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For the year ended 28 February 2025
Annual Report and Financial Statements
AVIVA INVESTORS
PORTFOLIO FUNDS ICVC
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avivainvestors.com | Aviva Investors Portfolio Funds ICVC Annual Report and Financial Statements for the year ended 28 February 2025 1
CONTENTS
Company Information* 2 Report of the Authorised Corporate Director* 3 Statement of Cross Holdings 4 Policies and Risks 5 Aviva Investors Multi-Manager Flexible Fund 9 Aviva Investors Multi-Manager 40-85% Shares Fund 23 Aviva Investors Multi-Manager 20-60% Shares Fund 39 Aviva Investors Multi-asset Core Fund I 55 Aviva Investors Multi-asset Core Fund II 96 Aviva Investors Multi-asset Core Fund III 139 Aviva Investors Multi-asset Core Fund IV 182 Aviva Investors Multi-asset Core Fund V 225 Aviva Investors Multi-asset Plus Fund I 260 Aviva Investors Multi-asset Plus Fund II 277 Aviva Investors Multi-asset Plus Fund III 294 Aviva Investors Multi-asset Plus Fund IV 312 Aviva Investors Multi-asset Plus Fund V 328 Aviva Investors Multi-asset Stewardship Fund I 343 Aviva Investors Multi-asset Stewardship Fund II 361 Aviva Investors Multi-asset Stewardship Fund III 379 Aviva Investors Multi-asset Stewardship Fund IV 396 Aviva Investors UK Listed Equity Fund 413 Aviva Investors Sustainable Stewardship Fixed Interest Feeder Fund 428 Aviva Investors Sustainable Stewardship International Equity Feeder Fund 442 Statement of the Authorised Corporate Director’s Responsibilities* 456 Authorised Corporate Director’s Statement* 456 Statement of the Depositary’s Responsibilities 457 Depositary’s Report to the Shareholders 457 Independent Auditors’ Report to the Shareholders of Aviva Investors Portfolio Funds ICVC 458 General Information 460 Value Assessment 461 Remuneration Policy (Unaudited) 462
* These items (as well as each sub-fund’s Investment Objective, Investment Policy, Fund Manager’s Report, Portfolio Statement and Material Portfolio Changes) comprise the Authorised Corporate Director’s Report for the purposes of the rules contained in the Collective Investment Schemes Sourcebook (“the Regulations”).
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Aviva Investors Portfolio Funds ICVC Annual Report and Financial Statements for the year ended 28 February 2025 | avivainvestors.com
Company Information
2
AUTHORISED CORPORATE DIRECTOR Aviva Investors UK Fund Services Limited 80 Fenchurch Street London, EC3M 4AE On 27 March 2024, the registered office for Aviva group entities changed from St Helen’s, 1 Undershaft, London, EC3P 3DQ.
Aviva Investors UK Fund Services Limited (the ACD) is a wholly owned subsidiary of Aviva Investors Holdings Limited, a company incorporated in the United Kingdom and within the Aviva Group of Companies. The ACD is a member of the Investment Association and is authorised and regulated by the Financial Conduct Authority.
DIRECTORS M Craston (resigned 16 April 2024) J Adamson (resigned 12 January 2025) J Barber (appointed 1 January 2025) M Bell A Coates B Fowler (resigned 15 January 2025) M Kingdon (appointed 12 March 2025) J Lowe K McClellan S Winstanley (resigned 31 August 2024)
REGISTRAR AND ADMINISTRATOR SS&C Financial Services Europe Limited SS&C House St Nicholas Lane Basildon Essex, SS15 5FS
FUND ACCOUNTING AND PRICING AGENT J.P. Morgan Chase Bank, National Association (London Branch) 25 Bank Street Canary Wharf London, E14 5JP
INVESTMENT MANAGER Aviva Investors Global Services Limited 80 Fenchurch Street London, EC3M 4AE Aviva Investors Global Services Limited is a member of the Investment Association and is authorised and regulated by the Financial Conduct Authority. The ultimate parent company of Aviva Investors Global Services Limited is Aviva Plc.
DEPOSITARY J.P. Morgan Europe Limited 25 Bank Street Canary Wharf London, E14 5JP J.P. Morgan Europe Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
INDEPENDENT AUDITORS Ernst & Young LLP Atria One, 144 Morrison Street, Edinburgh, EH3 8EX
COMPANY INFORMATION
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avivainvestors.com | Aviva Investors Portfolio Funds ICVC Annual Report and Financial Statements for the year ended 28 February 2025
Report of the Authorised Corporate Director
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REPORT OF THE AUTHORISED CORPORATE DIRECTOR
THE COMPANY Aviva Investors Portfolio Funds ICVC (“the Company”) is an Open-Ended Investment Company (OEIC) with variable capital incorporated in England and Wales on 5 March 2007. The property of the Company is entrusted to J.P. Morgan Europe Limited (“the Depositary”). The shareholders are not liable for any debts of the Company. The objective of the Company is to invest the Scheme Property in transferable securities, money market instruments, cash and near cash, units in collective investment schemes, deposits, derivatives and forward transactions, immovable property and gold in accordance with the COLL Sourcebook (which may include stock lending, borrowing, cash holdings, hedging and using other investment techniques permitted in the COLL Sourcebook) with the aim of spreading investment risk and giving its Shareholders the benefit of the results of the management of that property. The Company has an umbrella structure which means that it contains many sub-funds (“Funds”), each with a different investment objective. In the financial statements you will find an investment review for each Fund which includes details of the investment objectives. There are currently twenty Funds in the Aviva Investors Portfolio Funds ICVC.
AUTHORISED STATUS From 5 March 2007 the Company was authorised as an OpenEnded Investment Company under Regulation 12 of the OpenEnded Investment Companies Regulations 2001 (“Regulations”). The Company is authorised to operate as a “Non-UCITS Retail Scheme” for the purposes of the COLL Sourcebook and as an Alternative Investment Fund (“AIF”) for the purposes of the FUND Sourcebook. These sourcebooks form part of the regulatory handbook issued by the Financial Conduct Authority (“FCA”).
THE FINANCIAL STATEMENTS We are pleased to present the annual financial statements of the Company for the year ended 28 February 2025. As required by the Regulations, information for each of the Funds has also been included in these financial statements. On the following pages we review the performance of each of those Funds during the year. We hope that you find our review useful and informative. We decided to close the Funds “Aviva Investors Sustainable Stewardship Fixed Interest Feeder Fund”, “Aviva Investors Sustainable Stewardship International Equity Feeder Fund” and “Aviva Investors UK Listed Equity Fund” within 12 months from the date issue of the financial statements for the reasons disclosed on note 1a. As a result, we have prepared the financial statements of these Funds on a break-up basis. The financial statements for the remaining Funds of the Company have been prepared on a going concern basis.
ANNUAL GENERAL MEETINGS The Company will not be holding any Annual General Meetings.
SIGNIFICANT INFORMATION
TERMINATION OF THE AI SUSTAINABLE STEWARDSHIP UK EQUITY FEEDER AND AI SUSTAINABLE STEWARDSHIP UK EQUITY INCOME FEEDER FUNDS On 7 November 2024, Aviva Investors UK Fund Services Limited, the Manager of the Scheme, commenced the termination of the following sub-funds of the Scheme: – AI Sustainable Stewardship UK Equity Feeder Fund – AI Sustainable Stewardship UK Equity Income Feeder Fund
CHANGES TO THE PROSPECTUS On 28 February 2024, an amended version of the Prospectus for the Aviva Investors Portfolio Funds ICVC was filed reflecting the availability of Share Classes 2 and 9 in the Aviva Investors MultiAsset Sustainable Stewardship Fund I, Aviva Investors Multi-Asset Sustainable Stewardship Fund II, Aviva Investors Multi-Asset Sustainable Stewardship Fund III and Aviva Investors Multi-Asset Sustainable Stewardship Fund IV. On 13 March 2024, we made several updates to our Prospectuses, as we do annually to ensure the disclosures are as clear as possible and to make sure all elements of the Prospectus are up to date, including administrative data and fund performance. Among the changes made, we updated the section on conflicts of interest to make it clearer to investors where the responsibilities for monitoring conflicts lie; we updated the investment exclusions wording to ensure we are transparent about the investment manager’s discretion to make decisions in applying the exclusion policy; and we added a section on Client Money to clarify what happens to payments outside of the delivery vs payment window. We also made some changes to the way in which the charges applicable to the Funds are displayed, in order to make this clearer for our investors. On 26 March 2024, E&Y LLP was appointed as auditor to this umbrella. On 27 March 2024, the registered office for Aviva group entities changed to 80 Fenchurch Street, London, EC3M 4AE. On 2 July 2024 we updated the Prospectuses and Instruments of Incorporation for the Aviva Investors Investment Funds ICVC, the Aviva Investors Portfolio Funds ICVC, the Aviva Investors Select Funds ICVC and the Aviva Investors Manager of Managers ICVC (ICVC 2) to introduce the right to convert investors into another share class of the same Fund, where this is in the best interests of investors. We would only move your investment in this way if we had first sent a notice to you explaining the options available to you and you had not responded to confirm any other action you would like us to take. On 11 September 2024, an amended version of the Prospectus for the Aviva Investors Portfolio Funds ICVC was filed reflecting the availability of Share Class 9 in the Aviva Investors Stewardship International Equity Fund, changes to the fee for Share Class 2 in Aviva Investors Stewardship International Equity Fund and reductions to the Share Class 9 fees in the Aviva Investors MAF Sustainable Stewardship Fund I, Aviva Investors MAF Sustainable Stewardship Fund II, Aviva Investors MAF Sustainable Stewardship FundIII and Aviva Investors MAF Sustainable Stewardship Fund IV. On 2 December, we updated the investment policy for each Fund to ensure compliance with the FCA’s rules regarding sustainability disclosures – the change was non-material and had no impact on the Fund’s investment approach.
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Aviva Investors Portfolio Funds ICVC Annual Report and Financial Statements for the year ended 28 February 2025 | avivainvestors.com
Statement of Cross Holdings
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STATEMENT OF CROSS HOLDINGS
As at 28 February 2025, the following sub-funds held investments in other sub-funds within the Company.
Aviva Investors Multi-asset Plus Fund I
Fund
Sub-fund Currency Holding Market Value
% of net asset value Aviva Investors Multi-asset Core Fund I Class D, Accumulation shares GBP 29,666,898 31,693,859 10.29
Aviva Investors Multi-asset Plus Fund II
Fund
Sub-fund Currency Holding Market Value
% of net asset value Aviva Investors Multi-asset Core Fund II, Class D, Accumulation shares GBP 91,579,988 109,348,886 10.00
Aviva Investors Multi-asset Plus Fund III
Fund
Sub-fund Currency Holding Market Value
% of net asset value Aviva Investors Multi-asset Core Fund III, Class D, Accumulation shares GBP 98,562,621 126,667,617 9.87
Aviva Investors Multi-asset Plus Fund IV
Fund
Sub-fund Currency Holding Market Value
% of net asset value Aviva Investors Multi-asset Core Fund IV, Class D, Accumulation shares GBP 90,450,489 125,358,860 10.06
Aviva Investors Multi-asset Plus Fund V
Fund
Sub-fund Currency Holding Market Value
% of net asset value Aviva Investors Multi-asset Core Fund V, Class D, Accumulation shares GBP 25,856,504 39,448,079 9.53
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avivainvestors.com | Aviva Investors Portfolio Funds ICVC Annual Report and Financial Statements for the year ended 28 February 2025
Policies and Risks
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POLICIES AND RISKS
ACCOUNTING POLICIES a Basis of accounting The financial statements have been prepared under the historical cost basis, as modified by the revaluation of investments, and in accordance with the Statement of Recommended Practice for UK Authorised Funds issued by the Investment Management Association (IMA) (now The Investment Association) in May 2014 (SORP 2014), and in accordance with United Kingdom Generally Accepted Accounting Practice as defined within FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. The ACD has made an assessment of each Fund’s ability to continue as a going concern. This assessment covers a period of at least 12 months from the date of issue of the financial statements and considers each Fund’s continued ability to meet ongoing costs. The financial statements for Aviva Investors Sustainable Stewardship Fixed Interest Feeder Fund and Aviva Investors Sustainable Stewardship International Equity Feeder Fund have been prepared on a break-up basis as the ACD made the decision to close these Funds within twelve months due to limited opportunities for both the Funds to gain external investments and revenue growth as expected through Aviva Group distribution channels and external distribution channels. A combination of the above factors, including the capped Fund Management Fee for the ACD, means the ACD has concluded that the Funds cannot gain the scale necessary to be financially and commercially viable products. At the current sizes, it is costing the ACD more to run these Funds than the revenue it is generating from the Funds, and therefore the ACD has been running the Funds specified above at a loss. In addition, the financial statements for Aviva Investors UK Listed Equity Fund has been prepared on a break-up basis as the ACD made the decision to close these Funds within twelve months due to the sole investor’s decision to redeem its investments in entirety on the Fund. Furthermore, there are limited opportunities foreseen by the ACD to receive any new investment into the Fund. Therefore, the ACD do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements for the above specified Funds. Under this basis assets were recorded at their recoverable value and liabilities were recorded at their expected settlement value. Any additional costs in respect of the termination of the Fund will be borne by the ACD. No adjustments were necessary except for reclassifying fixed assets as current assets. The financial statements of the remaining Funds of the Company have been prepared on a going concern basis.
b Share classes The Funds have three types of share classes; retail shares (class 1), institutional shares (class 2) and shares held by associated undertakings of Aviva Plc (classes 3 and 9). Each class bears different charges and consequently the level of revenue allocated to each share class will differ. Some share classes consist of either accumulation or income shares, whilst others consist of both accumulation and income shares. For the five Multi-asset Core Funds, for all share classes excluding share class 9, the total Fund Management Fee borne by each share class is currently capped at 0.25%. For share class 9 of the ten Multi-Asset Funds, the total of all charges (direct and synthetic) is capped at the Fund Management Fee (0.35%).
c Recognition of revenue Revenue received and accumulated from Collective Investment Schemes (CIS) is recognised when the CIS is quoted ex-dividend. Revenue received from offshore CIS is recognised when the CIS is quoted ex-dividend. Any excess reportable income notified after the accounting year end date of the offshore CIS is recognised when the notification is received. Revenue from offshore CIS is recognised as income unless stated otherwise in the Prospectus. Equalisation received as part of the revenue from CIS is deducted from the cost of the investment. In addition to any direct charge for management fees within the Funds, there would occur, in the absence of a rebate mechanism, an indirect charge for management fees in respect of investments in other funds. Any such target funds themselves bear a management fee, which reduces the values of those funds from what they otherwise would be. The rebate mechanism operates to ensure that investors in the Funds bear only the fee validly applicable to them. Depending upon the ACD’s treatment of management fees within the underlying funds, where management fees are taken to capital, any rebate is classified as a capital item and does not form part of the amount available for distribution. Dividends are recognised when the investment is quoted ex-dividend. Interest on debt securities and bank deposits is recognised on an accruals basis. In the case of debt securities, any difference between acquisition cost and maturity value is recognised as revenue over the life of the security using the effective yield basis of calculating amortisation. Revenue received from investing in Aviva Investors Tax Transparent Funds (TTFs) is accounted for daily on a look-through basis and is recognised as per the same classification as in the underlying TTF. Special dividends are treated as either revenue or capital depending on the facts of each particular case.
d Treatment of derivatives The return in respect of any derivative transaction is treated as capital or revenue depending on the motive and circumstances of the transaction. Where positions are undertaken to protect or enhance capital, and the circumstances support this, the returns are recognised in net capital gains; similarly where the motives and circumstances are to generate or protect revenue, and the circumstances support this, the returns are included within net revenue before taxation. Where positions generate total returns, the returns are apportioned between capital and revenue to properly reflect the nature of the transaction. Returns on forward currency contracts are treated as capital. Returns on futures are split between capital and revenue based on the circumstances of each future. Stock index futures are used to manage market price risk arising from the time lag between Funds being receivable or payable by the Scheme and investment or disinvestment in underlying securities. Premiums received on options are treated as revenue or capital depending on the motives and circumstances of the transaction. Interest and finance charges from interest rate swaps are taken to revenue. The premiums from credit default swaps are taken to revenue. The gains and losses on swaps are taken to capital.
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Aviva Investors Portfolio Funds ICVC Annual Report and Financial Statements for the year ended 28 February 2025 | avivainvestors.com
Policies and Risks
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POLICIES AND RISKS (CONTINUED)
ACCOUNTING POLICIES (CONTINUED) e Dilution Levy Policy The Company reserves the right to charge a dilution levy (Investor Protection Fee) to protect existing investors in a fund from the costs of buying or selling investments that may result from the sale and/or purchase of shares in that fund. The amount of any such dilution levy is calculated by reference to the estimated costs of dealing in the underlying investments, including any dealing spreads, broker commissions and taxes. When the Company impose a dilution levy on a particular investor or group of investors, this is paid into the Fund and helps to protect existing investors from the costs of the resultant transactions. For details of the circumstances in which a dilution levy may be imposed, dilution levies applied in a fund historically, and on what values, please see that fund’s Prospectus.
f Basis of valuation of investments Quoted investments With the exception of the Funds’ investments in Tax Transparent Funds (TTFs), the quoted investments of the Funds were valued at the close-of- business bid market value on the last working day of the accounting period. The value of a sub-fund’s investments in TTFs is based on the sub-fund’s proportionate share of the value determined at the valuation point of each individual TTF. The underlying TTFs and their respective valuation points are as follows: Valuation Point: 12:00 PM – Aviva Investors North American Equity Index Fund
– Aviva Investors Sustainable Stewardship International Equity Feeder Fund
– Aviva Investors Sustainable Stewardship Fixed Interest Feeder Fund Valuation Point: 14:00 PM – Aviva Investors UK Equity Alpha Fund Valuation Point: 15:00 PM
– Aviva Investors North American Equity Core Fund
– Aviva Investors Pacific Equity ex Japan Core Fund
– Aviva Investors Europe Equity ex UK Core Fund
– Aviva Investors Japan Equity Core Fund
– Aviva Investors Emerging Market Equity Core Fund – Aviva Investors Japan Equity Fund Unquoted investments The unquoted investments of the Funds have been valued by the Investment Manager using available information, such as recent transaction prices, valuations from reliable sources, financial performance and other relevant factors, to arrive at an estimated fair value. Suspended securities Suspended securities have been valued at the suspended market price per share or valued by the Investment Manager using available information to arrive at an estimated fair value. Delisted securities Delisted securities have been valued by the Investment Manager using available information to arrive at an estimated fair value. Forward foreign currency contracts The Company’s forward foreign currency positions on the last working day of the accounting period are included in the portfolio statement as an asset or liability so as to reflect the value of each contract.
Over the counter (OTC) derivatives OTC derivatives are either valued by the relevant counterparty or by the investment manager using available information to arrive at an estimated fair value. Exchange traded derivatives (ETDs) ETDs are included at the aggregate unrealised market value of the open contracts. CIS investments Collective investment schemes operated by the ACD are valued at their cancellation price for dual priced funds and their single price for single priced funds. Other collective investment schemes are valued at their bid price for dual priced funds and their single price for single priced funds. Investments into Tax Transparent Funds (TTF) Where a Fund invests into Tax Transparent Funds (TTF), for example Multi-asset Funds the valuation will be on a look through basis or a mirror set of Unit Class accounts to provide the transparency to the ultimate Investor Beneficial Owner (UBO), the Fund. The Fund Accounting book of record is the Golden source of the data – this reflects the Fund’s externally audited financial book of record and for the Investors the Price the Fund can buy or sell units as well as the source for their share of the Fund’s net assets and Taxable income and expenses. The investment valuation used for the value of its shares in the Transparent Vehicle is based on its share of the valuation of the underlying investments in the Transparent fund and not the daily Net Asset Value as publicly reported. The Aviva Investors Sustainable Stewardship Fixed Interest Feeder Fund and Aviva Investors Sustainable Stewardship International Equity Feeder Fund invest solely in their equivalent “Master Fund” within the Aviva Investors ACS (Active) Tax Transparent Funds range, other than cash and deposits, which will only be held to ensure that the Funds can meet their payment obligations. Holdings in the Master Fund are valued at fair value, which is deemed to be the net asset value per share as reported at the end of the current Feeder Funds accounting year. The valuation is also in accordance with FRS 102.
g Exchange rates Assets and liabilities held in foreign currencies are translated at the 4pm London FX rate on the last working day of the accounting period, with the exception of cash and accruals on the below sub-funds which apply the intraday FX rates on the hour at each of the relevant valuation points.
– Aviva Investors UK Listed Equity Fund rate ruling at 2pm.
– Aviva Investors Multi-Manager Flexible Fund rate ruling at 9am.
– Aviva Investors Multi-Manager 40-85% Shares Fund rate ruling at 9am.
– Aviva Investors Multi-Manager 20-60% Shares Fund rate ruling at 9am.
– Aviva Investors Sustainable Stewardship Fixed Interest Feeder Fund rate ruling at midday.
– Aviva Investors Sustainable Stewardship International Equity Feeder Fund rate ruling at midday.
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avivainvestors.com | Aviva Investors Portfolio Funds ICVC Annual Report and Financial Statements for the year ended 28 February 2025
Policies and Risks
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POLICIES AND RISKS (CONTINUED)
h Fund Management Fee Each Fund is charged a single fixed rate charge, Fund Management Fee, paid from the scheme property of the Fund to cover the fees and expenses in relation to the operation and administration of the Company and/or that Fund. The Fund Management Fee accrues daily and is calculated as a percentage of the net asset value of that Fund on the previous business day, calculated on a mid-market basis. The underlying fees, expenses and charges that are specific to a share class or Fund are paid out of the scheme property of, and be paid against the Fund Management Fee accrued to, that share class or Fund or, in a manner which is fair to shareholders generally where they are not considered to be attributable to any one share class or Fund. The balance of the accrued Fund Management Fee that remains after any payments against the same have been made will be paid to the ACD monthly in arrears, from which the ACD will pay any of the remaining underlying fees, expenses and charges which are due and payable.
i Taxation and deferred taxation Provision for Corporation Tax is based at the current rate, as appropriate, on the excess of taxable revenue over allowable expenses, with relief for overseas taxation taken as appropriate. Deferred taxation is provided using the liability method on all timing differences that have originated but not reversed at the balance sheet date, calculated at the rate for the period in which it is anticipated the timing differences will reverse, based on rates that have been enacted or substantially enacted at the balance sheet date. Deferred tax assets are recognised only when, on the basis of available evidence, it is more likely than not that there will be taxable profits in the future against which the deferred tax asset can be offset.
j Cash equivalents In accordance with the AIFMD requirements, the Fund has treated some investments in the Portfolio Statement as Cash equivalents for the purposes of the Balance Sheet disclosure. Investments are regarded as Cash equivalents if they meet all of the following criteria:
– highly liquid investments held in sterling that are readily convertible to a known amount of cash;
– are subject to an insignificant risk of change in value; and
– provide a return no greater than the rate of a three month high quality government bond.
k Unclaimed distributions Any distribution remaining unclaimed after a period of six years is paid back to the relevant Fund and forms part of the capital property of the Fund.
DISTRIBUTION POLICIES a Distribution policy Where appropriate the Company will pay any surplus revenue as a revenue distribution or accumulation to capital. None of the Funds were more than 60% invested in qualifying investments and so have proposed dividend distributions. Full details are set out in the distribution tables.
b Treatment of management expenses All expenses, except those relating to the purchase and sale of investments and transaction charges are charged to the revenue property of the respective Funds, on an accruals basis.
c Treatment of equalisation from underlying CIS Equalisation received as part of the revenue from CIS is deducted from the cost of the investment.
d Treatment of stock dividends The ordinary element of stock dividends is treated as revenue and forms part of the Fund’s distribution. The value of the stock dividend is based on the market value of the shares on the dates they are quoted ex-dividend. Where an enhancement is offered, the amount by which the market value of the shares (on the date they are quoted ex-dividend) exceeds the cash dividend is treated as capital.
FINANCIAL INSTRUMENTS The Company’s financial instruments, other than derivatives, comprise securities and other investments, cash balances and debtors and creditors that arise directly from its operations, for example, in respect of sales and purchases awaiting settlement, amounts receivable for issue of shares and payable for cancellation of shares, and debtors for accrued revenue. Whilst certain Funds of the Company have the investment powers to invest in derivatives for investment, efficient portfolio management and hedging purposes, currently all Funds only use derivatives for hedging and efficient portfolio management. The Company enters into derivative transactions in the form of forward foreign currency contracts and stock index futures. Forward foreign currency contracts are used to manage currency risk arising from holdings of overseas securities. Stock index futures are used to manage market risk arising from the time lag between funds being receivable or payable by the Company and investment or disinvestment in underlying securities. In accordance with requirements set out in the Collective Investment Schemes Sourcebook (COLL) of the Financial Conduct Authority, such scheme transactions must be economically appropriate, any exposure must be fully covered and the transactions must be entered into with the aim of reducing risk and/or costs and/or generating additional capital or revenue for the scheme with no, or an acceptably low level of risk. The derivatives transactions the Company enters into are not permitted if their purpose could reasonably be regarded as speculative. The Company’s use of financial instruments satisfies these requirements and no trading for investment purposes in derivatives is undertaken.
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Aviva Investors Portfolio Funds ICVC Annual Report and Financial Statements for the year ended 28 February 2025 | avivainvestors.com
Policies and Risks
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POLICIES AND RISKS (CONTINUED)
FINANCIAL INSTRUMENTS (CONTINUED) There have been no changes to the Risk Management systems during the year. There have been no breaches to the relevant risk. The Company has exposure to a number of different risks to varying degrees. The main risks it faces from its financial instruments and the Manager’s policies for managing these risks are summarised below:
a Foreign currency risk The Funds can be exposed to foreign currency risk as a result of investing in assets denominated in currencies other than Sterling. Where the Manager deems it necessary, this exposure to foreign currency fluctuations is mitigated by the use of forward foreign currency contracts. Where significant, numerical disclosures can be found in the notes to the financial statements for each Fund. A currency risk threshold over 10% is applied to be considered significant for disclosure purposes.
b Interest rate risk The value of debt securities may be affected by interest rate movements or the expectation of such movements in the future. Interest receivable on bank deposits or payable on bank overdraft positions will be affected by fluctuations in interest rates. The Manager manages this risk by maintaining a balanced portfolio with due consideration to interest rate and redemption profiles. Interest rate risk is also managed by ensuring that deposits mature within a relatively short period. Where exposure is significant, numerical disclosures can be found in the notes to the financial statements for each Fund. An interest rate risk threshold over 10% is applied to be considered significant for disclosure purposes.
c Market risk The Funds’ investment portfolios are exposed to market price fluctuations which are monitored by the Manager in pursuance of the investment objectives and policies of the Funds. Adherence to investment and borrowing powers set out in the Instrument of Incorporation and in the Collective Investment Schemes Sourcebook of the Financial Conduct Authority mitigates the risk of excessive exposure to any particular type of security or issuer. Further information on the investment portfolios is set out in the investment reports and portfolio statements, of the individual Funds.
d Credit risk The Funds restrict their exposure to credit losses on derivative instruments by trading via International Swaps and Derivatives Association (ISDA) Master Agreements with each counterparty.
e Liquidity risk This is the risk that there is insufficient liquidity which restricts a Fund’s investment opportunities or ability to pay liabilities at short notice. This risk is managed by ensuring that overdrafts are monitored and maintained within investment limits and exposure to unquoted or illiquid securities is limited. The majority of each Fund’s liabilities relate to liabilities to shareholders and, as such, liquidity risk is not considered significant.
f Counterparty Risk There is a risk that the Counterparty will not be able to settle its obligations under the agreement. This is mitigated by an assessment of the credit worthiness of the Counterparty, and the use of multiple counterparties to ensure that no more than 20% of the Fund value is exposed to one counterparty. The Funds’ current and potential risks are assessed through a quantitative and qualitative process known as IMMMR (Identify Measure Manage Monitor and Report). This process incorporates the following measures: Tracking Error, Volatility, VaR, leverage (Gross/Netted), Geographic Concentration, Covenant Scores (Cove Lite), Duration, Spread Duration, Number of Days to Liquidate (Aviva Proprietary Model), Monthly Trading as % of NAV, % NAV Cash, Curve Positions (Steepener/ Flatteneer/Butterfly). The Policy covers all the measurements which are available to monitor the risks to the Funds. Further information on the investment portfolio is set out in the investment reports and portfolio statements.
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avivainvestors.com | Aviva Investors Portfolio Funds ICVC Annual Report and Financial Statements for the year ended 28 February 2025
Aviva Investors Multi-Manager Flexible Fund
9
INVESTMENT OBJECTIVE The Fund aims to grow your investment over the long term (5 years or more) through a combination of income and capital returns by investing in other funds (including funds managed by Aviva Investors companies).
INVESTMENT POLICY Core investment At least 80% of the Fund will be invested in other funds, which in turn invest in a range of global asset classes (including emerging markets). The Fund’s asset class exposures will be made up of the combined holdings of the other funds, with at least 75% of the combined holdings being invested in the shares of companies, and a maximum of 25% in bonds and cash*. Other Investment The Fund may also invest indirectly in property. Derivatives may be used to gain exposure to an asset class which may otherwise be difficult or costly to achieve, or to manage the Fund’s cash flows in a cost-effective manner. Derivatives may also be used to reduce risk, such as foreign currency risk within the Fund. This type of derivative usage is called “efficient portfolio management”. Strategy The Fund is actively managed to blend asset classes for diversification, different asset allocations can be selected depending on market conditions and opportunities. The Investment Manager relies on an assessment of seven criteria (Parent, Product, Philosophy, Process, People, Performance, Position) to determine which funds are suitable for investment, with the intention of creating an optimum risk and reward profile within the limits of the Investment Association (the “IA”) Flexible Investment Sector (the “Sector”). The Sector is made up of other funds managed within these limits. This Fund is subject to Aviva Investors’ baseline exclusion policy – please see the Prospectus for information on these limited investment restrictions. As this Fund typically invests in other third-party managed funds, the baseline exclusion policy will have limited impact on these Funds. Performance & Risk Measurement The Fund’s performance is measured against the Sector, after charges and taxes. The Fund uses a “tracking error” to measure the consistency between the Fund’s returns and the returns of the Sector. In general, the lower the tracking error, the more consistent the Fund’s returns are relative to the Sector, and vice-versa. The Fund is expected to have an average yearly tracking error of between 2% and 6% when compared to the Sector. In certain conditions the Fund may be outside of this range. The Sector is an industry benchmark, which consists of all UK funds which have elected to become constituents of the Sector, and meet the criteria of the Sector, as detailed by the IA’s Sector Committee.
The Fund does not base its investment process on the Sector and, depending on market conditions, the Fund’s returns could be similar to or very different form the Sector. The Sector has been selected as a benchmark for performance and risk measurement because the Fund will be managed with reference to the Sector, and it is therefore an appropriate comparator for the Fund’s performance. * Where this exposure to an asset class is achieved indirectly by virtue of an investment in an underlying fund, these thresholds will be calculated based on the type of the underlying fund, not the actual assets in which it invests. For example, 100% of the amount invested in an underlying fund which is classed as an equity fund will be treated as being invested in the shares of companies, even though it may also hold a proportion of cash.
FUND MANAGER’S REPORT Performance Over the twelve months ended 28 February 2025, the Fund returned 10.6% (share class 1, net of fees). The Fund’s Investment Association Flexible Investments Sector returned 9.5% over the same period. The tracking error at the year end was 2.17%. The anticipated level of tracking error is shown in the Performance & Risk Measurement section of the above Investment Policy. Review The twelve-month review period saw strong performance by equities, with the US proving to be the powerhouse once again as it confounded expectations of a ‘hard economic landing’. A rally of 15.9% in sterling terms by the MSCI World Index was nevertheless in stark contrast to global government bonds, which produced a return of around 2.0% in sterling terms amid concerns about raised issuance and higher-for-longer interest rates. Equities were underpinned by the continuation of broadly positive corporate earnings and hopes that easier monetary conditions were around the corner. Growth was nevertheless uninspiring in most regions, with China offering little evidence that it was emerging from its recent slump, even despite enjoying a manufacturing boom thanks to its clear leadership in the production of electric vehicles. Europe languished in stagnation throughout the year as the performance of its largest economy, Germany, dipped alarmingly. Only the US stood out, thanks in no small measure to both the ongoing boom for artificial intelligence (AI) technology and its structural advantage of cheap energy. In sterling terms, the leading markets were the US (S&P Composite 18.4%) and, despite its economic struggles, Europe ex-UK (MSCI Europe Index 12.7%). Emerging markets generally performed well (MSCI Emerging Markets Index 11.2%) as they benefited early cuts in interest rates by a number of central banks and, in Asia, strong AI-related demand for microchips. Though touted to be a year of much brighter prospects, 2024 developed into something of a damp squib for sovereign bonds. Concerns that inflation was not returning to target as quickly as had been anticipated caused the central banks to talk down the likelihood of early cuts in interest rates. It was not until June that the European Central Bank became the first of the major monetary custodians to start the process of returning interest rates to a more neutral level. Despite kicking off with an outsized 50 basis point reduction in September, the US Federal Reserve shifted its thinking to a slower pace of easing as strongerthan-expected growth increased the possibility of inflation reaccelerating.
AVIVA INVESTORS MULTI-MANAGER FLEXIBLE FUND
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FUND MANAGER’S REPORT (CONTINUED) Review (continued) Corporate bonds were more resilient. Although their fortunes are linked closely to sovereign bonds, returns were boosted by a narrowing of yield spreads. Spreads were able to compress from already tight levels because of ongoing solid company earnings and strong demand from institutional investors who were keen to lock in higher yields while they were still available. Outlook The outlook for global markets has become more uncertain since the start of 2025. The threat of trade tariffs from the new US administration, especially if they are fully implemented, is a clear headwind for economic growth in many parts of the world. Geopolitics are creating further sources of asset market volatility, with Donald Trump’s approach to procuring peace between Russia and Ukraine ruffling feathers and causing some consternation, especially in Europe and Ukraine. Additionally, US economic data has recently turned more patchy, with growing fears that the US might be headed for recession. There are still positive drivers, however. Slowing growth may allow for greater monetary easing by the world’s major central banks, which would be a positive, while corporate earnings growth is likely to be supportive of both equities and corporate bonds, at least for the time being. Furthermore, there are some increasing signs of economic recovery in Japan and China which could take up some of the slack left by a waning US economy. Over the longer term, markets will continue to face structural headwinds. The world is a markedly less safe place, with alarming geopolitical tensions prevalent in many regions. High levels of national debt will also need to be addressed, while the transition to sustainable energy is looking increasingly challenged. April 2025 * Fund performance figures – source Lipper, a Thomson Reuters company, net of fees, net income reinvested. As noted above, the performance figures in this commentary have been sourced from an external party and are based on published prices. The performance figures quoted in the comparative tables on page 11 are based on the net asset value per the published Financial Statements and may be different due to post year end accounting adjustments. Any opinions expressed are those of the Fund manager. They should not be viewed as a guarantee of a return from an investment in the Funds. The content of the commentary should not be viewed as a recommendation to invest nor buy or sell any securities. Past performance is not a guide to the future. The value of a fund and the income from it may go down as well as up, and the investor may not get back the original amount invested.
Performance History
Share Class Inc/Acc 31.12.20 % 31.12.21 % 31.12.22 % 31.12.23 % 31.12.24 % 1 A 6.20 14.00 -9.25 9.07 14.52 2 A 6.50 14.20 -9.11 9.23 11.14 8* I 6.70 14.50 -8.53 10.16 11.76 Benchmark** 6.70 11.50 -9.10 7.29 9.15 * Class 3 was renamed Class 8 on 9 May 2022. ** Benchmark – Investment Association Flexible Investment Sector. Source for all data: Aviva Investors/Lipper, a Thomson Reuters company, this is based on index provider data where applicable. Fund return data is mid to mid, net income reinvested, net of all ongoing charges and fees in sterling, net of tax payable by the Fund to 31 December 2024. The figures do not include the effect of the Entry Charge and any Exit Charge.
AVIVA INVESTORS MULTI-MANAGER FLEXIBLE FUND (CONTINUED)
Material Portfolio Changes Purchases Sales
iShares Core FTSE 100 Fund GBP (Acc) T. Rowe Price Emerging Markets Equity Fund Class I Heptagon Fund – Driehaus Emerging Markets Sustainable Equity Fund Class S (USD) J O Hambro Capital Management UK Dynamic Fund Y Accumulating Skyline Umbrella ARGA Emerging Market Equity Fund Accumulation USD iShares Core S&P 500 Fund USD (Acc) Share Class Blackstone Low Carbon High Yield Corporate Bond Fund iShares Physical Gold Fund
iShares Physical Gold Fund Hermes Global High Yield Credit Fund Class M Stg£ Dist. Hedged Shares Invenomic US Equity Long/Short Fund USD Institutional Pooled Class Shares Granahan US Focused Growth Fund Class I USD Accumulating Shares
Granahan US Focused Growth Fund Class I USD Accumulating Shares
Aviva Investors – Global Convertibles Absolute Return Fund – Share class Zyh GBP Janus Henderson European Selected Opportunities Fund Class I Accumulation GBP PineBridge Asia ex Japan Small Cap Equity Fund Unit Class Y2 BlackRock European Dynamic Fund Class FD Accumulating GBP iShares Pacific Index Fund (IE)Class Institutional Accu GBP Invesco Emerging Markets Local Debt Fund Class S accumulation – GBP BlackRock European Dynamic Fund Class FD Accumulating GBP
Synthetic Risk and Reward Indicator Lower risk Higher risk
Typically lower rewards Typically higher rewards 1 2 3 4 5 6 7 The Fund has been allocated a risk number based on the historic volatility of its share price. Where insufficient share price information is available, the risk number has been based on the historic volatility of the asset classes appropriate to the Fund. – This indicator is based on historical data, calculated using European Union rules, and may not be a reliable indication of the future risk profile of the Fund. – The risk and reward category shown is not guaranteed to remain unchanged and may change over time. The lowest category does not mean ‘risk free’. – Further information on the risks applicable to the Fund is detailed in the Fund’s Key Investor Information Document, and a full description is set out in the Prospectus, both of which are available on the internet at www.avivainvestors.com or from the ACD on request.
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COMPARATIVE TABLES
Class 1 Accumulation
2025 p per share
2024 p per share
2023 p per share Change in net assets per share Opening net asset value per share 124.20 116.18 121.68 Return before operating charges † 22.82 9.82 (3.73) Operating charges (1.99) (1.80) (1.77) Return after operating charges † 20.83 8.02 (5.50) Distributions (12.97) (1.42) (0.75) Retained distributions on accumulation shares 12.97 1.42 0.75 Closing net asset value per share 145.03 124.20 116.18 † after direct transaction costs of (0.03) – Performance Return after charges 16.77% 6.90% (4.52)%
Other information Closing net asset value (£000) 977 1,009 1,211 Closing number of shares 674,188 811,991 1,042,220 Operating charges (%) ‡ 1.48% 1.54% 1.55% Direct transaction costs (%) # 0.02% – Prices ≈ Highest share price 146.87 124.45 120.72 Lowest share price 124.19 112.18 106.73
Class 2 Accumulation 2025 p per share 2024 p per share 2023 p per share Change in net assets per share Opening net asset value per share 204.69 191.18 199.93 Return before operating charges † 28.38 16.19 (6.12) Operating charges (2.90) (2.68) (2.63) Return after operating charges † 25.48 13.51 (8.75) Distributions (4.10) (2.62) (1.52) Retained distributions on accumulation shares 4.10 2.62 1.52 Closing net asset value per share 230.17 204.69 191.18 † after direct transaction costs of (0.04) – Performance Return after charges 12.45% 7.07% (4.38)%
Other information Closing net asset value (£000) 7,799 8,955 14,132 Closing number of shares 3,388,654 4,374,941 7,391,956 Operating charges (%) ‡ 1.33% 1.39% 1.40% Direct transaction costs (%) # 0.02% – Prices ≈ Highest share price 234.51 205.09 198.37 Lowest share price 204.67 184.78 175.44
Class 8 Income
2025 p per share
2024 p per share
2023 p per share Change in net assets per share Opening net asset value per share 250.59 237.12 250.05 Return before operating charges † 33.72 20.13 (7.70) Operating charges (1.29) (1.31) (1.57) Return after operating charges † 32.43 18.82 (9.27) Distributions (5.52) (5.35) (3.66) Closing net asset value per share 277.50 250.59 237.12 † after direct transaction costs of (0.05) – Performance Return after charges 12.94% 7.94% (3.71)%
Other information Closing net asset value (£000) 75,145 71,887 65,676 Closing number of shares 27,079,031 28,686,907 27,697,822 Operating charges (%) ‡ 0.48% 0.54% 0.55% Direct transaction costs (%) # 0.02% – Prices ≈ Highest share price 286.50 254.93 248.45 Lowest share price 251.62 229.04 219.67
‡ The operating charges are calculated on an ex-post basis and as such may differ from the Ongoing Charge Figure where: (a) Changes to fee rates were made during the year and the Ongoing Charge Figure has been amended to be future proofed for this change. (b) The ongoing charge has been annualised for a share class that has not yet been open for a full year. # The direct transaction costs have been stated after deducting, in the case of single-priced funds, the proportion of the amounts collected from dilution adjustments or dilution levies that relates to direct transaction costs and, in the case of dual-priced funds, the amounts collected in relation to direct transaction costs added to, or subtracted from, the valuations by virtue of COLL 6.3.6 G (4). ≈ The high and low prices disclosed are the high and low prices for the accounting period and not the calendar year. The net asset value per share is based on the net asset value in the published Financial Statements and may be different due to post year end accounting adjustments.
Ongoing Charges Figure* Share class 28.02.25 28.02.24 Class 1 1.48% 1.54% Class 2 1.33% 1.39% Class 8 0.48% 0.54% * The Ongoing Charges Figure (OCF) is calculated as the ratio of the total ongoing charges to the average net asset value of the Fund over the year. The OCF is made up of the Fund Management Fee and, where a fund invests a substantial portion of its assets in other funds, an amount for the pro-rated charges of those other funds (referred to as “synthetic charges” or the “synthetic” part of the ongoing charge). The figure for ongoing charges excludes performance fees and portfolio transaction costs, except in the case of an entry/exit charge paid by the Fund when buying or selling shares/units in another collective investment scheme. The OCF includes a synthetic charge of 0.43% (2024: 0.49%) in respect of underlying investments. Please remember that past performance is not a guide to future performance and it might not be repeated. The value of investments and the revenue from them may go down as well as up and investors may not get back the amount originally invested. Because of this, you are not certain to make a profit on your investments and you may lose money.
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PORTFOLIO STATEMENT As at 28 February 2025
Investment Currency Holding Market Value £000 % of Net Assets Collective Investment Schemes 95.01% (95.16%) AI Japan Equity Fund, UK Fund of Fund Accumulation Units † GBP 2,713,642 3,142 3.74 Aviva Investors Multi-Strategy Target Return Fund Class 5, Accumulation shares, GBP † GBP 527,825 763 0.91 Baillie Gifford Japanese Fund Class B Shares Accumulation Shares GBP 54,256 1,090 1.30 BlackRock Emerging Markets Bond Fund Class A2 GBP Hedged GBP 301,133 3,752 4.47 BlackRock European Dynamic Fund Class FD Accumulating GBP GBP 1,405,182 4,610 5.49 Blackstone Low Carbon High Yield Corporate Bond Fund GBP 18,503 1,972 2.35 Granahan US Focused Growth Fund Class I USD Accumulating Shares USD 262,562 4,638 5.53 Heptagon Fund – Driehaus Emerging Markets Sustainable Equity Fund – Class S (USD) GBP 19,663 4,071 4.85 Invenomic US Equity Long/Short Fund USD Institutional Pooled Class Shares USD 38,376 4,779 5.70 Invesco Emerging Markets Local Debt Fund Class S accumulation – GBP GBP 191,336 1,956 2.33 iShares Core FTSE 100 Fund GBP (Acc) GBP 42,532 7,302 8.70 iShares Core S&P 500 Fund USD (Acc) Share Class GBP 43,898 21,750 25.92 iShares Pacific Index Fund (IE) Class Institutional Accumulating GBP GBP 410,184 5,446 6.49 iShares Physical Gold ETC GBP 37,877 1,665 1.98 Janus Henderson European Selected Opportunities Fund Class I Accumulation GBP GBP 147,528 4,691 5.59 JPM Global Corporate Bond Fund C (dist) – GBP (hedged) GBP 42,505 2,531 3.02 Skyline Umbrella ARGA Emerging Market Equity Fund Accumulation USD GBP 3,499,386 3,921 4.67 TwentyFour Income Fund GBP 1,507,966 1,653 1.97 Collective Investment Schemes total 79,732 95.01 Forward Currency Contracts (0.01)% ((0.06)%) Buy GBP 1,076,895 sell USD 864,730 dated 16/04/2025 (10) (0.01) Forward Currency Contracts total (10) (0.01) Futures 0.12% (0.30%) Euro-Bund 06/03/2025 EUR 16 12 0.01 Euro-OAT 06/03/2025 EUR (8) (4) Euro-Schatz 06/03/2025 EUR (14) 6 0.01 EURO STOXX 50 Index 21/03/2025 EUR (9) – FTSE 100 Index 21/03/2025 GBP 31 146 0.17 Long Gilt 26/06/2025 GBP 23 18 0.02 MSCI Emerging Markets Index 21/03/2025 USD (15) (8) (0.01) S&P 500 Emini Index 21/03/2025 USD 13 (96) (0.11) US 2 Year Note 30/06/2025 USD (21) (9) (0.01) US 10 Year Note 18/06/2025 USD 9 9 0.01 XAF Financial Index 21/03/2025 USD 5 29 0.03 Futures total 103 0.12 Liquidity Funds 5.24% (5.50%) 1 Aviva Investors Sterling Liquidity Fund, Class 3, Income shares, GBP † GBP 4,400,000 4,400 5.24 Liquidity Funds total 4,400 5.24
Investment assets 2 84,225 100.36 Net other liabilities (303) (0.36) Net assets 83,922 100.00
All holdings are ordinary shares or stock units and admitted to an official stock exchange unless otherwise stated. The comparative percentage figures in brackets are as at 28 February 2024. If the Market Value of an Investment is less than £500 it is disclosed as Nil. † A related party to the Fund. 1 Cash Equivalents. 2 Includes Cash Equivalents.
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STATEMENT OF TOTAL RETURN For the year ended 28 February 2025
Notes £000
Year ended 28.02.25 £000 £000
Year ended 28.02.24 £000 Income Net capital gains 2 8,506 4,322 Revenue 3 1,936 1,737 Expenses 4 (131) (139) Net revenue before taxation 1,805 1,598 Taxation 5 (16) 4 Net revenue after taxation 1,789 1,602 Total return before distributions 10,295 5,924 Distributions 6 (1,789) (1,606) Change in net assets attributable to shareholders from investment activities 8,506 4,318
STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO SHAREHOLDERS For the year ended 28 February 2025
£000
Year ended 28.02.25 £000 £000
Year ended 28.02.24 £000 Opening net assets attributable to shareholders 81,851 81,019 Movement due to issue and cancellation of shares: Amounts receivable on issue of shares 4,553 9,012 Amounts payable on cancellation of shares (11,228) (12,638) (6,675) (3,626) Dilution adjustment – 12 Change in net assets attributable to shareholders from investment activities (see above) 8,506 4,318 Retained distribution on accumulation shares 240 128 Closing net assets attributable to shareholders 83,922 81,851
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BALANCE SHEET As at 28 February 2025
Notes
As at 28.02.25 £000
As at 28.02.24 £000 Assets: Investments 7 79,952 78,170 Current assets: Debtors 8 375 276 Cash and bank balances 9 342 261 Cash equivalents 7 & 10 4,400 4,500 Total assets 85,069 83,207 Liabilities: Investment liabilities 7 (127) (82) Creditors: Distribution payable (992) (1,109) Other creditors 11 (28) (165) Total liabilities (1,147) (1,356) Net assets attributable to shareholders 83,922 81,851
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1 Accounting basis and policies Please see pages 5 to 8 for accounting basis and policies.
2 Net capital gains Year ended 28.02.25 £000
Year ended 28.02.24 £000 Net capital gains on investment during the year comprise: Currency (losses)/gains (15) 1 Derivative contracts gains/(losses) 271 (175) Forward currency contracts losses (63) (36) Investment manager capital rebates* 8 7 Non-derivative securities gains 8,305 4,525 Net capital gains** 8,506 4,322 * Represents rebates received in respect of expenses incurred in underlying CIS investments. ** Total realised gains for the year were £3,088,374 (2024: £550,271) and the movement in unrealised gains was £5,408,060 (2024: £3,763,560). Included in realised gains for the year were unrealised gains recognised in previous years.
3 Revenue Year ended 28.02.25 £000
Year ended 28.02.24 £000 Bank and deposit interest 20 24 Franked component of dividend distributions 261 371 Interest distributions 26 35 Interest on debt securities 199 163 Income from derivatives (10) 4 Investment manager rebates* 29 31 Overseas dividends 718 417 Revenue from offshore funds 692 692 Stock lending commision** 1 Total revenue 1,936 1,737 * Represents rebates accrued in respect of expenses incurred in underlying CIS investments. ** see Note 17.
4 Expenses Year ended 28.02.25 £000
Year ended 28.02.24 £000 Payable to the Authorised Corporate Director (“ACD”), associates of the ACD or agents of either of them: Fund Management Fee* 129 136 Payable to the Depositary, associates of the Depositary or agents of either of them: Interest payable 2 3 Total expenses 131 139 * The audit fee was £10,900 (2024: £10,500) net of VAT. The audit fee forms part of the FMF.
NOTES TO THE FINANCIAL STATEMENTS
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5 Taxation a Analysis of tax charge Year ended 28.02.25 £000
Year ended 28.02.24 £000 Overseas tax suffered 16 (4) Total tax for the year (see note 5b) 16 (4)
b Factors affecting current tax charge The tax assessed for the year is lower (2024: lower) than the standard rate of corporation tax in the UK for an Authorised Investment Fund (20%) (2024: 20%). The differences are explained below:
Year ended 28.02.25 £000
Year ended 28.02.24 £000 Net revenue before taxation 1,805 1,598 Corporation tax at 20% 361 320 Effects of: Movement in excess management expenses (141) (137) Overseas dividends not subject to corporation tax (170) (110) Overseas tax suffered 16 (4) UK dividends not subject to corporation tax (52) (74) Tax on capital fees 2 1 Current tax charge (see note 5a) 16 (4) Authorised Investment Funds are exempt from tax on capital gains. Therefore, any capital return is not included in the above reconciliation.
c Deferred tax There was no provision for deferred tax at the year end (2024: £nil). After claiming relief against accrued income taxable on receipt, the Fund has unrelieved excess expenses of £93,412 (2024: £797,241) creating a potential deferred tax asset of £18,682 (2024: £159,448). It is unlikely that the Fund will generate taxable profits in the future to utilise these amounts and therefore no deferred tax asset has been recognised in the current or prior year.
6 Distributions Year ended 28.02.25 £000
Year ended 28.02.24 £000 The distributions take account of revenue received on the issue of shares and revenue deducted on the cancellation of shares, and comprise: Interim distribution 605 423 Final distribution 1,150 1,220 1,755 1,643 Add: Revenue deducted on cancellation of shares 47 37 Deduct: Revenue received on issue of shares (13) (74) Total distributions 1,789 1,606 Reconciliation of distributions for the year to net revenue after taxation Distributions for the year 1,789 1,606 Fund Management Fee borne by the capital account (3) (3) Equalisation on conversions 4 Other fees borne by capital account (1) (1) Net revenue after taxation 1,789 1,602 Details of the distributions per share are set out in the distribution tables on page 22.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
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7 Fair value hierarchy
Valuation technique
As at 28.02.25 As at 28.02.24 Assets £000
Liabilities £000 Assets £000
Liabilities £000 Level 1: Quoted prices 30,937 (117) 25,744 (35) Level 2: Observable market data 53,415 (10) 56,926 (47) Total 84,352 (127) 82,670 (82) The purpose of the fair value hierarchy is to prioritise the inputs that should be used to measure the fair value of assets and liabilities. The highest priority is given to quoted prices at which a transaction can be entered into and the lowest priority is given to unobservable inputs. Disclosure is required of the value in each category in order to give an insight into the extent to which fair value measurements are subjective. The disclosure is split into the following categories: Level 1: The unadjusted quoted price in an active market for identical assets or liabilities that the entity can access at the measurement date. Level 2: Inputs other than quoted prices included within Level 1 that are observable (ie developed using market data) for the asset or liability, either directly or indirectly. Level 3: Inputs are unobservable (ie for which market data is unavailable) for the asset or liability. As at the balance sheet date, the Fund held no level 3 investments. The above Level 2 balance includes cash equivalents.
8 Debtors As at 28.02.25 £000
As at 28.02.24 £000 Accrued revenue 14 15 Accrued expense fee rebate 226 198 Amounts receivable on issue of shares 19 27 Corporation tax recoverable 11 9 Overseas tax recoverable – 9 Prepaid expenses 5 18 Sales awaiting settlement 100 Total debtors 375 276
9 Cash and bank balances As at 28.02.25 £000
As at 28.02.24 £000 Amounts held at futures clearing houses and brokers 342 161 Cash and bank balances – 100 Total cash and bank balances 342 261
10 Cash equivalents As at 28.02.25 £000
As at 28.02.24 £000 Aviva Investors Sterling Liquidity Fund 4,400 4,500 Total cash equivalents 4,400 4,500
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
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11 Other creditors As at 28.02.25 £000
As at 28.02.24 £000 Accrued expenses 20 22 Amounts payable for cancellation of shares 8 143 Total other creditors 28 165
12 Contingent liabilities and commitments There were no contingent liabilities or commitments at the year end (2024: £nil).
13 Related party transactions Aviva Investors UK Fund Services Limited, Aviva Investors Global Services Limited and the Aviva group are deemed to be related parties per section 33.10 of FRS 102 as they are entities with control, joint control or significant influence over the entity. Fund Management Fee paid to Aviva Investors UK Fund Services Limited (“the ACD”) are shown in note 4 and details of shares issued and cancelled by the ACD are shown in the statement of change in net assets attributable to shareholders. The balance due to the ACD at the year end in respect of Fund Management Fee was £19,295 (2024: £21,228). Any balance due from the ACD in respect of issues is shown in note 8. Any balance due to the ACD in respect of cancellations is shown in note 10. Distributions payable to the ACD and related parties of the ACD during the year amounted to £1,570,905 (2024: £1,621,208). The amount outstanding at the year end was £1,047,122 (2024: £1,202,810). Related parties of the ACD are deemed to be all companies under the control of Aviva Plc. This will include companies which hold shares in the Fund on behalf of other external investors. Any investments managed and advised by Aviva Investors Global Services Limited or associated with the Aviva Group are identified on the portfolio statement. The total purchases and sales on these investments during the year amounted to £21,975,929 (2024: £17,294,000) and £22,811,705 (2024: £16,896,000) respectively. The income received during the year amounted to £237,409 (2024: £211,067). Holdings at the year end and movements during the year are as follows:
Holdings at 28.02.25 (shares) Movement (shares)
Holdings at 28.02.24 (shares) ACD and related parties (Class 8 Income shares) 27,079,031 (1,607,876) 28,686,907 ACD and related parties (Class 1 Accumulation shares) – (9,698) 9,698 ACD and related parties (Class 2 Accumulation shares) 1,866,919 (2,203,960) 4,070,879 The ACD and related parties of the ACD are ineligible to vote at any general meeting. The revenue earned from the Aviva Investors Tax Transparent Funds holdings of AI Japan Equity Fund was £67,894 for the year (2024: £56,816) included under Revenue Note 3. Amounts receivable at the balance sheet date of £362 (2024: £nil) are included under in Debtors in the Notes to the Financial Statements.
14 Shareholder funds The Fund currently has three share classes: Class 1 (Retail), Class 2 (Institutional) and Class 8 (Associated undertakings of Aviva Plc). The Fund Management Fees are as follows: Class 1: 1.05% Class 2: 0.90% Class 8: 0.05% The net asset value per share class, the net asset value per share and the number of shares in the class are shown on page 11. The distributions per share class are given in the distribution tables on page 22. All the share classes have the same rights on winding up.
15 Shares in issue reconciliation Number of shares in issue at 28.02.24
Number of shares issued
Number of shares cancelled
Number of shares converted
Number of shares in issue at 28.02.25 Class 1 Accumulation shares 811,991 26,209 (79,720) (84,292) 674,188 Class 2 Accumulation shares 4,374,941 105,209 (1,144,036) 52,540 3,388,654 Class 8 Income shares 28,686,907 1,643,697 (3,251,573) 27,079,031
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
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16 Derivatives and other financial instruments The policies applied in the management of financial instruments are set out on page 8.
Fair value of financial assets and financial liabilities There is no significant difference between the carrying values of the financial assets and liabilities and their fair values (2024: £nil).
Currency risk At the year end date, 12.20% (2024: 19.71%) of the net assets of the Fund were denominated in currencies other than sterling with the effect that the balance sheet and total return can be significantly affected by currency movements. If currency rates were to change by 10.00%, the value of the Fund would change by 1.22% (2024: 1.97%).
Currency
Net foreign currency assets/(liabilities) Monetary exposure £000
Non-monetary exposure £000
Total £000 28.02.25 28.02.24 28.02.25 28.02.24 28.02.25 28.02.24 Euro (11) (12) 15 13 4 1 Japanese yen (4) (132) – 1,213 (4) 1,081 US dollar 40 (98) 10,197 15,151 10,237 15,053 Interest rate risk At the year end date 5.67% (2024: 5.82%) of the net assets of the Fund were interest bearing and as such the interest rate risk is not considered significant.
Leverage The ACD is required to calculate and monitor the level of leverage of the Fund, expressed as a ratio between the exposure of the Fund and its Net Asset Value, under both the gross and commitment methods in accordance with UK AIFM Regime. As of 28 February 2025, leverage under the gross method was 115.14% and leverage under the commitment method was 120.46% (2024: leverage under the gross method was 116.14% and leverage under the commitment method was 120.37%). The limits of leverage per the provisions of the Prospectus is 200% under the gross method and 150% under the commitment method.
Market price risk At the year end date, 95.01% (2024: 95.16%) of the net assets of the Fund were invested in ordinary shares or stock units or debt securities admitted to an official stock exchange. If the market value were to change by 10%, the value of the Fund would change by 9.50% (2024: 9.52%).
Liquidity risk The main liability of the Fund is the redemption of any shares that investors want to sell. Investments may have to be sold to fund such redemptions should insufficient cash be held at the bank to meet this obligation. The ACD monitors the liquidity profile of the Fund daily. In assessing the liquidity profile of the Fund, the ACD assesses how much of the Fund can be realised in one and five days, under normal and stressed market conditions, and the impact this would have on the overall subsequent liquidity profile. In assessing the liquidity of a company’s shares, the ACD utilises the lower of the 0 and 25 day average market volume of that company’s shares. Based on this analysis 99.19% of the portfolio can be liquidated within 5 days and 100% within 21 days (28.02.24: 97.99% within 5 days and 100% within 21 days). Given this and the ACD’s understanding of the investor base, it is considered that the liquidity profile of the Fund is appropriate.
17 Stock lending The Fund entered into stock lending arrangements with a counterparty. At the balance sheet date there were no securities on loan (2024: £nil) and consequently no collateral was held (2024: £nil).
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
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Aviva Investors Portfolio Funds ICVC Annual Report and Financial Statements for the year ended 28 February 2025 | avivainvestors.com
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18 Counterparty exposure Financial derivative exposure The types of derivatives held at the year end date were forward currency contracts and futures contracts. Details of individual contracts are disclosed in the Portfolio Statement and the total position by counterparty at the year end date was as follows:
28.02.25
Forward currency contracts £000
Futures contracts £000
Total £000 Barclays (2) 220 218 BNP Paribas (2) – (2) Citigroup (2) – (2) HSBC (2) – (2) Standard Chartered (2) – (2) Total (10) 220 210
28.02.24
Forward currency contracts £000
Futures contracts £000
Total £000 Barclays (24) 280 256 BNP Paribas (12) – (12) Merrill Lynch (11) – (11) Total (47) 280 233 The counterparty exposure on forward currency contracts is reported at their mark to market values but for futures contracts it is only the positive mark to market values that are reported.
Collateral At the year end date no collateral was held or pledged by the Fund or on behalf of the counterparties in respect of the above (2024: £nil).
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
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avivainvestors.com | Aviva Investors Portfolio Funds ICVC Annual Report and Financial Statements for the year ended 28 February 2025
Aviva Investors Multi-Manager Flexible Fund
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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
19 Direct transaction costs In the case of shares, broker commissions and transfer taxes, stamp duty is paid by the Fund on each transaction. In addition, there is a dealing spread between buying and selling prices of the underlying investments. Unlike shares, other types of investments (such as bonds, money market instruments, derivatives) have no separately identifiable transaction costs; these costs form part of the dealing spread.
28.02.25
Principal before costs £000 Commissions £000 Taxes £000
Total after costs £000
Commissions as % of principal
Taxes as % of principal Purchases Funds (21,130) (2) (11) (21,143) 0.01% 0.05% (21,130) (2) (11) (21,143) Sales Funds 27,768 (2) – 27,766 0.01% 0.00% 27,768 (2) – 27,766
Total (4) (11)
Percentage of fund average net assets 0.01% 0.01%
28.02.24
Principal before costs £000
Commissions £000
Taxes £000
Total after costs £000
Commissions as % of principal
Taxes as % of principal Purchases Funds (7,507) – – (7,507) 0.00% 0.00% (7,507) – – (7,507) Sales Funds 11,434 (1) – 11,433 0.01% 0.00% 11,434 (1) – 11,433
Total (1) –
Percentage of fund average net assets 0.00% 0.00%
Dealing spread As at 28 February 2025, the average portfolio dealing spread was 0.05% (2024: 0.02%). This spread represents the difference between the values determined retrospectively by reference to the bid and offer prices of investments expressed as a percentage of the value determined by reference to the offer price.
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Aviva Investors Portfolio Funds ICVC Annual Report and Financial Statements for the year ended 28 February 2025 | avivainvestors.com
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DISTRIBUTION TABLES
Final distribution payable in pence per share for the six months ended 28 February 2025
Income Shares Net revenue Equalisation
Final distribution payable 30 April 2025
Final distribution paid 30 April 2024 Class 8 Group 1 3.6625 – 3.6625 3.8667 Group 2 2.4288 1.2337 3.6625 3.8667
Accumulation Shares Net revenue Equalisation
Final distribution payable 30 April 2025
Final distribution paid 30 April 2024 Class 1 Group 1 8.5979 – 8.5979 1.3053 Group 2 4.0375 4.5604 8.5979 1.3053 Class 2 Group 1 2.9649 – 2.9649 2.2955 Group 2 1.5652 1.3997 2.9649 2.2955 Final distribution Group 1 shares are those shares purchased at or before 9pm on 31 August 2024. Group 2 shares are those shares purchased after 9pm on 31 August 2024.
Interim distribution paid in pence per share for the six months ended 31 August 2024
Income Shares
Net revenue Equalisation
Interim distribution paid 31 October 2024
Interim distribution paid 31 October 2023 Class 8 Group 1 1.8623 – 1.8623 1.4850 Group 2 1.4804 0.3819 1.8623 1.4850
Accumulation Shares Net revenue Equalisation
Interim distribution paid 31 October 2024
Interim distribution paid 31 October 2023 Class 1 Group 1 4.3762 – 4.3762 0.1141 Group 2 3.1473 1.2289 4.3762 0.1141 Class 2 Group 1 1.1391 – 1.1391 0.3236 Group 2 0.8826 0.2565 1.1391 0.3236 Interim distribution Group 1 shares are those shares purchased at or before 9pm on 28 February 2024. Group 2 shares are those shares purchased after 9pm on 28 February 2024.
Equalisation Equalisation applies only to Group 2 shares, in other words shares purchased during the period. It is the average amount of revenue included in the purchase price of all Group 2 shares and is refunded to the holders of these shares as return of capital. Being capital, it is not liable to income tax but must be deducted from the cost of shares for capital gains tax purposes.
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avivainvestors.com | Aviva Investors Portfolio Funds ICVC Annual Report and Financial Statements for the year ended 28 February 2025
Aviva Investors Multi-Manager 40-85% Shares Fund
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INVESTMENT OBJECTIVE The Fund aims to grow your investment and provide an average annual net return greater than the Investment Association Mixed Investment 40-85% Shares Sector (the “Sector”) over a rolling 5 year period through a combination of income and capital returns by investing in other funds (including funds managed by Aviva Investors companies).
INVESTMENT POLICY Core investment At least 80% of the Fund will be invested in other funds, which in turn invest in a range of global asset classes (including emerging markets). The Fund’s asset class exposures will be made up of the combined holdings of the other funds, of which at between 40% and 85% of the combined holdings will be invested in the shares of companies. The other funds may also invest in bonds and cash*. Other Investment The Fund may also invest indirectly in property. Derivatives may be used to gain exposure to an asset class which may otherwise be difficult or costly to achieve, or to manage the Fund’s cash flows in a cost-effective manner. Derivatives may also be used to reduce risk, such as foreign currency risk within the Fund. This type of derivative usage is called “efficient portfolio management”. Strategy The Fund is actively managed to blend asset classes for diversification, different asset allocations can be selected depending on market conditions and opportunities. The Investment Manager relies on an assessment of seven criteria (Parent, Product, Philosophy, Process, People, Performance, Position) to determine which funds are suitable for investment, with the intention of creating an optimum risk and reward profile within the limits of the Investment Association (the “IA”) Mixed Investment 40-85% Shares Sector (the “Sector”). The Sector is made up of other funds managed within these limits. This Fund is subject to Aviva Investors’ baseline exclusion policy – please see the Prospectus for information on these limited investment restrictions. As this Fund typically invests in other third-party managed funds, the baseline exclusion policy will have limited impact on these Funds.
Performance & Risk Measurement The Fund’s performance is measured against the Sector, after charges and taxes. The Fund uses a “tracking error” to measure the consistency between the Fund’s returns and the returns of the Sector. In general, the lower the tracking error, the more consistent the Fund’s returns are relative to the Sector, and vice-versa. The Fund is expected to have an average yearly tracking error of between 2% and 6% when compared to the Sector. In certain conditions the Fund may be outside of this range. The Sector is an industry benchmark, which consists of all UK funds which have elected to become constituents of the Sector, and meet the criteria of the Sector, as detailed by the IA’s Sector Committee. The Sector has been selected as a benchmark for performance and risk measurement because the Fund will be managed in line with the criteria of the Sector, and it is therefore an appropriate comparator for the Fund’s performance. * Where this exposure to an asset class is achieved indirectly by virtue of an investment in an underlying fund, these thresholds will be calculated based on the type of the underlying fund, not the actual assets in which it invests. For example, 100% of the amount invested in an underlying fund which is classed as an equity fund will be treated as being invested in the shares of companies, even though it may also hold a proportion of cash.
FUND MANAGER’S REPORT Performance Over the twelve months ended 28 February 2025, the Fund returned 10.7%* (share class 1, net of fees). The Fund’s Investment Association Mixed Investment 40-85% Shares Sector returned 9.7% over the same period. The tracking error at the year end was 1.67%. The anticipated level of tracking error is shown in the Performance & Risk Measurement section of the above Investment Policy. Review The twelve-month review period saw strong performance by equities, with the US proving to be the powerhouse once again as it confounded expectations of a ‘hard economic landing’. A rally of 15.9% in sterling terms by the MSCI World Index was nevertheless in stark contrast to global government bonds, which produced a return of around 2.0% in sterling terms amid concerns about raised issuance and higher-for-longer interest rates. Equities were underpinned by the continuation of broadly positive corporate earnings and hopes that easier monetary conditions were around the corner. Growth was nevertheless uninspiring in most regions, with China offering little evidence that it was emerging from its recent slump, even despite enjoying a manufacturing boom thanks to its clear leadership in the production of electric vehicles. Europe languished in stagnation throughout the year as the performance of its largest economy, Germany, dipped alarmingly. Only the US stood out, thanks in no small measure to both the ongoing boom for artificial intelligence (AI) technology and its structural advantage of cheap energy. In sterling terms, the leading markets were the US (S&P Composite 18.4%) and, despite its economic struggles, Europe ex-UK (MSCI Europe Index 12.7%). Emerging markets generally performed well (MSCI Emerging Markets Index 11.2%) as they benefited early cuts in interest rates by a number of central banks and, in Asia, strong AI-related demand for microchips.
AVIVA INVESTORS MULTI-MANAGER 40-85% SHARES FUND
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Aviva Investors Portfolio Funds ICVC Annual Report and Financial Statements for the year ended 28 February 2025 | avivainvestors.com
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AVIVA INVESTORS MULTI-MANAGER 40-85% SHARES FUND (CONTINUED)
FUND MANAGER’S REPORT (CONTINUED) Review (continued) Though touted to be a year of much brighter prospects, 2024 developed into something of a damp squib for sovereign bonds. Concerns that inflation was not returning to target as quickly as had been anticipated caused the central banks to talk down the likelihood of early cuts in interest rates. It was not until June that the European Central Bank became the first of the major monetary custodians to start the process of returning interest rates to a more neutral level. Despite kicking off with an outsized 50 basis point reduction in September, the US Federal Reserve shifted its thinking to a slower pace of easing as strongerthan-expected growth increased the possibility of inflation reaccelerating. Corporate bonds were more resilient. Although their fortunes are linked closely to sovereign bonds, returns were boosted by a narrowing of yield spreads. Spreads were able to compress from already tight levels because of ongoing solid company earnings and strong demand from institutional investors who were keen to lock in higher yields while they were still available. Outlook The outlook for global markets has become more uncertain since the start of 2025. The threat of trade tariffs from the new US administration, especially if they are fully implemented, is a clear headwind for economic growth in many parts of the world. Geopolitics are creating further sources of asset market volatility, with Donald Trump’s approach to procuring peace between Russia and Ukraine ruffling feathers and causing some consternation, especially in Europe and Ukraine. Additionally, US economic data has recently turned more patchy, with growing fears that the US might be headed for recession. There are still positive drivers, however. Slowing growth may allow for greater monetary easing by the world’s major central banks, which would be a positive, while corporate earnings growth is likely to be supportive of both equities and corporate bonds, at least for the time being. Furthermore, there are some increasing signs of economic recovery in Japan and China which could take up some of the slack left by a waning US economy. Over the longer term, markets will continue to face structural headwinds. The world is a markedly less safe place, with alarming geopolitical tensions prevalent in many regions. High levels of national debt will also need to be addressed, while the transition to sustainable energy is looking increasingly challenged. April 2025 * Fund performance figures – source Lipper, a Thomson Reuters company, net of fees, net income reinvested. As noted above, the performance figures in this commentary have been sourced from an external party and are based on published prices. The performance figures quoted in the comparative tables on pages 25 and 26 are based on the net asset value per the published Financial Statements and may be different due to post year end accounting adjustments. Any opinions expressed are those of the Fund manager. They should not be viewed as a guarantee of a return from an investment in the Funds. The content of the commentary should not be viewed as a recommendation to invest nor buy or sell any securities. Past performance is not a guide to the future. The value of a fund and the income from it may go down as well as up, and the investor may not get back the original amount invested.
Performance History
Share Class Inc/Acc
31.12.20 %
31.12.21 %
31.12.22 %
31.12.23 %
31.12.24 % 1 I 5.40 10.80 -9.37 7.72 8.99 2 A 5.30 11.00 -9.30 7.85 9.13 8* I 5.30 11.30 -8.87 8.59 9.88 2 I 5.30 11.00 -9.30 7.85 9.13 Benchmark** 5.20 11.20 -10.10 8.09 8.88 * Class 3 was renamed Class 8 on 9 May 2022. ** Benchmark – Investment Association Mixed Investment 40-85% Shares Sector. Source for all data: Aviva Investors/Lipper, a Thomson Reuters company, this is based on index provider data where applicable. Fund return data is mid to mid, net income reinvested, net of all ongoing charges and fees in sterling, net of tax payable by the Fund to 31 December 2024. The figures do not include the effect of the Entry Charge and any Exit Charge.
Material Portfolio Changes Purchases Sales
iShares Core FTSE 100 Fund GBP (Acc) J O Hambro Capital Management UK Dynamic Fund Y Accumulating Heptagon Fund – Driehaus Emerging Markets Sustainable Equity Fund Class S (USD) T. Rowe Price Emerging Markets Equity Fund Class I Skyline Umbrella ARGA Emerging Market Equity Fund Accumulation USD iShares Core S&P 500 Fund USD (Acc) Share Class Blackstone Low Carbon High Yield Corporate Bond Fund iShares Physical Gold ETC
iShares Physical Gold ETC Hermes Global High Yield Credit Fund Class M Stg£ Dist. Hedged Shares Invenomic US Equity Long/Short Fund USD Institutional Pooled Class Shares Granahan US Focused Growth Fund Class I USD Accumulating Shares Janus Henderson European Selected Opportunities Fund Class I Accumulation GBP
Aviva Investors – Global Convertibles Absolute Return Fund – Share class Zyh GBP
iShares Core S&P 500 Fund USD (Acc) Share Class
Janus Henderson European Selected Opportunities Fund Class I Accumulation GBP iShares Pacific Index Fund (IE) Class Institutional Accumulating GBP PineBridge Asia ex Japan Small Cap Equity Fund Unit Class Y2 BlackRock European Dynamic Fund Class FD Accumulating GBP iShares Pacific Index Fund (IE) Class Institutional Accumulating GBP
Synthetic Risk and Reward Indicator Lower risk Higher risk
Typically lower rewards Typically higher rewards 1 2 3 4 5 6 7 The Fund has been allocated a risk number based on the historic volatility of its share price. Where insufficient share price information is available, the risk number has been based on the historic volatility of the asset classes appropriate to the Fund. – This indicator is based on historical data, calculated using European Union rules, and may not be a reliable indication of the future risk profile of the Fund. – The risk and reward category shown is not guaranteed to remain unchanged and may change over time. The lowest category does not mean ‘risk free’. – Further information on the risks applicable to the Fund is detailed in the Fund’s Key Investor Information Document, and a full description is set out in the Prospectus, both of which are available on the internet at www.avivainvestors.com or from the ACD on request.
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avivainvestors.com | Aviva Investors Portfolio Funds ICVC Annual Report and Financial Statements for the year ended 28 February 2025
Aviva Investors Multi-Manager 40-85% Shares Fund
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COMPARATIVE TABLES
Class 1 Income
2025 p per share
2024 p per share
2023 p per share Change in net assets per share Opening net asset value per share 102.64 98.26 103.41 Return before operating charges † 12.54 7.25 (2.82) Operating charges (1.55) (1.50) (1.48) Return after operating charges † 10.99 5.75 (4.30) Distributions (1.63) (1.37) (0.85) Closing net asset value per share 112.00 102.64 98.26 † after direct transaction costs of (0.02) – Performance Return after charges 10.71% 5.85% (4.16)%
Other information Closing net asset value (£000) 2,175 2,708 2,822 Closing number of shares 1,942,671 2,638,907 2,871,887 Operating charges (%) ‡ 1.44% 1.52% 1.51% Direct transaction costs (%) # 0.02% – Prices ≈ Highest share price 114.82 103.90 103.61 Lowest share price 103.07 94.44 92.68
Class 2 Income
2025 p per share
2024 p per share
2023 p per share Change in net assets per share Opening net asset value per share 189.08 181.01 190.52 Return before operating charges † 23.09 13.31 (5.36) Operating charges (2.57) (2.50) (2.46) Return after operating charges † 20.52 10.81 (7.82) Distributions (3.27) (2.74) (1.69) Closing net asset value per share 206.33 189.08 181.01 † after direct transaction costs of (0.04) – Performance Return after charges 10.85% 5.97% (4.10)%
Other information Closing net asset value (£000) 6,268 5,994 6,108 Closing number of shares 3,037,760 3,169,888 3,374,314 Operating charges (%) ‡ 1.29% 1.37% 1.37% Direct transaction costs (%) # 0.02% – Prices ≈ Highest share price 211.63 191.52 190.90 Lowest share price 189.88 174.01 170.73
Class 2 Accumulation
2025 p per share
2024 p per share
2023 p per share Change in net assets per share Opening net asset value per share 178.60 168.51 175.70 Return before operating charges † 21.86 12.42 (4.92) Operating charges (2.43) (2.33) (2.27) Return after operating charges † 19.43 10.09 (7.19) Distributions (3.09) (2.56) (1.56) Retained distributions on accumulation shares 3.09 2.56 1.56 Closing net asset value per share 198.03 178.60 168.51 † after direct transaction costs of (0.04) – Performance Return after charges 10.88% 5.99% (4.09)%
Other information Closing net asset value (£000) 25,416 24,950 26,053 Closing number of shares 12,834,254 13,969,567 15,460,676 Operating charges (%) ‡ 1.29% 1.37% 1.37% Direct transaction costs (%) # 0.02% – Prices ≈ Highest share price 200.80 178.83 176.08 Lowest share price 178.64 162.48 157.71
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Aviva Investors Portfolio Funds ICVC Annual Report and Financial Statements for the year ended 28 February 2025 | avivainvestors.com
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COMPARATIVE TABLES (CONTINUED)
Class 8 Income 2025 p per share 2024 p per share 2023 p per share Change in net assets per share Opening net asset value per share 209.60 200.63 211.18 Return before operating charges † 25.27 14.45 (6.33) Operating charges (0.97) (1.06) (1.26) Return after operating charges † 24.30 13.39 (7.59) Distributions (5.14) (4.42) (2.96) Closing net asset value per share 228.76 209.60 200.63 † after direct transaction costs of (0.04) – Performance Return after charges 11.59% 6.67% (3.59)%
Other information Closing net asset value (£000) 126,177 128,147 129,729 Closing number of shares 55,156,476 61,139,538 64,660,726 Operating charges (%) ‡ 0.44% 0.52% 0.52% Direct transaction costs (%) # 0.02% – Prices ≈ Highest share price 235.34 212.99 211.62 Lowest share price 210.50 193.08 189.36
‡ The operating charges are calculated on an ex-post basis and as such may differ from the Ongoing Charge Figure where: (a) Changes to fee rates were made during the year and the Ongoing Charge Figure has been amended to be future proofed for this change. (b) The ongoing charge has been annualised for a share class that has not yet been open for a full year. # The direct transaction costs have been stated after deducting, in the case of single-priced funds, the proportion of the amounts collected from dilution adjustments or dilution levies that relates to direct transaction costs and, in the case of dual-priced funds, the amounts collected in relation to direct transaction costs added to, or subtracted from, the valuations by virtue of COLL 6.3.6 G (4). ≈ The high and low prices disclosed are the high and low prices for the accounting period and not the calendar year. The net asset value per share is based on the net asset value in the published Financial Statements and may be different due to post year end accounting adjustments.
Ongoing Charges Figure* Share class 28.02.25 28.02.24 Class 1 1.44% 1.52% Class 2 1.29% 1.37% Class 8 0.44% 0.52% * The Ongoing Charges Figure (OCF) is calculated as the ratio of the total ongoing charges to the average net asset value of the Fund over the year. The OCF is made up of the Fund Management Fee and, where a fund invests a substantial portion of its assets in other funds, an amount for the pro-rated charges of those other funds (referred to as “synthetic charges” or the “synthetic” part of the ongoing charge). The figure for ongoing charges excludes performance fees and portfolio transaction costs, except in the case of an entry/exit charge paid by the Fund when buying or selling shares/units in another collective investment scheme. The OCF includes a synthetic charge of 0.40% (2024: 0.48%) in respect of underlying investments. Please remember that past performance is not a guide to future performance and it might not be repeated. The value of investments and the revenue from them may go down as well as up and investors may not get back the amount originally invested. Because of this, you are not certain to make a profit on your investments and you may lose money.
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avivainvestors.com | Aviva Investors Portfolio Funds ICVC Annual Report and Financial Statements for the year ended 28 February 2025
Aviva Investors Multi-Manager 40-85% Shares Fund
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PORTFOLIO STATEMENT As at 28 February 2025
Investment Currency Holding Market Value £000 % of Net Assets Collective Investment Schemes 84.70% (85.92%) AI Japan Equity Fund, UK Fund of Fund Accumulation Units † GBP 4,164,260 4,822 3.01 Aviva Investors Global Sovereign Bond Fund Class Zh, Accumulation shares, GBP † GBP 1,965 2,719 1.70 Aviva Investors Multi-Strategy Target Return Fund Class 5, Accumulation shares, GBP † GBP 3,598,140 5,200 3.25 Baillie Gifford Japanese Fund Class B Shares Accumulation Shares GBP 81,674 1,641 1.03 BlackRock Emerging Markets Bond Fund Class A2 GBP Hedged GBP 474,075 5,907 3.69 BlackRock European Dynamic Fund Class FD Accumulating GBP GBP 2,247,456 7,373 4.61 Blackstone Low Carbon High Yield Corporate Bond Fund GBP 28,366 3,023 1.89 Granahan US Focused Growth Fund Class I USD Accumulating Shares USD 409,445 7,232 4.52 Heptagon Fund – Driehaus Emerging Markets Sustainable Equity Fund – Class S (USD) GBP 30,611 6,337 3.96 Invenomic US Equity Long/Short Fund USD Institutional Pooled Class Shares USD 59,063 7,356 4.60 Invesco Emerging Markets Local Debt Fund Class S accumulation – GBP GBP 288,473 2,949 1.84 iShares Core FTSE 100 Fund GBP (Acc) GBP 90,700 15,571 9.73 iShares Core S&P 500 Fund USD (Acc) Share Class GBP 67,673 33,531 20.95 iShares Pacific Index Fund (IE) Class Institutional Accumulating GBP GBP 624,646 8,293 5.18 iShares Physical Gold ETC GBP 72,152 3,172 1.98 Janus Henderson European Selected Opportunities Fund Class I Accumulation GBP GBP 228,664 7,271 4.54 JPM Global Corporate Bond Fund C (dist) – GBP (hedged) GBP 116,454 6,936 4.34 Skyline Umbrella ARGA Emerging Market Equity Fund Accumulation USD GBP 5,550,998 6,219 3.88 Collective Investment Schemes total 135,552 84.70 Equities 2.15% (2.02%) Guernsey 2.15% (2.02%) TwentyFour Income Fund GBP 3,144,693 3,446 2.15 3,446 2.15 Equities total 3,446 2.15 Forward Currency Contracts (0.01)% ((0.06)%) Buy GBP 2,052,785 sell USD 1,648,357 dated 16/04/2025 (19) (0.01) Forward Currency Contracts total (19) (0.01) Futures 0.06% (0.26%) Euro-Bund 06/03/2025 EUR 30 23 0.01 Euro-OAT 06/03/2025 EUR (16) (8) EURO STOXX 50 Index 21/03/2025 EUR (18) 1 Long Gilt 26/06/2025 GBP 45 35 0.02 MSCI Emerging Markets Index 21/03/2025 USD (28) (16) (0.01) S&P 500 Emini Index 21/03/2025 USD 25 (189) (0.12) US 2 Year Note 30/06/2025 USD (43) (18) (0.01) US 10 Year Note 18/06/2025 USD 209 210 0.13 XAF Financial Index 21/03/2025 USD 10 58 0.04 Futures total 96 0.06 Liquidity Funds 13.69% (12.67%) 1 Aviva Investors Sterling Liquidity Fund, Class 3, Income shares, GBP † GBP 21,900,836 21,901 13.69 Liquidity Funds total 21,901 13.69
Investment assets 2 160,976 100.59 Net other liabilities (940) (0.59) Net assets 160,036 100.00
All holdings are ordinary shares or stock units and admitted to an official stock exchange unless otherwise stated The comparative percentage figures in brackets are as at 28 February 2024. † A related party to the Fund. 1 Cash Equivalents. 2 Includes Cash Equivalents.
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Aviva Investors Portfolio Funds ICVC Annual Report and Financial Statements for the year ended 28 February 2025 | avivainvestors.com
Aviva Investors Multi-Manager 40-85% Shares Fund
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STATEMENT OF TOTAL RETURN For the year ended 28 February 2025
Notes £000
Year ended 28.02.25 £000 £000
Year ended 28.02.24 £000 Income Net capital gains 2 14,189 7,069 Revenue 3 4,281 4,204 Expenses 4 (369) (368) Interest payable and similar charges 5 – (231) Net revenue before taxation 3,912 3,605 Taxation 6 (419) (359) Net revenue after taxation 3,493 3,246 Total return before distributions 17,682 10,315 Distributions 7 (3,501) (3,256) Change in net assets attributable to shareholders from investment activities 14,181 7,059
STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO SHAREHOLDERS For the year ended 28 February 2025
£000
Year ended 28.02.25 £000 £000
Year ended 28.02.24 £000 Opening net assets attributable to shareholders 161,800 164,712 Movement due to issue and cancellation of shares: Amounts receivable on issue of shares 8,023 8,757 Amounts payable on cancellation of shares (24,370) (19,089) (16,347) (10,332) Change in net assets attributable to shareholders from investment activities (see above) 14,181 7,059 Retained distribution on accumulation shares 402 361 Closing net assets attributable to shareholders 160,036 161,800
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avivainvestors.com | Aviva Investors Portfolio Funds ICVC Annual Report and Financial Statements for the year ended 28 February 2025
Aviva Investors Multi-Manager 40-85% Shares Fund
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BALANCE SHEET As at 28 February 2025
Notes
As at 28.02.25 £000
As at 28.02.24 £000 Assets: Investments 8 139,307 142,846 Current assets: Debtors 9 689 937 Cash and bank balances 10 859 813 Cash equivalents 8 & 11 21,901 20,501 Total assets 162,756 165,097 Liabilities: Investment liabilities 8 (232) (230) Creditors: Distribution payable (1,976) (2,008) Other creditors 12 (512) (1,059) Total liabilities (2,720) (3,297) Net assets attributable to shareholders 160,036 161,800
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NOTES TO THE FINANCIAL STATEMENTS
1 Accounting basis and policies Please see pages 5 to 8 for accounting basis and policies.
2 Net capital gains Year ended 28.02.25 £000
Year ended 28.02.24 £000 Net capital gains/(losses) on investment during the year comprise: Expenses relating to the purchase and sale of investments 4 3 Investment manager capital rebates* 12 12 Currency gains/(losses) 1 (28) Derivative contracts gains/(losses) 88 (690) Forward currency contracts losses (115) (71) Non-derivative securities gains 14,199 7,843 Net capital gains** 14,189 7,069 * Represents rebates received in respect of expenses incurred in underlying CIS investments. ** Total realised gains for the year were £6,136,911 (2024: £(32,219)) and the movement in unrealised gains was £8,035,404 (2024: £7,085,469). Included in realised gains for the year were unrealised gains recognised in previous years.
3 Revenue Year ended 28.02.25 £000
Year ended 28.02.24 £000 Bank and deposit interest 45 54 Franked component of dividend distributions 506 796 Interest distributions 179 234 Interest on debt securities 1,033 991 Income from derivatives (210) (1) Investment manager rebates* 47 62 Overseas dividends 1,362 776 Revenue from offshore funds 1,318 1,292 Stock lending commision** 1 Total revenue 4,281 4,204 * Represents rebates accrued in respect of expenses incurred in underlying CIS investments. ** see Note 17.
4 Expenses Year ended 28.02.25 £000
Year ended 28.02.24 £000 Payable to the Authorised Corporate Director (“ACD”), associates of the ACD or agents of either of them: Fund Management Fee* 361 358 Payable to the Depositary, associates of the Depositary or agents of either of them: Interest payable 6 9 Safe custody fee 1 7 9 Other expenses – in relation to underlying TTF investments: Fund accounting fee 1 1 Total expenses 369 368 * The audit fee was £13,500 (2024: £13,000) net of VAT. The audit fee forms part of the FMF.
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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
5 Interest payable and similar charges Year ended 28.02.25 £000
Year ended 28.02.24 £000 Bifurcation on Short futures – 231 Total interest payable and similar charges – 231
6 Taxation a Analysis of tax charge Year ended 28.02.25 £000
Year ended 28.02.24 £000 Corporation tax 383 349 Adjustments in respect of prior period 25 Overseas tax suffered 11 10 Total current tax (see note 6b) 419 359
b Factors affecting current tax charge The tax assessed for the year is lower (2024: lower) than the standard rate of corporation tax in the UK for an Authorised Investment Fund (20%) (2024: 20%). The differences are explained below:
Year ended 28.02.25 £000
Year ended 28.02.24 £000 Net revenue before taxation 3,912 3,605 Corporation tax at 20% 782 721 Effects of: Adjustments in respect of prior period 25 Capital taxable revenue not included in net revenue – 2 Overseas dividends not subject to corporation tax (300) (215) Overseas tax suffered 11 10 UK dividends not subject to corporation tax (101) (159) Capital rebates 2 Current tax charge (see note 6a) 419 359 Authorised Investment Funds are exempt from tax on capital gains. Therefore, any capital return is not included in the above reconciliation.
c Deferred tax There was no provision for deferred tax at the year end (2024: £nil).
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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
7 Distributions Year ended 28.02.25 £000
Year ended 28.02.24 £000 The distributions take account of revenue received on the issue of shares and revenue deducted on the cancellation of shares, and comprise: Interim distribution 1,172 917 Final distribution 2,266 2,295 3,438 3,212 Add: Revenue deducted on cancellation of shares 93 78 Deduct: Revenue received on issue of shares (30) (34) Total distributions 3,501 3,256 Reconciliation of distributions for the year to net revenue after taxation Distributions for the year 3,501 3,256 ACD‘s periodic charge borne by the capital account (5) (6) Other fees borne by capital account (2) (2) Tax relief on capitalised ACD’s periodic charge – (1) Tax relief on other capital items (1) (1) Net revenue after taxation 3,493 3,246 Details of the distributions per share are set out in the distribution tables on page 38.
8 Fair value hierarchy
Valuation technique
As at 28.02.25 As at 28.02.24 Assets £000
Liabilities £000 Assets £000
Liabilities £000 Level 1: Quoted prices 52,601 (231) 43,234 (131) Level 2: Observable market data 108,625 (19) 120,114 (100) Total 161,226 (250) 163,348 (231) The purpose of the fair value hierarchy is to prioritise the inputs that should be used to measure the fair value of assets and liabilities. The highest priority is given to quoted prices at which a transaction can be entered into and the lowest priority is given to unobservable inputs. Disclosure is required of the value in each category in order to give an insight into the extent to which fair value measurements are subjective. The disclosure is split into the following categories: Level 1: The unadjusted quoted price in an active market for identical assets or liabilities that the entity can access at the measurement date. Level 2: Inputs other than quoted prices included within Level 1 that are observable (ie developed using market data) for the asset or liability, either directly or indirectly. Level 3: Inputs are unobservable (ie for which market data is unavailable) for the asset or liability. As at the balance sheet date, the Fund held no level 3 investments. The above Level 2 balance includes cash equivalents.
9 Debtors As at 28.02.25 £000
As at 28.02.24 £000 Accrued revenue 74 121 Accrued expense fee rebate 451 412 Amounts receivable on issue of shares 22 2 Corporation tax recoverable 34 Prepaid expenses 8 3 Sales awaiting settlement 100 399 Total debtors 689 937
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10 Cash and bank balances As at 28.02.25 £000
As at 28.02.24 £000 Amounts held at futures clearing houses and brokers 831 501 Cash and bank balances 28 312 Total cash and bank balances 859 813
11 Cash equivalents As at 28.02.25 £000
As at 28.02.24 £000 Aviva Investors Sterling Liquidity Fund 21,901 20,501 Total cash equivalents 21,901 20,501
12 Other creditors As at 28.02.25 £000
As at 28.02.24 £000 Accrued expenses 59 28 Amounts payable for cancellation of shares 291 563 Corporation tax payable 162 168 Overseas tax provision – 300 Total other creditors 512 1,059
13 Contingent liabilities and commitments There were no contingent liabilities or commitments at the year end (2024: £nil).
14 Related party transactions Aviva Investors UK Fund Services Limited, Aviva Investors Global Services Limited and the Aviva group are deemed to be related parties per section 33.10 of FRS 102 as they are entities with control, joint control or significant influence over the entity. Fund Management Fee paid to Aviva Investors UK Fund Services Limited (“the ACD”) are shown in note 4 and details of shares issued and cancelled by the ACD are shown in the statement of change in net assets attributable to shareholders. The balance due to the ACD at the year end in respect of Fund Management Fee was £57,873 (2024: £27,268). Any balance due from the ACD in respect of issues is shown in note 9. Any balance due to the ACD in respect of cancellations is shown in note 11. Distributions payable to the ACD and related parties of the ACD during the year amounted to £3,254,952 (2024: £2,466,519). The amount outstanding at the year end was £2,137,846 (2024: £2,360,830). Related parties of the ACD are deemed to be all companies under the control of Aviva Plc. This will include companies which hold shares in the Fund on behalf of other external investors. Any investments managed and advised by Aviva Investors Global Services Limited or associated with the Aviva Group are identified on the portfolio statement. The total purchases and sales on these investments during the year amounted to £51,790,146 (2024: £24,900,000) and £52,342,740 (2024: £27,952,648) respectively. The income received during the year amounted to £1,289,491 (2024: £1,273,430). The rebates from ACD during the year amounted to £nil (2024: £nil). Holdings at the year end and movements during the year are as follows:
Holdings at 28.02.25 (shares)
Movement (shares)
Holdings at 28.02.24 (shares) ACD and related parties (Class 1 Income shares) – (4,081) 4,081 ACD and related parties (Class 2 Income shares) 1,540,936 (1,670,223) 3,211,159 ACD and related parties (Class 8 Income shares) 55,156,476 (5,983,062) 61,139,538 ACD and related parties (Class 2 Accumulation shares) 9,230,983 (9,383,206) 18,614,189 The ACD and related parties of the ACD are ineligible to vote at any general meeting. The revenue earned from the Aviva Investors Tax Transparent Funds holdings of AI Japan Equity Fund was £108,061 for the year 2024: £100,686) included under Revenue Note 3. Amounts receivable at the balance sheet date of £556 (2024: £nil) are included under in Debtors in the Notes to the Financial Statements.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
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15 Shareholder funds The Fund currently has three share classes: Class 1 (Retail), Class 2 (Institutional) and Class 8 (Associated undertakings of Aviva plc). The Fund Management Fees are as follows: Class 1: 1.04% Class 2: 0.89% Class 8: 0.04% The net asset value per share class, the net asset value per share and the number of shares in the class are shown on pages 25 and 26. The distributions per share class are given in the distribution tables on page 38. All the share classes have the same rights on winding up.
16 Shares in issue reconciliation Number of shares in issue at 28.02.24
Number of shares issued
Number of shares cancelled
Number of shares converted
Number of shares in issue at 28.02.25 Class 1 Income shares 2,638,907 120,123 (779,273) (37,086) 1,942,671 Class 2 Income shares 3,169,888 281,617 (425,052) 11,307 3,037,760 Class 8 Income shares 61,139,538 2,742,549 (8,725,610) – 55,156,477 Class 2 Accumulation shares 13,969,567 733,882 (1,878,492) 9,297 12,834,254
17 Derivatives and other financial instruments The policies applied in the management of financial instruments are set out on page 8.
Fair value of financial assets and financial liabilities There is no significant difference between the carrying values of the financial assets and liabilities and their fair values (2024: £nil).
Currency risk At the year end date, 10.19% (2024: 15.78%) of the net assets of the Fund were denominated in currencies other than sterling with the effect that the balance sheet and total return can be significantly affected by currency movements. If currency rates were to change by 10.00%, the value of the Fund would change by 1.02% (2024: 1.58%).
Currency
Net foreign currency assets/(liabilities) Monetary exposure £000 Non-monetary exposure £000
Total £000 28.02.25 28.02.24 28.02.25 28.02.24 28.02.25 28.02.24 Euro (5) (23) 16 25 11 2 Japanese yen (10) (289) – 2,559 (10) 2,270 US dollar 45 (98) 16,263 23,357 16,308 23,259
Interest rate risk At the year end date 14.21% (2024: 13.17%) of the net assets of the Fund were interest bearing. The interest rate profile of the Fund‘s financial assets and liabilities at 28 February 2025 was:
Currency 28.02.25
Floating Rate £000
Fixed Rate £000
Non-interest bearing £000
Total £000 Financial Assets Euro (5) – 24 19 Japanese yen (10) – – (10) Sterling 22,710 – 125,158 147,868 US dollar 45 – 16,485 16,530 Financial Liabilities Euro – – (8) (8) Japanese yen – – – Sterling – – (4,141) (4,141) US dollar – – (222) (222) Total 22,740 – 137,296 160,036
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
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17 Derivatives and other financial instruments (continued) Interest rate risk (continued) The interest rate profile of the Fund‘s financial assets and liabilities at 28 February 2024 was:
Currency 28.02.24
Floating Rate £000
Fixed Rate £000
Non-interest bearing £000
Total £000 Financial Assets Euro (23) – 53 30 Japanese yen (289) – 2,564 2,275 Sterling 21,724 – 119,987 141,711 US dollar (98) – 25,703 25,605 Financial Liabilities Euro – – (28) (28) Japanese yen – – (5) (5) Sterling – – (5,442) (5,442) US dollar – – (2,346) (2,346) Total 21,314 – 140,486 161,800 The floating rate on bank balances is linked to the base rate of the Depositary’s delegated Custodian. The Fund invests in some collective investment schemes (CIS) which predominantly invest in debt securities. The revenue of the Fund and the value of debt securities may be significantly affected by interest rate movements in the future. At the year end date 13.46% (2024: 13.31%) of the assets of the Fund were invested in CIS which predominantly invest in debt securities.
Interest rate exposures The Aviva Investors Investment Risk Team performs regular stress testing across all portfolios to determine market sensitivities and risk exposures using BlackRock’s Aladdin risk model and stress testing methodology. Under this methodology, if 5Y GBP interest rates had increased by 1% as at the balance sheet date, the net asset value of the Fund would have decreased by £2,499,998 (2024: £1,844,331). If interest rates had decreased by 1% as at the balance sheet date, the net asset value of the Fund would have increased by £2,499,998 (2024: £1,844,331). These calculations assume the interest rate shock is propagated to all risk factors the Fund is exposed to, based on historical market correlations and volatilities between factors.
Leverage The ACD is required to calculate and monitor the level of leverage of the Fund, expressed as a ratio between the exposure of the Fund and its Net Asset Value, under both the gross and commitment methods in accordance with UK AIFM Regime. As of 28 February 2025, leverage under the gross method was 112.54% and leverage under the commitment method was 126.17% (2024: leverage under the gross method was 113.97% and leverage under the commitment method was 125.07%). The limits of leverage per the provisions of the Prospectus is 200% under the gross method and 150% under the commitment method.
Market price risk At the year end date, 86.90% (2024: 88.14%) of the net assets of the Fund were invested in ordinary shares or stock units or debt securities admitted to an official stock exchange. If the market value were to change by 10%, the value of the Fund would change by 8.69% (2024: 8.81%).
Liquidity risk The main liability of the Fund is the redemption of any shares that investors want to sell. Investments may have to be sold to fund such redemptions should insufficient cash be held at the bank to meet this obligation. The ACD monitors the liquidity profile of the Fund daily. In assessing the liquidity profile of the Fund, the ACD assesses how much of the Fund can be realised in one and five days, under normal and stressed market conditions, and the impact this would have on the overall subsequent liquidity profile. In assessing the liquidity of a company’s shares, the ACD utilises the lower of the 0 and 25 day average market volume of that company’s shares. Based on this analysis 98.46% of the portfolio can be liquidated within 5 days and 100% within 21 days (28.02.24: 96.98% within 5 days and 99.96% within 21 days). Given this and the ACD’s understanding of the investor base, it is considered that the liquidity profile of the Fund is appropriate.
18 Stock lending The Fund entered into stock lending arrangements with a counterparty. At the balance sheet date there were no securities on loan (2024: £nil) and consequently no collateral was held (2024: £nil).
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
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19 Counterparty exposure Financial derivative exposure The types of derivatives held at the year end date were forward currency contracts and futures contracts. Details of individual contracts are disclosed in the Portfolio Statement and the total position by counterparty at the year end date was as follows:
28.02.25
Forward currency contracts £000
Futures contracts £000
Total £000 Barclays (4) 327 323 BNP Paribas (4) – (4) Citigroup (3) – (3) HSBC (4) – (4) Standard Chartered (4) – (4) Total (19) 327 308
28.02.24
Forward currency contracts £000
Futures contracts £000
Total £000 Barclays (51) 425 374 BNP Paribas (25) – (25) Merrill Lynch (23) – (23) Total (99) 425 326 The counterparty exposure on forward currency contracts is reported at their mark to market values but for futures contracts it is only the positive mark to market values that are reported.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
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20 Direct transaction costs In the case of shares, broker commissions and transfer taxes, stamp duty is paid by the Fund on each transaction. In addition, there is a dealing spread between buying and selling prices of the underlying investments. Unlike shares, other types of investments (such as bonds, money market instruments, derivatives) have no separately identifiable transaction costs; these costs form part of the dealing spread.
28.02.25
Principal before costs £000 Commissions £000 Taxes £000
Total after costs £000
Commissions as % of principal
Taxes as % of principal Purchases Funds (37,133) (5) (18) (37,156) 0.01% 0.05% (37,133) (5) (18) (37,156) Sales Funds 55,002 (4) – 54,998 0.01% 0.00% 55,002 (4) – 54,998
Total 9 18
Percentage of fund average net assets 0.01% 0.01%
28.02.24
Principal before costs £000
Commissions £000
Taxes £000
Total after costs £000
Commissions as % of principal
Taxes as % of principal Purchases Funds (6,599) – – (6,599) 0.00% 0.00% (6,599) – – (6,599) Sales Funds 15,278 (2) – 15,276 0.00% 0.00% 15,278 (2) – 15,276
Total (2) –
Percentage of fund average net assets 0.00% 0.00%
Dealing spread As at 28 February 2025, the average portfolio dealing spread was 0.05% (2024: 0.02%). This spread represents the difference between the values determined retrospectively by reference to the bid and offer prices of investments expressed as a percentage of the value determined by reference to the offer price.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
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DISTRIBUTION TABLES
Final distribution payable in pence per share for the six months ended 28 February 2025
Income shares Net revenue Equalisation
Final distribution payable 30 April 2025
Final distribution paid 30 April 2024 Class 1 Group 1 1.2261 – 1.2261 1.1319 Group 2 0.9235 0.3026 1.2261 1.1319 Class 2 Group 1 2.3798 – 2.3798 2.1933 Group 2 1.1979 1.1819 2.3798 2.1933 Class 8 Group 1 3.4082 – 3.4082 3.1221 Group 2 2.0437 1.3645 3.4082 3.1221
Accumulation shares Net revenue Equalisation
Final distribution payable 30 April 2025
Final distribution paid 30 April 2024 Class 2 Group 1 2.2581 – 2.2581 2.0496 Group 2 1.1893 1.0688 2.2581 2.0496 Final distribution Group 1 shares are those shares purchased at or before 9pm on 31 August 2024. Group 2 shares are those shares purchased after 9pm on 31 August 2024.
Interim distribution paid in pence per share for the six months ended 31 August 2024
Income shares
Net revenue Equalisation
Interim distribution paid 31 October 2024
Interim distribution paid 31 October 2023 Class 1 Group 1 0.4057 – 0.4057 0.2389 Group 2 0.3666 0.0391 0.4057 0.2389 Class 2 Group 1 0.8900 – 0.8900 0.5508 Group 2 0.7597 0.1303 0.8900 0.5508 Class 8 Group 1 1.7329 – 1.7329 1.2999 Group 2 1.1920 0.5409 1.7329 1.2999
Accumulation shares Net revenue Equalisation
Interim distribution paid 31 October 2024
Interim distribution paid 31 October 2023 Class 2 Group 1 0.8346 – 0.8346 0.5131 Group 2 0.6632 0.1714 0.8346 0.5131 Interim distribution Group 1 shares are those shares purchased at or before 9pm on 28 February 2024. Group 2 shares are those shares purchased after 9pm on 28 February 2024.
Equalisation Equalisation applies only to Group 2 shares, in other words shares purchased during the period. It is the average amount of revenue included in the purchase price of all Group 2 shares and is refunded to the holders of these shares as return of capital. Being capital, it is not liable to income tax but must be deducted from the cost of shares for capital gains tax purposes.
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INVESTMENT OBJECTIVE The Fund aims to grow your investment and provide an average annual net return greater than the Investment Association Mixed Investment 20-60% Shares Sector (the “Sector”) over a rolling 5 year period through a combination of income and capital returns by investing in other funds (including funds managed by Aviva Investors companies).
INVESTMENT POLICY Core investment At least 80% of the Fund will be invested in other funds, which in turn invest in a range of global asset classes (including emerging markets). The Fund’s asset class exposures will be made up of the combined holdings of the other funds, of which between 20% and 60% of the combined holdings will be invested in the shares of companies, and a minimum of 30% in bonds and cash*. Other Investment The Fund may also invest indirectly in property. Derivatives may be used to gain exposure to an asset class which may otherwise be difficult or costly to achieve, or to manage the Fund’s cash flows in a cost-effective manner. Derivatives may also be used to reduce risk, such as foreign currency risk within the Fund. This type of derivative usage is called “efficient portfolio management”. Strategy The Fund is actively managed to blend asset classes for diversification, different asset allocations can be selected depending on market conditions and opportunities. The Investment Manager relies on an assessment of seven criteria (Parent, Product, Philosophy, Process, People, Performance, Position) to determine which funds are suitable for investment, with the intention of creating an optimum risk and reward profile within the limits of the Sector. The Sector is made up of other funds managed within these limits. This Fund is subject to Aviva Investors’ baseline exclusion policy – please see the Prospectus for information on these limited investment restrictions. As this Fund typically invests in other third-party managed funds, the baseline exclusion policy will have limited impact on these Funds. Performance & Risk Measurement The Fund’s performance is measured against the Sector, after charges and taxes. The Fund uses a “tracking error” to measure the consistency between the Fund’s returns and the returns of the Sector. In general, the lower the tracking error, the more consistent the Fund’s returns are relative to the Sector, and vice-versa. The Fund is expected to have an average yearly tracking error of between 2% and 6% when compared to the Sector. In certain conditions the Fund may be outside of this range. The Sector is an industry benchmark, which consists of all UK funds which have elected to become constituents of the Sector, and meet the criteria of the Sector, as detailed by the IA’s Sector Committee. The Sector has been selected as a benchmark for performance and risk measurement because the Fund will be managed in line with the criteria of the Sector, and it is therefore an appropriate measure for the Fund’s performance. * Where this exposure to an asset class is achieved indirectly by virtue of an investment in an underlying fund, these thresholds will be calculated based on the type of the underlying fund, not the actual assets in which it invests. For example, 100% of the amount invested in an underlying fund which is classed as an equity fund will be treated as being invested in the shares of companies, even though it may also hold a proportion of cash.
FUND MANAGER’S REPORT Performance Over the twelve months ended 28 February 2025, the Fund returned 8.7%* (share class 1, net of fees). The Fund’s Investment Association Mixed Investment 20-60% Shares Sector returned 8.3% over the same period. The tracking error at the year end was 1.19%. The anticipated level of tracking error is shown in the Performance & Risk Measurement section of the above Investment Policy. Review The twelve-month review period saw strong performance by equities, with the US proving to be the powerhouse once again as it confounded expectations of a ‘hard economic landing’. A rally of 15.9% in sterling terms by the MSCI World Index was nevertheless in stark contrast to global government bonds, which produced a return of around 2.0% in sterling terms amid concerns about raised issuance and higher-for-longer interest rates. Equities were underpinned by the continuation of broadly positive corporate earnings and hopes that easier monetary conditions were around the corner. Growth was nevertheless uninspiring in most regions, with China offering little evidence that it was emerging from its recent slump, even despite enjoying a manufacturing boom thanks to its clear leadership in the production of electric vehicles. Europe languished in stagnation throughout the year as the performance of its largest economy, Germany, dipped alarmingly. Only the US stood out, thanks in no small measure to both the ongoing boom for artificial intelligence (AI) technology and its structural advantage of cheap energy. In sterling terms, the leading markets were the US (S&P Composite 18.4%) and, despite its economic struggles, Europe ex-UK (MSCI Europe Index 12.7%). Emerging markets generally performed well (MSCI Emerging Markets Index 11.2%) as they benefited early cuts in interest rates by a number of central banks and, in Asia, strong AI-related demand for microchips. Though touted to be a year of much brighter prospects, 2024 developed into something of a damp squib for sovereign bonds. Concerns that inflation was not returning to target as quickly as had been anticipated caused the central banks to talk down the likelihood of early cuts in interest rates. It was not until June that the European Central Bank became the first of the major monetary custodians to start the process of returning interest rates to a more neutral level. Despite kicking off with an outsized 50 basis point reduction in September, the US Federal Reserve shifted its thinking to a slower pace of easing as stronger-than-expected growth increased the possibility of inflation reaccelerating. Corporate bonds were more resilient. Although their fortunes are linked closely to sovereign bonds, returns were boosted by a narrowing of yield spreads. Spreads were able to compress from already tight levels because of ongoing solid company earnings and strong demand from institutional investors who were keen to lock in higher yields while they were still available.
AVIVA INVESTORS MULTI-MANAGER 20-60% SHARES FUND
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FUND MANAGER’S REPORT (CONTINUED) Outlook The outlook for global markets has become more uncertain since the start of 2025. The threat of trade tariffs from the new US administration, especially if they are fully implemented, is a clear headwind for economic growth in many parts of the world. Geopolitics are creating further sources of asset market volatility, with Donald Trump’s approach to procuring peace between Russia and Ukraine ruffling feathers and causing some consternation, especially in Europe and Ukraine. Additionally, US economic data has recently turned more patchy, with growing fears that the US might be headed for recession. There are still positive drivers, however. Slowing growth may allow for greater monetary easing by the world’s major central banks, which would be a positive, while corporate earnings growth is likely to be supportive of both equities and corporate bonds, at least for the time being. Furthermore, there are some increasing signs of economic recovery in Japan and China which could take up some of the slack left by a waning US economy. Over the longer term, markets will continue to face structural headwinds. The world is a markedly less safe place, with alarming geopolitical tensions prevalent in many regions. High levels of national debt will also need to be addressed, while the transition to sustainable energy is looking increasingly challenged. April 2025 * Fund performance figures – source Lipper, a Thomson Reuters company, net of fees, net income reinvested. As noted above, the performance figures in this commentary have been sourced from an external party and are based on published prices. The performance figures quoted in the comparative tables on pages 41 and 42 are based on the net asset value per the published Financial Statements and may be different due to post year end accounting adjustments. Any opinions expressed are those of the Fund manager. They should not be viewed as a guarantee of a return from an investment in the Funds. The content of the commentary should not be viewed as a recommendation to invest nor buy or sell any securities. Past performance is not a guide to the future. The value of a fund and the income from it may go down as well as up, and the investor may not get back the original amount invested.
Performance History
Share Class Inc/Acc 31.12.20 % 31.12.21 % 31.12.22 % 31.12.23 % 31.12.24 % 1 I 4.40 6.30 -9.41 6.22 6.58 2 A 4.60 6.50 -9.31 6.35 6.70 8* I 4.90 6.70 -8.84 7.07 7.44 2 I 4.60 6.50 -9.31 6.35 6.70 Benchmark** 3.50 6.30 -9.60 6.86 6.18 * Class 3 was renamed Class 8 on 9 May 2022. ** Benchmark – Investment Association Mixed Investment 20-60% Shares Sector. Source for all data: Aviva Investors/Lipper, a Thomson Reuters company, this is based on index provider data where applicable. Fund return data is mid to mid, net income reinvested, net of all ongoing charges and fees in sterling, net of tax payable by the Fund to 31 December 2024. The figures do not include the effect of the Entry Charge and any Exit Charge.
AVIVA INVESTORS MULTI-MANAGER 20-60% SHARES FUND (CONTINUED)
Material Portfolio Changes Purchases Sales
iShares Core FTSE 100 Fund GBP (Acc) J O Hambro Capital Management UK Dynamic Fund Y Accumulating Heptagon Fund – Driehaus Emerging Markets Sustainable Equity Fund Class S (USD) iShares Core S&P 500 Fund USD (Acc) Share Class Skyline Umbrella ARGA Emerging Market Equity Fund Accumulation USD T. Rowe Price Emerging Markets Equity Fund Class I iShares Physical Gold ETC iShares Physical Gold ETC Blackstone Low Carbon High Yield Corporate Bond Fund Hermes Global High Yield Credit Fund Class M Stg£ Dist. Hedged Shares
iShares Core S&P 500 Fund USD (Acc) Share Class
Aviva Investors – Global Convertibles Absolute Return Fund – Share class Zyh GBP Aviva Investors Global Sovereign Bond Fund Class Zh, Accumulation shares, GBP Aviva Investors Global Sovereign Bond Fund Class Zh, Accumulation shares, GBP BlackRock European Dynamic Fund Class FD Accumulating GBP Granahan US Focused Growth Fund Class I USD Accumulating Shares Janus Henderson European Selected Opportunities Fund Class I Accumulation GBP JPM Global Corporate Bond Fund C (dist) GBP (hedged)
Invenomic US Equity Long/Short Fund USD Institutional Pooled Class Shares
Aviva Investors Multi-Strategy Target Return Fund Class 5, Accumulation shares, GBP
Synthetic Risk and Reward Indicator Lower risk Higher risk
Typically lower rewards Typically higher rewards 1 2 3 4 5 6 7 The Fund has been allocated a risk number based on the historic volatility of its share price. Where insufficient share price information is available, the risk number has been based on the historic volatility of the asset classes appropriate to the Fund. – This indicator is based on historical data, calculated using European Union rules, and may not be a reliable indication of the future risk profile of the Fund. – Investment may be restricted to a limited number of holdings, industries, or Countries. The Fund share price may be more exposed to specific events and as a result may experience large daily price changes. – The risk and reward category shown is not guaranteed to remain unchanged and may change over time. The lowest category does not mean ‘risk free‘. – Bond values are affected by changes in interest rates, and the bond issuer‘s creditworthiness. Bonds that produce a higher level of income usually have a greater risk of default. – The value of investments will be affected by changes in exchange rates. – Further information on the risks applicable to the Fund is detailed in the Fund’s Key Investor Information Document, and a full description is set out in the Prospectus, both of which are available on the internet at www.avivainvestors.com or from the ACD on request.
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COMPARATIVE TABLES
Class 1 Income
2025 p per share
2024 p per share
2023 p per share Change in net assets per share Opening net asset value per share 89.55 86.54 91.67 Return before operating charges † 9.11 5.66 (3.28) Operating charges (1.31) (1.30) (1.31) Return after operating charges † 7.80 4.36 (4.59) Distributions (1.63) (1.35) (0.54) Closing net asset value per share 95.72 89.55 86.54 † after direct transaction costs of (0.01) – Performance Return after charges 8.71% 5.04% (5.01)%
Other information Closing net asset value (£000) 2,974 2,688 2,947 Closing number of shares 3,106,503 3,001,700 3,404,880 Operating charges (%) ‡ 1.40% 1.49% 1.50% Direct transaction costs (%) # 0.01% – Prices ≈ Highest share price 97.77 90.90 92.03 Lowest share price 89.84 83.58 83.09
Class 2 Income
2025 p per share
2024 p per share
2023 p per share Change in net assets per share Opening net asset value per share 152.04 146.94 155.64 Return before operating charges † 15.41 9.56 (5.61) Operating charges (1.98) (1.98) (2.01) Return after operating charges † 13.43 7.58 (7.62) Distributions (2.95) (2.48) (1.08) Closing net asset value per share 162.52 152.04 146.94 † after direct transaction costs of (0.02) – Performance Return after charges 8.83% 5.16% (4.90)%
Other information Closing net asset value (£000) 5,305 6,001 6,084 Closing number of shares 3,264,037 3,946,966 4,140,625 Operating charges (%) ‡ 1.25% 1.34% 1.35% Direct transaction costs (%) # 0.01% – Prices ≈ Highest share price 166.09 154.41 156.27 Lowest share price 152.53 141.93 141.15
Class 2 Accumulation
2025 p per share
2024 p per share
2023 p per share Change in net assets per share Opening net asset value per share 158.41 150.63 158.38 Return before operating charges † 16.07 9.81 (5.71) Operating charges (2.06) (2.03) (2.04) Return after operating charges † 14.01 7.78 (7.75) Distributions (3.08) (2.54) (1.10) Retained distributions on accumulation shares 3.08 2.54 1.10 Closing net asset value per share 172.42 158.41 150.63 † after direct transaction costs of (0.02) – Performance Return after charges 8.84% 5.16% (4.89)%
Other information Closing net asset value (£000) 15,011 15,710 16,583 Closing number of shares 8,706,177 9,917,256 11,009,334 Operating charges (%) ‡ 1.25% 1.34% 1.35% Direct transaction costs (%) # 0.01% – Prices ≈ Highest share price 173.69 158.67 159.02 Lowest share price 158.49 145.84 143.67
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COMPARATIVE TABLES (CONTINUED)
Class 8 Income*
2025 p per share
2024 p per share
2023 p per share Change in net assets per share Opening net asset value per share 179.58 173.54 183.83 Return before operating charges † 17.91 11.02 (6.88) Operating charges (0.74) (0.86) (1.09) Return after operating charges † 17.17 10.16 (7.97) Distributions (4.76) (4.12) (2.32) Closing net asset value per share 191.99 179.58 173.54 † after direct transaction costs of (0.02) – Performance Return after charges 9.56% 5.85% (4.34)%
Other information Closing net asset value (£000) 93,630 96,940 101,857 Closing number of shares 48,769,329 53,981,376 58,694,645 Operating charges (%) ‡ 0.40% 0.49% 0.50% Direct transaction costs (%) # 0.01% – Prices ≈ Highest share price 196.80 182.98 184.59 Lowest share price 180.16 167.80 166.84
‡ The operating charges are calculated on an ex-post basis and as such may differ from the Ongoing Charge Figure where: (a) Changes to fee rates were made during the year and the Ongoing Charge Figure has been amended to be future proofed for this change. (b) The Ongoing Charge Figure has been annualised for a share class that has not yet been open for a full year. # The direct transaction costs have been stated after deducting, in the case of single-priced funds, the proportion of the amounts collected from dilution adjustments or dilution levies that relates to direct transaction costs and, in the case of dual-priced funds, the amounts collected in relation to direct transaction costs added to, or subtracted from, the valuations by virtue of COLL 6.3.6 G (4). ≈ The high and low prices disclosed are the high and low prices for the accounting period and not the calendar year. The net asset value per share is based on the net asset value in the published Financial Statements and may be different due to post year end accounting adjustments. * Class 3 was renamed Class 8 on 9 May 2022.
Ongoing Charges Figure* Share class 28.02.25 28.02.24 Class 1 1.39% 1.49% Class 2 1.24% 1.34% Class 8 0.39% 0.49% * The Ongoing Charges Figure (OCF) is calculated as the ratio of the total ongoing charges to the average net asset value of the Fund over the year. The OCF is made up of the Fund Management Fee and, where a fund invests a substantial portion of its assets in other funds, an amount for the pro-rated charges of those other funds (referred to as “synthetic charges” or the “synthetic” part of the ongoing charge). The figure for ongoing charges excludes performance fees and portfolio transaction costs, except in the case of an entry/exit charge paid by the Fund when buying or selling shares/units in another collective investment scheme. The OCF includes a synthetic charge of 0.35% (2024: 0.45%) in respect of underlying investments. Please remember that past performance is not a guide to future performance and it might not be repeated. The value of investments and the revenue from them may go down as well as up and investors may not get back the amount originally invested. Because of this, you are not certain to make a profit on your investments and you may lose money.
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PORTFOLIO STATEMENT As at 28 February 2025
Investment Currency Holding Market Value £000 % of Net Assets Collective Investment Schemes 82.10% (84.06%) AI Japan Equity Fund, UK Fund of Fund Accumulation Units † GBP 1,914,555 2,217 1.90 Aviva Investors Global Sovereign Bond Fund Class Zh, Accumulation shares, GBP † GBP 9,046 12,519 10.71 Aviva Investors Multi-Strategy Target Return Fund Class 5, Accumulation shares, GBP † GBP 5,827,555 8,422 7.20 Baillie Gifford Japanese Fund Class B Shares Accumulation Shares GBP 36,434 732 0.63 BlackRock Emerging Markets Bond Fund Class A2 GBP Hedged GBP 218,934 2,728 2.33 BlackRock European Dynamic Fund Class FD Accumulating GBP GBP 980,925 3,218 2.75 Blackstone Low Carbon High Yield Corporate Bond Fund GBP 13,412 1,429 1.22 Granahan US Focused Growth Fund Class I USD Accumulating Shares USD 193,466 3,417 2.92 Heptagon Fund – Driehaus Emerging Markets Sustainable Equity Fund – Class S (USD) GBP 13,907 2,879 2.46 Invenomic US Equity Long/Short Fund USD Institutional Pooled Class Shares USD 25,278 3,148 2.69 Invesco Emerging Markets Local Debt Fund Class S accumulation – GBP GBP 138,746 1,418 1.21 iShares Core FTSE 100 Fund GBP (Acc) GBP 40,101 6,885 5.89 iShares Core S&P 500 Fund USD (Acc) Share Class GBP 30,515 15,120 12.93 iShares Pacific Index Fund (IE) Class Institutional Accumulating GBP GBP 286,601 3,805 3.26 iShares Physical Gold ETC GBP 52,668 2,315 1.98 Janus Henderson European Selected Opportunities Fund Class I Accumulation GBP GBP 110,700 3,520 3.01 JPM Global Corporate Bond Fund C (dist) – GBP (hedged) GBP 283,854 16,907 14.46 Skyline Umbrella ARGA Emerging Market Equity Fund Accumulation USD GBP 2,531,644 2,836 2.43 TwentyFour Income Fund GBP 2,263,236 2,480 2.12 Collective Investment Schemes total 95,995 82.10 Forward Currency Contracts (0.01)% ((0.06)%) Buy GBP 1,497,394 sell USD 1,202,383 dated 16/04/2025 (14) (0.01) Forward Currency Contracts total (14) (0.01) Futures 0.06% (0.28%) Euro-Bund 06/03/2025 EUR 22 17 0.02 Euro-OAT 06/03/2025 EUR (12) (6) EURO STOXX 50 Index 21/03/2025 EUR (13) 1 Long Gilt 26/06/2025 GBP 32 25 0.02 MSCI Emerging Markets Index 21/03/2025 USD (20) (11) (0.01) S&P 500 Emini Index 21/03/2025 USD 19 (138) (0.12) US 10 Year Note 18/06/2025 USD 137 137 0.12 XAF Financial Index 21/03/2025 USD 7 40 0.03 Futures total 65 0.06 Liquidity Funds 18.99% (16.90%) 1 Aviva Investors Sterling Liquidity Fund, Class 3, Income shares, GBP † GBP 22,201,543 22,202 18.99 Liquidity Funds total 22,202 18.99
Investment assets 2 118,248 101.14 Net other liabilities (1,328) (1.14) Net assets 116,920 100.00
All holdings are ordinary shares or stock units and admitted to an official stock exchange unless otherwise stated The comparative percentage figures in brackets are as at 28 February 2024. † A related party to the Fund. 1 Cash Equivalents. 2 Includes Cash Equivalents
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STATEMENT OF TOTAL RETURN For the year ended 28 February 2025
Notes £000
Year ended 28.02.25 £000 £000
Year ended 28.02.24 £000 Income Net capital gains 2 7,999 4,088 Revenue 3 3,590 3,446 Expenses 4 (261) (269) Net revenue before taxation 3,329 3,177 Taxation 5 (488) (475) Net revenue after taxation 2,841 2,702 Total return before distributions 10,840 6,790 Distributions 6 (2,845) (2,706) Change in net assets attributable to shareholders from investment activities 7,995 4,084
STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO SHAREHOLDERS For the year ended 28 February 2025
£000
Year ended 28.02.25 £000 £000
Year ended 28.02.24 £000 Opening net assets attributable to shareholders 121,339 127,471 Movement due to issue and cancellation of shares: Amounts receivable on issue of shares 7,043 7,843 Amounts payable on cancellation of shares (19,728) (18,312) (12,685) (10,469) Change in net assets attributable to shareholders from investment activities (see above) 7,995 4,084 Retained distribution on accumulation shares 271 253 Closing net assets attributable to shareholders 116,920 121,339
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BALANCE SHEET As at 28 February 2025
Notes
As at 28.02.25 £000
As at 28.02.24 £000 Assets: Investments 7 96,215 102,434 Current assets: Debtors 8 528 882 Cash and bank balances 9 567 (12) Cash equivalents 7 & 10 22,202 20,502 Total assets 119,512 123,806 Liabilities: Investment liabilities 7 (169) (169) Creditors: Distribution payable (1,793) (1,798) Other creditors 11 (630) (500) Total liabilities (2,592) (2,467) Net assets attributable to shareholders 116,920 121,339
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NOTES TO THE FINANCIAL STATEMENTS
1 Accounting basis and policies Please see pages 5 to 8 for accounting basis and policies.
2 Net capital gains Year ended 28.02.25 £000
Year ended 28.02.24 £000 Net capital gains on investment during the year comprise: Compensation items 3 2 Investment manager capital rebates* 6 6 Realised currency gains/(losses) 18 (27) Realised derivative contracts gains/(losses) 316 (1,375) Realised forward currency contracts losses (157) (131) Realised non-derivative contracts gains 3,458 507 Unrealised currency (losses)/gains (2) 2 Unrealised derivative contracts (losses)/gains (278) 794 Unrealised forward currency contracts gains 62 77 Unrealised non-derivative contracts gains 4,573 4,233 Net capital gains** 7,999 4,088 * Represents rebates received in respect of expenses incurred in underlying CIS investments. ** Total realised gains for the year were £3,634,854 (2024: £(1,025,942)) and the movement in unrealised gains was £4,354,783 (2024: £5,106,504). Included in realised gains for the year were unrealised gains recognised in previous years.
3 Revenue Year ended 28.02.25 £000
Year ended 28.02.24 £000 Bank and deposit interest 32 41 Franked component of dividend distributions 234 380 Interest distributions 284 390 Interest on debt securities 1,049 1,035 Income from derivatives (157) (186) Investment manager rebates* 25 34 Overseas dividends 292 262 Revenue from offshore funds 1,831 1,490 Total revenue 3,590 3,446 * Represents rebates accrued in respect of expenses incurred in underlying CIS investments.
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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
4 Expenses Year ended 28.02.25 £000
Year ended 28.02.24 £000 Payable to the Authorised Corporate Director (“ACD”), associates of the ACD or agents of either of them: Fund Management Fee* 256 263 Payable to the Depositary, associates of the Depositary or agents of either of them: Interest payable 5 6 Total expenses 261 269 * The audit fee was £13,500 (2024: £13,000) net of VAT. The audit fee forms part of the FMF.
5 Taxation a Analysis of tax charge Year ended 28.02.25 £000
Year ended 28.02.24 £000 Adjustments in respect of prior period (1) (11) Corporation Tax 484 468 Overseas tax suffered 5 18 Total current tax (see note 5b) 488 475
b Factors affecting current tax charge The tax assessed for the year is lower (2024: lower) than the standard rate of corporation tax in the UK for an Authorised Investment Fund (20%) (2024: 20%). The differences are explained below:
Year ended 28.02.25 £000
Year ended 28.02.24 £000 Net revenue before taxation 3,329 3,177 Corporation tax at 20% 666 635 Effects of: Adjustments in respect of prior period (1) (11) Capital taxable revenue not included in net revenue 1 1 Overseas dividends not subject to corporation tax (136) (92) Overseas tax suffered 5 18 UK dividends not subject to corporation tax (48) (76) Tax on Capital item 1 Current tax charge (see note 5a) 488 475 Authorised Investment Funds are exempt from tax on capital gains. Therefore, any capital return is not included in the above reconciliation.
c Deferred tax There was no provision for deferred tax at the year end (2024: £nil).
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6 Distributions Year ended 28.02.25 £000
Year ended 28.02.24 £000 The distributions take account of revenue received on the issue of shares and revenue deducted on the cancellation of shares, and comprise: Interim distribution 764 627 Final distribution 2,008 2,015 2,772 2,642 Add: Revenue deducted on cancellation of shares 110 102 Deduct: Revenue received on issue of shares (37) (38) Total distributions 2,845 2,706 Reconciliation of distributions for the year to net revenue after taxation Distributions for the year 2,845 2,706 ACD‘s periodic charge borne by the capital account (2) (3) Other fees borne by capital account (1) (1) Tax relief on other capital items (1) Net revenue after taxation 2,841 2,702 Details of the distributions per share are set out in the distribution tables on page 54.
7 Fair value hierarchy
Valuation technique
As at 28.02.25 As at 28.02.24 Assets £000
Liabilities £000 Assets £000
Liabilities £000 Level 1: Quoted prices 24,540 (155) 23,068 (93) Level 2: Observable market data 93,877 (14) 99,868 (76) Total 118,417 (169) 122,936 (169) The purpose of the fair value hierarchy is to prioritise the inputs that should be used to measure the fair value of assets and liabilities. The highest priority is given to quoted prices at which a transaction can be entered into and the lowest priority to unobservable inputs. Disclosure is required of the value in each category in order to give an insight into the extent to which fair value measurements are subjective. The disclosure is split into the following categories: Level 1: The unadjusted quoted price in an active market for identical assets or liabilities that the entity can access at the measurement date. Level 2: Inputs other than quoted prices included within Level 1 that are observable (ie developed using market data) for the asset or liability, either directly or indirectly. Level 3: Inputs are unobservable (ie for which market data is unavailable) for the asset or liability. As at the balance sheet date, the Fund held no level 3 investments. The above Level 2 balance includes cash equivalents.
8 Debtors As at 28.02.25 £000
As at 28.02.24 £000 Accrued revenue 74 150 Accrued expense fee rebate 242 228 Amounts receivable on issue of shares 52 102 Corporation tax recoverable 54 Prepaid expenses 6 2 Sales awaiting settlement 100 400 Total debtors 528 882
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
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9 Cash and bank balances As at 28.02.25 £000
As at 28.02.24 £000 Amounts held at futures clearing houses and brokers 587 335 Cash and bank balances (20) (347) Total cash and bank balances 567 (12)
10 Cash equivalents As at 28.02.25 £000
As at 28.02.24 £000 Aviva Investors Sterling Liquidity Fund 22,202 20,502 Total cash equivalents 22,202 20,502
11 Other creditors As at 28.02.25 £000
As at 28.02.24 £000 Accrued expenses 42 21 Amounts payable for cancellation of shares 392 265 Corporation tax payable 196 214 Total other creditors 630 500
12 Contingent liabilities and commitments There were no contingent liabilities or commitments at the year end (2024: £nil).
13 Related party transactions Aviva Investors UK Fund Services Limited, Aviva Investors Global Services Limited and the Aviva Group are deemed to be related parties per section 33.10 of FRS 102 as they are entities with control, joint control or significant influence over the entity. Fund Management Fee paid to Aviva Investors UK Fund Services Limited (“the ACD”) are shown in note 4 and details of shares issued and cancelled by the ACD are shown in the statement of change in net assets attributable to shareholders. The balance due to the ACD at the year end in respect of Fund Management Fee was £40,767 (2024: £19,959). Any balance due from the ACD in respect of issues is shown in note 8. Any balance due to the ACD in respect of cancellations is shown in note 11. Distributions payable to the ACD and related parties of the ACD during the year amounted to £2,608,730 (2024: £2,617,906). The amount outstanding at the year end was £1,877,710 (2024: £1,996,054). Related parties of the ACD are deemed to be all companies under the control of Aviva Plc. This will include companies which hold shares in the Fund on behalf of other external investors. Any investments managed and advised by Aviva Investors Global Services Limited or associated with the Aviva Group are identified on the portfolio statement. The total purchases and sales on these investments during the year amounted to £33,463,208 (2024: £21,700,000) and £34,698,309 (2024: £24,979,272) respectively. The income received during the year amounted to £1,616,270 (2024: £1,615,486). Holdings at the year end and movements during the year are as follows:
Holdings at 28.02.25 (shares) Movement (shares)
Holdings at 28.02.24 (shares) ACD and related parties (Class 1 Income shares) – (142,369) 142,369 ACD and related parties (Class 2 Income shares) 2,145,467 (1,057,395) 3,202,862 ACD and related parties (Class 8 Income shares) 48,769,329 (5,212,047) 53,981,376 ACD and related parties (Class 2 Accumulation shares) 6,177,708 (5,153,008) 11,330,716 The ACD and related parties of the ACD are ineligible to vote at any general meeting. The revenue earned from the Aviva Tax Transparent Funds holdings of AI Japan Equity Fund was £51,111 for the year (2024: £46,913) included under Revenue Note 3. Amounts receivable at the balance sheet date of £256 (2024: £nil) are included under in Debtors in the Notes to the Financial Statements.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
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14 Shareholder funds The Fund currently has three share classes: Class 1 (Retail), Class 2 (Institutional) and Class 8 (Associated undertakings of Aviva plc). The Fund Management Fees are as follows: Class 1: 1.04% Class 2: 0.89% Class 8: 0.04% The net asset value per share class, the net asset value per share and the number of shares in the class are shown on pages 41 and 42. The distributions per share class are given in the distribution tables on page 54. All the share classes have the same rights on winding up.
15 Shares in issue reconciliation Number of shares in issue at 28.02.24
Number of shares issued
Number of shares cancelled
Number of shares converted
Number of shares in issue at 28.02.25 Class 1 Income shares 3,001,700 340,715 (235,912) – 3,106,503 Class 2 Income shares 3,946,966 337,218 (1,020,147) – 3,264,037 Class 8 Income shares 53,981,376 3,031,910 (8,243,957) – 48,769,329 Class 2 Accumulation shares 9,917,256 343,004 (1,554,083) – 8,706,177
16 Derivatives and other financial instruments The policies applied in the management of financial instruments are set out on page 8.
Fair value of financial assets and financial liabilities There is no significant difference between the carrying values of the financial assets and liabilities and their fair values (2024: £nil).
Currency risk At the year end date, 6.68% (2024: 9.39%) of the net assets of the Fund were denominated in currencies other than sterling with the effect that the balance sheet and total return can be significantly affected by currency movements. If currency rates were to change by 10.00%, the value of the Fund would change by 0.67% (2024: 0.94%).
Currency
Net foreign currency assets/(liabilities) Monetary exposure £000
Non-monetary exposure £000
Total £000 28.02.25 28.02.24 28.02.25 28.02.24 28.02.25 28.02.24 Euro (4) (19) 11 19 7 Japanese yen (7) (225) – 1,955 (7) 1,730 US dollar 32 (87) 7,783 9,755 7,815 9,668
Interest rate risk At the year end date 19.47% (2024: 16.89%) of the net assets of the Fund were interest bearing. The interest rate profile of the Fund’s financial assets and liabilities at 28 February 2025 was:
Currency 28.02.25
Floating Rate £000
Fixed Rate £000
Non-interest bearing £000
Total £000 Financial Assets Euro (4) – 17 13 Japanese yen (7) – – (7) Sterling 22,747 – 88,294 111,041 US dollar 32 – 7,932 7,964 Financial Liabilities Euro – – (6) (6) Sterling – – (1,936) (1,936) US dollar – – (149) (149) Total 22,768 – 94,152 116,920
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
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16 Derivatives and other financial instruments (continued) Interest rate risk (continued) The interest rate profile of the Fund’s financial assets and liabilities at 28 February 2024 was:
Currency 28.02.24
Floating Rate £000
Fixed Rate £000
Non-interest bearing £000
Total £000 Financial Assets Euro (18) – 40 22 Japanese yen (225) – 1,958 1,733 Sterling 20,819 – 93,231 114,050 US dollar (87) – 11,535 11,448 Financial Liabilities Euro – – (22) (22) Japanese yen – – (3) (3) Sterling – – (4,109) (4,109) US dollar – – (1,780) (1,780) Total 20,489 – 100,850 121,339 The floating rate on bank balances is linked to the base rate of the Depositary’s delegated Custodian. The Fund invests in some collective investment schemes (CIS) which predominantly invest in debt securities. The revenue of the Fund and the value of debt securities may be significantly affected by interest rate movements in the future. At the year end date 30.83% (2024: 31.81%) of the assets of the Fund were invested in CIS which predominantly invest in debt securities.
Interest rate exposures The Aviva Investors Investment Risk Team performs regular stress testing across all portfolios to determine market sensitivities and risk exposures using BlackRock’s Aladdin risk model and stress testing methodology. Under this methodology, if 5Y GBP interest rates had increased by 1% as at the balance sheet date, the net asset value of the Fund would have decreased by £3,312,997 (2024: £2,590,457). If interest rates had decreased by 1% as at the balance sheet date, the net asset value of the Fund would have increased by £3,312,997 (2024: £2,590,457). These calculations assume the interest rate shock is propagated to all risk factors the Fund is exposed to, based on historical market correlations and volatilities between factors.
Leverage The ACD is required to calculate and monitor the level of leverage of the Fund, expressed as a ratio between the exposure of the Fund and its Net Asset Value, under both the gross and commitment methods in accordance with UK AIFM Regime. As of 28 February 2025, leverage under the gross method was 102.12% and leverage under the commitment method was 120.94% (2024: leverage under the gross method was 106.06% and leverage under the commitment method was 121.88%). The limits of leverage per the provisions of Prospectus is 200% under the gross method and 150% under the commitment method.
Market price risk At the year end date, 82.15% (2024: 84.06%) of the net assets of the Fund were invested in ordinary shares or stock units or debt securities admitted to an official stock exchange. If the market value were to change by 10%, the value of the Fund would change by 8.22% (2024: 8.41%).
Liquidity risk The main liability of the Fund is the redemption of any shares that investors want to sell. Investments may have to be sold to fund such redemptions should insufficient cash be held at the bank to meet this obligation. The ACD monitors the liquidity profile of the Fund daily. In assessing the liquidity profile of the Fund, the ACD assesses how much of the Fund can be realised in one and five days, under normal and stressed market conditions, and the impact this would have on the overall subsequent liquidity profile. In assessing the liquidity of a company’s shares, the ACD utilises the lower of the 0 and 25 day average market volume of that company’s shares. Based on this analysis 97.15% of the portfolio can be liquidated within 5 days and 100% within 21 days (28.02.24: 96.98% within 5 days and 100% within 21 days). Given this and the ACD’s understanding of the investor base, it is considered that the liquidity profile of the Fund is appropriate.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
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17 Counterparty exposure Financial derivative exposure The types of derivatives held at the year end date were forward currency contracts and futures contracts. Details of individual contracts are disclosed in the Portfolio Statement and the total position by counterparty at the year end date was as follows:
28.02.25
Forward currency contracts £000
Futures contracts £000
Total £000 Barclays (3) 220 217 BNP Paribas (2) – (2) Citigroup (3) – (3) HSBC (3) – (3) Standard Chartered (3) – (3) Total (14) 220 206
28.02.24
Forward currency contracts £000
Futures contracts £000
Total £000 Barclays (38) 430 392 BNP Paribas (20) – (20) Merrill Lynch (18) – (18) Total (76) 430 354 The counterparty exposure on forward currency contracts is reported at their mark to market values but for futures contracts it is only the positive mark to market values that are reported.
Collateral At the year end date no collateral was held or pledged by the company or on behalf of the counterparties in respect of the above (2024: £nil).
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
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avivainvestors.com | Aviva Investors Portfolio Funds ICVC Annual Report and Financial Statements for the year ended 28 February 2025
Aviva Investors Multi-Manager 20-60% Shares Fund
53
18 Direct transaction costs In the case of shares, broker commissions and transfer taxes, stamp duty is paid by the Fund on each transaction. In addition, there is a dealing spread between buying and selling prices of the underlying investments. Unlike shares, other types of investments (such as bonds, money market instruments, derivatives) have no separately identifiable transaction costs; these costs form part of the dealing spread.
28.02.25
Principal before costs £000 Commissions £000 Taxes £000
Total after costs £000
Commissions as % of principal
Taxes as % of principal Purchases Funds (18,431) (3) (8) (18,442) 0.02% 0.04% (18,431) (3) (8) (18,442) Sales Funds 32,657 (3) – 32,654 0.01% 0.00% 32,657 (3) – 32,654
Total (6) (8)
Percentage of fund average net assets 0.00% 0.01%
28.02.24
Principal before costs £000
Commissions £000
Taxes £000
Total after costs £000
Commissions as % of principal
Taxes as % of principal Purchases Funds (3,176) – – (3,176) 0.00% 0.00% (3,176) – – (3,176) Sales Funds 11,372 (1) – 11,371 0.01% 0.00% 11,372 (1) – 11,371
Total (1) –
Percentage of fund average net assets 0.00% 0.00%
Dealing spread As at 28 February 2025, the average portfolio dealing spread was 0.03% (2024: 0.01%). This spread represents the difference between the values determined retrospectively by reference to the bid and offer prices of investments expressed as a percentage of the value determined by reference to the offer price.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
Page 56
Aviva Investors Portfolio Funds ICVC Annual Report and Financial Statements for the year ended 28 February 2025 | avivainvestors.com
Aviva Investors Multi-Manager 20-60% Shares Fund
54
DISTRIBUTION TABLES
Final distribution payable in pence per share for the six months ended 28 February 2025
Income shares Net revenue Equalisation
Final distribution payable 30 April 2025
Final distribution paid 30 April 2024 Class 1 Group 1 1.3328 – 1.3328 1.2012 Group 2 0.4219 0.9109 1.3328 1.2012 Class 2 Group 1 2.3545 – 2.3545 2.1282 Group 2 1.1270 1.2275 2.3545 2.1282 Class 8 Group 1 3.4346 – 3.4346 3.1092 Group 2 1.8739 1.5607 3.4346 3.1092
Accumulation shares Net revenue Equalisation
Final distribution payable 30 April 2025
Final distribution paid 30 April 2024 Class 2 Group 1 2.4631 – 2.4631 2.1869 Group 2 0.9759 1.4872 2.4631 2.1869 Final distribution Group 1 shares are those shares purchased at or before 9am on 31 August 2024. Group 2 shares are those shares purchased after 9am on 31 August 2024.
Interim distribution paid in pence per share for the six months ended 31 August 2024
Income shares
Net revenue Equalisation
Interim distribution paid 31 October 2024
Interim distribution paid 31 October 2023 Class 1 Group 1 0.2926 – 0.2926 0.1481 Group 2 0.0935 0.1991 0.2926 0.1481 Class 2 Group 1 0.5911 – 0.5911 0.3472 Group 2 0.5409 0.0502 0.5911 0.3472 Class 8 Group 1 1.3260 – 1.3260 1.0078 Group 2 0.8620 0.4640 1.3260 1.0078
Accumulation shares Net revenue Equalisation
Interim distribution paid 31 October 2024
Interim distribution paid 31 October 2023 Class 2 Group 1 0.6161 – 0.6161 0.3554 Group 2 0.4148 0.2013 0.6161 0.3554 Interim distribution Group 1 shares are those shares purchased at or before 9am on 28 February 2024. Group 2 shares are those shares purchased after 9am on 28 February 2024.
Equalisation Equalisation applies only to Group 2 shares, in other words shares purchased during the period. It is the average amount of revenue included in the purchase price of all Group 2 shares and is refunded to the holders of these shares as return of capital. Being capital, it is not liable to income tax but must be deducted from the cost of shares for capital gains tax purposes.
Page 57
avivainvestors.com | Aviva Investors Portfolio Funds ICVC Annual Report and Financial Statements for the year ended 28 February 2025
Aviva Investors Multi-asset Core Fund I
55
INVESTMENT OBJECTIVE The Fund aims to grow your investment over the long term (5 years or more) through a combination of income and capital growth. The Fund targets an overall average return before charges and taxes of at least 0.30% greater than the performance benchmark per year, measured over 3-year rolling periods. The performance benchmark is a composite index, comprising 20% MSCI® All Countries World Index (Net) GBP and 80% Bloomberg® Global Aggregate Bond Index Hedged GBP (the “Performance Index”). The Fund is managed to a “defensive” risk profile and aims to remain within a defined risk range of 16% to 24% of the volatility of “Global Equities”, targeting 20%. The benchmark used to represent the volatility of “Global Equities” is MSCI® All Countries World Index (Net) GBP (the “Volatility Index”). Volatility is measured on an annualised basis, over 3-year rolling periods, using the volatility figures as at the end of each month.
INVESTMENT POLICY Core investment The Fund will invest in a variety of global asset classes, namely shares of both developed and emerging market companies, bonds issued by companies, governments, or large institutional organisations in developed and emerging markets, cash and money market instruments. It will gain this exposure by investing directly in these assets,
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