Bestinvest says
This fund may appeal to large pension funds or schemes where the aim is to minimise costs as well as risk relative (in terms of deviations away from the benchmark) to global assets. Whilst low cost tracker funds have a place within a balanced portfolio for core exposure to equities and bonds we prefer a more active approach. Such as our recommended multi-asset funds or a diversified selection of our rated regional funds.
To achieve its goal of providing total returns the managers invest primarily through investment in units of collective investment schemes managed by the Manager, adopting the "The consensus strategy". This strategy seeks to replicate the same asset allocation as the average UK pension fund and implements this through index funds. The underlying funds are themselves invested in equities and to a lesser extent in government securities and other fixed interest investments, alternative assets and cash. Derivatives and forward transactions may be used for hedging purposes.