This is for professional clients only or relied upon by ... · building investment solutions for our clients. ... to offer exposure to a diversified portfolio of leading fund managers

This is for professional clients only and should not be distributed to or relied upon by retail clients.

partnershipA

approach to investing

Why Architas? 2

The need to diversify 4

Partnering with Architas 6

Investment process 8

Architas team and sector responsibilities 19

Architas Risk Profiled Funds 20

Which investment style? 22

Architas Multi-Asset (MA) Active Funds 24

Architas Multi-Asset (MA) Blended Funds 28

Architas Multi-Asset (MA) Passive Funds 32

Architas Income Generating Funds 36

Architas Specialist Funds 40

CONTENTS

1Welcome to Architas

At Architas, we focus solely on fund research and building investment solutions for our clients.

We understand the challenges that you as an adviser face. Transparency, due diligence, thorough research and an in‑depth knowledge of your clients’ needs, and appetites for risk, are key for your business. We support you throughout the journey, allowing you to focus your time on your priority, the client.

We believe that our diversified, multi‑manager proposition can add value to your business and provide an investment solution for a range of your clients’ investment objectives.

Each fund within the Architas range has been designed to offer exposure to a diversified portfolio of leading fund managers. Your clients benefit from the skills of some of the world’s best known investors along with value‑generating boutiques, selected and monitored by our team of talented investment professionals.

At every stage, our focus and aim is on delivering consistent returns whilst managing risks, and most importantly on meeting the needs and goals of our clients.

WELCOMETO ARCHITAS

OUR AWARDS

2

The value of your clients’ investments and any income from them could fall as well as rise and are not guaranteed. They may get back less than they originally invested. Tax benefits are subject to change and are dependent on individual circumstances.* As at 31 December 2019. Note: Architas is 100% owned by the AXA Group but it has no legal right of access to the assets of the AXA Group.

WHYARCHITAS?Architas offers active and passive fund of funds, as well as a blend of both styles, across our risk profiled, income generating and specialist fund ranges. As a business we recognise the importance of working in partnership with advisers and have built a range of tools, which are designed to support you and your clients throughout the investment journey.

Part of the global AXA Group, we are an award‑winning, specialist multi-manager with £23.8bn* of assets under management and advice.

Multi‑manager is our business. All of our considerable resources are focused first and foremost on researching and analysing funds and managers to create diversified investment solutions.

One of the only multi-managers to offer fully diversified, innovative active, passive and blended solutions to suit a range of investor needs and risk appetites.

Risk profiled solutions give you reassurance that your clients’ investments are being managed to a risk level that they are comfortable with. We provide you with a monthly proof statement to confirm this for your on‑going due diligence.

If you prefer to build your own portfolios, we offer a range of specialist, single strategy fund of funds to give your clients access to specific asset classes or geographies including global equities, alternatives and strategic bonds.

Income generating funds across our risk profiled and specialist ranges for those clients who need their investments to pay a regular income. Available with monthly, quarterly and six‑monthly payment dates.

Funds are managed by one of the largest multi‑manager focused teams in the industry with combined investment experience of over 250 years.

Robust investment and fund selection process combines rigorous fund and manager analysis with stringent risk controls and portfolio monitoring.

No capital gains liability when we rebalance the underlying holdings, providing your clients with tax efficient, long‑term, all‑in‑one investment opportunities across a range of sectors, asset classes and geographies.

3Why Architas?

Please note these are examples of investment managers that we work with and are subject to change. Third party trademarks are used with the permission of their owners.

Architas invests with a diverse selection of global investment managers

4

THE NEED TODIVERSIFYAsset allocation is based on the principle that different asset classes will perform differently across a variety of market and economic conditions. We all know the saying ‘don’t put all your eggs in one basket’ and this is true when it comes to investing – no one single asset class performs consistently well.

Performance over a 10 year time frame across 11 different IA sectors (%)The chart below highlights that no one sector has consistently performed better than any other over the 10 year period shown. Whilst there are no guarantees, a portfolio made up of a diversified mix of holdings across these sectors could experience a lower level of volatility, and may potentially produce a more consistent return.

Source: Morningstar as at 31 December 2019. Sterling, annualised total return. The most up‑to‑date information can be obtained by calling the Architas Broker Desk on 020 7562 4900*.

* Monday to Friday 9.00am–5.00pm; calls may be recorded.Past performance is not a guide to future performance. The value of an investment can fall as well as rise and is not guaranteed. Investors could get back less than they originally invested.

Best

Wor

st

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

23.28 16.16 20.39 30.61 17.77 16.21 30.09 25.29 2.86 31.09

22.42 3.21 19.40 27.51 14.92 9.38 26.00 23.56 1.10 24.56

19.17 0.03 16.64 26.45 12.82 7.78 25.38 17.79 0.44 22.37

17.51 -1.82 15.39 26.30 12.20 7.64 23.94 17.45 -0.05 22.03

17.25 -2.03 9.66 26.11 9.73 5.01 23.55 14.05 -1.15 20.38

15.85 -3.63 8.61 21.79 7.05 4.53 17.06 13.87 -3.56 17.08

12.29 -6.79 7.46 8.02 2.02 2.85 11.37 10.48 -5.71 15.84

8.83 -9.34 3.29 7.93 0.86 0.24 11.25 7.60 -9.81 11.36

8.74 -11.32 2.04 1.89 0.43 0.03 11.04 6.30 -11.15 7.19

6.42 -15.41 1.55 0.23 0.29 -0.01 0.32 1.73 -11.32 0.68

0.32 -16.31 0.49 -4.90 -0.94 -2.80 -2.00 0.14 -12.16 -0.78

UK IA SECTORS

IA £ High Yield

IA Asia Pacific Excluding Japan

IA Europe Excluding UK

IA Global

IA Japan

IA North America

IA Standard Money Market

IA Technology and Telecommunications

IA UK All Companies

IA UK Direct Property

IA UK Gilts

5The need to diversify

How do you select the holdings to make up your diversified portfolio?For you to research all of these asset classes and sectors to ensure you are selecting the best funds to suit your clients’ needs would take a great deal of time and resource.

How do you find time to rebalance all client portfolios, maintain up‑to‑date research on managers, appoint new managers, terminate existing managers and reconcile your clients’ tax position as a portfolio changes?

1 For the risk profiled Architas MA Active, Architas MA Blended and Architas MA Passive ranges.2 See Architas Fast Facts for platform availability (uk.architas.com/fastfacts).

Benefits of partnering with Architas

Fund research undertaken by an experienced investment team equipped with a range of quantitative and qualitative tools, including proprietary analytical software.

Access to a range of leading third party funds combined with the buying power of the global AXA Group.

Stochastic asset allocation framework to target a defined range of risk outcomes.1

A robust and repeatable investment process.

A consistent and transparent proposition for your clients.

Monitoring and rebalancing of our funds by a dedicated team of investment professionals.

Marketing support, local sales support and presence, and regular fund communications.

Funds easily accessible across a broad suite of platforms.2

6

PARTNERINGWITH ARCHITASWith the Architas range of fund of funds, your clients’ investments are managed by a dedicated, experienced investment team. You can be confident that our due diligence is comprehensive, our investment process robust and our portfolios regularly monitored.

Architas Risk Profiled Funds The Architas Risk Profiled Funds span a spectrum of risk appetites across three different management styles. Following thorough investigative discussions with new clients, including the completion of a suitability assessment, the Architas Risk Profiled Funds could provide an investment solution for those who would like investments that expose them to an agreed level of risk.

RISK PROFILE

ARCHITAS MULTI-ASSET (MA) ACTIVE FUNDS

ARCHITAS MULTI-ASSET (MA) BLENDED FUNDS

ARCHITAS MULTI-ASSET (MA) PASSIVE FUNDS

Architas MA Active Reserve Fund

Architas MA Blended Reserve Fund

Architas MA Passive Reserve Fund

Architas MA Active Moderate Income Fund

Architas MA Blended Moderate Fund

Architas MA Passive Moderate Fund

Architas MA Active Intermediate Income Fund

Architas MA Blended Intermediate Fund

Architas MA Passive Intermediate Fund

Architas MA Active Progressive Fund

Architas MA Blended Progressive Fund

Architas MA Passive Progressive Fund

Architas MA Active Growth Fund

Architas MA Blended Growth Fund

Architas MA Passive Growth Fund

Architas MA Active Dynamic Fund

Architas MA Passive Dynamic Fund

Architas Risk Profiled Funds are rated on a scale of 1 to 7. Risk level 1 is similar to keeping cash in a bank or building society deposit account and we therefore do not have a risk level 1 fund.

Cautious investor The lowest rating of our range is 2 and targeted at the cautious investor.

Adventurous investorThe highest risk rating is 7 and targeted at the adventurous investor with a higher tolerance to risk in search of potentially higher returns.

7Partnering with Architas

1 MM denotes Multi-Manager.

Architas Income Generating FundsWe understand that income generation is imperative for some clients, and an important objective for both day to day expenses and retirement planning. The Architas Income Generating Funds aim to deliver an attractive level of income that is stable but with the potential to grow, while also offering scope for capital growth.




Architas Diversified Global Income Fund

Architas Global Equity Income Fund

Architas MM1 Monthly High Income Fund

Architas Specialist FundsIn addition to the multi‑asset, risk profiled and income generating solutions, Architas offer a range of specialist multi‑manager funds for advisers who prefer to build their own portfolios or are looking to gain exposure to specific asset classes and/or geographies through satellite holdings.

Architas MM1 UK Equity Fund

Architas MM1 Strategic Bond Fund

Architas Diversified Real Assets Fund

Architas Positive Future Fund

Risk mappingWe understand that advisers use a number of different risk profiling models which is why we have worked with Distribution Technology, FinaMetrica and Morningstar to provide mapping information of how our 1–7 risk profile scale fits within alternative models. You can request a copy of the latest mapping documents by contacting the Architas Broker Desk on 020 7562 4900* or email [email protected]**

* Monday to Friday 9.00am–5.00pm; calls may be recorded. ** Email communication is not encrypted or secure and it could be intercepted and read.

Please do not include any personal or confidential information in any reply.

INVESTMENT PROCESS

• Investment objectives and policies

• Asset allocation

1. INVESTMENT DESIGN AND ASSET ALLOCATION • Finding skilful managers

– not lucky ones

2. FUND PRE-SELECTION

• Qualitative research

• Fund recommendation

• Fund approval forum

3. FUND SELECTION

• Qualitative considerations

4. PORTFOLIO CONSTRUCTION

• Monitoring of funds and managers

5. MONITORING AND RISK MANAGEMENT

10

INVESTMENT DESIGN AND ASSET ALLOCATION 1

Investment objectives and policiesUnderstanding the needs of clients is the first step in our investment design process. It is important that clients’ needs and objectives are met, so careful consideration is given to our proposition, offering a range of risk profiled and non‑risk profiled funds.

Architas Specialist Funds These multi‑manager (MM) funds have explicit objectives to provide high alpha exposure to specific asset classes or geographies such as alternatives, fixed income or equities.

Architas MM UK Equity Fund

Architas MM Strategic Bond Fund

Architas Diversified Real Assets Fund

Architas Positive Future Fund

Architas Income Generating Funds Investment products that can produce sustainable income can be important in financial planning to meet investor goals, especially when preparing clients for retirement. The Architas multi‑asset (MA) and multi‑manager (MM) funds with an explicit objective to generate income include:

RISK PROFILED




NON-RISK PROFILED

Architas Diversified Global Income Fund

Architas Global Equity Income Fund

Architas MM Monthly High Income Fund

Architas Risk Profiled FundsOur multi‑asset (MA) funds are risk rated 2–7 to suit a range of client risk profiles and are diversified across asset class, geography, style and investment manager. We understand that clients have different attitudes to risk and costs; this is why we are style‑agnostic. We are one of the only investment houses focused solely on multi‑manager to have created risk profiled funds with passive, active or blended management styles.

Architas MA Active Funds

Architas MA Blended Funds

Architas MA Passive Funds

11Investment process

Asset allocationHere we establish the proportions of each fund that are allocated across the appropriate asset class mix. This blend is aligned with the fund’s individual risk/return profile and our assessment of current economic and market conditions. We begin the process by deciding if the fund will have a strategic asset allocation.

Our starting point is the strategic framework provided by EValue.

The forward‑looking, stochastic model provides an efficient (in terms of risk/return) asset allocation for each risk band.

NO YES

ARCHITAS NON-RISK PROFILED

FUNDS

ARCHITAS RISK PROFILED

FUNDS

Underlying fund selection is determined by the fund manager, taking into account the fund’s objectives, an assessment of market conditions and the research outputs from the investment team.

• Architas Diversified Real Assets Fund

• Architas MM UK Equity Fund

• Architas MM Strategic Bond Fund

• Architas Diversified Global Income Fund

• Architas MM Monthly High Income Fund

• Architas Global Equity Income Fund

• Architas Positive Future Fund

Funds aim to stay mid‑level within the EValue risk parameters whilst the underlying funds track a range of benchmarks.

• Architas MA Passive Funds

Whilst keeping the funds within the EValue bands, the managers have the flexibility to make tactical asset allocation decisions to seek outperformance.

• Architas MA Active Funds

• Architas MA Blended Funds

NO YES

TACTICALASSET

ALLOCATION

STRATEGICASSET

ALLOCATION

12

FUND PRE-SELECTION 2

Finding skilful managers – not lucky onesQuantitative screening is an important element in our manager selection process. The main objective is to assess a fund within an investible universe of comparable funds, to determine the ability of the fund’s manager to consistently deliver excellent risk/reward characteristics.

Our proprietary quantitative filtering tool MosaIQue by Architas® ranks funds in each asset class using a number of low correlated factors including: high risk adjusted returns, strong upside market capture, protection during a downside market, as well as overall consistency in each of the factors.

This analysis helps us understand the reasons for fund performance and highlights those that have delivered consistent returns.

RANKING CHARACTERISTICSHigh information ratioThe information ratio evaluates the outperformance a fund manager achieves, given the risk relative to their benchmark. A high information ratio indicates a higher rate of excess return for an assumed tracking error level.

Positive downside market captureDownside market capture measures fund manager performance when markets are falling. It is used to assess how well a fund manager has performed relative to an index during periods when that index has fallen.

Positive upside market captureUpside market capture measures fund manager performance when markets are rising. It is used to assess how well a fund manager has performed relative to an index during periods when that index has risen.

High Sortino ratioThe Sortino ratio differentiates between volatility that generates a return and that which detracts, providing a useful measure to evaluate an investment’s return for a given level of ‘bad’ risk.

14

FUND SELECTION 3

Gaining a true understanding of the managerThe selection stage involves conducting rigorous due diligence on those funds and managers that have demonstrated excelled risk/reward characteristics in the quantitative analysis stage. This is where we really get under the skin of a manager, dig deep into their process and personality to try to understand how they will behave in periods of market highs as well as lows.

QUALITATIVE RESEARCH

All quantitative research relies on historical data; it is only through detailed and insightful qualitative analysis that we can gain a picture of how a fund manager might respond to future events. This is easily the most time‑intensive element of our investment process, but is essential to understanding the true nature of a fund. For this reason, Architas has invested significant resources in building a highly experienced research team.

The fund managers are assessed on three main criteria:

DESK-BASED RESEARCHThis is important in considering factors which the screening process cannot capture. For instance, how much of the fund performance track record can be attributed to the current manager?

The team uses a range of tools to build a deeper understanding of the funds:

QUESTIONNAIRESBefore meeting a fund manager, we ask them to complete a detailed due diligence questionnaire.

This is a qualitative step to provide more information about the investment team, as well as the strategy and objectives of the fund.

This ensures that in face‑to‑face meetings with the fund manager we can dig into the key elements of the process rather than use the time gathering factual information.

FACE-TO-FACE FUND MANAGER MEETINGSThese meetings are used to gain a deeper insight into their investment strategy.

We may also meet analysts, risk managers and other team members who have an influence over the investment process to probe aspects of the fund and the fund group.


Team• What are the unique skills of

the fund manager and what are the resources available to them?

• How experienced are the team and why are they superior to other teams?

• What additional responsibilities does the fund manager have?

• How does the remuneration structure work?

Process• How does the process

differ from other funds in the sector?

• What are the key metrics driving selection?

• Have portfolio construction decisions added value?

Performance• Is performance

consistent with the process?

• Which features of the process support downside protection?

• What is the fund’s track record and attribution of returns?

Each of the 3 elements above are assessed and scored on a 1‑5 scale, and these are combined into an aggregate score for the fund. Only funds scoring 3 or above are taken through to the Fund Approval Forum.

SCORING

Here the criteria and merits are debated and assessed. Funds that are approved by the forum are added to a buy list for the portfolio managers to construct our funds.

INCLUSION

FUND RECOMMENDATION FUND APPROVAL FORUM

The quantitative and qualitative inputs are collated by the analysts into a Fund Recommendation Note.

Funds scoring 3 or above – the analyst’s highest conviction funds – are presented by the sector lead at the Fund Approval Forum.

16

PORTFOLIO CONSTRUCTION4

Qualitative considerationsWhen constructing Architas portfolios, the investment team look for funds which complement each other and strike the best balance between risk and potential return.

BOUGHTA fund will be considered for inclusion in a portfolio when it:

• Is in line with the objectives of the strategy

• Fits the prevailing asset allocation policy

• Provides the right mix of risk and potential outperformance

• Brings diversification to the existing holdings in the portfolio

SOLDA fund may be sold when one of the following occurs:

• Changes in the Architas asset allocation policy

• Material change to the investment philosophy or process of the underlying fund

• Changes to the fund manager or team

• Inconsistent performance with the stated aims of the fund

• Identification of a superior manager in the same asset class

Research tool outputs are used to analyse the volatility and correlation of returns of each fund and examine how portfolio risk varies as weightings change. Portfolio managers will implement style tilts to align with high conviction views as appropriate.


MONITORING AND RISK MANAGEMENT5

Regular monitoring and adjustment of the portfolios is undertaken by the investment managers to keep the funds in line with their objectives and to take advantage of new investment opportunities. The Architas Investment Risk and Performance Team carry out independent monitoring to ensure the portfolios remain within risk and exposure guidelines.

Independent performance and risk monitoringArchitas has a dedicated Investment Risk and Performance Team responsible for monitoring the risk and performance of portfolios. The risk ratios and the performance are checked by this independent team formally on a monthly basis; they also undertake a weekly review to ensure that the risk‑rated funds remain within their specified risk bands. The results of this analysis are validated by the Architas Investment Committee.

Monthly Architas Investment Committee meetingThese meetings are chaired by the Architas Chief Investment Officer and attended by senior team members from distribution, compliance, operations and risk management as well as the head of investment risk and performance. Here, portfolio managers present on how the funds have performed relative to the objective they have been set, and the risk taken.

Monitoring funds and managersOur investment process stipulates that each sector lead analyst reviews the buy list in their sector twice a year. This review could comprise solely desk‑based analysis, though analysts will have a meeting or conference call with every fund manager held or recommended by Architas at least once a year.

In these meetings, historic performance drivers and positioning for the future are discussed. The analysts seek to understand if there are any changes in the philosophy, style, process or team managing the fund which could change our expectations of risk or return for a fund. Analysts will also spend time looking for alternative funds which could potentially replace current holdings where appropriate. Sector reviews are presented at the weekly investment team meeting, giving fund managers and other analysts the opportunity to challenge and debate their findings.

DEPUTY CHIEF

INVESTMENT OFFICER

DISTRIBUTION INVESTMENT RISK AND

PERFORMANCE

ARCHITAS CHIEF INVESTMENT

OFFICER (CHAIR) COMPLIANCE

RISK MANAGEMENT

PROPOSITION OPERATIONS

MONTHLY COMMITTEE MEETING

19Architas team and sector responsibilities

ARCHITAS TEAM AND SECTOR RESPONSIBILITIESThe Architas investment team is dedicated first and foremost to the research and analysis of funds to construct our diversified multi‑manager investment solutions.

Architas investment analysts’ areas of expertise

EQUITY• Pan Asia

• Europe

• Emerging markets

• Global growth/income (inc sector funds)

• North America

• UK

FIXED INCOME• Global bonds (Sovereigns)

• Global bonds (Investment Grade)

• Emerging market debt/Emerging market credit

• High yield

• Convertibles

• UK

OTHER• Absolute return

– equities & fixed income

• Cash – money markets/currency

• Multi‑asset

• Property

• Passive

• Alternatives

Architas has hand picked a wealth of talent from across the financial industry and beyond to create a strong investment team comprised of investment specialists dedicated to manager research and selection, fund of funds management and monitoring.

Each analyst has responsibility for a limited number of sectors, geographies and asset classes from which they source what they believe to be the best investment opportunities to construct our multi‑manager portfolios.

The combination of different experiences and specialisms within the team encourages healthy challenge and debate in the analysis and selection of funds.

While most multi‑managers are a small part of a larger investment house, Architas is focused solely on creating multi‑manager solutions for our clients.

The team has developed strong, professional relationships with a wide range of industry‑leading fund managers. Architas’ connection to the global AXA Group enriches our ability to grow these relationships, while our size and reputation strengthens our buying power and enables us to access a wide range of investments and managers, some of which may not be available to smaller firms, and at preferable rates for our clients.

20

ARCHITAS RISK PROFILED FUNDSRisk profiling is very helpful in aiding advisers to find an appropriate investment solution for a client as it can be used to help understand their client’s investment goals and attitudes to risk.

Incorporating risk profiling models into investment strategies is also common practice for asset managers as it provides a guide for ensuring that each fund’s expected volatility adheres to its risk/return objective, and your expectations.

The EValue risk model calculates statistical estimates of asset returns, volatility and their correlation to each other combined with the expected return, volatility and correlation for each relevant asset class and use this data to compute optimal portfolios for each specified level of risk.

In line with Modern Portfolio Theory, these portfolios each have a specific volatility target or range and we use this risk profiling system as a guide to the funds’ expected volatility. We assign each fund a risk band which provides us with a target volatility range for the overall portfolio.

The Architas Risk Profile Proof Statement is published monthly and evidences that the Risk Profiled Funds remained within their expected volatility bands. This is produced to aid you in your ongoing due diligence.

The latest Risk Profile Proof Statement can be downloaded from our website architas.com

Risk profile

Risk Level 1 Risk Level 2 Risk Level 3 Risk Level 4 Risk Level 5 Risk Level 6 Risk Level 7

Only Cash 0.0% 8.3% 8.3% 10.0% 10.0% 12.1% 12.1% 14.6% 14.6% 17.7% 17.7% …

MA Passive Reserve 7.6%

MA Blended Reserve

MA Active Reserve

MA Passive Moderate 9.1%

MA Blended Moderate

MA Active Moderate Income

MA Passive Intermediate 11.1%

MA Blended Intermediate

MA Active Intermediate Income

MA Passive Progressive 13.2%

MA Blended Progressive

MA Active Progressive

MA Passive Growth 16.0%

MA Blended Growth

MA Active Growth

MA Passive Dynamic 18.0%

MA Active Dynamic

ARCHITAS RISK PROFILES

‘Volatility’ in this context should not be confused with the standard deviation of a historical return series. The EValue model aims to give a forward‑looking indication of risk, and measures volatility in terms of the dispersion of potential return outcomes generated through a series of theoretical simulations. It is not a guarantee of what will actually happen, but provides a useful guide.

21Architas Risk Profiled Funds

Risk profile

Risk Level 1 Risk Level 2 Risk Level 3 Risk Level 4 Risk Level 5 Risk Level 6 Risk Level 7

Only Cash 0.0% 8.3% 8.3% 10.0% 10.0% 12.1% 12.1% 14.6% 14.6% 17.7% 17.7% …

MA Passive Reserve 7.6%

MA Blended Reserve

MA Active Reserve

MA Passive Moderate 9.1%

MA Blended Moderate

MA Active Moderate Income

MA Passive Intermediate 11.1%

MA Blended Intermediate

MA Active Intermediate Income

MA Passive Progressive 13.2%

MA Blended Progressive

MA Active Progressive

MA Passive Growth 16.0%

MA Blended Growth

MA Active Growth

MA Passive Dynamic 18.0%

MA Active Dynamic

TARGET VOLATILITY (%)

Illustrative example of the Architas Risk Profile proof statementThe chart below shows the target month‑end expected volatility for our Passive range. The Active and Blended Funds’ target volatility figures are shown against their Passive counterparts, which are expected to fall within the same respective risk bands. The volatility is based upon a 15‑year time horizon using forward projections. Such forecasts are not a reliable indicator of future performance and therefore the figures shown below are for illustrative purposes only.

More than 0.25% above Passive risk level figure

More than 0.25% below Passive risk level figure

Within 0.25% of Passive risk level figure

22

WHICH INVESTMENT STYLE?Choosing your investment styleArchitas is style agnostic. We believe that by offering a range of active, passive and blended managed funds, we have a proposition that meets a wide range of investor needs whatever their goals may be; seeking income, managing cost pressures or deciding which style would suit them best.

ACTIVE FUNDSThe investment team has the flexibility to use their skills in making tactical asset allocation decisions, whilst ensuring the funds remain within the volatility bands.

• Investing mainly in actively managed funds diversified across asset class, sector and geography.

• The fund manager aims to outperform in a range of market conditions and can access a range of specialist asset classes or funds not available to passive managers.

• By using tactical asset allocation decisions the manager can change the underlying assets to help the fund achieve its objective.

• The fund manager has flexibility to avoid sectors or countries that are unattractive whilst being able to take advantage of opportunities that they identify, or sell holdings when they feel value has been achieved or is unlikely to be achieved.

23Which investment style?

BLENDED FUNDSThe funds allow flexible asset allocation tilts in order to express tactical views. However, while directionally similar, the MA Blended Funds may have greater or smaller tilts than those of the MA Active Funds.

• A blend of passive and active management styles diversified across asset class, sector and geography.

• Uses both active and passive instruments to provide value for money exposure to market beta and potential outperformance through alpha.

• Utilises model asset allocation framework but can take tactical bets within the target volatility bands where the manager sees the opportunity to actively invest for growth.

PASSIVE FUNDSAllocations to funds and asset classes in the MA Passive Funds are in line with the risk model outputs (within a tolerance range), resulting in volatility ratings in the middle of the target volatility bands.

• Invests in passive funds diversified across asset class, sector and geography.

• Transparent and process driven – a concept relatively simple to explain to clients.

• Removes emotion from investing as the objective is to utilise the asset allocation model rather than take tactical bets to outperform it.

• Consistent alpha is difficult to achieve; passive funds provide beta, with no expectation of alpha.

24

ARCHITAS MULTI-ASSET (MA) ACTIVE FUNDSThe Architas MA Active Funds are a range of six risk profiled fund of funds targeted at those clients who are looking for an actively managed product that uses the skills and judgment of the underlying managers.

The Architas MA Active Funds are rigorously monitored and rebalanced to ensure they remain within their risk parameters and perform in line with their investment objectives.

This process ensures that your clients’ investments remain within the level of risk they are comfortable with, and simplifies the monitoring process for you by removing the need to monitor each underlying holding.

The funds’ asset allocation begins with a strategic framework provided by EValue. This acts as a guide to the fund manager; however, a benefit of active managed funds is that the fund manager has the opportunity to make tactical asset allocation decisions resulting in overweight and underweight positions relative to the suggested allocations.

This allows the fund manager to react to changing market conditions and take advantage of growth opportunities identified through the team’s research, while avoiding fads, or sectors or countries that are unattractive. All asset allocation decisions are implemented in the context of the risk model, ensuring that the funds stay within their relevant risk bands.

Tactical asset allocation views are determined centrally by the senior members of the Architas investment team. Portfolio managers have some flexibility in implementing these tilts, within specified guidelines.

Past performance is not a guide to future performance. Defaqto 4 Diamond Rating for Risk Targeted Fund Family given to the Architas MA Active Risk Profiled Fund range. Defaqto 5 Diamond Rating for Multi-Asset Income given to the Architas MA Active Intermediate Income Fund. Professional Adviser Best Multi-Asset Fund Range (Volatility Managed) awarded to the Architas MA Active Risk Profiled Fund range. Square Mile Recommended rating awarded to the Architas MA Active Risk Profiled Fund range. Rayner Spencer Mills Rated Fund Range rating awarded to the Architas MA Active Risk Profiled Fund range. Investment Adviser 100 Club awarded to Architas MA Active Dynamic Fund. Lipper Long Term (10y) Performance Award within Mixed Asset GBP Balanced awarded to the Architas MA Active Intermediate Income Fund.

KEY FACTS• Diversified, multi‑asset

investment solution.

• Expert analysis and research by experienced team of investment professionals.

• Upside potential – the possibility of achieving returns higher than those of the peer group.

• Potential downside defence – managers can act defensively during market downturns and periods of market uncertainty.

• The manager can make tactical asset allocation bets in search of potential outperformance.

• Access to the whole market.

Arch

itas R

isk

Prof

iled

Fund

s

26

Illustrative asset allocations of the Architas MA Active FundsThe illustrative asset allocations below highlight the investment diversification within the Architas MA Active Funds. Please note these holdings are an example composition of what may be used to make up the funds’ portfolios.

MA ACTIVE RESERVE

Other 56.09 %Cash – money markets 35.22 %Property 17.97 %Alternatives 2.90 %

Bonds 43.91 %UK gilts 16.94 %Global government 7.19 %UK corporate 6.13 %Global 5.33 %High yield 5.14 %Global convertible 3.18 %

MA ACTIVE MODERATE INCOME

Bonds 63.51 %UK gilts 20.66 %UK corporate 16.05 %Global 10.76 %Global government 6.33 %High yield 4.14 %Global emerging market debt 4.06 %

Global convertible 1.52 %

Equities 29.90 %UK 13.12 %North America 6.20 %Global emerging markets 3.31 %Japan 3.09 %Europe 2.11 %Asia Pacific but not Japan 2.08 %

Other 6.60 %Cash – money markets 2.86 %Alternatives 2.43 %Property 1.31 %

MA ACTIVE INTERMEDIATE INCOME

Equities 55.89 %UK 23.05 %North America 14.63 %Asia Pacific but not Japan 6.99 %Europe 4.10 %Japan 4.00 %Global emerging markets 3.13 %

Bonds 38.83 %UK corporate 20.04 %UK gilts 12.75 %Global government 3.04 %Global 3.01 %

Other 5.28 %Alternatives 3.67 %Property 1.44 %Cash – money markets 0.17 %

Due to rounding, the figures shown in each of the fund breakdowns may not add up to 100% and the allocations may change.

27Architas Multi-Asset (MA) Active Funds

MA ACTIVE PROGRESSIVE

Equities 76.97 %UK 31.81 %North America 19.99 %Japan 10.86 %Europe 6.05 %Global emerging markets 4.20 %Asia Pacific but not Japan 4.05 %

Bonds 18.75 %UK corporate 7.97 %UK gilts 7.74 %Global 2.98 %UK index‑linked gilts 0.07 %

Other 4.28 %Property 1.79 %Cash – money markets 1.39 %Alternatives 1.10 %

MA ACTIVE GROWTH

Equities 95.82 %UK 35.72 %North America 25.33 %Japan 13.56 %Global emerging markets 8.13 %Europe 8.03 %Asia Pacific but not Japan 5.05 %

Other 4.17 %Property 1.75 %Cash – money markets 1.24 %Alternatives 1.18 %

MA ACTIVE DYNAMIC

Equities 99.78 %North America 30.03 %UK 25.27 %Global emerging markets 22.68 %Japan 8.67 %Europe 8.05 %Asia Pacific but not Japan 5.08 %

Other 0.22 %Cash – money markets 0.22 %

28

ARCHITAS MULTI-ASSET (MA)BLENDED FUNDS

Past performance is not a guide to future performance. Defaqto 5 Diamond Rating for Risk Targeted Fund Family given to the Architas MA Blended Risk Profiled Fund range.

The Architas MA Blended Funds are a range of five risk profiled fund of funds targeted at those clients who are seeking an investment solution that offers a blend of active and passive management to provide the potential for outperformance at a reasonable cost.

While the fund manager can incorporate active asset allocation decisions, the Architas MA Blended Funds are rigorously monitored and rebalanced to ensure they remain within their risk parameters and that the funds are performing in line with their investment objectives.

This process ensures that your clients’ investments remain within the level of risk that they are comfortable with, and simplifies the monitoring process for you by removing the need to monitor each underlying holding.

EValue provide the framework for the strategic asset allocation and volatility management. Upon this framework, the investment team seek to enhance the potential for capital growth through the inclusion of active, tactical allocation tilts, while ensuring each fund remains within its expected risk parameters.

Passive instruments are used to provide value‑for‑money exposure to market beta within each portfolio, while active funds provide the potential for outperformance through alpha. The allocation between the two styles is managed to deliver an attractive total cost of ownership combined with access to the best active managers in asset classes where they have the greatest opportunity to outperform.

Tactical asset allocation views are determined centrally by the senior members of the Architas investment team. Portfolio managers have some flexibility in implementing these tilts, within specified guidelines

KEY FACTS• Diversified across a range of asset classes,

sectors, industries and geographic regions.

• Strategic asset allocation with tactical, active tilts.

• Cost effective access to a range of active and passive funds in one portfolio.

• Managed by an experienced investment team.

• No set asset allocation between active and passive investments – funds aim to deliver an attractive total cost of ownership combined with access to the best active managers in asset classes where they have the greatest opportunity to outperform.

30

Illustrative asset allocations of the Architas MA Blended FundsThe illustrative asset allocations below highlight the investment diversification within the Architas MA Blended Funds. Please note these holdings are an example composition of what may be used to make up the funds’ portfolios.

MA BLENDED RESERVE

Bonds 65.17 %UK gilts 32.90 %UK corporate 17.27 %Global government 5.57 %Global convertible 4.40 %Global 3.95 %High yield 1.08 %

Equities 29.28 %UK 13.86 %North America 6.77 %Japan 3.49 %Europe 2.58 %Asia Pacific but not Japan 1.54 %Global emerging markets 1.04 %

Other 5.56 %Property 3.64 %Alternatives 1.63 %Cash – money markets 0.29 %

MA BLENDED MODERATE

Bonds 47.75 %UK gilts 22.43 %UK corporate 16.18 %Global government 4.38 %Global 2.14 %Global convertible 1.75 %High yield 0.86 %



MA BLENDED INTERMEDIATE


Bonds 40.18 %UK corporate 20.26 %UK gilts 12.32 %Global government 3.05 %Global 2.10 %Global convertible 1.65 %High yield 0.80 %



Active†* 42.17 %Passive†** 57.56 %

Active†* 38.88 %Passive†** 60.54 %

Active†* 40.36 %Passive†** 59.11 %

31Architas Multi-Asset (MA) Blended Funds

MA BLENDED PROGRESSIVE


Bonds 21.27 %UK gilts 9.61 %UK corporate 8.17 %Global convertible 1.90 %Global government 0.85 %High yield 0.73 %

Other 6.57 %Property 3.91 %

Alternatives 2.08 %Cash – money markets 0.58 %

MA BLENDED GROWTH

Equities 92.09 %UK 33.81 %North America 23.36 %Japan 13.15 %Europe 9.61 %Global emerging markets 7.52 %Asia Pacific but not Japan 4.63 %


Bonds 2.57 %Global convertible 2.57 %

† The breakdown of the Active and Passive Funds within the Architas MA Blended Funds will not add up to 100% as cash is not included in these figures.

* The fund manager uses their expertise to pick investments to achieve the fund’s objectives. ** The fund manager aims to track the performance of a stock exchange index or another investment.

Active†* 47.93 %Passive†** 51.57 %

Active†* 57.79 %Passive†** 41.22 %

32

ARCHITAS MULTI-ASSET (MA)PASSIVE FUNDSThe Architas MA Passive Funds are a range of six risk profiled fund of funds targeted at those clients for whom cost and risk of underperformance is a leading concern and are willing to accept that their investments will track the performance of the underlying funds’ benchmarks but will not outperform them.

The Architas MA Passive Funds are rigorously monitored and rebalanced to ensure they remain within their risk parameters and that the funds are performing in line with their investment objectives.

This process ensures that your clients’ investments remain within the level of risk that they are comfortable with, and simplifies the monitoring process for you by removing the need to monitor each underlying holding.

Investors in passive funds should not expect performance or returns in excess of those of the markets that they track. In addition, replication of index performance is not guaranteed.

The investment process for the funds begins with the strategic asset allocation framework provided by EValue. From this framework, the Architas investment team constructs the portfolios via a range of passive vehicles, such as trackers and exchange traded funds (ETFs). The funds utilise a fund of funds approach,

investing in a diverse range of index tracker funds, which in turn hold assets to replicate their chosen indices. This enables the funds to be diversified across a variety of sectors, industries, countries and asset classes as well as emphasising the importance of asset allocation to achieve the optimal blend of underlying holdings. No tactical asset allocation tilts are implemented on the passive funds.

The funds are managed within risk tolerances to ensure they are correctly aligned to the asset allocation model on an ongoing basis. Daily monitoring ensures that when necessary the funds are rebalanced to ensure they remain within their risk tolerances:

Asset weighting (%) Tolerance +/- (%)

=>10.00 2.00

< 10.00 1.00

Past performance is not a guide to future performance. Defaqto 5 Diamond Rating for Risk Targeted Fund Family given to the Architas MA Passive Risk Profiled Fund range.

KEY FACTS• Lower fund charges, relatively inexpensive

way to access the markets.

• Disciplined approach of the risk model ensures an outcome in line with clients’ risk expectations.

• The outsourced strategic asset allocation removes emotion – exposures are determined by the model, not based on the views of the fund manager

• Multi‑asset, fund of funds approach gives greater potential for diversification.

• Clear, transparent process.

34

Illustrative asset allocations of the Architas MA Passive FundsThe illustrative asset allocations below highlight the investment diversification within the Architas MA Passive Funds. Please note these holdings are an example composition of what may be used to make up the funds’ portfolios.

MA PASSIVE RESERVE

Bonds 58.61 %UK gilts 45.04 %UK corporate 8.27 %Global government 5.29 %

Equities 36.42 %UK 14.30 %North America 8.90 %Japan 5.07 %Europe 4.19 %Emerging markets 2.05 %Asia Pacific but not Japan 1.91 %

Other 4.97 %Property 4.36 %Cash – money markets 0.61 %

MA PASSIVE MODERATE


Bonds 46.51 %UK gilts 26.60 %UK corporate 16.11 %Global government 3.79 %


MA PASSIVE INTERMEDIATE


Bonds 38.15 %UK corporate 22.22 %UK gilts 12.85 %Global government 3.08 %



35Architas Multi-Asset (MA) Passive Funds

MA PASSIVE PROGRESSIVE

Equities 76.73 %UK 30.77 %North America 18.92 %Japan 10.85 %Europe 8.03 %Asia Pacific but not Japan 4.19 %Emerging markets 3.98 %

Bonds 18.47 %UK corporate 10.69 %UK gilts 7.74 %Global 0.03 %


MA PASSIVE GROWTH



MA PASSIVE DYNAMIC

Equities 99.44 %North America 30.43 %UK 24.54 %Emerging markets 21.48 %Europe 9.65 %Japan 8.37 %Asia Pacific but not Japan 4.97 %

Other 0.55 %Cash – money markets 0.50 %Property 0.05 %

36

ARCHITAS INCOME GENERATING FUNDSThe Architas Income Generating Funds are a range of fund of funds designed to deliver an attractive level of income that is stable but with scope to grow, alongside the potential for capital growth. This is in contrast to some alternative approaches that chase an eye catching headline yield but may erode capital in the pursuit of extra yield.

The funds use a multi‑asset approach, investing in a wide range of asset classes to take advantage of the many potential benefits of diversification including reduced volatility and downside defence. Flexible asset allocation allows the funds to be positioned to take advantage of income opportunities arising from a range of assets at different times, assisting the delivery of a more stable income.

This flexibility includes the potential for exposure to alternative investment vehicles, which not only provide diversification benefits, but can also help to deliver higher levels of yield and strong capital appreciation.

Past performance is not a guide to future performance. Defaqto 4 Diamond Rating for Risk Targeted Fund Family given to the Architas MA Active Risk Profiled Fund range. Defaqto 5 Diamond Rating for Multi-Asset Income given to the Architas MA Active Intermediate Income Fund and the Architas MM Monthly High Income Fund. Defaqto 4 Diamond Rating for Multi-Asset Income given to the Architas Diversified Global Income Fund. Professional Adviser Best Multi-Asset Fund Range (Volatility Managed) awarded to the Architas MA Active Risk Profiled Fund range. Rayner Spencer Mills Rated Fund Range rating awarded to the Architas MA Active Risk Profiled Fund range. Square Mile Recommended rating awarded to the Architas MA Active Risk Profiled Fund range. Lipper Long Term (10y) Performance Award within Mixed Asset GBP Balanced awarded to the Architas MA Active Intermediate Income Fund.

Arch

itas I

ncom

e Ge

nera

ting

Fund

s

38

Illustrative asset allocations of the Architas Income Generating FundsThe illustrative asset allocations below highlight the investment diversification within the Architas Income Generating Funds. Please note these holdings are an example composition of what may be used to make up the funds’ portfolios.


MA ACTIVE RESERVE

Other 56.09 %Cash – money markets 35.22 %Property 17.97 %Alternatives 2.90 %

Bonds 43.91 %UK gilts 16.94 %Global government 7.19 %UK corporate 6.13 %Global 5.33 %High yield 5.14 %Global convertible 3.18 %

MA ACTIVE MODERATE INCOME

Bonds 63.51 %UK gilts 20.66 %UK corporate 16.05 %Global 10.76 %Global government 6.33 %High yield 4.14 %Global emerging market debt 4.06 %

Global convertible 1.52 %

Equities 29.90 %UK 13.12 %North America 6.20 %Global emerging markets 3.31 %Japan 3.09 %Europe 2.11 %Asia Pacific but not Japan 2.08 %

Other 6.60 %Cash – money markets 2.86 %Alternatives 2.43 %Property 1.31 %

MA ACTIVE INTERMEDIATE INCOME

Equities 55.89 %UK 23.05 %North America 14.63 %Asia Pacific but not Japan 6.99 %Europe 4.10 %Japan 4.00 %Global emerging markets 3.13 %

Bonds 38.83 %UK corporate 20.04 %UK gilts 12.75 %Global government 3.04 %Global 3.01 %


39Architas Income Generating Funds

DIVERSIFIED GLOBAL INCOME

Equities 44.74 %Global 25.53 %UK 12.47 %Europe 3.74 %Emerging markets 2.21 %US 0.79 %

Bonds 38.70 %Emerging market debt 9.55 %High yield 9.14 %UK government 5.72 %Loans 5.20 %Corporate 3.68 %Asset backed securities 3.06 %Global government 2.34 %Strategic 0.01 %


GLOBAL EQUITY INCOME

Equities 99.97 %North America 31.30 %Europe 22.55 %Global growth 16.86 %Asia Pacific but not Japan 14.58 %Japan 6.81 %Emerging markets 4.94 %UK 2.93 %


MM MONTHLY HIGH INCOME

Bonds 70.46 %Global 35.66 %UK corporate 12.85 %Global emerging market debt 10.79 %

UK gilts 7.17 %High yield 2.05 %Global government 1.94 %

Equity 17.09 %UK 9.30 %Global 6.33 %Emerging markets 0.73 %North America 0.65 %Europe but not UK 0.05 %Asia Pacific but not Japan 0.03 %


40

ARCHITAS SPECIALIST FUNDSThe Architas Specialist Funds are a range of multi‑manager, funds of funds for advisers who use model portfolios or are aiming to gain exposure to a specific asset class through an individual fund.

Due to rounding, the figures shown in each of the fund breakdowns may not add up to 100% and the allocations may change. Some of the Architas Diversified Real Assets Fund’s portfolio is invested in non-mainstream assets, which during periods of stressed market conditions may be difficult to sell at a fair price, which may in turn cause prices to fluctuate more sharply than usual. Defaqto 5 Diamond Rating for Multi-Asset Income given to the Architas Diversified Real Assets Fund. Defaqto 5 Diamond Rating for Multi-Manager Return Focused given to the Architas MM Positive Future Fund. Rayner Spencer Mills Rated Fund rating awarded to the Architas Diversified Real Assets Fund.

The funds are actively managed in the truest sense; their asset allocation framework is not defined by modelling tools, instead they rely solely on the expert research of the Architas investment team and the fund selection skills and market insights of the fund manager.

Though less diversified across different asset classes than the Architas Multi‑Asset portfolios, diversification remains a crucial element in the fund selection and portfolio construction process to ensure a complementary blend of managers to achieve the funds’ investment objectives.

41Architas Specialist Funds

Arch

itas

Spec

ialis

t Fun

ds

42

Barings Global High Yield 9.26 %BlackRock Corporate Bond Index 7.83 %

UBAM Global High Yield Solution 7.11 %

BlackRock Global High Yield ESG and Credit Screen 6.67 %

TwentyFour Monument Bond 6.52 %TwentyFour Dynamic Bond 5.72 %Robeco Global Credits 5.64 %SPDR® Bloomberg Barclays 1‑5 Years Gilt 5.46 %

Vontobel Emerging Markets Debt 4.88 %

Neuberger Berman Emerging Market Debt Hard Currency 4.82 %

Robeco Financial Institutions Bonds 4.35 %

BlackRock UK Gilts All Stocks Index 4.33 %

Vanguard UK Short‑Term Investment Grade Bond Index 4.15 %

Vanguard US Investment Grade Credit Index 3.46 %

GCP Infrastructure Investment 3.15 %

Starwood European Real Estate Finance 2.99 %

CVC Credit Partners European Opportunities 2.80 %

TwentyFour Income 2.80 %Real Estate Credit Investments 2.41 %

Royal London Sterling Extra Yield Bond 2.40 %

BlackRock $ Treasury Bond 20+ Years 1.73 %

BlackRock $ Treasury Bond 1‑3 Years 0.81 %

Cash 0.44 %SPDR® Bloomberg Barclays 10+ Years US Corporate Bond 0.13 %

Legal & General Emerging Markets Government Bond 0.06 %

BlackRock US Mortgage Backed Securities 0.02 %

PIMCO GIS Global Bond 0.01 %

MULTI-MANAGER STRATEGIC BOND

BlackRock UK Equity Index 17.13 %

BlackRock 100 UK Equity Index 13.15 %

Artemis Income 10.89 %JO Hambro UK Dynamic 10.11 %BlackRock Mid Cap UK Equity Index 8.71 %

TB Evenlode Income 7.99 %Ardevora UK Equity 7.75 %Majedie UK Equity 6.51 %BlackRock UK Index 6.20 %BlackRock MSCI UK Small Cap ETF 6.20 %

LF Lindsell Train UK Equity 4.97 %

Cash 0.38 %

MULTI-MANAGER UK EQUITY

Illustrative asset and manager allocations of the Architas Specialist FundsThe following illustrative allocations highlight the investment diversification within the Architas Specialist Funds. Please note these holdings are an example composition of what may be used to make up the funds’ portfolios.


43Architas Specialist Funds

Equities 51.96 %Global 24.62 %North America 18.53 %Asia Pacific 3.90 %Japan 2.97 %Emerging markets 0.98 %Europe 0.96 %

Bonds 44.24 %Global 32.15 %UK Corporate 12.09 %

Other 3.80 %Alternatives 2.94 %Property 2.17 %Cash – money markets ‑1.31 %

POSITIVE FUTURE

DIVERSIFIED REAL ASSETS

Alternatives 91.69 %Asset backed securities 16.27 %Specialist property 15.10 %Infrastructure 9.28 %Leveraged loans 9.01 %Global equity infrastructure 6.82 %

Inflation linked bonds 6.60 %Global REITs 5.77 %Commodities 5.27 %Renewable energy infrastructure 5.11 %

Project finance 4.14 %Gold 3.46 %Energy MLPs 2.60 %Asset leasing 2.13 %Direct property 0.13 %


44

IMPORTANT INFORMATIONThis document does not constitute an offer to sell or buy any share in the fund. Information relating to investments is based on research and analysis undertaken or procured by Architas Multi‑Manager Limited for its own purposes and may have been made available to other members of the AXA Group of Companies which, in turn, may have acted on it. Whilst every care is taken over these comments, no responsibility is accepted for errors and omissions that may be contained therein. It is therefore not to be taken as a recommendation to enter into any investment transactions.

The Architas Multi‑Manager Monthly High Income Fund is permitted to invest over 35% of its assets in securities issued by a single local, national or supranational government. Each fund can invest entirely in units of collective investment schemes.

The value of investments and any income from them can fall as well as rise and is not guaranteed which means your clients could get back less than they invest. These funds may not be appropriate for investors who plan to withdraw their money within five years.

Past performance is not a guide to future performance. Changes in exchange rates will affect the value of investments made overseas. Investments in newer markets, smaller companies or single sectors offer the possibility of higher returns but may also involve a higher degree of risk. There is also the potential for delays in switching/disinvesting with some funds.

The AXA Group includes other fund management companies which we refer to as in‑house managers, such as AXA Investment Managers and AllianceBernstein. We, Architas, may choose to include funds managed by in‑house managers, which we refer to as in‑house funds, in our multi‑manager funds.

AXA also works closely with a select number of external fund managers which are referred to as strategic partners. These partners are selected on the basis of their strengths under certain criteria and we may choose funds from the strategic partners to make up our multi‑manager funds. In the UK, we follow an in‑depth research process that ensures that the funds selected for our multi‑manager funds are included on the potential benefits they could bring to our Architas funds.

We are not influenced by the AXA Group to include in‑house or strategic partner funds over funds from other fund managers; funds are selected on their consistency to meet their objectives. We regularly review our selection of funds, including those from strategic partners and in‑house managers, to ensure they continue to be appropriate and in your clients’ best interests.

More information about our use of funds from strategic partners and in‑house managers is available at architas.com/inhousestratpartners/

If you require further information on any of our funds, the Key Investor Information Document (KIID) and the prospectus are both available free of charge on request from Architas Multi‑Manager Limited.

The KIID is designed to help investors make an informed decision before investing. You can view or download all our funds’ KIIDs via our website at architas.com

AXA is a worldwide leader in financial protection and wealth management. Architas operates three legal entities in the UK; Architas Multi‑Manager Limited (AMML), Architas Advisory Services Limited (AASL) and Architas Limited. Both AMML and AASL are owned by Architas Limited, which is 100% owned by AXA SA (a company registered in France). Architas Multi‑Manager Limited is a company limited by shares and authorised and regulated by the Financial Conduct Authority (Firm Reference Number 477328). It is registered in England: No. 06458717. Registered Office: 5 Old Broad Street, London, EC2N 1AD.

The Architas Broker Desk is on hand to answer any Architas related queries.

Call 020 7562 4900Monday to Friday 9.00am–5.00pm; calls may be recorded.

Architas Multi‑Manager Limited 5 Old Broad Street London EC2N 1AD architas.com

ARC5148 • Expires 28 February 2021

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