Property Portfolio

Fund objective and approach

Fund objective

The investment objective of the Fund is to carry on Property Investment Business and to manage cash raised from investors for investment in the Property Investment Business. In so doing, the Fund aims to maximise long term total return (the combination of income and growth of capital) through investment mainly in commercial property.

Investment approach

The M&G Property Portfolio aims to maximise long-term total return through direct investment in commercial property. The fund is diversified across different property sectors (such as retail, offices and industrial). This is done by reviewing the structural and portfolio risk implications of holding various assets within the fund and when acquiring new assets for the fund. In researching properties and therefore the associated risk, the manager considers location, property type, rent review and lease expiry pattern, tenant, industry sector, tenure, lease covenants and physical and environmental factors.

The value of 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 value of 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.



Fund Team

Fiona Rowley - Fund manager

Fiona Rowley joined M&G Real Estate as an investment surveyor in 1994 and was appointed deputy fund manager of the M&G Property Portfolio on its launch in 2005. She was appointed fund manager in 2007. Before joining the group, Fiona worked for property service company Knight Frank. She has a first class honours degree in estate management from South Bank University and is a member of the Royal Institution of Chartered Surveyors (RICS) and the Investment Property Forum.

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Justin Upton - Deputy Manager

Justin Upton joined M&G Real Estate in January 2010 as deputy fund manager of the M&G Pooled Pensions Property Fund (PPLP). On 1 January 2012, he was appointed deputy fund manager of the M&G Property Portfolio. Before M&G Real Estate, Justin spent two years as a director at Mayfair Capital Investment Management where he was involved with the MC Special Opportunities Fund and Income Trust for Charities. Prior to this, he spent five years at Henderson Global Investors as assistant fund manager on the Henderson Retail Warehouse Fund and the Caspar Fund. Justin undertook his RICS accreditation during four years spent with Cushman Wakefield’s capital markets team. He holds a degree from the University of Birmingham in social and economic history and a Masters from City University in property law and valuation.

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Henrietta Walker - Investment specialist

Henrietta joined M&G in February 2012 as the investment specialist responsible for the M&G Property Portfolio and the M&G Property Fund. Prior to working for M&G, Henrietta was International Head of Manager Selection at JPMorgan Private Bank. Before that she was a senior analyst at OBSR. Henrietta has over 19 years’ experience in financial services, having previously worked at Credit Suisse Private Bank and Cazenove. She has an economics degree from Cambridge and is a Fellow of the Securities Institute.

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