Recovery Fund


Price (28.04.2017)

% Price Change

Fund objective and approach

Fund objective

To grow capital by investing at least 80% of the fund in the shares of UK-listed companies that, at the time of investment, are out of favour with the stockmarket, and where the fund manager believes a good management team is making concerted efforts to turn the business around.

Investment policy

"The fund invests in those businesses whose problems are solvable and temporary rather than structural in nature, and which are expected to move through a four-stage recovery cycle. This is a relatively simple investment approach focusing on three key factors: people, strategy and cashflow. Developing a constructive dialogue with company management is fundamental to the investment process. The fund manager takes a long-term view with a typical holding period of five years or more.

We may use derivatives to meet the fund’s investment objective and to reduce risk and minimise costs. Derivatives are financial contracts whose value is derived from other assets."

Investment approach

The M&G Recovery Fund invests in companies that are out of favour with the stockmarket where a good management team is making concerted efforts to turn the business around. The fund manager takes a long-term view with a typical holding period of five years or more and aims to provide a diversified portfolio of up to 100 stocks. Developing a constructive dialogue with company management is a fundamental part of the investment process and the fund manager will not invest in a company unless he has met the management team first.

The fund invests mainly in company shares and is therefore likely to experience larger price fluctuations than funds that invest in bonds and/or cash.


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 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

Tom Dobell

Tom Dobell - Fund manager

Tom Dobell joined M&G in 1992 as a UK equity manager on the segregated pension fund desk where he was responsible for managing assets for 16 pension fund clients. In March 2000, Tom became fund manager of the M&G Recovery Fund. Before joining M&G, he worked for Phillips & Drew (PDFM) as a fund manager within the charity and small pension fund division. Tom graduated from agricultural college in 1986.

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Michael Stiasny

Michael Stiasny - Deputy Manager

Michael Stiasny was appointed fund manager of Charifund in November 2016, and has been deputy manager of the M&G Recovery Fund since January 2011. Michael initially joined M&G in 1998 as an equity analyst, becoming head of the pan-European equity research team in January 2005. Michael graduated in philosophy, politics and economics from Oxford University. He is also a CFA charterholder

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David Williams

David Williams - Deputy Manager

David Williams is fund manager of the M&G Global Recovery Fund and deputy fund manager of the M&G Recovery Fund. He joined M&G in January 2004, having graduated from the University of Nottingham with a degree in economics. David worked closely with Tom Dobell as a fund managers' assistant for three years prior to becoming deputy fund manager of the M&G Recovery Fund in September 2008. He is a CFA charterholder.

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Gregor Morris

Gregor Morris - Investment specialist

Gregor Morris is currently the Investment Specialist for the M&G Recovery team. He is also responsible for M&G’s Japan and UK equity fund ranges. Gregor joined M&G in 2012 as part of the Graduate Programme, having gained a BA in history and politics from the University of York. He is a CFA charterholder.

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Rating is at a share class level

2 Star Rating

Rating is at a fund level

Bronze Standard

Ratings as at 31/03/2017. The Morningstar Overall Rating. Copyright © 2017 Morningstar UK Limited. All Rights Reserved. The Morningstar Analyst Rating™. © 2017 Morningstar. All Rights Reserved. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Ratings should not be taken as recommendation.

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