Moderate Allocation

Vontobel Fund - Multi Asset Income


Fund strategy

Investment objective

This multi-asset fund aims to generate steady income and preserve capital over a full economic cycle, while respecting risk diversification.

Key features

The fund invests worldwide across multiple asset classes, predominantly in bonds with attractive yield potential of various high-quality government and corporate issuers. In addition, it has limited exposure to equities of high-quality companies. The fund also uses derivative financial instruments, primarily for hedging purposes.


The investment team of seasoned multi-asset specialists adheres to a rigorous process to identify the most promising opportunities within the investment universe. Convinced to reach the best results by pairing human skills with quantitative excellence, the analysts combine their qualitative research with cutting-edge technology. The team manages both asset allocation and individual positions in the fund actively to seize attractive new opportunities whenever they occur, while keeping the risks under permanent control.

Performance YTD
As at Aug 10 2020

Why invest?

  • Two-fold investment objective: attractive income of 4% gross and long-term capital preservation (No guarantee)
  • Worldwide diversification across bonds and equities from high-quality companies
  • Dynamic allocation aims to keep value fluctuations as low as possible

"I take the creditor’s perspective, which means I am looking for a compensation plus full repayment of the invested capital after the agreed term."

Dominik Zörner, Senior Portfolio Manager

Investment process

The team of experienced multi-asset portfolio managers each contribute their individual areas of expertise and knowledge to the investment process. Taking into account both qualitative and quantitative factors, it exploits the intelligence of both man and machine. The fund manager can also draw upon the embedded Risk Advisory function to get detailed analyses and specific recommendations before he takes his investment decisions.

While defining the investment universe, we apply strict exclusion criteria and minimum standards as to the environmental, social and governance responsibility of each company. Those investment candidates that pass sustainability filters* are usually less vulnerable to the challenges of the future, which should reduce the overall portfolio risk.


Investment opportunity – it all comes down to the right mix

To earn more income from your investment, tapping into a greater number of potential sources via a diversified mix of asset classes can help. However, this strategy promises success only if you adhere to the following precepts: spread your risk, manage your portfolio dynamically and be consistent.

For example, if – alongside bonds – you add equities to your portfolio too, you can earn extra income from dividends in addition to coupons. However, it is important that you diversify your portfolio to ensure that the risks associated with all of the additionally included markets do not start dangerously piling up. Diversification means spreading the risk – the broader, the better.

Systematically combining select asset classes so that they optimally complement each other can reduce overall portfolio risk to less than the sum of the risks of the individual markets.


Investment philosophy – constant risk monitoring to get you ahead

Multi asset income investing allows you to capture the benefits of diversification and active asset allocation. Our investment philosophy claims that mixing asset classes and individual securities in a well-diversified portfolio dynamically in accordance with market developments can outperform pure index tracking in the long run – provided that any investment decision is based on in-depth economic and company analyses as well as constant risk monitoring.

Investment team

Our multi-asset team combines the extensive knowledge and longstanding experience of our expert groups specializing in bonds, equities, alternative investments, derivatives, macro economy and risk management.

We rely on our clearly defined, disciplined investment process, which we follow in order to ensure that positive results are repeatable.

Our portfolio managers make significant investments into the funds they manage, ensuring a full alignment of interests.

All data is as at Jun 30 2020 unless otherwise indicated.

Daily Performance

Periodic Performance

I EUR 1.1% -14.0% -1.9% -1.1%

Rolling Performance

Jul 01 2015 - Jun 30 2016 Jul 01 2016 - Jun 30 2017 Jul 01 2017 - Jun 30 2018 Jul 01 2018 - Jun 30 2019 Jul 01 2019 - Jun 30 2020
I EUR NA NA 0.6% 3.8% -9.5%

Annual Performance

Risk Data

Volatility 11.8%
Sharpe ratio negative
Modified duration 2.3
Yield to maturity 4.2%
[3 years annualized]
Past performance is not a reliable indicator of current or future performance. Performance data does not take into account any commissions and costs charged when shares of the fund are issued and redeemed, if applicable. The return of the fund may go down as well as up due to changes in rates of exchange between currencies. The value of the money invested in the fund can increase or decrease and there is no guarantee that all or part of your invested capital can be redeemed.

All data is as at Aug 10 2020 unless otherwise indicated.

Fund data
Portfolio Manager Dominik Zörner
Fund Domicile Luxembourg
Fund Currency EUR
Share Class Currency EUR
End of fiscal year 31 August
Share Class Launch date Dec 14 2016
Distribution type Accum
Fund Registrations AT, CH, DE, FR, GB, IT, LI, LU
Share Class Registrations AT, CH, DE, FR, GB, IT, LI, LU
Nav Information
Highest since launch 116.20
Lowest since launch 82.70
Fund volume in mln. EUR 25.11
Share class volume in mln. EUR 4.97
Fees And Expenses
Management fee 0.63%
TER 0.93% (Feb 28 2020)
ISIN LU1515106984
Valor 34540089
Bloomberg VONMAII LX
Depository RBC Investor Services Bank S.A.
Management Company Vontobel Asset Management S.A.
Swiss Paying Agent Bank Vontobel AG
Swiss Representative Vontobel Fonds Services AG

Available Share Classes

Share class Currency ISIN Distrib. Type Launch date Management fee TER TER Date
A EUR LU1687388899 Dist Retail Nov 30 2017 1.25% 1.60% Feb 28 2020
B EUR LU1687388972 Accum Retail Nov 30 2017 1.25% 1.60% Feb 28 2020
H (hedged) USD LU1687389350 Accum Retail Nov 30 2017 1.25% 1.66% Feb 28 2020
H (hedged) CHF LU1687389277 Accum Retail Nov 30 2017 1.25% 1.66% Feb 28 2020
HI (hedged) CHF LU2118212641 Accum Institutional Mar 03 2020 0.63%
I EUR LU1515106984 Accum Institutional Dec 14 2016 0.63% 0.93% Feb 28 2020
N EUR LU1734078824 Accum Retail Dec 11 2017 0.63% 0.97% Feb 28 2020
Click here to see an overview of our shareclass naming convention.

* TER includes performance fee where applicable

All data is as at Jun 30 2020 unless otherwise indicated.

Portfolio Structure

Major equity positions

Stock Allocation
Ishs DJes Banks DJ Estoxx (De) 1.6%
Allianz Se 1.1%
BHP Group PLC 1.1%
Holcim Ltd -Na- 1.1%
Rio Tinto Plc Shs 1.1%

Major bond positions

Bond Allocation
Ishares Bceml Gv Bond Fund ETF 3.6%
4.6% International Finance Corp 2023 2.4%
5.75% Mexican Bonos 2026 2.4%
6.5% Mexican Bonos 2021 2.3%
Ishares Markit Iboxx Fd Ehy 2.0%
Document Date DE EN ES FR IT
Factsheets & Commentaries
Factsheet Jun 2020
KIID Jul 2020
Legal Documents
Articles of Association Apr 2016
Notification to Investors Jan 2020
Sales Prospectus Dec 2019
Financial Reports
Annual Report Aug 2019
Dividend Payout Jan 2019
Semi-Annual Report Feb 2020
Dealing Information
Holiday Calendar 2020 Jan 2020
List of Active Retail Share Classes Dec 2018
Sanctioned Countries Sep 2016
Shareclass Naming Convention Nov 2019
  • Limited participation in the potential of single securities

  • Success of single security analysis and active management cannot be guaranteed

  • It cannot be guaranteed that the investor will recover the capital invested

  • Derivatives entail risks relating to liquidity, leverage and credit fluctuations, illiquidity and volatility

  • Price fluctuations of investments due to market, industry and issuer linked changes are possible

  • Interest rates may vary, bonds suffer price declines on rising interest rates

  • Investments in foreign currencies are subject to currency fluctuations

  • Commodity investments might be subject to considerable volatility and exposed to sudden fluctuations over a long period. Various commodity markets may also be suject to direct government intervention that might cause extreme price volatility of commodity investments

  • The structure of ABS/MBS and the pools backing them might be intransparent which exposes the subfund to additional credit and prepayment risks (extension or contraction risks) depending on which tranche of ABS/MBS is purchased by the subfund

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