Recovery investing at M&G focuses on companies that are down on their luck, experiencing operational or financial difficulties and where other investors are ignoring the potential value from their long-term recovery. The core tenet of the investment philosophy – unchanged since 1969 – is to search out these companies.
The original fund – the M&G Recovery Fund – remarkably has had only three managers in its history and this stable foundation has enabled a consistency of approach that is hard to find elsewhere in the UK. The current manager, Tom Dobell, has managed the fund since March 2000.
The success of the recovery investing process led to the launch of the M&G Global Recovery Fund in February 2012, managed by David Williams, where the same principles are applied to a universe of companies from around the world.
“I believe what we are doing is different and worthwhile, and can be enormously rewarding.”
Tom Dobell, M&G Recovery Fund manager