Its latest asset allocator sector trends paper found that those funds in the global neutral euro peer group returned 8.9% compared to those in the flexible peer group which returned 6.7%.
While the difference was much less marked in the US dollar groups, which returned 8.7% and 8.4% respectively, over three to five years returns in the flexible US dollar group fell into negative territory, at -0.7% compared to the global neutral 1.7% rate.
The three to five year rates in Europe for the respective groups were 3.7% and 0.5%.
Invesco Perpetual Fixed Interest Investment Series Monthly Income Plus was the best performing multi-asset fund, with annual returns of 20.5%. This fund consists of a fixed income portfolio and an equity portfolio, and it sits in the neutral peer group.
In terms of risk profile, medium-risk multi-asset funds outperformed defensive and aggressive funds over one, three and five years. This is particularly marked in the sterling group, where asset allocation balanced was the best performing peer group. This was followed by asset allocation neutral, which was the best performing peer group over three and five years.