Legal and General
M&G Strategic Corporate Bond \nFund
Richard Woolnough
Fund manager: Richard Woolnough
Products available: ISA & OEIC
The Fund aims to maximise total return (the combination of income and growth of capital).
The Fund invests mainly in investment grade bonds. The Fund may invest in derivatives in pursuit of the fund objective and for the purposes of efficient portfolio management. The Fund may also invest in other assets including collective investment schemes, other transferable securities and other debt instruments (including corporate, high yield and government debt, convertible and preference stocks), cash, and near cash, deposits, warrants and money market instruments.
The M&G Strategic Corporate Bond Fund is invested primarily in sterling denominated investment grade debt but the fund manager enjoys considerable freedom to invest in other debt instruments. Up to 20% of the portfolio may be invested in higher yielding corporate bonds, government debt, convertibles and preference stocks, as well as money market instruments and foreign bonds. The fund manager employs a ‘top-down’ investment approach where his economic outlook will determine the portfolio’s duration and concentration in asset classes and sectors. To complement his top-down views, the fund manager uses M&G’s in-house team of credit analysts who provide bottom-up analysis of the corporate bond markets. Default risk is constantly monitored. The fund manager subscribes to the notion that when investing in credit, superior performance is gained by avoiding the ‘losers’ rather than picking the ‘winners’.
Richard Woolnough joined M&G in January 2004. He is a fund manager on the M&G retail fixed interest team. Richard began his career at Lloyds Merchant Bank in 1985, moving to Italian Bank Assicurazioni Generali two years later, followed by SG Warburg. In 1995, he was recruited by Old Mutual to manage a £550 million investment grade corporate bond portfolio. In 2000, he assumed responsibility for a new fund - the Old Mutual Corporate Bond Fund. Richard graduated from the London School of Economics with a BSc in economics.
In addition to the fund data that can be found by accessing the menu to the left of this page, you can also access our Key Investor Information Document. We are required to produce the Key Investor Information Documents by law, to help your clients understand the nature and the risks of investing in a fund.
