M&G Investments

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Our macro and multi-asset strategies

Our ‘Episode’ philosophy and process is implemented through a range of multi-asset strategies. Each strategy is managed to meet specific risk and return objectives, as outlined below.

The value of investments will fluctuate, which will cause prices to fall as well as rise and investors may not get back the original amount they invested.

There is no guarantee the objective will be achieved.

M&G Episode Allocation strategy

Fund managers: Tony Finding and Juan Nevado
Deputy: Craig Moran

The objective of this strategy is to maximise total return (the combination of income and growth of capital) through investment in a diversified range of asset types. Subject to this, the strategy aims to grow income in the long term. It also:

seeks to generate equity-like returns but with around two-thirds the volatility of equities on average
maintains an even balance between 'risky' and 'safe' assets in neutral market conditions
has a high degree of flexibility to vary that balance swiftly and meaningfully as markets change

M&G Episode Growth strategy

Fund managers: Eric Lonergan and Jenny Rodgers
Deputy: Craig Moran

The objective of this strategy is to maximise total return (the combination of income and growth of capital). It also:

seeks to generate equity-like returns but with less volatility on average
is likely to have a higher equity exposure than other strategies in the range, to enable it to capture the long-term growth that this asset class tends to provide
is an ambitious multi-asset fund but provides a more diversified approach than a pure equity fund to help manage risk

M&G Episode Income strategy

Fund manager: Steven Andrew
Deputy: Tony Finding

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

has an estimated gross annual yield of 4%, distributed monthly, with capital growth of 2% to 4% pa and volatility between 4% and 10% pa over the long term†
produces income from a globally-diversified range of income generating assets and never draws income from capital
is careful not to overreach for income in very high yielding assets at the potential expense of capital growth

† The estimated annual yield is based on the gross income, before withholding tax, expected to be received from the underlying investments in the fund as a percentage of the current fund share price. The estimated annual yield is not guaranteed and may be revised in the future. The ongoing charge is taken from investments held in the fund’s portfolio and not from the income these investments produce. The potential capital growth is quoted net of charges and calculated over the long term. The potential volatility figures are calculated on a monthly basis over the long term. Please note, these figures are not guaranteed and may be revised in the future.

M&G Episode Macro strategy

Fund managers: Dave Fishwick and Eric Lonergan

The objective of this strategy is to deliver a higher total return, with lower volatility on average, than global equities over the medium to long term. It also:

is our most flexible strategy which is not bound by any sense of neutrality or benchmark with regards to asset allocation, with neutral allocation 100% in cash
has the potential to generate positive returns whether markets go up or down as the fund managers can position the portfolio long or short of liquid assets anywhere in the world
has fund managers with a proven track record of managing risk in the strategy during periods of extreme market turmoil

M&G Global Target Return Fund

Fund manager: Tristan Hanson
Deputy: Eric Lonergan and Craig Simpson

The objective of this strategy is to deliver 'absolute returns', which we define as specific, positive, targeted returns over a defined time period, up to a maximum of three years. It also has:

been designed with cautious investors in mind
a rigorous risk control framework applied, with a view to minimising volatility and drawdowns
Fund Managers who apply M&G's long-standing multi-asset investment approach. The strategy can be net long or net short of any asset class, which gives it the potential to perform in a variety of market conditions.