The AIC has created (in January 2016) a new sector “Flexible Investment” which mimics the Investment Association’s sector of the same name and encompasses funds whose investment policies allow them to invest in a range of asset classes. The AIC don’t mandate who goes in which sector so there are still quite a few investment companies that could fit that description that aren’t in the sector. Quite a few of the funds in this sector have investment objectives that try to generate absolute returns (in other words minimise the amount they lose) rather than beat an index.
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