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Fund manager: Richard Woolnough

Products available: ISA & OEIC

Fund objective

The Fund invests in sterling denominated fixed and variable rate securities, including corporate bonds and debentures with the aim of achieving a higher return from investment than would be obtainable in UK government fixed interest securities (i.e. gilts) of similar maturities. The Fund may, however, hold gilts where it is deemed appropriate. The investment manager has the power to use futures traded or dealt on eligible derivatives markets (currently being The London International Financial Futures and Options Exchange) for the purpose of hedging the capital value of the Fund against the risks of adverse movements in long term interest rates.  More than 35% of the value of the property of the Fund may be invested in Government and other public securities issued or guaranteed by any of:

• the Government of the United Kingdom or of a member State other than the United Kingdom;
• the Government of Australia, Canada, Japan, New Zealand, Switzerland, USA;
• the African Development Bank, Asian Development Bank, Eurofima, European Economic Community, European Bank for Reconstruction and Development, European Coal and Steel Community, European Investment Bank, International Bank for Reconstruction and Development, International Financial Corporation. 

 

Policy for achieving objective

The Fund invests in sterling denominated ‘investment grade’ debt (BBB and above), typically with an emphasis on A and BBB rated credits, although this may not always be the case. The Fund endeavours to limit the exposure to any individual credit to 3% of the total value of the portfolio. 

 

About the fund manager

Richard joined M&G in January 2004 and is a fund manager on the fixed interest desk. 

On leaving university he joined Lloyds merchant bank as a trainee gilt salesman. Following the ‘big bang' he moved on to join Prudential-Bache securities as a gilt salesman. Richard then moved across to the fund management arena in 1987, he joined Assicurazioni Generali, Italy's largest insurance company, as a manager of equities and Sterling bonds. In 1993 he joined S.G. Warburg as a member of their sterling bond trading team where he was given responsibility for the most heavily traded sector. Richard moved out of London to join Old Mutual in 1995 where he was recruited to run a Sterling based annuity portfolio. He was instrumental in the planning, launch and for the running of the successful Old Mutual Corporate Bond fund from launch in the summer of 2000. 

Richard gained a degree in economics from the London School of Economics between 1982 and 1985.

In addition to the fund data that can be found by accessing the menu to the left of this page you may also wish to read the fund key features document which contains further fund information.