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Insights and market updates

Keep up to date with M&G’s latest views on topical issues with our thought leadership articles, market summaries and fund commentaries.

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  • Convert-sations
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2017 MAR

Fund updates

M&G Global Floating Rate High Yield Fund

09/03/2017

A defensive approach to high yield investing

Launched in September 2014, the M&G Global Floating Rate High Yield Fund aims to deliver income and capital growth by investing primarily in high yield floating rate notes (FRNs) – bonds paying a variable coupon that is regularly adjusted in line with changes in interest rates.

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Insights

Ritu Vohora

06/03/2017

Equities Market Perspective

In this month’s update, Investment Director Ritu Vohora reviews the continued rally in global equities and discusses the European enigma of to buy or not to buy.

For a quick snapshot of the equity market over the past month and our latest theme, please download our Equities market perspective note.

Watch the video

Fund updates

M&G Property Portfolio

06/03/2017

Our views on the UK commercial property market

The resumption of capital growth in the fourth quarter of 2016 marked the end of a short, sharp, downturn in commercial property values in the summer. However, despite the capital declines, UK commercial property generated a positive total return of 2.6% in 2016. This was due to an initial yield on the market of 5% and modest rental growth during the period.

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2017 FEB

Convert-sations

Insights from the M&G Global Convertibles team

28/02/2017

Convert-sations – February 2017

This month, we discuss whether investors can gain access to convertibles’ asymmetric returns via exchange-traded funds (ETFs). In our opinion, most of these funds do not replicate true convertible behaviour.

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Insights

Tom Dobell, Fund Manager

27/02/2017

M&G Recovery Fund update

Recovery fund update

In this client-friendly video, Tom Dobell, manager of the M&G Recovery Fund, provides an update on the fund’s performance and positioning.

Watch the video

Fund updates

M&G Global Macro Bond Fund

27/02/2017

The benefits of investing in global currency markets

The M&G Global Macro Bond Fund is a flexible and diversified global bond fund whose drivers of long-term performance are the active management of duration, credit risk and currency positioning. Given the fund’s flexibility, at certain points in time, these performance drivers have contributed in varying amounts to the fund’s overall risk and return profile. Our focus in this analysis is on currency management, looking at how Jim’s historic currency decisions have contributed to the fund’s long-term performance track record.

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Insights

M&G Optimal Income Fund

24/02/2017

M&G Optimal Income Fund – 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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Fund updates

M&G Recovery Fund

20/02/2017

Realising latent value

2016 saw the M&G Recovery Fund emerge from a difficult period as market sentiment changed and investor expectations of rising interest rates and inflation led to a greater willingness to take on risk. Stock correlations began to reduce and bid activity to pick up. As a result, the market is beginning to reward companies executing on their recovery strategies, realising some of the latent value within the fund. Against this backdrop, holding periods should reduce as companies move more quickly through the cycle.

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Fund updates

M&G Global Emerging Markets Fund

16/02/2017

Review of 2016

Emerging market equities returned to favour in 2016 after a challenging couple of years, and outperformed their developed market counterparts for the first time since 2012. There were plenty of surprises and sudden shifts in sentiment along the way, however. At the beginning of the year, stocks extended their declines from 2015 amid fears of a ‘hard landing’ for the Chinese economy, a potential US recession and weak commodities prices.

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Insights

Wolfgang Bauer

08/02/2017

Asset TV Masterclass – Absolute Return

Wolfgang Bauer, Co-Manager of the M&G Absolute Return Fund joins a panel at AssetTV to discuss 2016 as a difficult year, where opportunities have been found, monetary policy risk and opportunities, how to use Brexit as a good opportunity and final thoughts on why investors should consider absolute return funds.

Watch now

Insights

Ritu Vohora

07/02/2017

Equities Market Perspective

In this month’s update, Investment Director Ritu Vohora reviews the buoyant start to the year global equities made as the rotation to more cyclical stocks continued. In our theme this month, Ritu looks at the sustainability of the equities rally.

Watch the video

Fund updates

M&G Global Select Fund

06/02/2017

Sustainable investments – a focused approach

The M&G Global Select Fund is a core global equity strategy, investing in a concentrated portfolio of quality companies: sustainable businesses that are able to generate a superior level of return on invested capital, which can sustainably grow their cashflows over the business cycle – our initial time horizon is 10 years. We also consider company transparency, management strength, financials and environmental, social & governance (ESG) factors, to help determine how sustainable a business is likely to be. As part of our investment process, we identify companies with ‘economic moats’ to protect their profitability and an element of change helping to drive their value. Importantly, we invest in businesses where short-term ‘disruptions’ have provided a clear valuation opportunity – ie, where we think the shares are ‘on sale’.

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Fund updates

M&G Optimal Income Fund

06/02/2017

A review of 2016 and outlook for 2017

2016 proved to be a tumultuous year for establishment politics and, in turn, financial markets. Despite this volatility, the M&G Optimal Income Fund delivered robust returns, with duration and asset allocation decisions once again proving key. Looking forward, we believe that politics will again have a crucial role to play, while credit markets are still offering opportunities. We are finding particular value in US credit, financials and reverse Yankees, alongside selected opportunities in longer-dated parts of the high yield market.

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2017 JAN

Fund updates

M&G European Strategic Value Fund

27/01/2017

The opportunity for value - a review of 2016 and looking ahead

Last year, ‘value’ as a style outperformed ‘growth’ after several years of underperformance since the financial crisis. Value’s reversal was particularly surprising, given the turbulence and risk aversion that dominated at the start of the year.

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Insights

Square Mile Research

20/01/2017

Square Mile - Talking with Richard Woolnough

Richard Woolnough talks economics, career challenges and enjoying what you do with Richard Romer-Lee at Square Mile.

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Fund updates

M&G Global Dividend Fund

20/01/2017

The year in review

In our previous review, we wrote that we were active managers prepared to back conviction when we see opportunities in the market. We were rewarded for this handsomely in 2016. However, we believe we are in the early innings of the fund’s recovery as valuations across the portfolio remain highly attractive, with clear signs that value as a style is starting to play a much larger role in overall share price performance – value outperformed growth on a global basis for the first time since the financial crisis.

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Convert-sations

Insights from the M&G Global Convertibles team

16/01/2017

Convert-sations – January 2017

In our first edition of 2017, we consider the performance of convertibles in the year just gone and conclude that the market has satisfied its remit – outperforming much of the bond market but lagging equities.

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Insights

Ritu Vohora

06/01/2017

Equities Market Perspective

In this month’s update, Investment Director Ritu Vohora takes a quick look back at the markets’ in 2016 and our theme explores the potential effect of rising bond yields on equity markets in 2017.

Watch the video

Fund updates

M&G Recovery Fund

04/01/2017

GW Pharmaceuticals: On a high

Cannabinoid medicine company GW Pharmaceuticals, a longstanding investment on the M&G Recovery Fund, had an exciting year in 2016. We provide an update on the important developments at the company in a year when the holding was one of the largest contributors to performance on the fund.

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