The rising popularity and expanding menu of multi-asset class funds suggests that investors are eager and willing to farm out the asset allocation decision to professionals. Morningstar Principia lists over 1,700 mutual funds and ETFs that engage in some form of multi-asset class investing under one strategic roof. These products are branded under several labels, such as global asset allocation or target date funds. There’s the old standby term balanced fund as well. But no matter what you call them, they all share a common link: managing asset allocation. Some investors think owning these funds relieves them of the chore of making strategic investment decisions, but that’s only partly true.