ESG issues both at the point of security selection as well as ongoing monitoring.

Newton total AUM - by investment team (£bn)

Newton Research Team:

All the portfolio management teams are supported by the Newton Global Research Team which consists of 73 investment professionals (some of whom combine research and portfolio management roles). The research platform blends thematic, fundamental, macroeconomic, geopolitical, regional, quantitative, accounting, private markets and investigative research that takes material ESG risks, opportunities and issues into account (where relevant) to give NIM the widest perspective on the investment landscape.
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What role could multi-asset play in 2023?

Paul Flood, Head of Mixed Assets discusses developments in multi-asset and how these themes might play out in the year ahead for investors.

Multi-asset,Newton,Paul Flood
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Wind farms: boom and gust?

Wind isn’t just an attractive alternative energy source. It has other roles to play in investment portfolios. Newton’s head of mixed asset, Paul Flood, explains how.

Alternative energy,Multi-asset,Wind Farms
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Meet the manager: Simon Nichols

Simon Nichols, Newton’s Yorkshire-based multi-asset manager explains how his accountancy background brings a healthy cynicism to his investment process

Diversification,Dynamic Allocation,Multi-asset
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The trade-off between alpha and beta

In this article Newton discuss whether market beta be enough to drive performance in current markets

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Key investment risks:

  • Objective/Performance Risk: There is no guarantee that the Fund will achieve its objectives.
  • Performance Aim Risk: The performance aim is not a guarantee, may not be achieved and a capital loss may occur. Funds which have a higher performance aim generally take more risk to achieve this and so have a greater potential for returns to vary significantly.
  • Currency Risk: This Fund invests in international markets which means it is exposed to changes in currency rates which could affect the value of the Fund.
  • Geographic Concentration Risk: Where the Fund invests significantly in a single market, this may have a material impact on the value of the Fund.
  • Derivatives Risk: Derivatives are highly sensitive to changes in the value of the asset from which their value is derived. A small movement in the value of the underlying asset can cause a large movement in the value of the derivative. This can increase the sizes of losses and gains, causing the value of your investment to fluctuate. When using derivatives, the Fund can lose significantly more than the amount it has invested in derivatives.
  • Changes in Interest Rates & Inflation Risk: Investments in bonds/ money market securities are affected by interest rates and inflation trends which may negatively affect the value of the Fund.
  • Credit Ratings and Unrated Securities Risk: Bonds with a low credit rating or unrated bonds have a greater risk of default. These investments may negatively affect the value of the Fund.
  • Credit Risk: The issuer of a security held by the Fund may not pay income or repay capital to the Fund when due.
  • Emerging Markets Risk: Emerging Markets have additional risks due to less-developed market practices.
  • Charges to Capital: The Fund takes its charges from the capital ofthe Fund. Investors should be aware that this has the effect of lowering the capital value of your investment and limiting the potential for future capital growth. On redemption, you may not receive back the full amount you initially invested.
  • China Interbank Bond Market and Bond Connect risk: The Fund may invest in China interbank bond market through connection between the related Mainland and Hong Kong financial infrastructure institutions. These may be subject to regulatory changes, settlement risk and quota limitations. An operational constraint such as a suspension in trading could negatively affect the Fund’s ability to achieve its investment objective.
  • CoCo’s Risk: Contingent Convertible Securities (CoCo’s) convert from debt to equity when the issuer’s capital drops below a pre-defined level. This may result in the security converting into equities at a discounted share price, the value of the security being written down, temporarily or permanently, and/or coupon payments ceasing or being deferred.
  • Counterparty Risk: The insolvency of any institutions providing services such as custody of assets or acting as a counterparty to derivatives or other contractual arrangements, may expose the Fund to financial loss.
  • Sustainable Funds Risk: The Fund follows a sustainable investment approach, which may cause it to perform differently than funds that have a similar objective but which do not integrate sustainable investment criteria when selecting securities. The Fund will not engage in stock lending activities and, therefore, may forego any additional returns that may be produced through such activities.
  • Shanghai-Hong Kong Stock Connect and/or the Shenzhen-Hong Kong Stock Connect (“Stock Connect”) risk: The Fund may invest in China A shares through Stock Connect programmes. These may be subject to regulatory changes and quota limitations. An operational constraint such as a suspension in trading could negatively affect the Fund’s ability to achieve its investment objective.
  • Investment in Infrastructure Companies Risk: The value of investments in Infrastructure Companies may be negatively impacted by changes in the regulatory, economic or political environment in which they operate.
  • High Yield companies risk: Companies with high-dividend rates are at a greater risk of not being able to meet these payments and are more sensitive to interest rate risk.

For a full lists of risks applicable to these funds, please refer to the prospectus or other offering documents.

  1. Source: BNY Mellon as of 30.09.2022. We have calculated the risk and reward category, as shown above, using a method of calculation derived from EU rules. It is based on the rate at which the value of the Fund has moved up and down in the past (i.e. volatility) and is not a guide for the future risk and reward category of the Fund. The category shown is not a target or guarantee and may shift over time. Even the lowest category 1 does not mean a risk-free investment.
  2. Source: Newton Investment Management, data as of 30.09.2022.
  3. £90bn AUM including £46.3bn managed across a variety of multi-asset strategies as at 30 June 2022. Newton’s global AUM is adjusted lower to factor in any double counting of affiliate fund or fund-of-fund assets which can occur when a Newton multi-asset strategy invests in a BNY Mellon fund, that is sub-advised by Newton. At end June 2022, total assets invested by Newton multi-asset strategies on this basis was £3.1bn. To avoid double counting we extract these assets from Newton’s global AUM, which results in a total global AUM of £89.7bn for Newton. Mixed Assets and Charities team assets of £9.9bn includes £1.7bn of this form of double-counted assets. Multi-Asset Solutions team assets of £18.1bn includes £1.5bn of this form of double-counted assets.
  4. Combined research / investment.

*The fund can invest more than 35% of net assets in different Transferable Securities and Money Market Instruments issued or guaranteed by any EEA State, its local authorities, a third country or public international bodies of which one or more EEA States are member.

** Source: Newton, December 2022. Target asset allocation data is hypothetical and not based on an actual trading history, but rather on the model portfolio. The charts above illustrate the breakdown of equities and bonds by region/market. Information shown is that of a model portfolio(s). There are no guarantees that the actual portfolio(s) will reflect the model data shown. The BNY Mellon FutureLegacy funds are actively managed typically by using forward-looking expectations of volatility. In doing so, the Investment Manager uses its own internal risk model, whilst also considering external independent risk profiling methodologies. Based on a risk profile scale of 1 (lowest) to 10 (highest), the funds target risk profiles of 3, 4, 5, 6 and 7 but this is not guaranteed. The risk profile targeted by each of the BNY Mellon FutureLegacy funds can be identified through the number included in the respective fund’s name. This risk profile is not the same as the risk and reward category shown in the funds’ Key Investor Information Document(s). The risk profiles of the funds are currently assessed against the risk ratings scale provided by Dynamic Planner, but is subject to change at the ACD’s discretion. Dynamic Planner Risk Ratings should not be used for making an investment decision and it does not constitute a recommendation or advice in the selection of a specific investment or class of investments.

Dynamic Planner Risk Ratings should not be used for making an investment decision and it does not constitute a recommendation or advice in the selection of a specific investment or class of investments.

Assets under management (AUM) relates to the combined assets managed by the Newton Investment Management group. From 1 September 2021, Newon group of companies includes Newton Investment Management Limited (NIM) and Newton Investment Management North America LLC (NIMNA).

The value of investments can fall. Investors may not get back the amount invested. Income from investments may vary and is not guaranteed.