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Multi-Asset Solutions

Since 1989, we have managed funds under the Colonial First State brand. Fund names have changed to reflect our new name, First Sentier Investors.

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Strategy Overview

Key Facts

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* This is an annualised interest rate from the past seven days. For actual performance for our Cash Funds, please view the performance page.

We invest for purpose

Markets are constantly moving – and when conditions change investors must rethink their asset allocation.

Our flexible and dynamic approach draws on a global opportunity set to meet the multiple, often competing objectives of our clients. The goal is to tie all investment decisions to the ultimate objective of the portfolio.

Time has shown that asset allocation decisions are the dominant driver of overall portfolio returns and multi-asset investing provides risk and return benefits that are not typically achievable by investing in a single asset class. 

Flexible

Asset allocation can be a rigid process, but for objectives-based investors like us, flexibility allows us to respond to changing market conditions and steer our portfolios towards objectives.

Dynamic

Most investors have goals across several time horizons and rather than rely on theoretical long-term assumptions, we aim to take advantage of shorter-term investment opportunities by dynamically shifting exposures.

Disciplined

Blending qualitative insights with the discipline of quantitative underpinnings, our evidence-based approach has operated for more than 23 years.

Our multi-asset offering for institutional investors

Our diverse clients around the world have a wide variety of investment goals and challenges to solve.

Built off a consistent investment approach and research engine, we offer bespoke investment solutions across the continuum of styles demanded by our clients, from more traditional asset allocation through the investment spectrum to benchmark-unconstrained, absolute-return strategies.

Objective-based portfolio management

Objective-based investing seeks to overcome the limitations inherent in a traditional balanced (e.g. 60/40 growth vs. defensive assets) approach. A particular outcome is targeted through a bespoke investment strategy, designed to reflect a client’s interests in terms of ambition and risk, and adopts an absolute-return mindset.

We make investment decisions with the ultimate goal of consistently delivering a particular objective or multiple objectives, while minimising the chance of failure to meet objectives. 

Implemented solutions

Implemented solutions are investment products designed and overseen by the Multi-Asset Solutions team. These are implemented in-house in collaboration with our global capability set offered globally across asset classes.

Examples include the following:

  • Traditional ‘balanced’ funds managed to a strategic asset allocation
  • Thematic portfolios
  • Inflation protection and risk reduction strategies
  • Lifestyle/lifecycle modelling with ‘targeted benefit’ approach
  • Diversified portfolios of alternativesObjective-based portfolio management

Advisory services

Advisory services are activities performed that involve providing advice and sharing the intellectual property of the team.

Examples include the following:

  • Providing asset allocation and risk management advice
  • Ensuring sufficient funding of pension or insurance liabilities
  • Meeting spending objectives or income needs
  • Incorporating tailored notions of risk and ways to de-risk
  • Providing market intelligence and implementation guidance
  • Testing investment ideas using our proprietary tools
  • Sharing research papers and topical market updates

Our asset allocation moves with markets

The foundation of our portfolios, our neutral asset allocation, takes a long term view on economies, markets and expected returns across asset classes. While neutral asset allocation alone will be the dominant driver of returns, there is also opportunity to mitigate portfolio risks and generate additional returns as market conditions change. We supplement our long term neutral asset allocation with dynamic asset allocation, which exploits shorter-term market inefficiencies. 

How our portfolio works

Neutral asset allocation

The ‘neutral’ asset allocation is the mix of investments that we believe has the highest likelihood of achieving a given portfolio’s long-term objectives based on fundamentals. The first step in our investment process is determining the economic outlook, both globally and for individual countries.

Using current valuations as a starting point, key economic variables including GDP growth, inflation, risk free rates, and long-term bond yields enable us to calculate expected returns for various asset classes. 

Whitepapers and other resources

How we are positioned for markets ahead

We explore our forward-looking return expectations and share the latest changes to our asset allocation every six months.

Featured blogs:

Is it time for SAA to consider retirement?

Risk changes, so why is your asset allocation static?

Is your asset allocation working hard or hardly working?

Research papers from the Multi-Asset Solutions team

Our experience working with institutional asset owners has given us significant insight and practical appreciation of the challenges investors face. In an environment marked by a combination of low interest rates, low inflation, low to moderate economic growth, and risk-on risk-off investment sentiments, we share our research into techniques and solutions that can help achieve long-term investment objectives.

Issue 1 – Volatility as an asset class and dynamic asset allocation

Issue 2 – Integrated approach to asset liability management risk budgeting and alpha

Issue 3 – Inflation-linked investment objectives with liquid asset portfolios

Issue 4 – Target benefit retirement schemes

Issue 5 – Liability driven investing: hedging inflation and interest rate risk

Issue 6 – Strategic asset allocation

Issue 7 – Dynamic asset allocation

Issue 8 – Regimes, turbulence and brittleness – A new way of looking at risk

Issue 9 – Why Multi-Asset?

Responsible Investment

Our corporate RI strategy is based upon three strategic pillars of quality, stewardship and engagement.

As global multi-asset investors, we partner with our clients to provide solutions that maximise the probability that they will achieve their investment objectives. We assess our client needs based on three key criteria: risk tolerance, investment horizon and return ambition level. We utilise third party monitoring services for our direct holdings.

Learn more about the Multi-Asset Solutions team's approach to Responsible Investment

Meet the Multi-Asset Solutions team

Epco van der Lende

Co-Head of Multi-Asset Solutions

    Kej Somaia

    Co-Head of Multi-Asset Solutions

      Jan Baars

      Senior Portfolio Manager

        Andrew Harman

        Senior Portfolio Manager

          Read our latest insights

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          First Sentier Multi-Asset Real Return Fund Neutral Asset Allocation Review

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          22 May 2020
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          Video: A lesson in extreme asset allocation

          Podcast: A lesson in extreme asset allocation

          17 April 2020
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          View all our latest insights

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          Financial Services Guide (PDF)

          On 16 September 2019, Colonial First State Global Asset Management (CFSGAM) rebranded to First Sentier Investors. Any content produced prior to this date may be branded CFSGAM and include trade marks that First Sentier Investors used under licence. References to Colonial First State Asset Management (Australia) Limited are references to the former name of First Sentier Investors (Australia) IM Ltd.

          Material on this website is intended to provide general information only. Such material does not into account your objectives, financial situation or needs. You should consider these matters before acting on the information and consider the relevant Product Disclosure Statement for any product named on this website before making an investment decision.

          Total returns for the Funds have been calculated using exit prices after taking into account all ongoing fees and assuming reinvestment of distributions. No allowance has been made for taxation. Past performance is no indication of future performance.

          Any opinions expressed in videos are the opinions of the individual participant and are subject to change without notice. Such opinions are not a recommendation to hold, purchase or sell a particular financial product and may not include all of the information required to make such a decision. Before making any such decision you should consult a financial adviser.

          Copyright © First Sentier Investors (Australia) Services Pty Ltd 2021, (part of First Sentier Investors, a global asset management business. First Sentier Investors is ultimately owned by Mitsubishi UFJ Financial Group, Inc MUFG.)