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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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2017 FEB

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.

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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.

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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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2016 DEC

Fund updates

M&G Short Dated Corporate Bond Fund

21/12/2016

Delivering steady income in a low-yield world

The M&G Short Dated Bond Fund aims to provide income with stability of capital over a rolling three- to five-year period. To achieve this, it invests in a range of typically low-risk debt instruments such as short-dated investment grade corporate bonds and floating rate notes.

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Fund updates

M&G Select team

21/12/2016

Responsible investment - Long-term sustainability and ESG

Stewardship is a pivotal part of active fund management. Our customers deserve the best possible representation of their wealth, and they can rightfully demand very high standards.

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Fund updates

M&G Episode Income Fund

20/12/2016

Consistent process delivering robust results

The M&G Episode Income Fund has been enjoying notably positive performance in recent months and, indeed was the best-performing fund in its peer group in November. This is not just a short-term phenomenon, however, and the fund is ranked first quartile over three and five years, as well as since launch. Fund Manager Steven Andrew attributes this robust performance record to his consistent approach of concentrating on the asset classes that he feels offer the most attractive valuations, not being afraid to go against the crowd and being prepared to dynamically adjust his allocations when the situation demands.

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Fund updates

Jim Leaviss and Wolfgang Bauer

20/12/2016

M&G Absolute Return Bond Fund

An introduction to the M&G Absolute Return Bond Fund with co-fund managers Jim Leaviss and Wolfgang Bauer. In this video they cover the fund’s objective and investment process, what makes the fund different and who it could be suitable for.

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Fund updates

Richard Woolnough and Stefan Isaacs

20/12/2016

Celebrating 10 years of the M&G Optimal Income Fund

Fund Managers Richard Woolnough and Stefan Isaacs recently took time out to look back over the history of the M&G Optimal Income Fund. They discuss the importance of the flexibility of the fund and what they think the outlook for markets is.

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Panoramic Outlook

Jim Leaviss

19/12/2016

Global Bond Market Outlook 2017

2017: A WHOLE NEW BALL GAME

It’s fair to say that, back at the start of 2016, few would have predicted we would end the year with president-elect Trump readying himself to move into the White House, and the British establishment at loggerheads over the form (hard? Soft? Somewhere in between?) that the country’s departure from the European Union should take.

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Fund updates

M&G UK Inflation Linked Corporate Bond Fund

15/12/2016

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 18% from its recent peak in mid-2015. Given the UK’s heavy reliance on imported goods, this is expected to have a meaningful impact on consumer prices over the next 2-3 years.

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Fund updates

M&G Absolute Return Bond Fund

13/12/2016

A new fixed income strategy from M&G

The fund draws on the collective expertise of M&G’s Retail Fixed Interest team, giving investors access to an extensive range of investment knowledge, encompassing global investment grade, high yield and government bond markets. The team has long experience in managing flexible bond strategies, and has demonstrated the ability to manage risk during periods of heightened volatility, such as during the global financial crisis and the eurozone debt crisis.

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Fund updates

M&G Multi Asset team

13/12/2016

A pivotal moment - looking towards 2017

For us in the M&G Multi Asset team, 2016 was not so much about learning new lessons as being reminded of some of our key rules for investing: avoid getting caught up in short termism, do not waste time on forecasting, and beware lazy assumptions about what ‘should’ happen based on previous experience.

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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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Insights

Wolfgang Bauer

06/12/2016

Asset TV Fixed Income Masterclass - CPD

In this Asset TV Masterclass on Fixed Income, Fund Manager Wolfgang Bauer is on a panel with three other experts to discuss the backdrop of fixed income, the timescale of a US interest rate rise, pros and cons of ATFs and give their individual views on emerging markets.

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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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