{"id":24626,"date":"2024-10-28T13:56:16","date_gmt":"2024-10-28T13:56:16","guid":{"rendered":"https:\/\/www.menamoney.org\/?p=24626"},"modified":"2024-10-28T13:56:16","modified_gmt":"2024-10-28T13:56:16","slug":"the-fundamental-design-fault-with-most-multi-asset-funds","status":"publish","type":"post","link":"https:\/\/www.menamoney.org\/ar\/the-fundamental-design-fault-with-most-multi-asset-funds\/","title":{"rendered":"The fundamental design fault with most multi-asset funds"},"content":{"rendered":"<div class=\"article-sub-head\">\n<h2>&#8216;The key takeaway for advisers is to ask the right questions&#8217;<\/h2>\n<\/div>\n<div class=\"author\">\n<div class=\"author-right\">\n<h4 class=\"article-sub-head summary\">Robin Powell shares what he believes to be the fundamental design fault with most multi-asset funds&#8230;<\/h4>\n<div class=\"sticky-start\"><\/div>\n<div class=\"sticky-end\"><span lang=\"EN-US\">Over the last few weeks, there has been a lively debate in the financial advice trade press about the rival merits of managed (or model) portfolio service (MPS) investment solutions and multi-asset funds (MAFs).<\/span><\/div>\n<div class=\"article-content\">\n<p><span lang=\"EN-US\">The trend in recent years has been away from multi-asset funds, towards MPS. A report published in June by the consultancy??<\/span><span lang=\"EN-US\"><a href=\"https:\/\/www.nextwealth.co.uk\/research\/multi-asset-distribution-dynamics\/\">NextWealth<\/a><\/span><span lang=\"EN-US\">??showed that?? ??123bn was held in discretionary MPS portfolios at the end of March, up from ??71bn in 2021.??Assets in multi-asset funds stood at ??174bn, down from ??179bn at the end of March 2021.<\/span><\/p>\n<p><span lang=\"EN-US\">A??<\/span><span lang=\"EN-US\"><a href=\"https:\/\/www.aegon.co.uk\/content\/dam\/auk\/assets\/publication\/marketing-support\/adviser-attitudes-report.pdf\">recent report<\/a><\/span><span lang=\"EN-US\">??from Aegon, however, shows that multi-asset funds continue to be the option of choice for most financial advisers. Aegon found that 90 percent of advisers questioned are using them for both accumulation and decumulation.<\/span><span lang=\"EN-US\">??<\/span><\/p>\n<div class=\"ad-container\">\n<div id=\"rdm-article-inline-video-ad\" data-onscroll-unit=\"true\">But which of these two solutions is likely to give investors the highest risk-adjusted returns in the long run?<\/div>\n<\/div>\n<p><span lang=\"EN-US\">Another recent report examined the returns of more than 1,000 multi-asset MPS portfolios against equivalent funds. Over both three and five years to the end of June 2024, MPS portfolios on average outperformed funds in four out of five of Morningstar<\/span><span lang=\"EN-US\">&#8216;<\/span><span lang=\"EN-US\">s UK multi-asset sectors.<\/span><\/p>\n<p><span lang=\"EN-US\">Over a five-year period, MPS solutions outperformed funds by an average of 2.4 percentage points across the five sectors.<\/span><\/p>\n<div class=\"ad-container\">\n<div id=\"rdm-rhc-article-inline\" data-onscroll-unit=\"true\"><\/div>\n<\/div>\n<h3><span lang=\"EN-US\">Both MPS and funds can work<\/span><\/h3>\n<p><span lang=\"EN-US\">But how informative are comparative studies? Surely both MPS solutions and multi-asset funds have the potential to provide excellent, and, for that matter, dreadful, investment outcomes? What really makes the difference is the type of strategy. Is it a low-cost, long-term, rule-based strategy? Or is the strategy dictated by fund managers making active decisions and charging higher fees?<\/span><span lang=\"EN-US\">??<\/span><\/p>\n<p><span lang=\"EN-US\">An example of a sensible MAF option is a Vanguard LifeStrategy fund, with a simple asset split between equities and bonds depending on the client&#8217;s risk profile.<\/span><\/p>\n<p><span lang=\"EN-US\">However, when financial professionals talk about multi-asset funds, they are usually referring to actively managed funds where the portfolio manager makes strategic decisions to trade assets across multiple asset classes, and not just stocks and bonds.<\/span><\/p>\n<h3><span lang=\"EN-US\">The problem is tactical allocation<\/span><span lang=\"EN-US\">??<\/span><\/h3>\n<p><span lang=\"EN-US\">Investors, and indeed many financial advisers, are easily seduced by the notion of so-called tactical asset allocation (TAA), and fund houses are very clever at promoting the idea of &#8220;nimble&#8221; fund managers having the flexibility to &#8220;go anywhere&#8221; and dip in and out of different assets depending on the latest information.??<\/span><\/p>\n<p><span lang=\"EN-US\">But there is overwhelming evidence to show that, in most cases, TAA doesn&#8217;t work.<\/span><\/p>\n<p><span lang=\"EN-US\">The limitations of tactical asset allocation were highlighted in a study by??<\/span><span lang=\"EN-US\"><a href=\"https:\/\/www.fundhouse.co.uk\/active-asset-allocation-is-it-worth-all-the-effort\/\">Fundhouse<\/a><\/span><span lang=\"EN-US\">??published in May this year. Researchers analysed 160 multi-asset strategies in the Investment Association&#8217;s Mixed Investments 40-85% Shares sector that had at least a five-year track record, many of which were run on a 60\/40 basis.<\/span><\/p>\n<p><span lang=\"EN-US\">Fundhouse compared the sample to two 60\/40 benchmarks, rebalanced twice a year, one with a UK home bias and one without. For the 40% bond allocation, they used a global aggregate bond hedged to a sterling index. For the equity element with a UK home bias, they used a 15% UK, 45% global ex-UK blend, and for the equity element without a UK home bias, they used a standard global equity index.<\/span><\/p>\n<p><span lang=\"EN-US\">What the researchers found was that, over ten years to the end of March 2024, fewer than 15% of the 160 funds they looked at outperformed the fully global benchmark, and fewer than 20% outperformed the UK-biased benchmark.<\/span><\/p>\n<h3><span lang=\"EN-US\">Why??<\/span><span lang=\"EN-US\">tactical allocation<\/span><span lang=\"EN-US\">??usually fails<\/span><span lang=\"EN-US\">??<\/span><\/h3>\n<p><span lang=\"EN-US\">The Fundhouse study clearly shows that passive strategies work best. But why should that be? Why is tactical asset allocation so hit and miss?<\/span><\/p>\n<p><span lang=\"EN-US\">The researchers suggest two possible explanations. First, say the researchers, &#8220;we are wired to have a brake pedal that is bigger than our accelerator??? The instinct to err on the side of caution may cause fund managers to reduce risk too soon and add it back too late&#8221;.<\/span><\/p>\n<p><span lang=\"EN-US\">Secondly, &#8220;asset allocation in most multi-asset strategies is heavily influenced by macro insights and forecasts. Our research suggests that the odds of getting these forecasts consistently right are very low.&#8221;<\/span><\/p>\n<h3><span lang=\"EN-US\">Cheaper is generally better<\/span><\/h3>\n<p><span lang=\"EN-US\">So, is the answer for advisers simply to use an outsourced MPS instead?<\/span><\/p>\n<p><span lang=\"EN-US\">Not necessarily. Because, as with MAFs, when most financial professionals talk about MPS, they&#8217;re usually referring to old-style discretionary fund management ?????actively managed and expensive. Advisers should be using one of the newer MPS solutions instead as they are usually cheaper.<\/span><\/p>\n<p><span lang=\"EN-US\">This huge cost advantage of passively managed MPS solutions inevitably translates into superior performance ??? even over shorter time periods.<\/span><\/p>\n<p><span lang=\"EN-US\">This was recently illustrated by the financial data provider Defaqto, which??<\/span><span lang=\"EN-US\"><a href=\"https:\/\/www.ftadviser.com\/investments\/2024\/07\/18\/dfm-insight-best-performing-adventurous-portfolios-revealed\/\">compared the performance<\/a><\/span><span lang=\"EN-US\">??of model portfolios categorised as??<\/span><span lang=\"EN-US\">&#8220;<\/span><span lang=\"EN-US\">adventurous&#8221; over the three-year period to the end of May 2024.<\/span><span lang=\"EN-US\">??<\/span><\/p>\n<p><span lang=\"EN-US\">Remarkably, nine out of the top ten portfolios were passively managed.<\/span><span lang=\"EN-US\">??<\/span><\/p>\n<h3><span lang=\"EN-US\">Lessons for advisers<\/span><\/h3>\n<p><span lang=\"EN-US\">The key takeaway for advisers is to ask the right questions. What matters most is not whether you go with MPS and MAFs, but how the assets are managed and how much your clients will pay.<\/span><\/p>\n<p><span lang=\"EN-US\">The fundamental design fault with most multi-asset funds, and indeed with most MPS solutions too, is that they are actively managed.<\/span><\/p>\n<p><span lang=\"EN-US\">In the long run, very few active managers will outperform the market through tactical asset allocation with any consistency. What&#8217;s more, identifying those managers in advance is extremely hard.<\/span><\/p>\n<p><span lang=\"EN-US\">The case for using low-cost, evidence-based investment solutions is irrefutable.<\/span><\/p>\n<p><em><strong><span lang=\"EN-US\">Robin Powell is editorial consultant at Sparrows Capital<\/span><\/strong><\/em><\/p>\n<\/div>\n<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>&#8216;The key takeaway for advisers is to ask the right questions&#8217; Robin Powell shares what he believes to be the fundamental design fault with most multi-asset funds&#8230; Over the last few weeks, there has been a lively debate in the financial advice trade press about the rival merits of managed (or model) portfolio service (MPS) [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":24627,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[],"class_list":["post-24626","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.4 (Yoast SEO v27.3) - 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