Multiple Asset Fund (MAF)

Fund Performance (Gross)
Fund Performance (Net)
Risk and Disclosures

Fund Objective, Strategy and Holdings

  • The Multiple Asset Fund seeks to maximize long-term investment returns, including current income and capital appreciation, while reducing short-term risk by investing in a broad mix of investments.
  • Holds a pre-specified allocation of units of the following Wespath funds: Fixed Income Fund (FIF), Inflation Protection Fund (IPF), International Equity Fund (IEF) and U.S. Equity Fund (USEF).

Management

The Multiple Asset Fund (MAF), through its investment in the four other Wespath funds, participates in the management styles of more than 40 different investment management firms. These managers provide the fund with broad diversification of holdings in a variety of U.S. and non-U.S. securities. These include stocks, traditional bonds, inflation-linked bonds, real estate investment trusts, securities, commodities, and interests in private equity and private real estate partnerships. In addition, through FIF, MAF holds participation interests in loans originated through Wespath’s Positive Social Purpose Lending Program.

Wespath Funds

MAF is a "fund of funds," managed by more than 40 different investment managers. For a detailed list of managers, please see the individual funds pages for:

Performance Review

For the third quarter 2016, three out of four of the Multiple Asset Fund’s underlying strategies outperformed their respective benchmarks, with the Inflation Protection Fund being the sole detractor from benchmark-relative performance.

Fund Performance

Performance, Gross of Fees

Multiple Asset Fund - September 30, 2016


MAF_chart1
The accompanying chart represents the range of investment returns for the BNY Mellon Master Trust Universe total fund composites for endowments and foundations. BNY Mellon provides a fund-level tracking service used to compare Wespath's actual gross of fees performance for its diversified investment strategy to the performance of similar asset pools of endowments and foundations. Source: BNY Mellon.
 

See Risk and Disclosures for more information regarding Gross of Fees Performance.

Performance, Net of Fees - December 31, 2016

  3 mo YTD 1 yr 3 yr 5 yr 10 yr
Multiple Asset Fund
0.10%
8.41%
8.41%
3.22%
7.93%
5.28%
Benchmark1
0.43%
8.58%
8.58% 4.40%
8.39%
5.28%
  
On January 1, 2016, the performance Benchmark for MAF became 40% Russell 3000 Index, 25% MSCI All Country World Index (ACWI) excluding USA Investable Market Index (IMI), 25% Barclays Capital U.S. Universal Index ex-Mortgage Backed Securities, and 10% Inflation Protection Fund (IPF) Custom Benchmark. The IPF Custom Benchmark consists of 80% Barclays World Government Inflation Linked Bond Index (Hedged), 10% Barclays Emerging Market Tradeable Inflation Linked Bond Index (Unhedged) and 10% Bloomberg Commodity Index. From January 1, 2014 to December 31, 2015, the performance Benchmark for MAF was 40% Russell 3000 Index, 25% MSCI All Country World Index (ACWI) excluding USA Investable Market Index (IMI), 25% Barclays Capital U.S. Universal Index ex-Mortgage Backed Securities, and 10% Barclays Capital U.S. Government Inflation-Linked Bond Index. From January 1, 2006 to December 31, 2013, the performance benchmark for MAF was a blended index based on the following weightings: 45% Russell 3000 Index, 20% MSCI All Country World Index ex USA IMI, 25% Barclays Capital U.S. Universal Index ex-Mortgage Backed Securities and the 10% Barclays Capital U.S. Government Inflation-Linked Bond Index.
  

See Risk and Disclosures for more information regarding Net of Fees Performance.

 

Multiple Asset Fund Allocations*


MAF_chart2
 
Fund Allocations* Target Range Actual
U.S Equity Fund (USEF) 32%-38% 34.8%
International Equity Fund (IEF) 27%-33% 30.3%
Fixed Income Fund (FIF) 22%-28% 24.6%
Inflation Protection Fund (IPF) 7%-13% 9.9%
Cash 0%-2% 0.4%

* As of January 5, 2017. 

During aberrant market conditions, Wespath may temporarily elect to suspend rebalancing back to the pre-specified mix. Wespath will resume rebalancing once market conditions have improved. MAF residual cash is invested in the Short Term Investment Fund (STIF).

Expense Ratio

MAF pays for fees and expenses indirectly through the underlying funds held by MAF. All expenses of the Fund are deducted from the Fund’s net asset value. The expenses include investment management fees, operating expenses, bank custodial fees and miscellaneous fund administration expenses. These expenses are reflected in the unit price calculated for the Fund. The unit price is multiplied by the number of units held in each client’s account to determine the total value of the client’s holdings in the Fund. For 2015, MAF’s expenses were equal to approximately 0.64% of the Fund’s total assets.

Risk and Disclosures

All investments carry some degree of risk that will affect the value of the Fund’s holdings, its investment performance and the price of its units. As a result, loss of money is a risk of investing in the Fund. MAF is subject to the following principal investment risks: market risk, investment style risk, security-specific risk, credit risk, country risk, currency risk, deflation risk, derivatives risk, interest rate risk, prepayment risk and liquidity risk.

For further discussion of the Fund’s investments strategies and risks, please refer to "Principal Investment Strategies and Principal Investment Risks of the Funds — Multiple Asset Fund" in the Wespath Investment Funds Description, as well as the web pages for the four underlying funds.

Lending of Portfolio Securities

The fund seeks to earn additional income by lending a portion of its portfolio securities to brokers, dealers and other financial institutions. The loans are secured at all times by cash and liquid high-grade debt obligations. As with any extension of credit, there are risks of delay in recovery and in some cases even loss of rights in the collateral should the borrower fail financially. In addition, losses could result from the reinvestment of the cash collateral received on loaned securities.

Fund Facts

Inception May 1, 2002
Exp. Ratio 0.64% for 2015
Benchmark Custom
Fund Assets $5.85 Billion as of December 31, 2016
Holdings September 30, 2016
Unit Price History Wespath Funds Price History
For More Information Investment Funds Description
 

Fund Manager

dave_zellner

David H. Zellner

Chief Investment Officer
With Wespath since 1997
Co-authored the United Nations Principles for Responsible Investment (UNPRI)
B.S. in finance from Louisiana State University
MBA from the University of Houston
 
 
 
©2017 Wespath Investment Management, a division of Wespath Benefits and Investments, a general agency of The United Methodist Church. All Right Reserved.