Adventurous multi-asset funds sit at the top end of the risk spectrum due to their higher equity exposure. While this can boost returns on the upside, these funds are also more vulnerable when markets turn.
Unlike the more balanced and cautious multi-asset sectors, IA Flexible Investment funds have greater freedom in how much equity risk they take and how they express it.
To identify the most reliable performers in this wide-ranging sector, Trustnet compared each fund’s discrete annual return with the sector averages between 2016 and 2025.
The eight funds in the table below achieved this in at least eight years.
Source: FE Analytics. Figures highlighted in red represent years in which a fund underperformed the IA Flexible Investment sector average.
While these funds have proven consistent over the long term, the year-by-year results highlight how successful adventurous strategies can diverge from one another across different market conditions.
Across the table, 2021 proved a strong year, with all eight strategies landing in the first quartile of the sector. In particular, BNY Mellon Multi-Asset Growth and Courtiers Total Return Growth were standouts, featuring in the top 10 best-performing funds in the whole sector for that year, gaining 19.6% and 19% respectively.
By contrast, in 2020, WS IM Global Strategy and BNY Mellon Multi-Asset Growth were the only two funds of the eight in the table to make it into the first quartile in the sector, reflecting the dispersion created by the Covid-19 recovery and the strong performance of large-cap growth stocks.
Among these eight funds, only one beat the sector average in every single year.
The £269m Barclays Global Markets Adventurous fund invests at least 70% of its assets in passively managed funds and undertakes currency hedging to reduce the impact of currency fluctuations.
It topped the table in both 2023 and 2024, gaining 13% and 15.1% respectively. Over the assessed 10-year period, it delivered a 161.2% return, lifting it into the IA Flexible Investment sector’s top 10.
The fund is managed by Finlay Macdonald, who took over in 2021 following the departure of former manager and chief investment officer for multi-asset strategies Will Hobson. BlackRock has been appointed as sub-manager to implement asset allocation through exchange-traded funds (ETFs) and passive mutual funds.
Year-to-date, Barclays Global Markets Adventurous has gained 4%, putting it in the second quartile in the sector.
Although the Barclays strategy proved the most consistent, M&G Managed Growth delivered the strongest 10-year return of the eight funds in the table, gaining 177.6% between 2016 and 2025. This was the fourth-best return in the whole sector, behind Contrarius Global Balanced, VT Price Value Portfolio and Liontrust Sustainable Future Managed Growth, which gained 202%, 191.4% and 178.3% respectively.
Managed by Craig Simpson since 2022 – taking over from Dave Fishwick – and supported by Tony Finding and Craig Moran, the £1.2bn portfolio holds around 20 high-conviction positions and has a historic yield of 2.08%.
The M&G fund has also demonstrated its ability to offer investors more downside protection. In 2022, it lost 0.6% compared with a 9% sector average decline. By contrast, WS IM Global Strategy and Unicorn Mastertrust were in the fourth quartile in that year, losing 13.3% and 13.6% respectively.
Year-to-date, M&G Managed Growth has returned 3.8%, placing it in the second quartile.
Two funds in the table also stood out for being run by FE fundinfo Alpha Managers – a designation awarded to managers who have delivered strong risk-adjusted returns consistent across market cycles.
The 124.1m Unicorn Mastertrust has been run by Alpha Manager Peter Walls since 2001. He entered into the Alpha Manager Hall of Fame in 2023 after maintaining his rating for seven consecutive years.
The fund invests primarily in investment trusts Walls believes offer strong growth potential and attractive valuations.
In February 2026, top contributors to the portfolio included BlackRock World Mining Trust, Strategic Equity Capital and Law Debenture.
Unicorn Mastertrust ranked sixth in the table for 10-year returns, gaining 143%. However, it was the best-performing fund in the table last year, returning 22.1% and placing it in the top 10 in the overall sector.
It was also one of only two funds – alongside M&G Managed Growth – to achieve first quartile status in 2017, gaining 19.3%.
However, year-to-date, the fund has slipped 0.2%, placing it in the fourth quartile in the IA Flexible Investment sector.
Meanwhile, BNY Mellon Multi-Asset Growth is co-managed by Alpha Manager Bhavin Shah, alongside Simon Nichols and Paul Flood.
The £2.5bn fund – one of the largest of the eight in the table – was launched in 1990 and counts large-caps such as TSMC, Shell and BAE Systems in its current top 10 holdings.
The fund sits within Newton’s multi-asset range, all of which have different risk profiles and levels of equity exposure. BNY Mellon Multi-Asset Growth invests almost exclusively in equities but there are no formal parameters.
Commenting on the whole suite, RSMR analysts said: “The Newton multi-asset funds benefit from a combination of Newton’s central global thematic analysis and global sector and asset class research teams and the flexibility for the fund managers to interpret this information within the context of the individual fund objectives and mandates.”
Of the funds in the table, BNY Mellon Multi-Asset Growth has also logged the strongest performance year-to-date, gaining 5.6% – a top-quartile performance.