How do fund raters analyse multi-asset strategies?

Funds investing in multiple asset classes are not new, but in recent years the scope of potential investments has broadened, in part driven by product evolution and also the desire to diversify as some asset classes become increasingly correlated. The low yield environment has also contributed, as assets providing high levels of income to serve the income-hungry baby boomers are in high demand. But the sector is also crowded with funds, with investors able to choose funds from three separate IA Mixed Investment sectors. So what is the best way to analyse multi-asset funds? Often, i...