human
although many clients use both active and passive strategies, the application of these strategies differs greatly. for example, clients may use index products to gain exposure to a market or asset class pending reallocation to an active manager. this has the effect of increasing turnover of index aum. in addition, institutional non-etp 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 2012 equity aum of $1.845 trillion increased by $285.4 billion, or 18% (18%), from the end of 2011, largely due to flows into regional, country-specific and global mandates and the effect of higher market valuations. equity aum growth included $54.0 billion in net new business and $3.6 billion in new assets related to the acquisition of claymore. net new business of $54.0 billion was driven by net inflows of $53.0 billion and $19.1 billion into ishares and non-etp index accounts, respectively. passive inflows were offset by active net outflows of $18.1 billion, with net outflows of $10.0 billion and $8.1 billion from fundamental and scientific active equity products, respectively. passive strategies represented 84% (84%) of equity aum with the remaining 16% (16%) in active mandates. institutional investors represented 62% (62%) of equity aum, while ishares, and retail and hnw represented 29% (29%) and 9% (9%), respectively. at year-end 2012, 63% (63%) of equity aum was managed for clients in the americas (defined as the united states, caribbean, canada, latin america and iberia) compared with 28% (28%) and 9% (9%) managed for clients in emea and asia-pacific, respectively. blackrock 2019s effective fee rates fluctuate due to changes in aum mix. 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 tandem with u.s. markets, may have a greater impact on blackrock 2019s effective equity fee rates and revenues. fixed income fixed income aum ended 2012 at $1.259 trillion, rising $11.6 billion, or 1% (1%), relative to december 31, 2011. growth in aum reflected $43.3 billion in net new business, excluding the two large previously mentioned low-fee outflows, $75.4 billion in market and foreign exchange gains and $3.0 billion in new assets related to claymore. net new business was led by flows into domestic specialty and global bond mandates, with net inflows of $28.8 billion, $13.6 billion and $3.1 billion into ishares, non-etp index and model-based products, respectively, partially offset by net outflows of $2.2 billion from fundamental strategies. fixed income aum was split between passive and active strategies with 48% (48%) and 52% (52%), respectively. institutional investors represented 74% (74%) of fixed income aum while ishares and retail and hnw represented 15% (15%) and 11% (11%), respectively. at year-end 2012, 59% (59%) of fixed income aum was managed for clients in the americas compared with 33% (33%) and 8% (8%) managed for clients in emea and asia- pacific, respectively. multi-asset class component changes in multi-asset class aum (dollar amounts in millions) 12/31/2011 net new business acquired market /fx app (dep) 12/31/2012.
| <i>(Dollar amounts in millions)</i> | 12/31/2011 | Net New Business | Net  Acquired | Market /FX App (Dep) | 12/31/2012 |
| --------- | --------- | --------- | --------- | --------- | --------- |
| Asset allocation | $126,067 | $1,575 | $78 | $12,440 | $140,160 |
| Target date/risk | 49,063 | 14,526 | — | 6,295 | 69,884 |
| Fiduciary | 50,040 | (284) | — | 7,948 | 57,704 |
| Multi-asset | $225,170 | $15,817 | $78 | $26,683 | $267,748 |
multi-asset class aum totaled $267.7 billion at year-end 2012, up 19% (19%), or $42.6 billion, reflecting $15.8 billion in net new business and $26.7 billion in portfolio valuation gains. blackrock 2019s multi-asset class team manages a variety of 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. at december 31, 2012, institutional investors represented 66% (66%) of multi-asset class aum, while retail and hnw accounted for the remaining aum. additionally, 58% (58%) of multi-asset class aum is managed for clients based in the americas with 37% (37%) and 5% (5%) managed for clients in emea and asia-pacific, respectively. flows reflected ongoing institutional demand for our advice in an increasingly.
Please answer the following questions with expressions if necessary.
what was the multi-asset value in 2012?
assistant
267748
human
what was the value in 2011?
assistant
225170
human
what is the net change in value?
assistant
subtract(267748, 225170)
human
what was the 2011 value?
assistant
225170
human
what is the percent change?
assistant
subtract(267748, 225170), divide(#0, 225170)