How the Balanced fund works
The Balanced fund is a ready-made fund built and managed by the experts at Invesco – one of the world's biggest fund managers.
It invests in a range of Exchange Traded Funds (ETFs), which are essentially a basket of investments.
For example, the S&P 500 ETF is a basket of the 500 biggest companies in the US.
By investing in the Balanced fund, your money is:
In short, the Balanced fund combines different ETFs to create one globally diversified investment portfolio. Your money is invested in a fund that spreads it across companies, countries and industries around the world. It’s an easy and affordable way to spread your investment risk.
As with all investments, the value can go down as well as up and you could get back less than you invest.
All allocations on this page are accurate as of June 2026. Fund holdings can change over time. We update this page periodically in line with the latest diversification data from Invesco.
The Balanced fund at a glance
Where your money goes
Shares – 53%
Investing in companies globally for growth.
Bonds – 47%
Providing stability through lending to companies and governments.
Your Balanced fund is a mutual fund that invests primarily through ETFs. ETFs track markets rather than trying to beat them — giving you broad diversification across thousands of companies worldwide.
Hundreds of companies, one simple fund
The Balanced fund doesn't just invest in one country, industry or type of investment. It spreads your money across global markets – combining shares and bonds, developed and emerging economies, and a wide range of industries.
This diversification helps reduce reliance on any single company, region or sector. While it doesn’t remove risk completely, diversification can help reduce reliance on any single company, region or sector.
As with all investments, the value can go down as well as up and you could get back less than you invest.
What shares does the Balanced fund invest in?
Because Balanced blends growth with stability, around half of your money is invested in company shares across global markets.
Investment | Weight |
US Companies Fund Invesco MSCI USA Universal Screened UCITS ETF | 25.6% |
UK Companies Fund Invesco FTSE All Share Screened & Tilted UCITS ETF | 8.68% |
Developed World Fund Invesco MSCI World Universal Screened UCITS ETF | 6.54% |
Emerging Markets Fund Invesco MSCI Emerging Markets Universal Screened UCITS ETF | 4.52% |
Europe (ex-UK) Companies Fund Invesco MSCI Europe ex UK Universal Screened UCITS ETF | 3.29% |
Japan Companies Fund Invesco MSCI Japan Universal Screened UCITS ETF | 1.76% |
Pacific (ex Japan) Company Fund | 1.38 |
These allocations are accurate as of June 2026. Fund holdings can change over time. We update this page periodically in line with the latest diversification data from Invesco.
What bonds does the Balanced fund invest in?
Around half of your Balanced fund is invested in bonds.
Bonds are essentially loans to governments or companies. They tend to move less dramatically than shares and can help cushion market swings.
| Investment | Weight |
|---|---|
| UK Corporate Bonds Invesco GBP Corporate Bond Screened & Tilted UCITS ETF | 14.2% |
| UK Government Bonds Invesco UK Gilts UCITS ETF | 5.88% |
| European Corporate Bonds Invesco EUR IG Corporate Bond ESG Climate Transition UCITS ETF | 5.29% |
| Global High Yield Bonds Invesco Global High Yield Corporate Bond ESG Climate Transition UCITS ETF | 4.75% |
| UK Government Bonds (1–5 Year) Invesco UK Gilt 1–5 Year UCITS ETF | 4.57% |
| US Corporate Bonds Invesco USD IG Corporate Bond ESG Climate Transition UCITS ETF | 4.42% |
| Euro Government Bonds Invesco Euro Government Bond UCITS ETF | 4.19% |
| US Government Bonds Invesco US Treasury Bond UCITS ETF | 3.28% |
| US Government Bonds (1–3 Year) Invesco US Treasury 1–3 Year UCITS ETF | 1.57% |
| Cash | 0.08% |
What countries does the Balanced fund invest in?
The Bold fund spreads your money across the world – so your investments aren't relying on just one country or region performing well.
| Country | Weight |
|---|---|
| United States | 45.95% |
| United Kingdom | 26.16% |
| France | 4.25% |
| Germany | 3.07% |
| Japan | 2.57% |
| Italy | 2.10% |
| Spain | 1.83% |
| Netherlands | 1.78% |
| Australia | 1.63% |
| China | 1.10% |
What industries does the Balanced fund invest in?
The Balanced fund spreads your money across a range of industries. That means, if one sector experiences a downturn, others may perform well.
For example, during Covid, industries like airlines and restaurants performed pooly, while others, like video communication and health care, performed well.
Spreading your money across different industries helps minimise your investment risk.
| Sector | What this includes | Weight |
|---|---|---|
| Financials | Banks and insurance | 23.12% |
| Unclassified | Other or uncategorised holdings | 21.84% |
| Information Technology | Software and semiconductors | 15.40% |
| Health Care | Medical and pharmaceutical companies | 6.86% |
| Industrials | Manufacturing and infrastructure | 6.61% |
| Communication Services | Telecoms and media | 5.88% |
| Consumer Discretionary | Non-essential goods and services | 5.67% |
| Consumer Staples | Essential consumer goods | 4.07% |
| Utilities | Electricity and water providers | 3.10% |
| Materials | Raw materials | 2.65% |
| Real Estate | Property companies | 2.60% |
| Energy | Energy production companies | 2.02% |
What type of companies does the Balanced fund invest in?
This is the top 9 companies that the Balanced fund invests is (calculated as a percentage of your investment).
| Company | What it does | Balanced Weight |
|---|---|---|
| Apple | Consumer technology | 1.42% |
| Nvidia | Semiconductor and AI technology | 1.40% |
| Microsoft | Software and cloud services | 1.38% |
| Broadcom | Semiconductor company | 1.31% |
| Amazon | Retail and cloud computing | 0.90% |
| Alphabet (Class C) | Google parent company | 0.74% |
| Advanced Micro Devices | Semiconductor company | 0.73% |
| Alphabet (Class A) | Google parent company | 0.58% |
| AstraZeneca | Pharmaceutical company | 0.57% |
Rooted in sustainability
The Balanced fund aims to invest at least 80% of your money in line with environmental, social and governance (ESG) criteria.
This includes avoiding certain industries, such as weapons and tobacco, and favouring companies with stronger ESG credentials or those improving over time.
Not every investment will score highly across all three areas. For example, a company operating in a higher-emissions sector may still be included if it performs strongly on social or governance measures, such as having a diverse leadership team.
You can find more information in your Sustainability Document, which can be found in the ‘Manage’ section of your investment dashboard in the Zopa app.
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