Managed Funds in Fact sheet

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What does it mean if a percent of my pension is invested in "Managed Funds".
Example is "Aviva Pension MyM Mercer Growth / Balanced Risk" - 11.2% of this is invested in "Managed Funds" per the factsheet - does that mean equities or bonds or a mix? I am trying to understand what percent equities my investments are actually in.
Also I'm a bit confused how the Aviva fact sheet describes the fund as "moderate to high risk" whereas the Morningstar describes it as "Lower risk".
I am thinking of maybe moving a portion of the fund into Global and US Index trackers - the selection of funds available to me on the Aviva Membersite is not that large at about 130, but there is a 30/70 UK/US Index tracker and a Blackrock US benchmark tracker available.
Thinking is to increase equity exposure to 80% overall.
I might actually need to move the entire fund out as they are going to move it into the relevant target year retirement fund in a couple of years which I don't think I want them to do.
Example is "Aviva Pension MyM Mercer Growth / Balanced Risk" - 11.2% of this is invested in "Managed Funds" per the factsheet - does that mean equities or bonds or a mix? I am trying to understand what percent equities my investments are actually in.
Also I'm a bit confused how the Aviva fact sheet describes the fund as "moderate to high risk" whereas the Morningstar describes it as "Lower risk".
I am thinking of maybe moving a portion of the fund into Global and US Index trackers - the selection of funds available to me on the Aviva Membersite is not that large at about 130, but there is a 30/70 UK/US Index tracker and a Blackrock US benchmark tracker available.
Thinking is to increase equity exposure to 80% overall.
I might actually need to move the entire fund out as they are going to move it into the relevant target year retirement fund in a couple of years which I don't think I want them to do.
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VUSA - Vanguard S&P 500 Tracks the performance of the US S&P500 by buying shares in equal proportions to the well known S&P 500 index. That's a passive fund.
VLS100 - Lifestrategy 100 Invests 100% in equities. Vanguard chooses the stocks. They buy from all around the world, but lean a little towards UK stocks. You are relying on their choices - that's a managed fund.
VLS60 Is 60% stocks and 40% bonds (the stocks are exactly the same as VLS100). Also a managed fund.
So a managed fund can contain stocks and/or bonds (or property, or cash). Typically the charges (a small percentage deducted regularly from the fund) are higher for the managed funds.