Fund charges

The table below shows the charges for each of M&G’s funds, which are listed alphabetically.

Charges are shown for the 12 months to the stated fund reporting date. For new funds with no reporting date as yet, or existing funds where a material change has occurred (eg, a new share class or an unusually large transaction flow), charges are estimated until the fund’s first reporting date/reliable figures reflecting the change are available. The table is updated yearly in February.

The terms used in the table are as follows:

Share class

Category of shares held by investors in a fund (share classes differ by levels of charges and/or other features such as currency).

Ongoing charge

Ongoing charges cover all aspects of operating a fund, including investment management, oversight and other independent services and administration charges. They do not include entry or exit chargesportfolio transaction costs or performance fees.

Entry charge

An entry charge is the maximum amount that might be taken out of your money before it is invested in a fund to cover the cost of setting up your investment. For example, if you invest £10,000, an entry charge of 4% means that £400 will be taken out and the remaining £9,600 will be invested. For Sterling Class X Shares, an exit charge may apply.

Effective from 16 December 2016, we will be making some changes to our charging structure:

We will be discounting the entry charge to zero on all new investments into Sterling Class Shares that currently carry such a charge. For any customers investing by Direct Debit, the discount will apply for as long as their Direct Debit contributions continue. (The changes apply to all M&G funds offering the Share Classes concerned.)

We will waive exit charges on future withdrawals from all Sterling Class X Shares. (The changes applies to all M&G funds offering the Share Classes concerned.)

Currently, the annual management charge (AMC) is higher for Sterling Class X Shares than for their equivalent Sterling Class A Shares for the following funds:

  • M&G Corporate Bond Fund
  • M&G European Corporate Bond Fund
  • M&G Fund of Investment Trust Shares
  • M&G Optimal Income Fund
  • M&G Strategic Corporate Bond Fund

We will be discounting the AMC of these shares to be the same as the equivalent Sterling Class A Shares.

The Investment Association (IA) has produced an independent guide to charges and costs, which you can view on their website. Please note this will open in a new window.


Fund Share class Ongoing charge % Entry charge % Fund reporting date
M&G Asian Fund A Inc 1.73 4 31/08/15
A Acc 1.73 4 31/08/15
X Inc 1.73 0 31/08/15
X Acc 1.73 0 31/08/15
I Acc 0.98 1 31/08/15
I Inc 0.98 1 31/08/15
M&G Corporate Bond Fund A Inc 1.16 3 31/12/15
A Acc 1.16 3 31/12/15
X Inc 1.41 0 31/12/15
X Acc 1.41 0 31/12/15
I Inc 0.66 1 31/12/15
I Acc 0.66 1 31/12/15
M&G Dividend Fund A Inc 1.66 4 31/12/15
A Acc 1.66 4 31/12/15
X Inc 1.66 0 31/12/15
X Acc 1.66 0 31/12/15
I Inc 0.91 1 31/12/15
I Acc 0.91 1 31/12/15
M&G Emerging Markets Bond Fund A Inc 1.44 3 31/12/15
A Acc 1.44 3 31/12/15
X Inc 1.44 0 31/12/15
X Acc 1.44 0 31/12/15
I Inc 0.79 (Est)
1 31/12/15
I Acc 0.79 (Est)
1 31/12/15
M&G Episode Allocation Fund A Inc 1.58 4 31/10/15
A Acc 1.58 4 31/10/15
X Inc 1.58
0 31/10/15
X Acc 1.58
0 31/10/15
I Inc 0.83
1 31/10/15
I Acc 0.83
1 31/10/15
M&G Episode Defensive Fund A Acc 1.41
4 31/07/15
I Acc 0.71
1 31/07/15
M&G Episode Growth Fund A Inc 1.78
4 30/10/15
A Acc 1.78
4 30/10/15
X Inc 1.78
0 30/10/15
I Inc 0.93
1 30/10/15
I Acc 0.93
1 30/10/15
M&G Episode Income Fund A Inc 1.55
4 30/10/15
A Acc 1.55
4 30/10/15
X Inc 1.55
0 30/10/15
X Acc 1.55
0 30/10/15
I Inc 0.80
1 30/10/15
I Acc 0.80
1 30/10/15
M&G Episode Macro Fund S-H 1.95
4 31/12/15
T-H 0.95
1 31/12/15
M&G European Select Fund A Inc 1.69
4 31/08/15
A Acc 1.69
4 31/08/15
X Inc 1.69
0 31/08/15
X Acc 1.69
0 31/08/15
I Inc 0.94
1 31/08/15
I Acc 0.94
1 31/08/15
M&G European Corporate Bond Fund A Inc 1.16
3 31/12/15
A Acc 1.16
3 31/12/15
X Inc 1.41
0 31/12/15
X Acc 1.41
0 31/12/15
 I Inc 0.66
 1 31/12/15
 I Acc 0.66
 1 31/12/15
M&G European High Yield Bond Fund A Inc 1.43
3 31/12/15
A Acc 1.43
3 31/12/15
X Inc 1.43
0 31/12/15
X Acc 1.43
0 31/12/15
 I Inc 0.93
1 31/12/15
I Acc 0.93
1 31/12/15
M&G European Index Tracker Fund A Acc 0.70
0 31/08/15
A Inc 0.70
0 31/08/15
M&G European Smaller Companies Fund A Inc 1.69
4 31/08/15
A Acc 1.69
4 31/08/15
X Inc 1.69
0 31/08/15
X Acc 1.69
0 31/08/15
I Inc 0.94
1 31/08/15
I Acc 0.94
1 31/08/15
M&G European Strategic Value Fund A Inc 1.67
4 31/07/15
A Acc 1.67
4 31/07/15
I Inc 0.92
1 31/07/15
I Acc 0.92
1 31/07/15
M&G Extra Income Fund A Inc 1.41
4 30/11/15
A Acc 1.41
4 30/11/15
X Inc 1.41
0 30/11/15
X Acc 1.41
0 30/11/15
I Inc  0.91
1 30/11/15
I Acc  0.91
1 30/11/15
M&G Fund of Investment Trust Shares A Inc 1.20
4 31/12/15
A Acc 1.20
4 31/12/15
X Inc 1.69
0 31/12/15
X Acc 1.70
0 31/12/15
M&G Gilt & Fixed Interest Income Fund A Inc 0.91
0 30/11/15
A Acc 0.91
0 30/11/15
I Inc 0.66
1 30/11/15
 I Acc 0.66
1 30/11/15
M&G Global Basics Fund A Inc 1.68
4 31/08/15
A Acc 1.68
4 31/08/15
X Inc 1.68
0 31/08/15
X Acc 1.68
0 31/08/15
I Inc 0.93
1 31/08/15
I Acc 0.93
1 31/08/15
M&G Global Convertibles Fund A Inc 1.66
4 31/07/15
A Acc 1.66
4 31/07/15
I Acc 0.91
1 31/07/15
I Inc 0.91
1 31/07/15
A-H Acc  1.67
4 31/07/15
 I-H Acc  0.92
1 31/07/15
M&G Global Corporate Bond Fund
A-H Inc
1.27
3 31/12/15
A-H Acc
1.27
3 31/12/15
I-H Inc
0.77
1
31/12/15
I-H Acc
0.77
1 31/12/15
M&G Global Dividend Fund A Inc 1.67
4 30/09/15
A Acc 1.66
4 30/09/15
X Inc 1.66
0 30/09/15
X Acc 1.66
0 30/09/15
I Inc 0.91
1 30/09/15
I Acc 0.91
1 30/09/15
M&G Global Emerging Markets Fund A Inc 1.75
4 31/07/15
A Acc 1.75
4 31/07/15
I Inc 1.00
1 31/07/15
I Acc 1.00
1 31/07/15
M&G Global Floating Rate High Yield Fund  A-H Inc 1.43
3 31/07/15
A-H Acc 1.41 3 31/07/15
I-H Inc 0.83
1 31/07/15
I-H Acc 0.82
1 31/07/15
M&G Global Select Fund A Inc 1.66
4 31/08/15
A Acc 1.66
4 31/08/15
X Inc 1.66 0 31/08/15
X Acc 1.66
0 31/08/15
I Inc 0.91
1 31/08/15
I Acc 0.91
1 31/08/15
M&G Global Leaders Fund A Inc 1.67
4 31/08/15
A Acc 1.67
4 31/08/15
X Inc 1.67
0 31/08/15
X Acc 1.67
0 31/08/15
I Inc 0.92
1 31/08/15
I Acc 0.92
1 31/08/15
M&G Global Macro Bond Fund A Inc 1.41
3 30/10/15
A Acc 1.40
3 30/10/15
X Inc 1.40
0 30/10/15
X Acc 1.40
0 30/10/15
I Inc 0.80
1 30/10/15
I Acc 0.80
1 30/10/15
M&G Global High Yield Bond Fund A Inc 1.41
3 30/11/15
A Acc 1.41
3 30/11/15
X Inc 1.41
0 30/11/15
X Acc 1.41
0 30/11/15
I Inc 0.81
1 30/11/15
I Acc 0.81
1 30/11/15
M&G Index-Linked Bond Fund A Inc 0.66
0 30/11/15
A Acc 0.66
0 30/11/15
I Inc 0.56
1 30/11/15
I Acc 0.56
1 30/11/15
M&G Index Tracker Fund A Inc 0.46
0 30/11/15
A Acc 0.46
0 30/11/15
M&G Global Government Bond Fund A Inc 1.24
0 31/12/15
A Acc 1.24
0 31/12/15
I Inc 0.74
1 31/12/15
I Acc 0.74
1 31/12/15
M&G Global Recovery Fund A Inc
1.68
4 31/07/15
 A Acc
1.68
4
31/07/15
I Inc 0.93
1 31/07/15
I Acc 0.93
1 31/07/15
M&G Japan Fund A Inc 1.70
4 31/08/15
A Acc 1.70
4 31/08/15
X Inc 1.69
0 31/08/15
X Acc 1.71
0 31/08/15
I Inc 0.94
1 31/08/15
I Acc 0.94
1 31/08/15
M&G Japan Smaller Companies Fund A Inc 1.70
4 31/08/15
A Acc 1.70
4 31/08/15
X Inc 1.70
0 31/08/15
X Acc 1.71
0 31/08/15
I Inc 0.95
1 31/08/15
I Acc 0.95
1 31/08/15
M&G Managed Growth Fund A Inc 1.73
4 30/10/15
A Acc 1.72
4 30/10/15
X Inc 1.73 0 30/10/15
I Inc 1.00
1 30/10/15
I Acc 0.99
1 30/10/15
M&G North American Dividend Fund A Inc 1.66 4 31/08/15
A Acc 1.66
4 31/08/15
X Inc 1.66
0 31/08/15
X Acc 1.66
0 31/08/15
I Inc 0.91 0 31/08/15
I Acc 0.91
0 31/08/15
M&G North American Value Fund A Inc 1.66
4 31/08/15
A Acc 1.66
4 31/08/15
X Inc 1.66
0 31/08/15
X Acc 1.66
0 31/08/15
I Inc 0.91
1 31/08/15
I Acc 0.91
1 31/08/15
M&G Optimal Income Fund A Inc 1.41
3 30/09/15
A Acc 1.41
3 30/09/15
X Inc 1.66
0 30/09/15
X Acc 1.66
0 30/09/15
I Inc 0.91
1 30/09/15
I Acc 0.91
1 30/09/15
M&G Pan European Dividend Fund A Inc 1.69
4 31/07/15
A Acc 1.69
4 31/07/15
I Inc 0.94
1 31/07/15
I Acc 0.94
1 31/07/15
M&G Pan European Select Fund A Inc 1.68
4 31/08/15
A Acc 1.68
4 31/08/15
X Inc 1.68
0 31/08/15
X Acc 1.68
0 31/08/15
I Inc 0.93
1 31/08/15
I Acc 0.93
1 31/08/15
M&G Property Portfolio A Inc 1.89
5 30/09/15
A Acc 1.89
5 30/09/15
 D Inc 1.00
2
30/09/15
 D Acc 1.00
2  30/09/15
X Inc 1.89
0 30/09/15
I Acc 1.15
2 30/09/15
I Inc 1.15
2 30/09/15
M&G Recovery Fund A Inc 1.66
4 31/12/15
A Acc 1.66
4 31/12/15
X Inc 1.66
0 31/12/15
X Acc 1.66
0 31/12/15
I Inc 0.91
1 31/12/15
I Acc 0.90
1 31/12/15
M&G Short Dated Corporate Bond Fund A Inc 0.65
0 30/11/15
I Inc 0.55
1 30/11/15
M&G Smaller Companies Fund A Inc 1.66
4 31/12/15
A Acc 1.66
4 31/12/15
X Inc 1.66
0 31/12/15
X Acc 1.66
0 31/12/15
I Inc 0.91
1 31/12/15
I Acc 0.91
1 31/12/15
M&G Strategic Corporate Bond Fund A Inc 1.16
3 31/08/15
A Acc 1.16
3 31/08/15
X Inc 1.41
0 31/08/15
X Acc 1.41
0 31/08/15
I Inc 0.66
1 31/08/15
I Acc 0.66
1 31/08/15
M&G UK Select Fund A Inc 1.66
4 30/11/15
A Acc 1.66
4 30/11/15
X Inc 1.66
0 30/11/15
X Acc 1.66
0 30/11/15
I Inc 0.91
1 30/11/15
I Acc 0.91
1 30/11/15
M&G UK Inflation Linked Corporate Bond Fund A Inc 1.16
3 30/09/15
A Acc 1.16
3 30/09/15
I Inc 0.66
1 30/09/15
I Acc 0.66
1 30/09/15

Exit charge

In addition to the charges shown in the table, Sterling Class X Shares carry an exit charge. This is the maximum amount that might be taken from your investment before it is paid out. For example, if the value of your investment is £10,000 on the day you withdraw, an exit charge of 3% means that £300 will be deducted from the proceeds and you will receive £9,700. It is used instead of an entry charge and is a delayed charge to cover the cost of setting up your investment.

The exit charge reduces each year from the date of each investment (as shown below), and applies to shares sold or transferred out of that share class. It does not apply when you switch to another fund and invest in Sterling Class X Shares. It may apply in the event of your death.

Exit charges – Sterling Class X Shares
Exit before the stated anniversary of purchase Exit charge
1st year 4.5%
2nd year 4.0%
3rd year 3.0%
4th year 2.0%
5th year 1.0%
Thereafter Nil

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