The portfolio is an actively managed, diversified multi-manager strategy. Over the long term, the portfolio aims to have a 40% allocation to defensive assets (cash and fixed interest) and a 60% allocation to growth assets. This portfolio suits investors who are willing to accept a moderate level of investment value volatility in return for commensurate potential investment performance. The Morningstar Core Managed Accounts are based on a principle of core and satellite portfolio construction. Passive strategies are used to gain cost effective exposure to the underlying asset class. The extensive use of passive strategies does mean that the portfolios are susceptible to performing in line with the market, particularly falling markets. Active strategies compliment this exposure by seeking to add additional return sources above the market return and can bring limited protection in falling markets. Underlying managers are chosen taking in to account their Morningstar’s Analyst Rating and the role the fund brings from a portfolio construction perspective.