Fund prices and yields

Our funds are valued each business day and the daily prices are available here from approximately 9pm. Alternatively, we publish a selected range of fund prices daily in the Financial Times.  Please refer to the glossary for an explanation of the investment terms used throughout this section.

Changes to funds’ charging policy and impact on yields

M&G is changing the way some charges are deducted from its funds. This will also change the yields we calculate for some fund share classes.

Specifically, the changes relate to the annual management charge, administration charge and share class hedging charge (in the case of hedged share classes) – all being components of the ongoing charge and collectively called below “the charges”.

Under our new policy, rather than being decided at the level of the fund itself, where the charges are deducted from will depend on the type of fund share:

  • for income shares, the charges will be deducted from capital
  • for accumulation shares, the charges will be deducted from income

Distribution yield

Funds predominantly invested in bonds show a distribution yield. All funds show that a distribution yield previously deducted the charges from income. Following the change in charging policy, charges will be deducted from capital of the income shares of these funds. This has the effect of constraining the fund's capital performance and increasing  the distribution yield to an equivalent extent. 

Historic yield

For all other funds, yield shown is the 'historic yield'. Funds that show a historic yield include some that previously deducted the charges from income and others that deducted from capital.

The historic yield reflects distributions declared over the past twelve months. For those share classes affected by the changes, the basis for distributions declared will change according to where charges will be applied going forward.

As a result, we believe that the historic yield will be materially unrepresentative of the level of distributions likely to be declared in the future.

Going forward we will therefore show an estimated historic yield for these share classes. This will be based on the historic yield, but adjusted for the impact of the new charging policy. We will apply this adjustment until distributions have been declared for a full year after the changes, from which time the historic yield will again be on the same basis as the distributions.

Timing of changes

The changes in charging policy are being phased in over the second half of 2016. For details of which share classes are affected, and the impact of the changes on published yields, please see this table.

Estimated historic yields will therefore also be phased in for share classes affected by the changes, with the first of these appearing from 8 September 2016.

Asset class

  • Equities
  • Fixed interest
  • Multi-asset
  • Convertibles

Share class

  • Sterling A
  • Sterling I
  • Sterling X
  • GBP I-H
  • Sterling I-H
  • Sterling N
  • Sterling S-H
  • Sterling T-H
  • Sterling A-H
  • Sterling X-H
  • Inc & Grth units
  • Package units
Select Fund name Date Currency InfoPrice InfoChange InfoChange % InfoYield InfoXD Date InfoISIN
Select All
Asian Fund - Sterling A Acc 26.08.2016 GBX 1901.00 Up 0.94 0.05% 0.59 01.09.2015 GB0030939556
Asian Fund - Sterling A Inc 26.08.2016 GBX 1222.04 Up 0.61 0.05% 0.58 01.09.2015 GB0030939440
Asian Fund - Sterling I Acc 26.08.2016 GBX 1443.83 Up 0.74 0.05% 1.25 01.09.2015 GB00B6SQYF47
Asian Fund - Sterling I Inc 26.08.2016 GBX 1389.04 Up 0.71 0.05% 1.28 01.09.2015 GB00B3T2RX98
Asian Fund - Sterling X Acc 26.08.2016 GBX 1883.21 Up 0.94 0.05% 0.44 01.09.2015 GB0031956807
Asian Fund - Sterling X Inc 26.08.2016 GBX 1220.39 Up 0.6 0.05% 0.6 01.09.2015 GB0031956799
Corporate Bond Fund - Sterling A Acc 26.08.2016 GBX 69.45 Down -0.03 -0.04% 2.67 01.07.2016 GB0031285785
Corporate Bond Fund - Sterling A Inc 26.08.2016 GBX 42.82 Down -0.02 -0.05% 3.82 01.07.2016 GB0031285678
Corporate Bond Fund - Sterling I Acc 26.08.2016 GBX 72.06 Down -0.03 -0.04% 3.17 01.07.2016 GB00B1YBRL59
Corporate Bond Fund - Sterling I Inc 26.08.2016 GBX 42.88 Down -0.02 -0.05% 3.82 01.07.2016 GB00B1YBRM66

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