Most funds will invest in only one asset class – e.g. a UK equity fund invests only in UK equities. Multi-asset funds invest in several different types of asset classes, which may include bonds, equities, property, commodities and more. They may invest directly in these asset classes or they may gain exposure by buying other funds (sometimes referred to as a ‘fund of funds’). The number of different assets the funds invest in can vary greatly, so it is important to read the information about each fund carefully. Funds of this ilk are usually classified by the amount they are allowed to hold in equities, which gives an indication of the risk involved. The standard segmentation is 0-35% Shares, 20-60% Shares, 40-85% Shares and those that can be completely flexible.