Property Portfolio



Bid Price

Offer Price

% Price Change


Objective and investment policy


The fund aims to provide income and grow capital over five years or more by investing mainly in UK commercial property.

Investment policy and strategy

Core investment: At least 70% of the fund is directly invested in UK commercial property.

Other investments: The fund may also invest in other property-related assets, including other funds, real estate investment trusts, money market instruments (for example, debt due to be repaid within a year) and cash.

Strategy in brief: The fund manager selects attractively priced properties from across a range of sectors and regions. The focus is on adding value by managing and improving properties to enhance their capital value and rental income.

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.


Important information about fund pricing

Each day we value the assets of the M&G Property Portfolio on both an ‘offer’ basis (how much they would cost to buy) and a ‘bid’ basis (how much the fund would receive if they were sold). The difference between the two, known as the ‘spread’, is currently 5.74% (as at 14.06.2017) of the 'offer' basis valuation. This reflects the costs of buying and selling properties, in particular Stamp Duty Land Tax paid on purchases which can account for up to 5% of the property value. The dealing prices we publish are on either the offer basis or bid basis, depending on whether people are generally buying fund shares (the fund is in ‘net inflow’) or selling shares (the fund is in ‘net outflow’). Should fund flows move from net inflow to net outflow, the dealing prices may ‘swing’ from an offer basis to a bid basis and fall by the extent of the spread. On the other hand, should flows move from net outflow to net inflow, the dealing prices may rise by a slightly greater percentage, the spread being based in this case on the lower 'bid' basis valuation. For large deals (regarded as deals in excess of £50,000) the dealing price you receive may be different from the published price. If you are buying shares, you may receive a price that is higher than the quoted offer price. If you are selling shares, you may receive a price that is lower than the quoted bid price.


The recent fall and volatility in total return shown in the chart above is due to a combination of factors: the pricing basis moved from creation to cancellation in May 2016; and having consulted with the independent valuer, Knight Frank, the removal of the fair value adjustment in full on 21 October 2016 after its introduction on 1 July 2016.

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

Fiona Rowley

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.

Justin Upton

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.