The world has changed rather dramatically since multi-asset funds first became popular. Typically bonds were a good diversifier against equities, and could pick up the slack when share prices fell.

However, yields on government bonds have fallen so far in recent years that investment experts are looking elsewhere for returns and diversification that works.

Many fund managers are turning to alternatives as a more reliable diversifier, such as property, infrastructure and private equity. However, any adviser considering a fund with alternative assets should keep in mind that not all alternatives are the same, and they perform differently under different market conditions.

The concept of diversification has changed in recent years; this guide which is worth an indicative 60 minutes' CPD, aims to guide you through.