Historic fund objective changes

Funds with objective changes within the last ten years can be found in the table below. Funds listed A-Z.

 Fund  Event  Date  Previous objective
American Fund Objective change 24 March 2006 The Fund’s sole objective is long term capital growth from a well spread portfolio of North American investments, predominantly in larger companies. It may also invest in Canada, and in other companies which are listed, registered or trading within North America. Income is not a consideration when investments are selected.
Asian Fund Objective change and name change from M&G South East Asia Fund 24 March 2006 The Fund’s sole objective is long term capital growth. It invests wholly or predominantly in a wide range of South-East Asian (including Australasian) securities. When not wholly invested as above, the Fund may also invest in other companies which are listed or trading within this area. The Fund will not, however, invest in Japanese securities. Income is not a consideration when investments are selected.
Dividend Fund Objective change 14 March 2011 The Fund invests mainly in a range of UK equities with the aim of achieving a steadily increasing income stream. The target yield is 33% higher than that of the FTSE All-Share Index but this may vary in the shorter term. Subject to this, the aim will be to maximise total return (the combination of income and growth of capital).
Emerging Markets Bond Fund Objective change 1 September 2008 The Fund aims to maximise total return primarily through investment in bonds issued by emerging market nations* and their agencies, though the Fund can also hold a proportion of its portfolio in other debt instruments. There are no restrictions on the currency in which bonds held in the portfolio may be issued, and accordingly the Fund may carry a greater than usual currency risk, which will not normally be hedged.
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.

*Currently the Authorised Corporate Director regards the following countries as emerging market nations: Argentina, Brazil, Bulgaria, Chile, China, Colombia, Croatia, Ecuador, Egypt, El Salvador, Greece, Hungary, Indonesia, Ivory Coast, Jordan, Korea, Lebanon, Malaysia, Mexico, Morocco, Nigeria, Pakistan, Panama, Peru, Philippines, Poland, Qatar, Romania, Russia, Slovakia, South Africa, Thailand, Turkey, Ukraine, Uraguay, Venezuela.
Episode Growth Fund Objective change 16 January 2007 The Fund is an actively managed fund of funds investing in a range of M&G’s UK equity, international equity and fixed interest authorised collective investment schemes. Its objective is to maximise long term total return (the combination of income and growth of capital).
Gilt & Fixed Interest Income Fund Objective change 1 September 2008 The Fund is designed to provide a high and secure income, with stability of capital. The Fund invests in short, medium or long-dated government stocks according to M&G’s view at any given moment of the likely course of interest rates and trend of the gilt-edged market. The Fund is able to invest a proportion of the assets in dated debenture or loan stocks, if these provide good relative value. More than 35% in value of the property of the Fund consists of government and other public securities issued or guaranteed by the Government of the United Kingdom (including the Scottish Administration, the Executive Committee of the Northern Ireland Assembly and the National Assembly of Wales) and it is intended that this should continue to be the case.
Global Growth Fund Objective change and name change from International Growth Fund 19 September 2008 The Fund invests in a wide range of international equities (excluding UK) with the sole objective of capital growth. The geographical split of the portfolio will vary according to market conditions.
Global Leaders Fund Objective change 19 April 2012 The Fund invests in a wide range of global equities that the fund manager considers to be leading in their field with the objective of maximising long term total return (the combination of income and growth of capital).
Global Macro Bond Fund Objective and name changed from the M&G Global Managed Bond Fund. 16 January 2007 The Fund is an actively managed fund of funds investing in M&G’s wide range of fixed interest authorised collective investment schemes. The Fund is designed to maximise total return (the combination of income and growth of capital) while providing a significant level of income, though this may vary."
High Interest Fund Objective change 1 September 2008 Designed to provide income with stability of capital by investing in fixed interest securities which fit the purposes of the Scheme. These may include (but are not restricted to) floating rate notes, gilts, Treasury Bills and other instruments traded on the London Discount Market. More than 35% of the value of the property of the Fund may be invested in government and other public securities issued by the Government of the United Kingdom (including the Scottish Administration, the Executive Committee of the Northern Ireland Assembly and the National Assembly of Wales). The investment manager will hedge the property of the Scheme against fluctuations in price as and when they consider it appropriate with a view to achieving stability of capital. When entering into hedging, transactions are likely to be by way of traded futures and options although over-the-counter transactions may also be used.
High Yield Corporate Bond Fund Objective change 1 September 2008 The Fund invests predominantly in higher yielding fixed and variable rate securities, including corporate bonds and debentures. The Fund is designed to maximise total return while generating a high level of income. In addition to sterling denominated securities, the portfolio may include gilts and securities denominated in other European currencies, US dollars or yen, should the investment managers deem these to be appropriate investments. The sterling based nature of the investor base will be considered at all times. 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. Any currency exposures within the Fund may be managed by forward currency hedges into sterling.
Index Linked Bond Fund Objective change 1 September 2008 The Fund aims to secure the value of capital and income from the effects of inflation, with a long term total return in excess of any upward movement in the UK Retail Prices Index. The portfolio will normally focus on index linked gilts, though may contain other securities consistent with this aim. Non-sterling denominated securities may be held and, if deemed appropriate by the investment manager, the associated currency risks hedged. 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 (including the Scottish Administration, the Executive Committee of the Northern Ireland Assembly and the National Assembly of Wales) 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.
International Sovereign Bond Fund Objective change 1 September 2008 The Fund aims to maximise total return through investment in a portfolio of high grade fixed interest (including floating rate) securities denominated in non-sterling currencies. The portfolio will primarily consist of sovereign debt securities denominated in the currencies of the major industrialised nations, with the exception of the UK. While the investment manager has power to hedge the currency risk for UK investors, the Fund will normally be managed so as to give exposure to non-sterling currencies.
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.
Managed Growth Fund Objective change 16 January 2007 The Fund is an actively managed fund of funds investing in M&G’s range of authorised collective investment schemes. Its sole objective is to achieve long term capital growth. The Fund may have significant holdings in funds investing overseas.
Pan European Fund Name changed from the M&G European Blue Chip Fund. Objective changed. 30 July 2004 The Fund invests mainly in large European (including UK) companies. The objective is to maximise long term total return (the combination of income and growth of capital).
Recovery Fund Objective Change 28 November 2005 The Fund primarily invests in a diversified range of companies which are out of favour, in difficulty or whose future prospects are not fully recognised by the market. The sole aim of the Fund is capital growth. There is no particular income yield target.
Strategic Corporate Bond Fund Fund no longer part of Investment Funds (1) and is now a standalone OEIC. Objective change. 1 September 2009 The Fund aims to maximise total return (the combination of income and growth of capital) through investment predominantly in investment grade corporate bonds, but may invest in other debt instruments, including higher yielding corporate bonds, government debt and convertible and preference stocks, as well as money market instruments and equities.
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The value of investments will fluctuate, which will cause fund prices to fall as well as rise and investors may not get back the original amount invested. 
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