January's market falls were a testing month for diversified growth and multi-asset managers. Their claim is that they can deliver equity-like returns – but with lesser falls when markets turn sour. This time most delivered on their pledge.

As soon as the New Year dawned, stockmarkets set off on a roller-coaster ride, spooked by ructions in China. The MSCI World ended the month down by 2.4% in sterling terms; the FTSE All-Share fell by 3.1%.