However, there are a number of multi-asset portfolios that challenge these go-to funds in the performance tables, but don’t have the assets under management (AUM) to show for it.
Here are three that may have slipped under investors' radars:
Margetts Venture Strategy
This £64m portfolio has been headed up by FE Alpha Manager Toby Ricketts since its launch in February 1995 and has consistently topped the total return tables ever since.
Performance of fund vs sector over 10-yrs
| Name | 1-yr returns (%) | 3-yr returns (%) | 5-yr returns (%) | 10-yr returns (%) |
| Margetts Venture Strategy | 10.27 | 32.91 | 35.15 | 178.69 |
| IMA Flexible Investment | 8.02 | 24.2 | 6.14 | 83.92 |
Source: FE Analytics
According to FE data, it is a top-decile performer in its IMA Flexible Investment sector over five and 10 years and top-quartile over three; a record only bettered by Sebastian Lyon’s Trojan fund, which is top-decile over all three time periods.
However, unlike Trojan, Margetts Venture Strategy is still open to new investors, with a minimum initial outlay of £1,000.
Ricketts’ portfolio is second only to CF Miton Special Situations over the last decade, delivering 178.69 per cent to investors. It has beaten its sector average in nine of the last 10 years, only falling short in 2011.
It has, however, been more volatile than its sector average over the last 10 years.
Margetts Venture Strategy is a fund of funds invested predominantly in open-ended vehicles. All of these are focused on equities, with 57 per cent of AUM invested in emerging markets.
Aberdeen Emerging Markets, Aberdeen Asia Pacific and First State Global Emerging Market Leaders are currently his top-three holdings.
The portfolio is cheap for a fund of funds, with a TER of just 1.62 per cent. It is available across a number of platforms, including Nucleus, Skandia and AXA Elevate.
AXA Framlington Managed Balanced
With £362m AUM, this is far larger than Ricketts' fund; however, it doesn’t come close to challenging the likes of Jupiter Merlin in the inflows tables.
Like Margetts Venture Strategy, AXA Framlington Managed Balanced has a long and established track record. It has been headed up by Richard Peirson since March 1994 and has been at the top of the returns tables ever since.
According to FE data, the fund is a top-quartile performer in its IMA Mixed Investment 40-85% Shares sector over one, three, five and 10 years, as well as over one, three and six months.
Only one other fund – Newton Global Growth & Income for Charities – has achieved this accolade, but it is not available to retail investors.
Performance of fund vs sector over 10-yrs
| Name | 1-yr returns (%) | 3-yr returns (%) | 5-yr returns (%) | 10-yr returns (%) |
| AXA Framlington Managed Balanced | 12.63 | 35.97 | 20.65 | 140.73 |
| IMA Mixed Investment 40-85% Shares | 9.83 | 24.34 | 9.74 | 80.98 |
Source: FE Analytics
Over the last decade, the portfolio has returned 140.73 per cent, compared with 80.98 per cent from its sector average. It has, however, been slightly more volatile.
The fund invests in both equities and bonds and though it tends to favour shares, it does have the flexibility to hold other collectives. AXA Framlington Emerging Markets is currently its biggest holding, with a 3.2 per cent weighting.
Peirson is predominantly invested in equities, which make up around 79 per cent of his AUM. The rest is split between cash, which has a 9.33 per cent weighting, and bonds, which have a 12 per cent weighting.
This portfolio has more of a focus on developed markets, with the UK accounting for the majority of Peirson’s equity exposure. GlaxoSmithKline, Vodafone and BP are all top-10 holdings.
AXA Framlington Managed Balanced has a TER of 1.31 per cent and a minimum investment of £1,000. It is available on all major platforms.
Threadneedle Navigator Balanced Managed
This £22m fund is a true hidden gem. It is one of the smallest in the IMA Mixed Investment 20-60% Shares sector, but packs quite a punch, achieving top-quartile status over one, three, five and 10 years, a feat only matched by Jupiter Merlin Income.
Alex Lyle has headed up the five crown-rated portfolio since April 1999. He has returned 96.36 per cent over this period, compared with 63.25 per cent from the fund's sector average.
It is a fettered fund of funds, which means that it invests exclusively in portfolios managed by Threadneedle. The Threadneedle UK Corporate Bond and UK Equity Income funds are currently its two biggest holdings. The fund’s equity-to-bonds split is currently around 50/50.
Threadneedle Navigator Balanced Managed has a minimum investment of £1,000 and a TER of 1.52 per cent. In comparison, Jupiter Merlin Income has a TER of 2.33 per cent.