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Insights and market updates

For insights, thought leadership and market commentaries straight from the fund management floor.

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2016 SEP

Panoramic Outlook

Jim Leaviss

20/09/2016

Demographics and bond yields: Is the relationship broken forever?

For fixed income fund managers it was once the case that if you understood the evolution of the relative sizes of the various cohorts of the young, the working, and the retired in a population, you could predict bond returns.  Lots of workers relative to the “unproductive” young or elderly meant low wage pressures, lots of demand for savings assets such as bonds, and lower government borrowing.  When workers became scarce, wages would rise, inflation would increase too, and bonds would sell off.  The demographically based bond models worked a treat in the 1970s, 1980s and 1990s.  But sometime around 2005 there was a complete breakdown in the relationship between bond yields and demographics.  Based on the model alone we’d expect double digit long dated gilt and US Treasury yields, rather than the 1.6% and 2.4% we have today.

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Insights

Phil Cliff, Fund Manager

19/09/2016

M&G Dividend Fund update

Phil Cliff, manager of the M&G Dividend Fund, provides an update on the fund’s performance for the financial year end (30 June 2016) and positioning.

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Fund updates

M&G Global Basics Fund

16/09/2016

Robust performance in a challenging environment

Jamie Horvat was appointed lead manager of the M&G Global Basics Fund in December 2015. Since that time, fund performance has been robust. Over the course of 2016 to the end of August, the fund has delivered total returns (the combination of income and growth of capital) of 8.8%, ahead of both the FTSE Global Basics Composite and the MSCI AC World indices, which returned 6.4% and 3.8%, respectively. The fund has also outperformed the Global Equity sector average and is ranked in the top decile of the peer group.

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Fund updates

M&G Global Corporate Bond Fund

16/09/2016

Time to go global

In a market of diverging yields, a global mandate providing flexibility is proving advantageous. Within the M&G Global Corporate Bond Fund, we are able to disaggregate interest and credit risk and look globally for relative value opportunities. The fund can invest across the global investment grade bond universe (currently valued at around US$9.0 trillion), exploiting situations where a credit is trading at a cheaper level in one market than another. We believe there is no better time to go global.

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Fund updates

Equities Investment Communications

15/09/2016

Global equities: search for yield intensifies

In today’s low/negative interest rate environment, the relentless global hunt for yield is uppermost in investors’ minds. Income-generating options in fixed income assets have dwindled and yield-seeking investors have increasingly turned to dividend-yielding equities. The market is chasing yield across asset classes, including selling volatility. This has caused asset prices to become expensive and increased the risk of a correction given the greater correlation across asset classes.

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Fund updates

M&G Japan Fund and M&G Japan Smaller Companies Fund

14/09/2016

Now is the time for an active approach in Japan

For around 20 years, investing in Japan has been a contrarian strategy – typically, investors regarded Japanese shares as a high beta play on the global economy. We believe there has been a fundamental change and investing in Japan is no longer a top-down macroeconomic call, rather it has become a stockpickers’ market, well suited to an active approach.

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Insights

Jonathan Willcocks

13/09/2016

Brexit and beyond: Key trends in asset management

In an interview with Citywire, Jonathan Willcocks, Global Head of Retail Sales, discusses the key trends affecting the industry today.

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Fund updates

M&G European Strategic Value Fund

13/09/2016

The value opportunity

‘Value investing’, namely buying cheap, out-of-favour stocks, is a proven strategy that has tended to outperform the market over the long term.

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Fund updates

Ben Lord, Fund Manager

09/09/2016

M&G UK Inflation Linked Corporate Bond Fund Update August 2016

M&G UK Inflation Linked Corporate Bond Fund Update August 2016

Ben Lord, Fund Manager for the M&G UK Inflation Linked Corporate Bond Fund talks through the three levers used in his investment approach, how the fund has moved to positive duration and how it is positioned post-Brexit.

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Insights

Ritu Vohora

07/09/2016

Equities Market Perspective

In this video, Ritu Vohora, Investment Director at M&G Investments, reviews the performance of equity market movements in August, along with sector and styles performance. Ritu also looks at the upcoming US presidential election in November and the potential repercussions it could have on equity markets.

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Insights

Retail Fixed Interest Team

06/09/2016

The M&G Retail Fixed Interest Team video

The M&G Retail Fixed Interest Team video

Meet M&G’s Retail Fixed Interest Team made up of expert, active fund managers and investment specialists. Find out more on the team’s investment approach, the broad range of funds offered and their award-winning blog, Bond Vigilantes.

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Insights

Matthew Vaight, Fund Manager

06/09/2016

M&G Global Emerging Markets Fund Update August 2016

M&G Global Emerging Markets Fund Update August 2016

In the latest M&G Global Emerging Markets Fund update video, Fund Manager, Matthew Vaight discusses emerging market valuations, areas where the team is finding value and why choosing a value/contrarian approach can lead to good long-term returns.

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2016 AUG

Fund updates

M&G Optimal Income Fund

22/08/2016

M&G Optimal Income Fund – The Adviser Centre

Video Factsheet for the M&G Optimal Income Fund, presented by Peter Toogood (Investment Director) and Gill Hutchison (Head of Investment Research)

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Fund updates

M&G Episode Income Fund

22/08/2016

M&G Episode Income Fund – The Adviser Centre

Video Factsheet for the M&G Episode Income Fund, presented by Peter Toogood (Investment Director) and Gill Hutchison (Head of Investment Research)

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Insights

Ritu Vohora

04/08/2016

Equities Market Perspective

In the latest Equities Market Perspective video, Investment Director, Ritu Vohora looks back at how equity markets have performed in July. This month’s theme looks at how the second quarter earnings season is unfolding, against a backdrop of depressed expectations in an uncertain macro environment.

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Fund updates

M&G Global Floating Rate High Yield Fund

04/08/2016

A defensive approach

  •   High yield floating rate notes (FRNs) offer an attractive source of income, while being less exposed to the downside risks associated with other higher yielding assets.

  •   A lower volatility alternative to conventional high yield bonds, high yield FRNs have held up well during recent market downturns.

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Convert-sations

M&G Global Convertibles team

02/08/2016

Summer 2016 special edition

As we move into what passes for the height of summer in the UK, we thought we would take the opportunity to produce a seasonal edition of Convert-sations, including a reminder of the advantages offered by convertibles, a brief look back at what has happened this year and the current situation in terms of valuations.

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2016 JUL

Insights

Insights

28/07/2016

Multi-asset Market Outlook

Ana Cuddeford, M&G Investment Specialist, provides an update and insight into the outlook for multi-asset markets.

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Fund updates

Stefan Isaacs

22/07/2016

M&G Optimal Income Fund Update July 2016

In the latest M&G Optimal Income Fund update video, Fund Manager, Stefan Isaacs discusses how the fund is positioned post-Brexit and what the market implications are post-Brexit. He also explains why their view on equities has changed and how they manage liquidity within the fund.

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M&Gazine

18/07/2016

M&Gazine

Struggling investment styles, fixed income and the twang effect. M&G’s newly launched online M&Gazine looks at current market themes and opportunities for advisers, with special guest Rory Maguire exploring the skill vs luck of active managers.
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Insights

15/07/2016

M&G Global Dividend Fund - Square Mile Talking Factsheets

Square Mile - Global Dividend Fund Talking Factsheet

Talking Factsheets are designed to give clients the information they need, in a clear, concise and factual manner, in order to come to an informed decision or to narrow down their research to go into more depth later. The factsheets run through four key areas;

1. Fund description
2. Objectives/outcome
3. Risk
4. Our opinion

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Insights

Ritu Vohora

07/07/2016

Equities Market Perspective

Investment Director, Ritu Vohora looks at the Brexit effect and the likely outcomes for the UK market.

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