Multiple Asset Fund (MAF)

Fund Overview: Objective, Strategy and Holdings

  • The Multiple Asset Fund seeks to maximize long-term investment returns, including current income and capital appreciation, while reducing short-term risk by investing in a broad mix of investments.
  • Holds a pre-specified allocation of units of the following Wespath funds: Fixed Income Fund (FIF), Inflation Protection Fund (IPF), International Equity Fund (IEF) and U.S. Equity Fund (USEF).
  • The Fund generally does not invest in companies that derive more than 10% of their revenue from gambling or from the manufacture, sale or distribution of alcoholic beverages, tobacco-related products, adult entertainment, weapons, or the management or operation of prison facilities.


Performance, Net of Fees


Performance Review


Universe Comparison




Expense Ratio


Risks and Disclosures



Performance, Net of Fees - June 30, 2019

  3 mo YTD 1 yr 3 yr 5 yr 10 yr
Multiple Asset Fund 3.54% 14.07% 6.04% 9.80% 5.66% 9.38%
Fund Benchmark 3.52% 13.16% 6.29% 8.96% 5.86% 9.52%

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


Return to Top


Performance Review

For market and fund commentary, please review the Monthly Investment Report.


Return to Top


Universe Comparison—Net of Fees

Multiple Asset Fund vs. Peer Group Universe (as of June 30, 2019)

MAF Universe Comparison chart


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


Return to Top


Allocations as of June 30, 2019

Fund Allocations Target Range Actual
U.S. Equity Fund (USEF) 32%-38% 35.6%
International Equity Fund (IEF) 27%-33% 30.0%
Fixed Income Fund (FIF) 22%-28% 24.5%
Inflation Protection Fund (IPF) 7%-13% 9.6%
Cash 0%-2% 0.3%


Return to Top


Expense Ratio

MAF pays for fees and expenses indirectly through the underlying funds held by MAF. All expenses of the Fund are deducted from the Fund’s net asset value. The expenses include investment management fees, operating expenses, bank custodial fees and miscellaneous fund administration expenses. These expenses are reflected in the unit price calculated for the Fund. The unit price is multiplied by the number of units held in each client’s account to determine the total value of the client’s holdings in the Fund. For 2018, MAF’s expenses were equal to 0.58% of the Fund’s total assets.


Return to Top


Risk and Disclosures

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

Historical returns are not indicative of future performance. For further discussion of the Fund’s investments strategies and risks, please refer to the Wespath Investment Funds Description and related documents. This is not an offer to purchase securities.


Lending of Portfolio Securities

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


Return to Top


MAF Benchmark

The Multiple Asset Fund performance benchmark is the 35% Russell 3000 Index, 30% MSCI All Country World Index (ACWI) ex-USA Investable Market Index (IMI), 25% Bloomberg Barclays U.S. Universal Index ex-Mortgage Backed Securities (MBS) and 10% Inflation Protection Fund (IPF) Benchmark, effective January 1, 2017. The IPF Benchmark consists of 80% Bloomberg Barclays World Government Inflation Linked Bond Index (Hedged), 10% Bloomberg Barclays Emerging Market Tradeable Inflation Linked Bond Index (Unhedged) and 10% Bloomberg Commodity Index. From January 1, 2016 to December 31, 2016, the benchmark for MAF was 40% Russell 3000 Index, 25% MSCI ACWI ex-USA IMI, 25% Bloomberg Barclays U.S. Universal Index ex-MBS, and 10% IPF Benchmark. From January 1, 2014 to December 31, 2015, the benchmark for MAF was 40% Russell 3000 Index, 25% MSCI ACWI ex-USA IMI, 25% Bloomberg U.S. Universal Index ex-MBS, and 10% Bloomberg Barclays U.S. Government Inflation Linked Bond Index. From January 1, 2006 to December 31, 2013, the benchmark was 45% Russell 3000 Index, 20% MSCI ACWI ex-USA IMI, 25% Bloomberg Barclays U.S. Universal Index MBS and 10% Bloomberg Barclays U.S. Government Inflation Linked Bond Index. Prior to January 1, 2006, the benchmark was 47% Russell 3000 Index, 15% MSCI EAFE Index, 3% MSCI Emerging Markets Index and 35% Lehman Brothers U.S. Universal Index.

Fund Facts

Inception May 1, 2002
Exp. Ratio 0.58% for 2018
Benchmark MAF Benchmark
Fund Assets $5,925 Million as of August 31, 2019
Holdings (PDF) June 30, 2019
Unit Price History (XLS) Wespath Funds Price History
For More Information Summary Fund Descriptions – P Series and Investment Funds Description – P Series and the related Statement of Additional Information.

Fund Managers

The following individuals are responsible for the selection and monitoring of external asset managers:


David H. Zellner

Chief Investment Officer
With Wespath since 1997
Co-authored the United Nations Principles for Responsible Investment (UNPRI)
B.S. in finance from Louisiana State University
MBA from the University of Houston
Susan Chung

Susan Chung, CFA

Managing Director,
Investment Management
With Wespath since 2018
B.A. from the University of Chicago
MBA from the Booth Graduate School of Business at the University of Chicago
CFA Charterholder


The Multiple Asset Fund (MAF), through its investment in the four other Wespath funds, participates in the management styles of more than 35 different investment management firms. These managers provide the fund with broad diversification of holdings in a variety of U.S. and non-U.S. securities. These include stocks, traditional bonds, inflation-linked bonds, real estate investment trusts, securities, commodities, and interests in private equity and private real estate partnerships. In addition, through FIF, MAF holds participation interests in loans originated through Wespath’s Positive Social Purpose Lending Program.

Wespath Funds

MAF is a "fund of funds," managed by more than 35 different investment managers. For a detailed list of managers, please see the individual funds pages for:

close (X)