long-term product offerings include active and index strategies .our active strategies seek to earn attractive returns in excess of a market benchmark or performance hurdle while maintaining an appropriate risk profile .we offer two types of active strategies : those that rely primarily on fundamental research and those that utilize primarily quantitative models to drive portfolio construction .in contrast , index strategies seek to closely track the returns of a corresponding index , generally by investing in substantially the same underlying securities within the index or in a subset of those securities selected to approximate a similar risk and return profile of the index .index strategies include both our non-etf index products and ishares etfs .althoughmany clients use both active and index strategies , the application of these strategies may differ .for example , clients may use index products to gain exposure to a market or asset class .in addition , institutional non-etf index assignments tend to be very large ( multi-billion dollars ) and typically reflect low fee rates .this has the potential to exaggerate the significance of net flows in institutional index products on blackrock 2019s revenues and earnings .equity year-end 2014 equity aum of $ 2.451 trillion increased by $ 133.4 billion , or 6% ( 6 % ) , from the end of 2013 due to net new business of $ 52.4 billion and net market appreciation and foreign exchange movements of $ 81.0 billion .net inflows were driven by $ 59.6 billion and $ 17.7 billion into ishares and non-etf index accounts , respectively .index inflows were offset by active net outflows of $ 24.9 billion , with outflows of $ 18.0 billion and $ 6.9 billion from fundamental and scientific active equity products , respectively .blackrock 2019s effective fee rates fluctuate due to changes in aummix .approximately half of blackrock 2019s equity aum is tied to international markets , including emerging markets , which tend to have higher fee rates than similar u.s .equity strategies .accordingly , fluctuations in international equity markets , which do not consistently move in tandemwith u.s .markets , may have a greater impact on blackrock 2019s effective equity fee rates and revenues .fixed income fixed income aum ended 2014 at $ 1.394 trillion , increasing $ 151.5 billion , or 12% ( 12 % ) , from december 31 , 2013 .the increase in aum reflected $ 96.4 billion in net new business and $ 55.1 billion in net market appreciation and foreign exchange movements .in 2014 , net new business was diversified across fixed income offerings , with strong flows into our unconstrained , total return and high yield products .flagship funds in these product areas include our unconstrained strategic income opportunities and fixed income global opportunities funds , with net inflows of $ 13.3 billion and $ 4.2 billion , respectively ; our total return fund with net inflows of $ 2.1 billion ; and our high yield bond fund with net inflows of $ 2.1 billion .fixed income net inflows were positive across investment styles , with ishares , non- etf index , and active net inflows of $ 40.0 billion , $ 28.7 billion and $ 27.7 billion , respectively .multi-asset class blackrock 2019s multi-asset class teammanages a variety of balanced funds and bespoke mandates for a diversified client base that leverages our broad investment expertise in global equities , currencies , bonds and commodities , and our extensive risk management capabilities .investment solutions might include a combination of long-only portfolios and alternative investments as well as tactical asset allocation overlays .component changes in multi-asset class aum for 2014 are presented below .( in millions ) december 31 , 2013 net inflows ( outflows ) market change fx impact december 31 , 2014 .
[['( in millions )', 'december 31 2013', 'net inflows ( outflows )', 'market change', 'fx impact', 'december 31 2014'], ['asset allocation and balanced', '$ 169604', '$ 18387', '$ -827 ( 827 )', '$ -4132 ( 4132 )', '$ 183032'], ['target date/risk', '111408', '10992', '7083', '-872 ( 872 )', '128611'], ['fiduciary', '60202', '-474 ( 474 )', '14788', '-8322 ( 8322 )', '66194'], ['multi-asset', '$ 341214', '$ 28905', '$ 21044', '$ -13326 ( 13326 )', '$ 377837']]
flows reflected ongoing institutional demand for our solutions-based advice with $ 15.1 billion , or 52% ( 52 % ) , of net inflows coming from institutional clients .defined contribution plans of institutional clients remained a significant driver of flows , and contributed $ 12.8 billion to institutional multi- asset class net new business in 2014 , primarily into target date and target risk product offerings .retail net inflows of $ 13.4 billion were driven by particular demand for our multi- asset income fund , which raised $ 6.3 billion in 2014 .the company 2019s multi-asset strategies include the following : 2022 asset allocation and balanced products represented 48% ( 48 % ) of multi-asset class aum at year-end , with growth in aum driven by net new business of $ 18.4 billion .these strategies combine equity , fixed income and alternative components for investors seeking a tailored solution relative to a specific benchmark and within a risk budget .in certain cases , these strategies seek to minimize downside risk through diversification , derivatives strategies and tactical asset allocation decisions .flagship products in this category include our global allocation andmulti-asset income suites .2022 target date and target risk products grew 10% ( 10 % ) organically in 2014 .institutional investors represented 90% ( 90 % ) of target date and target risk aum , with defined contribution plans accounting for over 80% ( 80 % ) of aum .the remaining 10% ( 10 % ) of target date and target risk aum consisted of retail client investments .flows were driven by defined contribution investments in our lifepath and lifepath retirement income ae offerings .lifepath products utilize a proprietary asset allocation model that seeks to balance risk and return over an investment horizon based on the investor 2019s expected retirement timing .2022 fiduciary management services are complex mandates in which pension plan sponsors or endowments and foundations retain blackrock to assume responsibility for some or all aspects of planmanagement .these customized services require strong partnership with the clients 2019 investment staff and trustees in order to tailor investment strategies to meet client-specific risk budgets and return objectives. .

Question: what portion of total multi-asset is related to target date/risk as of december 31 , 2014?
Answer: 48.4%