DISCOVER MULTI-ASSET
FUNDS
Multi-asset funds aim to offer investors a way to access greater diversification
Why multi-asset ?
BNY Investments' 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 Investments' 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.
BNY Investments' 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.
The BNY Investments' 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
Newton offers a choice of multi-asset solutions to meet investors’ mix of yield / risk appetite.
BNY Mellon Multi-Asset Balanced Fund
Fund managers: Simon Nichols, Bhavin Shah, Paul Flood
MIXED ASSETS
BNY Mellon Multi-Asset Growth Fund
Fund managers: Simon Nichols, Bhavin Shah, Paul Flood
MIXED ASSETS
BNY Mellon Multi-Asset Moderate Fund
Fund managers: Paul Flood, Bhavin Shah, Janice Kim
MIXED ASSETS
BNY Mellon Multi-Asset Income Fund
Fund managers: Paul Flood and Bhavin Shah
INCOME-ORIENTED
BNY Mellon Multi-Asset Diversified Return Fund
Fund managers: Paul Flood and Bhavin Shah
ABSOLUTE RETURN
Source: BNY Investments', data as of 30 June 2025.
Note: Cash and others allocations shown include currency hedging and commodities. Totals may not sum to 100% due to rounding.
Defaqto established methodology: Defaqto map funds and MPS portfolios to 10 accumulation risk profiles. A rating of 1 represents the lowest risk; 10 indicates the highest risk. Within the risk profiles, Defaqto use the industry recognised Hymans Robertson strategic asset allocations.
Dynamic Planner: Risk-profiling process is driven by rigorous analysis of the underlying asset mix of a fund, as well as considering factors such as the flexibility of the investment mandate, monthly trend analysis of the underlying asset constituents and observed performance. Once this analysis is complete, the data is calibrated to the underlying asset forecast assumptions of the Dynamic Planner model. The expected risk of the fund is then determined using a scale from 1 (lowest) to 10 (highest) which can then be aligned to client risk profiles.
EV: EV risk-rated fund service is an easy way for advisers to turn their risk questionnaire’s output into suitable recommendations on the EV portal. For full ratings please refer to the EV adviser portal.
FundCalibre: FundCalibre ratings are awarded after an initial qualitative screening and further qualitative analysis. This is followed up by their research team interviewing the fund manager face-to-face to understand and assess the investment process and style. Finally, a peer group review is conducted and those funds, whose managers FundCalibre believe to be the most skillful are awarded an Elite Rating.
Oxford Risk: Oxford Risk uses a quant risk model to determine the long-term risk of any fund or portfolio, providing a robust and reliable solution for mapping investors' risk profiles to suitable investments.
Square Mile: Square Mile is an independent funds research company that ‘rates’ funds, and provides opinion. The ratings are a guide to the conviction that its analysts have in the ability of a fund manager to achieve their outcome objectives over the longer term. The ratings range from AAA, to AA and A for actively managed funds. Rated passive funds are awarded an R for recommended and some younger funds, with shorter track records, are afforded a PP rating, as a ‘Positive Prospect’.
Synaptic: The Synaptic Risk Rating Service is derived from the risk framework provided by Moody's Analytic's Stochastic engine. It has been created to provide advisers with more robust, quantitative measures for risk than is generally available, and provide the opportunity for them to move away from volatility-based ratings.
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.
Objective/Performance Risk: There is no guarantee that the Funds will achieve their objectives.
Currency Risk: The Funds invest in international markets which means they are exposed to changes in currency rates which could affect the value of the Funds.
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 Funds.
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 Funds.
Credit Risk: The issuer of a security held by the Funds may not pay income or repay capital to the Funds when due.
Emerging Markets Risk: Emerging Markets have additional risks due to less-developed market practices.
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.
Risks applicable to BNY Mellon Multi-Asset Income Fund:
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.
The BNY Mellon Multi-Asset Income Fund and the BNY Mellon Multi-Asset Diversified Return 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 members.
The value of investments can fall. Investors may not get back the amount invested. Income from investments may vary and is not guaranteed.
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 ensures 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 Environmental, Social and Governance (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.1
Newton’s AUM totals £77.81 billion as of 30 June 20251. This is split across multiple investment teams as shown here
Equity income
Multi-Asset Solutions1
Global Opportunities
Real Return
Small Cap Equities
Thematic strategies
Fixed Income
Emerging Markets & Asia Equities
UK Equities
Mixed Assets and Charities
Equity income
Multi-Asset Solutions1
Global Opportunities
Real Return
Small Cap Equities
Thematic strategies
Fixed Income
Emerging Markets & Asia Equities
UK Equities
Mixed Assets and Charities
1Newton’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 2025, total assets invested by Newton multi-asset strategies on this basis was £2.6bn. To avoid double counting we extract these assets from Newton’s global AUM, which results in a total global AUM of £77.8bn for Newton. Mixed Assets and Charities team assets of £12.1bn includes £1.5bn of this form of double-counted assets. Multi-Asset Solutions team assets of £9.7bn includes £1.1bn of this form of double-counted assets. The AUM includes assets under advisement (AUA) for a model of securities that the Firm does not arrange or effect the purchase or sale of securities.
Source: Newton group of companies, 30 June 2025. Newton global assets under management (AUM) is the combined total assets under management of Newton Investment Management Limited (‘NIM’), Newton Investment Management North America LLC (‘NIMNA’) and Newton Investment Management Japan Limited (‘NIMJ’) as calculated as at 30 June 2025. In addition, Newton’s global AUM includes assets of bank-maintained collective investment funds for which Newton has been appointed sub-advisor or in limited instances, where Newton personnel act as dual officers of affiliated companies.
Bhavin joined Newton in June 2011 as a portfolio manager in the mixed assets investment team. Prior to joining Newton, he worked at SG Hambros for seven years where he was responsible for managing client portfolios focused on absolute return and multi-asset strategies. Bhavin is co-lead manager on numerous multi-asset accounts at Newton. In addition to portfolio management responsibilities, Bhavin is a member of the multi-asset Investment Risk Oversight Group. Bhavin holds an MSc in Mathematics with distinction and is a CFA charterholder.
Paul is Head of Mixed Assets Investment at Newton. He is also lead manager of the Newton Multi-Asset Diversified Return strategy, the Newton Multi-Asset Income strategy and the Newton Multi-Asset Growth strategy. He also provides leadership and analysis on asset allocation, derivatives and convertible bonds for the wider firm, having spent the earlier part of his career working on strategic asset allocation and derivative strategy. Paul is responsible for generating ideas within alternative assets and has been leading in this area since 2008. He is a member of the macro allocation group and provides feedback to the wider house on strategic and tactical asset allocation.
Paul joined Newton in 2004. He is a CFA charterholder and has completed the certificate in quantitative finance (CQF) after passing with distinction. Paul studied Astrophysics at the University of St Andrews and is a keen cyclist and runner, having recently cycled the length of the UK from Land’s End to John O’Groats and often participates in marathons.
Janice joined Newton in September 2022 and works as an associate portfolio manager on the mixed assets and charities team. Prior to joining Newton, she was an investment analyst at various firms including LionRock Capital in Singapore and Marathon Asset Management in New York, where she was also a member of the private equity team. Janice holds a degree in Political Economy from the University of California, Berkeley and has completed the CFA Certificate in ESG Investing. Outside of work, Janice is an avid swimmer and enjoys spending time with her family.
Simon is a portfolio manager on the mixed assets and charities team responsible for managing both global equity and multi-asset portfolios.
Simon joined Newton in 2001 and was responsible for research into a number of global industrial sectors before moving to portfolio management. Simon’s experience includes managing global, multi-asset, charity and UK equity portfolios.
Simon is a chartered accountant (ACA) and prior to joining Newton he worked in both audit and insolvency practices at leading accountancy firms. He is a CFA charterholder, a member of the Chartered Institute for Securities and Investment (MCSI), and also holds a BA (Hons) degree in Industrial Economics from the University of Nottingham.
Outside of work, Simon is a keen runner.
All the portfolio management teams are supported by the Newton Multidimensional Research Team which consists of 48 investment professionals as at 30 June 2025 (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 Newton Investment Management the widest perspective on the investment landscape.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
A helpful range of literature to support our multi-asset offering
BNY Investments Newton head of mixed assets investment, Paul Flood, reflects on market trends and policies impacting the yield curve in bond markets and compares the nuance between the US and UK fiscal deficits.
In this video, BNY Investments Newton head of mixed assets investment, Paul Flood comments on the direction of bond yields over the past three to six months and the nuance between the US and UK yield curves.
BNY Investments Newton head of mixed assets investment, Paul Flood explains how the team is addressing the risks around strong equity market performance and the high gold price.
We asked experts across three of our investment firms about the key themes that could be shaping the economy in the second half of 2025 and how they believe their asset classes may fare.
Decumulation in retirement has been described as “the nastiest, hardest, problem in finance”* . This may be true, but it is also one of the most interesting and important. Retirement assets account for around 60% of assets under advice** and are expected to grow further as the next generation of retirees become more reliant on invested solutions to support retirement income. With defined contribution pension assets expected to be nearing £1 trillion by 2030*** , the demand for support in turning those savings to income can only grow. So how do we generate what clients will need to sustain income in retirement?
Newton head of mixed assets investment, Paul Flood, discusses the confluence of macroeconomic factors leading the multi-asset team to look outside the US for investment opportunities.
A dynamic and sustainable approach to investing for and in retirement.
2159968 Exp : 31 March 2026
