Global High Yield Bond Fund

ISIN
GB0031957102

Price (27.03.2015):
50.98

% Price Change
0.06

Fund objective and approach

Fund objective

The Fund is designed to maximise total return (the combination of income and growth of capital) while generating a high level of income.

Investment approach

The M&G Global High Yield Bond Fund invests predominantly in higher yielding corporate bonds. The fund manager’s investment approach concentrates on bottom-up analysis of individual bond issues whilst remaining aware of macroeconomic developments. There is a focus on proprietary research rather than external research. Credit risk is constantly monitored and always well diversified. Foreign currency exposure is typically hedged to sterling using forward foreign currency contracts, although some currency exposure may exist.

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, Singapore, Sweden, Switzerland, UK, USA although these may vary subject only to those listed in the prospectus. This fund allows for the extensive use of derivatives.

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.

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.

Fund Team

Stefan Isaacs - Fund manager

Stefan Isaacs started at M&G in 2001 and was promoted to corporate bond dealer specialising in high yield bonds and euro denominated credit. He joined the fund management team in 2006 as an assistant fund manager covering high yield and European investment grade for M&G's fixed interest fund range. He was appointed fund manager of the M&G European Corporate Bond Fund in April 2007 and the M&G Global High Yield Bond Fund in October 2010. He is also the deputy manager of the M&G Optimal Income Fund. Stefan graduated from Manchester Metropolitan University with a degree in international business and French.

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James Tomlins - Co-manager

James Tomlins joined M&G in June 2011 and was appointed fund manager of the M&G European High Yield Bond Fund later that year. In January 2014, he became co-manager of the M&G Global High Yield Bond Fund after two years as deputy manager on the fund. James has also managed the M&G Global Floating Rate High Yield Fund since its launch in September 2014. James is a specialist in high yield credit with more than 10 years’ experience in this sector. He was previously an analyst and then a fund manager at Cazenove Capital Management. Before Cazenove, James was at KBC Alternative Investment Management; in the three years prior to that, he worked at Merrill Lynch Investment Managers. James is a CFA charterholder. He graduated with an MA in history and PgDip in economics from the University of Cambridge.

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Nicolò Carpaneda - Investment specialist

Nicolo Carpaneda joined M&G in 2012 as an associate investment specialist covering M&G’s fixed interest fund range. Prior to joining M&G, Nicolo worked at Citigroup as an associate in the global markets & banking division, focusing on corporate finance and managing a number of multinational clients. He then joined Prudential on the group leadership programme as an internal consultant. Nicolo holds a degree in business administration and Master of Science (Msc) in management from Bocconi University (Italy) and an MBA from IE Business School (Spain). Nicolo is fluent in Italian, English and Spanish.

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Ratings

Rating is at a share class level

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Rating is at a fund level

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Morningstar OBSR Analyst Rating™ Copyright © Morningstar. All Rights Reserved. Ratings as at 28/02/2015 and should not be taken as a recommendation.

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