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Portfolio transaction costs

What are portfolio transaction costs?

Portfolio transaction costs are incurred when investments are bought or sold by a fund. They include broker execution commission, taxes, and costs of research from brokers and other research providers (to protect existing investors, portfolio transaction costs incurred as a result of investors buying and selling shares in the fund are recovered from those investors through a ‘dilution adjustment’ to the price they pay or receive).

In addition to the direct costs described above, there are indirect portfolio transaction costs arising from the ‘dealing spread’ – the difference between the buying and selling prices of underlying investments in the portfolio; some types of investment, such as fixed interest securities, have no direct transaction costs and only the dealing spread is paid.

Portfolio transaction costs for M&G funds

The table below shows the historical direct portfolio transaction costs for each of M&G’s funds. If the fund has been launched in the past three years, the portfolio transaction costs figure will be shown as “N/A”. The figure will be shown as “0.00” if there have been no applicable charges in the past three years. The table is updated yearly in February.

The Investment Association (IA) has produced an independent guide to charges and costs, which you can view on their website. Please note this will open in a new window.

Fund Portfolio transaction costs (three-year average as a % of net asset value) Fund reporting date
Asian Fund 0.13  31/08/2014
Corporate Bond Fund 0.00  30/06/2015
Dividend Fund 0.17  30/06/2015
Emerging Markets Bond Fund 0.00  30/06/2015
Episode Allocation Fund 0.03   31/10/2014
Episode Defensive Fund 0.03  31/01/2015
Episode Growth Fund 0.03  31/10/2014
Episode Income Fund 0.04  30/04/2015
Episode Macro Fund 0.04  31/12/2014
European Corporate Bond Fund 0.00  30/06/2015
European Fund 0.04  31/08/2014
European High Yield Bond Fund 0.00  30/06/2015
European Index Tracker Fund 0.01  31/08/2014
European Smaller Companies Fund 0.09  31/08/2014
European Strategic Value Fund 0.15  31/01/2015
Extra Income Fund
0.04  31/05/2015
Fund of Investment Trust Shares
0.03  30/06/2015
Gilt & Fixed Interest Income Fund 0.00  31/05/2015
Global Basics Fund 0.10  31/08/2014
Global Convertibles Fund 0.02  31/01/2015
Global Corporate Bond Fund  0.00   31/12/2014
Global Dividend Fund 0.13  31/03/2015
Global Emerging Markets Fund 0.15  31/01/2015
Global Floating Rate High Yield Fund 0.00  31/01/2015
Global Government Bond Fund  0.00  30/06/2015
Global Growth Fund 0.11  31/08/2014
Global High Yield Bond Fund 0.00  31/05/2015
Global Leaders Fund 0.15  31/08/2014
Global Macro Bond Fund 0.00  31/10/2014
Index-Linked Bond Fund 0.00  31/05/2015
Index Tracker Fund 0.02  31/05/2015
International Specialist Equity Fund 0.05  31/01/2015
Japan Fund 0.10  31/08/2014
Japan Smaller Companies Fund 0.18  31/08/2014
Managed Growth Fund 0.04  31/10/2014
North American Dividend Fund 0.11  31/08/2014
North American Value Fund 0.08  31/08/2014
Optimal Income Fund 0.02  30/09/2014
Pan European Dividend Fund 0.14  31/01/2015
Pan European Fund 0.13  31/08/2014
Property Portfolio 1.42   30/09/2014
Recovery Fund 0.06  30/06/2015
Short Dated Corporate Bond Fund 0.00  31/05/2015
Smaller Companies Fund 0.13  30/06/2015
Strategic Corporate Bond Fund 0.00  31/08/2014
UK Growth Fund 0.20  31/05/2015
UK Inflation Linked Corporate Bond Fund 0.00  31/03/2015

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