"Asset allocation fund," also known as a mix fund or mixed fund, is a type of mutual fund that invests in different types of assets, such as stocks, bonds and other securities. The purpose of this fund is to spread risk and provide a balanced mix of investments that fit the investor's investment objectives and risk profile.

Mixed funds are designed to take advantage of the benefits of diversification, spreading capital across different asset classes to reduce the impact of negative performance in one sector or market. This makes them attractive to investors who want a balanced portfolio without the need to actively manage themselves.