Aviva Smooth Managed Fund

Aviva Life & Pensions Aviva Smooth Managed Fund

January 2021

Aviva: Public

Aviva Smooth Managed Fund

CONTENTS

Aviva and Aviva Investors ...... 3 Product Development ...... 3 Fund Overview ...... 4 The Smoothing Process ...... 5 Fund Management Team ...... 6 Investment Process ...... 7 Governance and Risk ...... 11 Current fund positioning ...... 12 Performance ...... 13 Summary & Evaluation ...... 14 Aviva Platform Document Links ...... 15 About Us ...... 16

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Aviva: Public

Aviva Smooth Managed Fund

Aviva and Aviva Investors

Aviva Investors are a global asset manager with broad expertise across all major asset classes. As part of the Aviva Group, Aviva Investors are well positioned to combine insurance heritage with investment capabilities to deliver the outcomes that matter for investors.

Aviva provides insurance, savings and investment products to 33 million customers worldwide. It is one of the UK’s largest insurers, as well as one of Europe’s leading providers of life and general insurance. It operates in 16 countries in the UK, Europe, Asia and Canada with the provision of long- term savings, fund management and general insurance. Assets under management stood at £510 billion as at May 2020.

Aviva was formed following the merger of CGU plc and Norwich Union plc on 30 May 2000. The firm was originally named CGNU plc but was subsequently renamed Aviva plc on 1 July 2002. CGU plc and Norwich Union plc were both major UK-based insurers operating in the long-term insurance business and general insurance markets and both had long corporate histories. CGU plc was formed in 1998 from the merger of Commercial Union plc and General Accident plc. General Accident was incorporated in 1865 and Commercial Union was incorporated in 1861. Norwich Union was founded as a mutual society in 1797. In 1997 it demutualised and became a public listed company.

In 2015, the Aviva Group completed the acquisition of Friends Life Group Ltd through an all share exchange. In 2016, Aviva Canada Inc acquired 100% of the issued and outstanding shares of RBC General Insurance Company (RBC) in Canada.

This product is governed by Aviva Life and Pensions with the fund management being conducted by Aviva Investors.

Product Development

Aviva Smooth Managed fund (SMF) has been designed by Aviva Life & Pension (Aviva L&P), with the investment management function being sub-contracted to Aviva Investors Multi-asset team.

The fund has been available through the Pension Portfolio product on the Aviva adviser platform since December 2017 and it was added to Aviva’s investment bond, Select Investment, in February 2019. The fund is expected to be available via an ISA as an insured fund in due course. The SMF is available solely for the UK adviser market and is available on the Aviva for Advisers Platform and Select Investment Bond.

The product was developed as the increased flexibility on pension benefits led to significantly fewer investors opting to buy an annuity on retirement. At the same time advisers were looking for alternative solutions and the FCA were concerned about the lack of innovation from providers in a rapidly expanding new market. There was a greater need for outcome focused investing, particularly given the risks associated with decumulation investing (i.e. taking withdrawals from a pension portfolio). The risks being particularly high in declining and volatile markets. In a declining market ‘pound cost averaging’ becomes ‘pound cost ravaging’. In addition, as part of post retirement planning, there is the need to provide some protection against inflation which diminishes the purchasing power of money.

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Aviva: Public

Aviva Smooth Managed Fund

Aviva Smooth Managed fund is designed to deliver growth over the medium to long term, while employing a ‘smoothing’ process to shelter investors from some of the adverse impacts of market movements. The fund invests in a broad range of global assets which are actively managed, to aim to add value or protect capital, while keeping the level of investment risk in line with a moderately cautious risk profile.

Aviva decided to utilise a smoothing process based on their identification of the potential client needs and consideration of the investment market, and then carried out extensive quantitative modelling, looking at potential returns from capital markets (including sensitivity and scenario analysis to understand the key risks to fund performance). They used proprietary optimisation models in order to capture the required returns and objectives within a defined risk/reward framework. The outcomes were stress tested.

The proprietary models continue to be used to monitor the fund on an ongoing basis and they feed into the investment management, risk analysis and fund governance processes with the aim being to ensure that the framework continues to optimise returns and achieve end client objectives.

In this review we will look at how the fund works, the investment team, the philosophy and process, past performance, and risk and governance.

Fund Overview

Whilst there is a ‘smoothing’ process in operation, it is worth noting that this is not a with profits fund. It is a unit-linked vehicle with an automatic smoothing mechanism which does not depend upon anyone making a judgement about any aspect of the fund.

The underlying portfolio is invested in a blend of actively managed and passive funds. The portfolio will invest in funds managed by Aviva Investors, but it has the flexibility to invest in external managers if required. Typically, there is a bias towards passive exposure in developed equity and government bond markets, which are usually informationally efficient and liquid, making active management more challenging. A more active approach, however, is taken in emerging markets, given the additional risks associated with that asset class. In fixed income, exposure to developed market government bonds is wholly passive whilst there is a wholly active approach in credit (e.g. global high yield and investment grade). A feature of being passive in the credit space would mean that the portfolio would get more exposure to the most indebted companies which is not attractive.

The portfolio is fully unconstrained and invests on a global basis. See the section on the Investment Process for details. The fund is in the ABI Specialist sector where there are no restrictions or constraints to follow.

©Rayner Spencer Mills Research Ltd 2021 www.rsmr.co.uk 4

Aviva: Public

Aviva Smooth Managed Fund

The Smoothing Process

The underlying portfolio, like any other, will be valued on an ongoing basis and units within the fund will have an unsmoothed price (the value of assets divided by the number of units in the Smooth Managed fund). Smooth Managed, however, also has a smoothed price which is the price investors pay to buy and sell units in the Aviva Smooth Managed fund.

The smoothed price will normally rise in accordance with a Smooth Growth Rate. For the Pension fund, the Smooth Growth Rate is equal to the Bank of England Base Rate +5% per year. For the Life fund, the Smooth Growth Rate is equal to the Bank of England Base Rate plus 4% per year. Advisers and their clients, however, need to understand that the Smoothed Growth Rate is not guaranteed.

For the Pension fund, the Smooth Growth Rate will never be less than 5% or more than 10%. For the Life fund, the Smooth Growth Rate will never be less than 4% or more than 9%. There may, however, be Fund Price Adjustments.

Fund Price Adjustments take place when there is a 6.5% or more difference between the Smoothed price and the Unsmoothed price. Aviva automatically adjust the Smoothed price so that the difference is only 1.5%.

When markets perform badly the underlying assets may lose value, which can trigger a downward Fund Price Adjustment. Equally, in an environment where markets perform well, an upward Fund Price Adjustment may be triggered.

Since launch, the following price adjustments have been applied:

Date Price Adjustment Fund 18 December 2018 -5.0% Pension 30 July 2019 +5.4% Pension 9 March 2020 -6.72% Pension 10 March 2020 -5.2% Bond 12 March 2020 -7.1% Pension 12 March 2020 -4.8% Bond 28 May 2020 +6.2% Pension 28 May 2020 +5.3% Bond 17 November 2020 +5.4% Pension 8 December 2020 +5.7% Bond As at 31 December 2020

These adjustments occurred during periods of significant market volatility. It comes as no surprise that the majority were applied in 2020 following the severe market sell-off in March and the subsequent rebound. Although these moves look large, the peaks and troughs in the underlying markets were much more severe.

In extreme circumstances, Aviva may have to protect existing investors in the fund, should there be, for example, a large volume of money entering or leaving the fund. When such an extreme event occurs, the Smoothed price will be immediately adjusted so that it is equal to the Unsmoothed price. After this has happened, the Smoothed price will continue to grow in line with the Smooth Growth Rate.

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Aviva: Public

Aviva Smooth Managed Fund

The aim of the smoothing process in the long-term is to provide investors with a similar level of performance to the underlying holdings but make the journey a lot smoother as investors are considerably less exposed to daily market price movements. Aviva Life & Pensions believe that a typical investor should be prepared to stay invested for at least five years.

All Fund Price Adjustment are recorded on the Aviva for Advisers (A4A) Smooth Managed fund website:

https://connect.avivab2b.co.uk/adviser/aviva-platform-and-investments/smooth-managed-fund/#m- tabs-4vgoE

Fund Management Team

Aviva Smooth Managed fund is managed by the Aviva Investors Multi-asset & Macro team. The team consists of over 55 investment professionals who manage a range of long-only and absolute return multi-asset funds, as well as global rates and Emerging Market Debt. As at 31 October 2020, the multi- asset team managed and advised on over £74 billion of assets.

The fund is co-managed by Sunil Krishnan and Paul Parascandalo. Although they are the name lead managers on the fund, the fund benefits from a team-based approach through which they collaborate with investment teams across the wider business, including the wider multi-asset and macro team as well as investment expert across credit and global equities.

Sunil Krishnan CFA is Head of Multi-Asset Funds. He joined Aviva Investors in 2017, having started his investment career in 2001. He is a member of the Aviva Multi-Assets leadership group and a contributor to the AIMS (Aviva Investors Multi-Strategy) investment process.

Prior to joining Aviva Investors, Sunil was a Senior Portfolio Manager in global multi-asset solutions at Santander Asset Management, having been Head of Global Asset Allocation at Hermes Investment Management and Head of Market Strategy at the British Telecom Pension Scheme. He spent 10 years at BlackRock Investment Management in several roles including portfolio management, research and strategy.

He holds an MSc in Economics from Birkbeck College, University of London and an MA in Philosophy Politics and Economics from Balliol College, University of Oxford. He is also a CFA Charterholder.

Paul Parascandalo CFA is a lead multi-asset fund manager at Aviva Investors. He co-manages the Aviva Investors Multi-Asset fund and Multi-Manager ranges. He is also lead on the Aviva With Profits funds.

Prior to joining Aviva Investors, Paul held several roles at HSBC in their private banking arm. His investment career began in 2004 and he joined Aviva Investors as an Implementation Manager in the Multi-Asset funds team in 2010, before moving into the fund management role. Paul holds an MSc in Theoretical Physics from University College, London and a BSc in Financial Services from the Institute of Financial Services. He is a CFA charterholder.

Other fund managers which includes the following fund managers Kevin O’Nolan and Guillaume Paillat.

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Aviva: Public

Aviva Smooth Managed Fund

They have the support of surrounding teams, in particular the Multi-Asset Implementation team, comprising eight people who implement any tactical tilts, through derivatives, plus any currency hedging, and the six strong Research Manager team, which covers both Aviva and external fund managers.

Investment Process

There are five key steps in our investment process:

1) Strategic Asset Allocation (SAA)

Aviva Life & Pensions and Aviva Investors work in close collaboration to determine the strategic asset allocation i.e. their long term asset allocation view designed to reflect the typical client’s risk profile. The SAA is reviewed at least annually.

The process initially determines the investable universe. For SMF Aviva have chosen to select assets from around the globe to give as much flexibility and choice as possible. Aviva believes that a global approach should achieve a better risk-adjusted return over the longer term than one that is too concentrated in any region. Assets can include shares and bonds of both developed and emerging markets, cash, and money market instruments, as well as other alternative investment strategies. All assets are divided all into three simple categories: Growth, Defensive and Uncorrelated.

o Growth assets have the potential to drive capital growth and are more volatile. Typically, growth assets will include equity as well as riskier forms of fixed income.

o Defensive assets aim to protect the value of your investment and manage risk. This includes assets such as cash and government bonds.

o Uncorrelated assets look to offer more diversification than traditional assets such as equities and fixed income. Typical assets may include absolute return strategies

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Aviva: Public

Aviva Smooth Managed Fund

To determine the optimal strategic mix the fund management team, analyse the risk and return characteristics of each of the individual asset classes. This includes factors such as expected return and volatility, tail risk, stress testing and currency hedging. This gives a deeper understanding of the risk and return drivers than delivered in models that focus more narrowly on return and volatility (such as a typical mean variance approach).

A combination of historical data and proprietary expected return projections is also used. By using forward-looking measures, recent market trends and forecasts can be incorporated. This helps to develop a framework relevant to the prevailing market conditions, rather than just relying on a long- term historical average.

2) Componentry selection

When constructing the Fund, the most appropriate investment vehicle is selected. These choices include:

Active versus passive The choice between active and passive strategies is usually couched as binary. However, Aviva Investors believes a blend of both strategies works well. For example, a passive approach in markets that are more informationally efficient, and liquid is preferred, as these are characteristics that make it difficult for an active fund manager to outperform. Yet, Aviva Investors firmly believes that skilled fund managers can materially improve outcomes for investors in other markets.

Internal versus external Actively managed solutions held in SMF will primarily be those managed by Aviva Investors, who is fortunate to have expertise in most major asset classes and the ability to access in-house strategies allowing them to keep costs lower. Where Aviva Investors does not have the expertise in-house, SMF can access external funds. When selecting an external fund, the fund management team will draw on the skills of Aviva’s Multi-manager research team. The team’s due diligence process employs both quantitative and qualitative research to filter a large universe of funds into a select group of funds which represent ‘best of breed’ solutions. The external manager’s approach to ESG is also considered in selecting an external manager. Aviva Investors engages with external managers whose ESG standards fall short of their minimum requirements, and if appropriate brings any associated voting rights back in-house to Aviva Investors.

3) Dynamic Asset Allocation

To add value and reduce risk Aviva Investors proactively manages the funds and has the flexibility to tilt the portfolio through tactical asset allocation (TAA) decisions at any time. The latitude for TAA decisions is determined by the extent to which they tilt the fund away from its SAA (which, all other things being equal, should enable it to achieve its specified long-term investment objectives).

Idea generation A collaborative approach, with regular dialogue across all investment teams is utilised to help make informed and well-reasoned decisions.

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Aviva: Public

Aviva Smooth Managed Fund

House View The investment strategy team oversees production of the House View once a quarter. While the team researches the broader macroeconomic environment and market outlook, their key responsibility is to coordinate the House View forum, which is the process whereby insights are solicited from asset class teams globally. This integrated effort ensures that the House View reflects the full range of expertise across our investment platform.

The end product is a House View document identifying the key themes that Aviva believe will drive the global economy over a one to three-year time horizon. It outlines their central view by region and asset class, as well as some of the main risks to this view. In doing so, it provides fund managers with a view on some of the key economic inputs that could drive broad market returns, and how attractive they are likely to be based on where Aviva believe we are in the business cycle.

Asset allocation Committee (AAC)

At the hub of the investment and tactical views is the Asset Allocation Committee (AAC), which meets once a month. This forum brings together the multi-asset fund managers, key representatives of the investment strategy team and fund managers who specialise in a variety of different asset classes. Quantitative data and qualitative judgement are combined to determine the relative investment merits of different asset classes given the prevailing environment.

This assessment is made on a “pairs” basis. In a long-only fund, it is normally the case that being overweight (or “adding more to”) one opportunity requires a corresponding underweight (“adding less to”) elsewhere. For this reason, a “pairs” approach, provides the framework for rigorous oversight and ongoing analysis of the success or failure of each opportunity. These views are then represented as tilts in a model portfolio. A variety of tools are used to ensure that the Fund is robust and not excessively exposed to any one source of risk. It is also at this stage that ESG factors are taken into consideration when making tactical decisions.

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Aviva: Public

Aviva Smooth Managed Fund

4) Portfolio construction

Before any changes are made, the Multi-asset team will run pre-trade risk analysis to model the effects of the proposed changes. They run daily analysis to test the robustness of the portfolio including, but not limited to, stress testing, scenario analysis and correlation. The aim is to understand the potential risks from various angles and use this analysis to have an informed discussion before changes are implemented. Strategies are sized appropriately to ensure diversification, with no undue concentration of risk. As noted above, trades are then monitored on a ‘pairs’ basis i.e. each trade is monitored based on where the fund manager has chosen to overweight versus where the fund manager has chosen to underweight the fund to that position.

5) Implementation

The fund managers are supported by the Multi-asset Fund Implementation team. While the fund managers are responsible for portfolio construction, the Implementation team oversees the funds on a day-to-day basis – rebalancing portfolios and directing cash flows to ensure the funds remain at the target weights determined by the fund managers.

Aviva Investors’ internal independent performance team and independent second line investment risk team also support the multi-asset fund managers by providing regular performance and risk attribution reports. Based on this feedback the Fund is reviewed and changes are implemented when necessary.

In addition, the internal independent second line investment risk team monitors each strategy’s risk and return distribution and contribution to the total portfolio risk measured by its impact on the portfolio volatility and Value at Risk (‘VaR’).

ESG Considerations

Are a non-binding but critical part of the investment process viewed alongside other risk factors. Aviva Investors portfolio managers are empowered to make the right decisions for the best investment outcome.

Aviva believes that incorporating environmental, social and governance (ESG) factors into the investment process will enhance returns by mitigating risk and helping identify better quality opportunities, as well as making the world a better place. All fund managers are responsible for taking ESG factors into account when making investment decisions. They are in turn supported by over 22 dedicated ESG professionals, who specialise in issues such climate change, biodiversity, modern slavery and corporate governance. The ESG team provide crucial quantitative and qualitative research. The quantitative research is Aviva’s proprietary ESG score that is refered to as “ESG Elements”. This score is applied to over 30,000 securities. The team also provide top down thematic as well as sector and industry research, which is linked to the UN Sustainable Development Goals.

• The ESG team works in collaboration with the Multi-asset and Macro team to contribute to the formation of Aviva’s macro House View and idea generation, such as the tactical asset allocation decisions.

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Aviva: Public

Aviva Smooth Managed Fund

• ESG is embedded into all the actively managed Aviva Investors funds that SMF invests into. ESG factors are considered alongside a range of financial metrics and research.

Leaders in active ownership

Aviva believes that meaningful engagement with companies is a more powerful tool than exclusion. This is exemplified by the company’s strong voting and engagement track record. For example, in 2019 Aviva Investors:

• Voted at 5,382 management resolutions and voted against management 24% of the time. When it came to pay proposals, Aviva voted against management 46% of the time. • Engaged 3,122 times with over 2,000 companies to help drive positive change. • In their annual responsibility investment review they have evidenced the outcomes they have delivered, with more than 50 case studies showing how companies have made positive changes on issues ranging from women’s representation on boards, plastics in the ocean, protecting world heritage sites and climate change. • They do, however, have a baseline Exclusions Policy which outlines the sectors in which investment is prohibited across their entire fund range (e.g. Controversial Weapons and Civilian Firearms).

Governance and Risk

At fund level, the manager research team monitor all the underlying fund managers.

There is oversight and challenge from the independent risk team, through regular formal meetings as well as daily engagement, to ensure that the portfolio’s risk profile is consistent with the fund’s stated objectives and process, as well as House View.

Review Investment Strategy • To review investment policy and strategy, taking account customer expectations and financial, risk and reporting implications as well as market outlook. • To monitor and review mandates within Investment Management Agreements (IMAs), investment benchmarks and propose changes to the Investment & Credit Committee (ICC) or Asset & Liability Committee (ALCO) as appropriate.

Review Investment Performance • Review and evaluate investment performance. Each quarter a high-level overview of all with- profits (return and non-return funds) and unit-linked life and pension funds, securities finance and real estate as well as collective funds is reported to ensure the attainment of performance objectives. • Any investment desks on Aviva Life and Pensions watchlists are reviewed every quarter. • Voting and engagement activity is also reviewed every quarter.

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Aviva: Public

Aviva Smooth Managed Fund

Value for Money Value for money assessment is carried out by Aviva Life & Pensions Propositions team. Aviva Smooth Managed funds are available across Aviva’s Platform and Select Investment Bond. The total fund charge for SMF (Pensions) is 0.65%.

Aviva believe that is a fair charge, competitors providing similar funds, the additional costs of the smoothing mechanism and the peace of mind that this product provides. The total fund charge on the investment bond share class is 0.46%.

In addition, Aviva Life and Pensions has oversight of the performance of internal funds managed by Aviva Investors, including the Smooth Managed fund, through the Aviva Customer Investments Forum, which is chaired by Aviva’s Chief Investment Officer. This group meets on a quarterly basis to carry out the following duties/disciplines:

Current fund positioning

The discovery of a number of vaccines that are effective and safe brings into view the eventual end of the pandemic’s most serious impact on economic life. So even though the path towards that outcome may be interrupted by renewed restrictions on mobility and economic activity, the market’s tendency to “look through” near-term disruption when the longer — term outcome is more certain should prevail, in our view. We are therefore approaching any setbacks in risk assets as potential buying opportunities and accordingly leave sufficient risk budget to be able to act, should such opportunities arise.

At present the fund is moderately overweight equities and higher yielding corporate bonds. The Fund has maintained a neutral position toward government bonds, which should provide the fund with some protection in the event that the Aviva Investors’ central view is not correct.

Asset Allocation as at 30 November 2020

Asset Class % Cash 1.6 Property 5.5 Absolute Return 4.6 Global Bonds 25.1 Emerging Market Debt 2.9 Bonds 27.9 Global Equities 54.0 UK Equities 6.4 Equities 60.4 Source: Aviva Life and Pensions

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Aviva: Public

Aviva Smooth Managed Fund

Top 10 holdings as at 30 November 2020

Aviva Pensions US Equity 21.6% Aviva Investors Global Investment Grade Corporate Bond 12.5% Aviva Pensions European Equity 12.7% Aviva Investors Global Sovereign Bond 9.4% ALAP UUL Emerging Markets Equities 8.8% Aviva Pensions Japan Equity 6.2% Aviva Life & Pensions Property 5.5% Aviva Investors Global High Yield Bond 5.2% Aviva Investors Multi-Strategy 4.6% Aviva Pensions UK Equity 4.4%

Performance

Aviva Smooth Managed Pension Smooth Growth Rate is 5.1% and the Bond fund’s is 4.1%.

The nature of the fund is that the smoothing process will result in the fund outperforming on the downside and underperforming on the upside, as can be seen in the following chart:

Past performance since launch vs ABI Sector Average

15.00%

10.00%

5.00%

0.00%

-5.00%

-10.00%

-15.00%

Aviva Smooth Managed Pension ABI Mixed Investment 40-85% Shares Pension

Aviva Smooth Managed Pension Fund (Source: AVIVA Life and Pensions) since launch, net of fees – from 11/12/2017 to 30/11/2020 Morningstar Direct.

Whilst the fund is in the ABI Specialist sector, we have used the ABI Mixed Investment 40-85% shares sector average as a comparator because it reflects the volatility of a typical UK managed pension fund.

Aviva: Public

Aviva Smooth Managed Fund

Five Years Smoothed Performance 60.00%

50.00%

40.00%

30.00%

20.00%

10.00%

0.00%

-10.00% 30/11/2015 30/11/2016 30/11/2017 30/11/2018 30/11/2019 30/11/2020

Aviva Smooth Managed Pension Fund (Source: AVIVA Life and Pensions) returns over the last 5 years, net of fees – from 30/09/2015 to 11/12/2017 the past performance is simulated and from 12/12/2017 to 30/11/2019 the performance is actual

Whilst the above charts detail performance to 30 November 2020, the following links below will provide access to ongoing performance data:

Life Fund Performance Data https://www.aviva.co.uk/adviser/documents/view/in88019c.pdf

Pension Fund Performance Data https://www.aviva.co.uk/adviser/documents/view/lf10245c.pdf

Summary & Evaluation

Aviva Smooth Managed is an innovative product designed for moderately cautious investors.

The smoothing process employed, over the long term, is designed to provide investors with a similar level of return to the underlying portfolio but to make the journey a lot smoother as investors are considerably less exposed to daily market price movements.

The smoothing process makes this fund particularly attractive to:

• Moderately cautious Investors, long term (3-years) investors seeking capital growth from a fund exhibiting a relatively low level of volatility. The fund has a Smooth Growth Rate which is linked to a clearly defined benchmark (Bank of England Base Rate plus 5% on the pension product, +4% on the Life fund) to which investors can relate and the smoothing process is applied in a clearly defined mechanistic fashion with no subjective judgements being part of the process.

• Investors in the de-accumulation phase of pension scheme investing. The smoothing process provides a degree of protection for investors taking regular withdrawals from their pension portfolios.

Aviva: Public

Aviva Smooth Managed Fund

Whilst investors can benefit from ‘pound cost averaging’ when steadily building their pension portfolio over time, perhaps through monthly contributions paid out of their salary, when it comes to drawing down funds from the portfolio in retirement, regular withdrawals of a specific amount can have the opposite effect. This is usually referred to as pound cost ravaging, in that in falling markets investors could be cashing in units when asset prices are low and falling. The very opposite of the benefits of buying assets when prices are low.

By investing in a broad range of assets, Aviva Smooth Managed can also provide some protection against inflation which reduces the purchasing power of money over time.

There are few products on the market which are comparable to Aviva Smooth Managed and the product has now established 3 years plus track record which demonstrates that it is achieving its objectives.

Whilst the day to day fund management is undertaken by the strong and well-resource multi-asset team of Aviva Investors, Aviva Life and Pensions has ultimate responsibility for the fund. Aviva Life and Pensions set the strategic asset allocation for the portfolio, in consultation with Aviva Investors.

Aviva Smooth Managed is also run within a strong governance framework to ensure that the portfolio is managed in accordance with its mandate, including its risk/reward profile.

Stephen O’Mara Investment Research Manager RSMR January 2021

Aviva Platform Document Links

Aviva Smooth Managed Website https://connect.avivab2b.co.uk/adviser/aviva-platform-and-investments/smooth-managed-fund/#m- tabs-4vgoE

Aviva Customer Guide https://www.aviva.co.uk/adviser/documents/view/lf01102c.pdf

Aviva: Public

Aviva Smooth Managed Fund

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