A piece of the action

Managed funds mean different things to different people. Their most common guise is as the steady-as-you-go with-profits equivalent, offering a blend of bonds, equity and cash for investors lacking either the cash or the inclination to do their own asset allocation. But competing with this type of fund are also fund of funds (both fettered and unfetterred), manager of managers and distribution funds. All are vying to pick up where the with-profits market has left off and grab some of the spoils. What distinguishes each approach, both from each other and from with-profits? And which approach...