Episode Income Fund

ISIN
GB00B3ZMYD21

Price (03.09.2015):
112.42

% Price Change
0.28

Fund objective and approach

Fund objective

The Fund’s objective is to generate a high and rising level of income over time through investment in a diversified range of assets. Subject to this, the Fund aims to provide capital growth over the long term.

Investment approach

The fund aims to generate a high and rising level of income over time through investment in a diversified range of assets. Subject to this, the fund aims to provide capital growth over the long term. The fund manager believes the best approach for achieving this lies in the flexible allocation of capital between asset classes, guided by a robust valuation framework. In particular, he seeks to respond where asset prices move away from a reasonable sense of 'fair' value due to investors reacting emotionally to events.

He believes such episodes create opportunities because emotions should be less important than underlying fundamentals over the medium and long term. The fund will typically hold between 20-50% in equity, 40-80% in fixed income (including cash), and up to 20% in other assets (including diversified securities such as property shares, convertible bonds, preferred shares, etc). The fund will not employ net leverage, ie it may employ relative value positions but net long exposure will not exceed 100% of the fund value. A minimum of 70% of the fund will be exposed to sterling, though the fund manager will actively manage currency exposures to seek to enhance returns.

The fund may invest more than 35% in securities issued by any one or more of the governments listed in the fund prospectus. Such exposure may be combined with the use of derivatives in pursuit of the fund objective. It is currently envisaged that the fund’s exposure to such securities may exceed 35% in the governments of Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Italy, Japan, Netherlands, New Zealand, Singapore, Sweden, Switzerland, UK, USA although these may vary subject only to those listed in the prospectus.

Performance

The value of stockmarket investments will fluctuate, which will cause fund prices to fall as well as rise and you may not get back the original amount you invested. The level of any income earned by the fund will fluctuate. Past performance is not a guide to future performance. 

Source: Price: State Street. Performance: Morningstar. Performance figures are on a price to price basis with net income reinvested. Performance figures may not reflect all relevant charges.

Please note that the Morningstar Category performance data in this tool where shown, is from the default Morningstar database, which contains all the share classes for each fund available across Europe, Asia and Africa. This can differ from the comparative sector data in M&G factsheets which is from the same database, but showing only the most appropriate share class to represent each fund, and for just those funds available in Europe. Neither Morningstar nor its Information Providers can guarantee the accuracy, completeness, timeliness, or correct sequencing of any of the Information on the Web site, including, but not limited to Information originated by Morningstar, licensed by Morningstar from Information Providers, or gathered by Morningstar from publicly available sources. There may be delays, omissions, or inaccuracies in the Information.

 

News

Video

Webcast

Fund Team

Steven Andrew - Fund manager

Steven Andrew joined M&G in 2005 as a member of the portfolio strategy & risk team, before moving to the Multi Asset team, where he helped to formulate asset allocation strategies for M&G's multi-asset fund range. In November 2010, Steven was appointed manager of the M&G Episode Income Fund. Three years later, he became manager of the M&G Income Allocation Fund upon its launch. Before joining M&G, Steven worked at F&C Asset Management, Merrill Lynch and the Bank of England. He graduated from the University of London in 1997 with a degree in financial economics.

 View profile

Tony Finding - Deputy Manager

Tony Finding joined PPM (now M&G) in 1997 as an economist. Subsequently, he took responsibility for the generation of views on yield curve and foreign exchange trading opportunities. In 2001, Tony developed his expertise in credit and exotic fixed interest securities by spending time seconded to Prudential's US-based investment management team. Tony has been in his current role as a member of the multi asset team since 1999. In January 2011, Tony was appointed co-manager of the M&G Episode Allocation Fund and the M&G Dynamic Allocation Fund. He has a BSc in economics from the LSE and is also a CFA charterholder.

 View profile

Stuart Canning - Investment specialist

Stuart is an investment specialist for the M&G Multi Asset team, having joined the group in 2007. Prior to that he worked in M&G's call centre in Chelmsford. Stuart has a degree in English and History from York University.

 View profile

Ratings

Rating is at a share class level

/Assets/SiteRefresh/img/funds/3_star_horizontal.png

Morningstar OBSR Analyst Rating™ Copyright © Morningstar. All Rights Reserved. Ratings as at 31/07/2015 and should not be taken as a recommendation.

Need further information?

Cyveillance Protected

The value of stockmarket investments will fluctuate, which will cause fund prices to fall as well as rise and investors may not get back the original amount invested. 
This website is for Investment Professionals only. Not for onward distribution to any other type of client. No other persons should rely on the information contained on this website. Content should therefore be shared responsibly with other investment professionals.