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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 DEC

Insights

Ritu Vohora & Siobhan Pandya

07/12/2016

Equities Market Perspective

In this month’s update we look at the markets’ winners and losers in November and our theme explores how the rotation from quality to value and from defensives to cyclicals has developed over the year.

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Fund updates

M&G Global Floating Rate High Yield Fund

05/12/2016

Demonstrating resilience in volatile markets

The M&G Global Floating Rate High Yield Fund gives investors access to a globally diversified, actively managed portfolio of high yield floating rate notes (FRNs). We believe these instruments can offer a potentially attractive source of income, while being less exposed to the downside risks associated with other higher yielding assets. With an interest rate duration close to zero, FRNs also provide an effective hedge against a further sell-off in government bond markets, while allowing investors to benefit from any future rise in interest rates.

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Fund updates

M&G Optimal Income Fund

02/12/2016

View From The Desk – November 2016

Some of the data shown below is preliminary and subject to change. All portfolio data and performance attribution are based on internal databases and are unaudited. Please see the Monthly Fund Review for final verified data.

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2016 NOV

Fund updates

M&G Retail Fixed Interest

30/11/2016

Capturing the expected upturn in inflation

The sharp drop in the value of sterling following the EU referendum is expected to create significant inflationary pressures over the coming months. Trade-weighted sterling has fallen by around 20% over the past year, having recently touched a record low. Given the UK’s heavy reliance on imported goods, this is expected to have a meaningful impact on consumer prices.

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Fund updates

M&G Global Recovery Fund

29/11/2016

Risk-reward through the recovery cycle

The M&G Global Recovery Fund is a genuinely differentiated global equity proposition with a distinctive contrarian approach to stock-specific investment. Analysis from M&G’s Portfolio Construction & Risk (PCR) team shows that the fund is diversified across recovery stages, sectors and geographies, helping Fund Manager David Williams to balance the risk and reward profile of the portfolio.

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Convert-sations

M&G Global Convertibles Fund

25/11/2016

Primary numbers

This month, we consider new issues in the convertibles market, a vital area given the built-in obsolescence of the asset class.

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Fund updates

M&G Retail Fixed Interest

24/11/2016

Selected fund positioning update post US election

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Fund updates

Stuart Rhodes

24/11/2016

M&G Global Dividend Fund Update

M&G Global Dividend Fund Update Nov 16

Stuart Rhodes, Fund Manager, discusses what has driven fund performance throughout 2016, where he is seeing opportunities and how the fund is currently positioned geographically.

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Fund updates

M&G Episode Income Fund

21/11/2016

Now we are six

The M&G Episode Income Fund was launched on 11 November 2010 with the remit to deliver a high and rising income over time, along with capital growth over the long term. As we celebrate the fund’s sixth birthday, it is time to reflect on how Steven Andrew, manager of the fund, has delivered on this objective against what, at times, has been a volatile and challenging investment background.We also reiterate the philosophy behind the fund.

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Fund updates

Stefan Isaacs

07/11/2016

M&G Optimal Income Fund Update

In the latest M&G Optimal Income Fund update video, Stefan Isaacs, Fund Manager, discusses the fund’s defensive position and what has been driving performance recently. He also gives his outlook for fixed income and which asset classes he’s seeing most value in.

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Insights

Ritu Vohora

04/11/2016

Equities Market Perspective

Ritu's Equities Prespective

In this month’s update, Investment Director, Ritu Vohora, reviews October’s asset class winners and losers and our theme looks at the performance of low volatility styles. Have they run their course? Especially, given their underperformance has intensified in recent weeks.

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Insights

AssetTV

03/11/2016

Asset TV Masterclass – Global Equities

Jamie Horvat, Fund Manager of the M&G Global Basics Fund, joins an expert panel to discuss how global equities have fared year to date, which macro issues are they worried about and what the outlook for global equities is for the last quarter.

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Fund updates

M&G UK Inflation Linked Corporate Bond Fund

01/11/2016

Helping to capture the expected upturn in inflation

The sharp drop in the value of sterling following the EU referendum is expected to create significant inflationary pressures over the coming months. Trade-weighted sterling has fallen by around 20% over the past year, having recently touched a record low. Given the UK’s heavy reliance on imported goods, this is expected to have a meaningful impact on consumer prices.

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2016 OCT

Fund updates

M&G Emerging Markets Bond Fund

31/10/2016

A 'go-anywhere' approach to emerging markets bond investing

Claudia Calich, manager of the M&G Emerging Markets Bond Fund, discusses the fund’s ‘best ideas’ investment approach and the portfolio’s current positioning.

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News

Richard Hughes, Fund Manager

26/10/2016

M&G Extra Income Fund update

Richard Hughes, manager of the M&G Extra Income Fund, gives an overview of the changes to the fund which come into effect on 16 December 2016.

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Fund updates

25/10/2016

The benefits of a flexible approach to global bond investing

Fixed income investors are only too aware of the difficulties they face in finding returns that only 15 years ago would have seemed moderate. In an era of negative government bond yields, stubbornly low inflation and high asset prices, investors need to work harder to find yield. However, opportunities do exist for investors able to adopt a flexible, benchmark-unconstrained approach to investing.

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Fund updates

M&G Global Emerging Markets Fund

25/10/2016

Opportunities in improving fundamentals and valuation dispersion

Emerging markets equities have rallied this year and outperformed developed market shares as macroeconomic fears have abated.

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Fund updates

Equities Investment Communications

25/10/2016

European banks: Signs of recovery?

European bank shares are currently enjoying a good run, buoyed by positive market sentiment as fears of an imminent crisis eased. However, we are not out of the woods yet, as longer-term fundamentals and earnings power in the sector remain significantly challenging in an environment of quantitative easing and low or negative interest rates. There are pockets of opportunity though. Income distribution is key to finding value, with dividend yields looking strong across the European markets and a select number of banks positioned to pay both high and growing dividends.

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Convert-sations

M&G Global Convertibles Fund

25/10/2016

A double portion of chips

The potential tie-up of two semiconductor giants would be the latest move in the wave of consolidation taking place in the industry. We consider what the price of NXP’s convertible is telling us about the probability of the deal taking place.

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Fund updates

21/10/2016

Resumption of dealing in the M&G Property Portfolio and M&G Feeder of Property Portfolio

I am writing to inform you that we will resume dealing in the M&G Property Portfolio and its feeder fund, the M&G Feeder of Property Portfolio, on Friday 4 November 2016.

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Market summaries

M&G Investments

21/10/2016

UK Property Market Outlook

On 4 November, we will lift the temporary suspension of the M&G Property Portfolio and M&G Feeder of Property Portfolio (the ‘fund’ or ‘funds’) which has been in place since 4 July.

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Fund updates

M&G Global Recovery Fund

19/10/2016

Variety of companies throughout the recovery cycle

The M&G Global Recovery Fund is a genuinely differentiated global equity proposition with a distinctive contrarian approach to stock-specific investment. The fund is diversified across recovery stages, sectors and geographies. Fund Manager David Williams describes three companies that are in each of stages 1 (unloved), 2 (stabilising) and 3 (recovering well) of the recovery cycle.

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Fund updates

M&G North American Value Fund

19/10/2016

Columbia Sportswear: no catalyst needed

We first invested in Columbia Sportswear, an outdoor apparel brand, in September 2013. At the time, the company was attractively valued, trading on an adjusted price-to-book ratio of 1.4 times. We believed the company’s fundamentals to be stronger than other investors thought they were. We initiated a position, despite the absence of a catalyst to drive the share price higher. Wind the clock forward to today and the company – which is still held in the M&G North American Value Fund – has outperformed the S&P 500 Index handsomely, as its shares have re-rated upwards.

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Fund updates

M&G Retail Fixed Interest

19/10/2016

Heritage in high yield investing

High yield bonds can form a valuable part of a well-diversified portfolio. A powerful generator of income, these instruments have historically delivered impressive total returns. They also have a relatively low sensitivity to interest rates and, in this respect, offer useful diversification benefits for fixed income investors. As one of the largest and most experienced high yield investors in Europe, M&G boasts impressive expertise in this highly specialised asset class.

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Fund updates

M&G Optimal Income Fund

10/10/2016

Equity investment process

Fund Manager Richard Woolnough has the freedom to invest across the entire spectrum of fixed income investments wherever he sees the most value. The fund’s sector guidelines also allow him to hold up to 20% of the portfolio in individual equity positions when he believes they present an attractive investment opportunity relative to a company’s bonds. It should be noted that the M&G Optimal Income Fund is a total return1 bond fund, and as such, its neutral position is to have no exposure to equities.

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Insights

M&G Investments

07/10/2016

High yield investing at M&G

An insight into M&G's high yield investment floor.

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Fund updates

M&G Global Recovery Fund

07/10/2016

Applying a tried and tested approach to a global universe

The M&G Global Recovery Fund is a genuinely differentiated global equity proposition with a distinctive contrarian approach to stock-specific investment. The fund invests in corporate rather than economic recovery, which takes time to deliver, seeking to benefit from a higher market rating on improving earnings as the companies recover. Fund Manager David Williams explains the thinking behind the fund.

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Insights

Ritu Vohora

06/10/2016

Equities Market Perspective

In this month’s update, Ritu Vohora reviews September’s asset class winners and losers and our theme looks at the macro challenges and the micro themes in European equity markets.

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Fund updates

Richard Woolnough

06/10/2016

M&G Optimal Income Fund Update

In the latest M&G Optimal Income Fund update video, Richard Woolnough, Fund Manager, discusses how the fund is currently positioned, what the drivers of performance have been year to date and what the outlook for fixed income is.

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Fund updates

M&G Global Select Fund

06/10/2016

‘Quality’ does not equal stability

Since the financial crisis, investors have been craving stability and yield, and over the past year, at seemingly any cost. This has resulted in some ‘stable’ areas of the market, particularly consumer staples, moving into expensive territory. While the M&G Global Select Fund invests in quality businesses, this does not mean simply holding expensive blue chip staples companies. Fund Manager John William Olsen identifies quality across sectors and regions, and waits patiently for short-term share price disruptions to buy these companies at a discount.

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Fund updates

M&G Global High Yield Bond Fund

04/10/2016

Another look at high yield

After a challenging period for high yield markets in late 2015 and early 2016, sentiment has steadily improved throughout the rest of the year with the asset class staging a solid recovery since the middle of February. A stabilisation in oil prices, firmer economic data from the US and China, and the announcement of further stimulus measures from the European Central Bank and the Bank of England have all had a positive impact, providing a far more supportive backdrop for high yield markets in 2016.

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Fund updates

M&G Global Dividend Fund

04/10/2016

View from the Desk – September

A monthly update on the M&G Global Dividend Fund, straight from the desk.

For investment professionals only. Not for onward distribution. No other persons should rely on any information contained within. We are committed to providing our clients with information as soon as possible. As a result, some of the data in this update is preliminary and subject to change. Please see footnote for details.

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Fund updates

M&G Investments

01/10/2016

Changes to pricing for funds making interest distributions

We are changing the way that fund prices are calculated for all sterling share classes in our funds that make interest distributions (funds that invest over 60% of their assets in qualifying interest-bearing securities, such as bonds).

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