Fiona Rintoul looks at how multi-asset portfolios may be changing against a backdrop where central banks are moving to normalise interest rate policy.

Some investors say there is little value left in bonds following a 30-year bull market. Fiona Rintoul looks at what fund managers of multi-asset bond portfolios make of this.

The bond bull market has supported returns from traditional balanced portfolios over the past 30 years. But with bond yields at extremely low levels the bull market could well be coming to an end, meaning this tailwind could transform into a headwind in the coming years.

Our panel tackles questions around appropriate benchmarks for multi-asset funds, and where these products sit in portfolios. First, though, what exactly is a multi-asset fund? It’s a very broad church, we are told.