The fund, which is currently yielding 4.4%, now seeks to grow both its income and capital in real terms, while now delivering investors a defined minimum target yield of 3%.
The decision to alter the fund's objective comes after its former benchmark, the Cboe UK All Companies index, confirmed last year that it will stop calculating a yield for the index.
John Newton, business development manager at Wise Funds, said the changes "align the fund closer to that of the TB Wise Multi-Asset Growth fund, while positioning the portfolio for the more uncertain investment landscape we currently face".
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Since its launch in 2005, the fund had sat in the IA Flexible Investment sector.
Portfolio managers Philip Matthews and Vincent Ropers said they had implemented the sector change to provide a better comparison of the fund against "a more representative group of peers", given that the IA Flexible Investment sector has seen an increase in more growth-oriented, non-multi-asset funds over the past five years.
Matthews added: "While the changes to the fund's objective and sector have been driven by external factors and will not impact the way in which the portfolio is managed, we have independently been making changes to the portfolio make-up over the last two years in an effort both to reduce the volatility experienced by investors previously as well as improve the resilience of its dividend."
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Within the fund's overall equity allocation, the managers reduced its holdings in direct equities in favour of investment trusts, on the basis they continued to make dividend payouts during the pandemic. At the end of 2019, the fund held 63% via direct equities compared to 16% today.
Instead of equities the managers have sought to broaden its sources of income by selectively adding exposure to fixed income. The fund now has a 10% allocation to fixed income, mainly via corporate loans or asset-backed securities.
Exposure to renewables and infrastructure in the fund has also climbed to 6.4%.
Finally, Matthews and Ropers have increasingly allocated to property over the past few years, building up a 17% allocation to this asset class.