M&G Absolute Return Bond - CLOSED Class PP GBP Acc
Report And Accounts
Simplified Prospectus / KIID
Performance
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Top 10 Holdings
| Stock | % Weight |
|---|---|
| JAPAN (GOVERNMENT OF) 0.1% 10/03/2029 | 3.42 |
| BANCO DE SABADELL SA 0.875% 16/06/2028 | 2.31 |
| M&G (LUX) STERL LIQ FD - GBPZ6A DI GBP CLOSED-END | 2.30 |
| HARVEST CLO VIII LTD HARVT_8X 3.907% 15/01/2031 | 2.25 |
| AUSTRALIA (COMMONWEALTH OF) 1.75% 21/06/2051 | 1.90 |
| SES SA 2.875% PERP | 1.80 |
| VOLKSWAGEN FINANCIAL SERVICES AG 0.125% 12/02/2027 | 1.79 |
| ILIAD SA 1.875% 11/02/2028 | 1.77 |
| BP CAPITAL MARKETS PLC 1.104% 15/11/2034 | 1.77 |
| SVENSKA HANDELSBANKEN AB 0.01% 02/12/2027 | 1.74 |
| Total | 21.06 |
Fund Aims
The Fund aims to achieve a total return (the combination of income and capital growth) of at least 2.5% per annum above the Sterling Overnight Index Average (SONIA), before any charges are taken, in any market conditions and over any three year period. The Fund aims to achieve this while seeking to minimise the degree to which the value of the Fund fluctuates over time (volatility), while also seeking to limit monthly losses. Managing the Fund in this way reduces its ability to achieve returns significantly above SONIA plus 2.5%. There is no guarantee that the Fund will achieve a positive return over three years, or any other period, and investors may not get back the original amount they invested.
Fund Manager
Jim Leaviss is Head of Retail Fixed Interest for M&G’s mutual fund range. He joined M&G in 1997 after five years at the Bank of England. As well as heading up the team, Jim is the fund manager of the M&G Global Macro Bond Fund and the M&G European Inflation Linked Corporate Bond Fund. He is also deputy manager of the M&G Gilt and Fixed Interest Income Fund, the M&G Index-Linked Bond Fund and the M&G UK Inflation Linked Corporate Bond Fund.
Wolfgang Bauer is co-manager of the M&G Absolute Return Bond Fund and deputy fund manager of the M&G Global Corporate Bond Fund and the M&G European Corporate Bond Fund. In January 2018, he was appointed fund manager of the M&G European Inflation Linked Corporate Bond Fund and deputy fund manager of the M&G UK Inflation Linked Corporate Bond Fund. Wolfgang joined M&G in 2012 as part of the Investment Graduate Programme. He joined the M&G Retail Fixed Interest team from the Real Estate Finance team in January 2014, focusing on US investment grade credit. Wolfgang gained a PhD in chemistry from the University of Cambridge and also holds the Investment Management Certificate (IMC) and is a CFA charterholder.
Fund Overview
| Mid (13/07/2023) | 103.29p |
| Distribution yield | 2.38% |
| Underlying yield | 2.38% |
| Fund size (30/06/2023) | £12.42m |
| Number of holdings | 146 |
| Entry Charge | - |
| Ongoing Charges | 0.35% |
| Launch date | 13/12/2016 |
Asset Allocation
| International Bonds | 77.11% | |
| Alternative Trading Strategies | 44.82% | |
| UK Corporate Bonds | 12.38% | |
| Cash and Equivalents | -1.93% | |
| Other Assets | -32.38% |
Important Information
Source of portfolio data: Broadridge. Source of performance data: FE fundinfo. We can’t predict the future. Past performance isn’t a guide to future performance. The figures shown are intended only to demonstrate performance history of the fund, after allowing for the impact of ongoing charges, but take no account of product charges. Ongoing charges may vary in the future and may be higher than they are now. Fund performance is based upon the movement of the daily price and is shown as total return in GBP with income reinvested. The value of your client’s investment can go down as well as up and the amount your client gets back may be less than they put in.
This factsheet is for investment professionals and is for information purposes only. You should refer to your client's policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this report or make any warranties regarding results from its usage.
Asset Allocation
| International Bonds | 77.11% | |
| Alternative Trading Strategies | 44.82% | |
| UK Corporate Bonds | 12.38% | |
| Cash and Equivalents | -1.93% | |
| Other Assets | -32.38% |
Sector Breakdown
| Industry | Supersector | Sector | Subsector | ||
|---|---|---|---|---|---|
| Bonds | 89.49% | - | - | - | |
| Alternative Trading Strategies | 44.82% | - | - | - | |
| Alternative Trading Strategies | - | 44.82% | - | - | |
| Alternative Trading Strategies | - | - | 44.82% | - | |
| Alternative Trading Strategies | - | - | - | 44.82% | |
| Cash and Equivalents | -1.93% | - | - | - | |
| Non-Classified | -32.38% | - | - | - | |
| Non-Classified | - | 2.30% | - | - | |
| Non-Classified | - | - | 2.30% | - | |
| Non-Classified | - | - | - | 2.30% | |
Regional Allocation
| Developed Europe - Excl UK | 43.19% | |
| Non-Classified | 19.89% | |
| North America | 13.01% | |
| UK | 12.38% | |
| South & Central America | 5.28% | |
| Japan | 3.42% | |
| Australia & New Zealand | 1.90% | |
| Middle East & Africa | 1.75% | |
| Emerging Europe | 1.10% | |
| Cash and Equivalents | -1.93% |
Fixed Interest Currencies
| Euro | 56.14% | |
| Pound Sterling | 14.26% | |
| US Dollar | 13.05% | |
| Non-Fixed Interest Assets | 12.44% | |
| Yen | 3.42% | |
| Mexican Peso | 1.28% | |
| Other Currencies | -0.60% |
Regional Breakdown
| Region | Country | ||
|---|---|---|---|
| Developed Europe - Excl UK | 43.19% | - | |
Luxembourg
|
- | 8.11% | |
France
|
- | 7.88% | |
Germany
|
- | 7.03% | |
Netherlands
|
- | 6.14% | |
Ireland
|
- | 2.97% | |
Spain
|
- | 2.85% | |
Sweden
|
- | 2.61% | |
Belgium
|
- | 1.66% | |
Switzerland
|
- | 1.65% | |
Iceland
|
- | 0.91% | |
Norway
|
- | 0.77% | |
Portugal
|
- | 0.61% | |
| Non-Classified | 19.89% | - | |
| North America | 13.01% | - | |
United States
|
- | 13.01% | |
| UK | 12.38% | - | |
United Kingdom
|
- | 12.38% | |
| South & Central America | 5.28% | - | |
Mexico
|
- | 5.00% | |
Colombia
|
- | 0.28% | |
| Japan | 3.42% | - | |
Japan
|
- | 3.42% | |
| Australia & New Zealand | 1.90% | - | |
Australia
|
- | 1.90% | |
| Middle East & Africa | 1.75% | - | |
United Arab Emirates
|
- | 1.17% | |
Egypt
|
- | 0.58% | |
| Emerging Europe | 1.10% | - | |
Romania
|
- | 0.63% | |
Russian Federation
|
- | 0.28% | |
Ukraine
|
- | 0.19% | |
| Cash and Equivalents | -1.93% | - | |
Fixed Interest Maturity Profile
| < 5Yr Maturity |
|
33.84% |
| 5Yr - 10Yr Maturity |
|
37.19% |
| 10Yr - 15Yr Maturity |
|
4.20% |
| > 15Yr Maturity |
|
14.25% |
| Cash And Equivalents |
|
-1.93% |
| Unknown Maturity |
|
-34.69% |
| Other Asset Types |
|
47.12% |
Fixed Interest Quality Profile
| AAA |
|
7.37% |
| AA |
|
1.76% |
| A |
|
16.24% |
| BBB |
|
22.62% |
| Sub-Investment Grade |
|
8.13% |
| Unknown Quality |
|
33.37% |
| Cash and Equivalents |
|
-1.93% |
| Other Asset Types |
|
12.44% |
Top 10 Holdings
| Stock | % Weight | Sector | Country | |
|---|---|---|---|---|
| 1 | JAPAN (GOVERNMENT OF) 0.1% 10/03/2029 | 3.42% | Bonds | Japan |
| 2 | BANCO DE SABADELL SA 0.875% 16/06/2028 | 2.31% | Bonds | Spain |
| 3 | M&G (LUX) STERL LIQ FD - GBPZ6A DI GBP CLOSED-END | 2.30% | Managed Funds | Non-Classified |
| 4 | HARVEST CLO VIII LTD HARVT_8X 3.907% 15/01/2031 | 2.25% | Bonds | Ireland |
| 5 | AUSTRALIA (COMMONWEALTH OF) 1.75% 21/06/2051 | 1.90% | Bonds | Australia |
| 6 | SES SA 2.875% PERP | 1.80% | Bonds | Luxembourg |
| 7 | VOLKSWAGEN FINANCIAL SERVICES AG 0.125% 12/02/2027 | 1.79% | Bonds | Non-Classified |
| 8 | ILIAD SA 1.875% 11/02/2028 | 1.77% | Bonds | France |
| 9 | BP CAPITAL MARKETS PLC 1.104% 15/11/2034 | 1.77% | Bonds | United Kingdom |
| 10 | SVENSKA HANDELSBANKEN AB 0.01% 02/12/2027 | 1.74% | Bonds | Sweden |
Important Information
The Industry Classification Benchmark is a product of FTSE International Limited and has been licensed for use.
This factsheet is for investment professionals and is for information purposes only. You should refer to your client's policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this report or make any warranties regarding results from its usage.
Identification Codes
| Sedol Code | BG03YB9 |
| Mex Code | - |
| Isin Code | GB00BG03YB93 |
| Citi Code | Q4QR |
Fund Charges
| Entry Charge | - |
| Ongoing Charges | 0.35% |
Aims and Benchmark
| Aims | The Fund aims to achieve a total return (the combination of income and capital growth) of at least 2.5% per annum above the Sterling Overnight Index Average (SONIA), before any charges are taken, in any market conditions and over any three year period. The Fund aims to achieve this while seeking to minimise the degree to which the value of the Fund fluctuates over time (volatility), while also seeking to limit monthly losses. Managing the Fund in this way reduces its ability to achieve returns significantly above SONIA plus 2.5%. There is no guarantee that the Fund will achieve a positive return over three years, or any other period, and investors may not get back the original amount they invested. |
| Benchmark | SONIA + 2.5% |
| Benchmark Category | Target |
| IA Sector | Absolute Return |
Fund Background
| Valuation frequency | Daily |
| Valuation point | 12:00 |
| Fund type | OEIC |
| Launch price | £1.00 |
| Fund currency | Pound Sterling |
| Fund domicile | United Kingdom |
| ISA allowable | Yes |
| SIPP allowable | Yes |
Distribution Details
| Income frequency | Annually |
| Distribution Type | Interest |
| Distribution Payment Basis | Net |
Distribution Dates
| Ex dividend date(s) | Income payment date(s) |
|---|---|
| 01 April | 31 May |
| 01 October | 30 November |
Ratings
| FE Crown |  |
Effect of Deductions
| Assuming a growth rate of 6.00% | Assuming a growth rate of 7.00% |
|---|---|
| - | - |
Fund Administration
| Fund Trustee/Depository | The National Westminster Bank plc |
| Fund Administrator | IFDS |
| Fund Registrar | IFDS |
| Fund Custodian | State Street Bank and Trust Company |
Group Details
| Group name | M&G Investments |
| Group address | 10 Fenchurch Avenue London EC3M 5AG United Kingdom |
| Group telephone | 0800 390 390 |
| Dealing telephone | 0800 328 3196 |
| info@mandg.co.uk | |
| Homepage | www.mandg.co.uk |
| Fax number | - |
Dealing
| Minimum Investment | - |
| Minimum Top Up | - |
| Minimum Regular Saving | - |
| Settlement Period: Buy | - |
| Settlement Period: Sell | - |
| Pricing Basis | None |
| Dealing Decimals | - |
Important Information
Ongoing charges may vary in the future and may be higher than they are now.
This factsheet is for investment professionals and is for information purposes only. You should refer to your client's policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this report or make any warranties regarding results from its usage.
Risk Analysis
| Ratio | Value |
|---|---|
| Alpha | -0.98 |
| Beta | 0.59 |
| Sharpe | 0.00 |
| Standard Deviation | 3.12 |
| Info Ratio | -0.65 |
Risk Factors
| Risk Factor | Yes / No |
|---|---|
| Charges to Capital | Yes |
| Emerging Markets | Yes |
| Concentrated Portfolio | No |
| Smaller Companies | Yes |
| High Yield Bonds | Yes |
| Sector Specific | Yes |
| Geared Investments | Yes |
| Value of Investments | Yes |
| Investments Long Term | Yes |
| Property | No |
| Exchange Rate | Yes |
| Higher Risk | No |
| Performance Charges | No |
| Derivative Exposure | Yes |
| Offshore | No |
| Income Eroding Capital Growth | Yes |
| Umbrella Liabilities | Yes |
| New Fund | Yes |
| Solvency of Depository | No |
| Solvency of Bond Issuers | Yes |
| Ethical Restrictions | No |
| Liquidity | No |
| Returns Are Not Guaranteed | Yes |
| Inflation | Yes |
| Taxation and Tax Relief | Yes |
Fund Specific Risks
Charges to Capital
Part, or all of the periodic annual management fee(s) and expenses may be charged to capital which could increase the potential for the capital value of your investment to be eroded. Your capital could also decrease if income withdrawals exceed the growth rate of the fund(s).
Emerging Markets
The fund invests in emerging markets. Generally less well regulated than the UK. There is an increased chance of political and economic instability with less reliable custody, dealing and settlement arrangements. The market(s) can be less liquid. If a fund investing in markets is affected by currency exchange rates, the investment could either increase or decrease. These investments therefore carry more risk.
Smaller Companies
The fund invests in smaller companies. Smaller companies shares can be more volatile and less liquid than larger company shares, so smaller companies funds can carry more risk.
High Yield Bonds
The fund invests in high yield bonds. High yield bonds carry a greater risk of default than investment grade bonds, and economic conditions and interest rate movements will have a greater effect on their price. Income levels may not be achieved and the income provided may vary.
Sector Specific
The fund invests in specific sectors. Funds which invest in specific sectors may carry more risk than those spread across a number of different sectors. They may assume higher risk, as markets/sectors can be more volatile. In particular, gold, technology funds and other focused funds can suffer as the underlying stocks can be more volatile and less liquid.
Geared Investments
The fund focuses on geared investments. Funds which focus on geared investments such as warrants or options carry a higher degree of risk than other equity investments because of the risk of the underlying investments. It is possible that the fund may suffer sudden and large falls in value so that the short fall on cancellation, or the loss of the realisation on the investment at any time after the investor has bought the contract, could be very high and could even equal the amount invested, in which case you would get nothing back.
Value of Investments
The value of investments, and any income can fall, as well as rise, so you could get back less than you invested. Neither capital nor income is guaranteed.
Investments Long Term
Investments should be regarded as long term and are not suitable for money which may be needed in the short term, you should always have a sufficient cash reserve.
Exchange Rate
This fund invests in securities outside the UK. The value of investments and any income from them may therefore decrease or increase as a result of changes in exchange rates between currencies.
Derivative Exposure
The fund invests in derivatives as part of its investment strategy, over and above their use for Efficient Portfolio Management (EPM). Investors should be aware that the use of these instruments can, under certain circumstances, increase the volatility and risk profile of the Fund beyond that expected of a fund that only invests in equities. The fund may also be exposed to the risk that the company issuing the derivative may not honour their obligations which in turn could lead to losses arising.
Income Eroding Capital Growth
The fund focuses on providing an income, which can reduce the prospects for capital growth, and in some cases the capital value may fall.
Umbrella Liabilities
If the liabilities of one fund were to exceed its assets, the other funds within the scheme might have to transfer across money to cover the liabilities.
New Fund
The charges and expenses may make up a higher proportion of a newly launched fund than initially estimated.
Solvency of Bond Issuers
If the fund you choose invests in bonds there is a risk that the issuer may default, resulting in a loss to the portfolio.
Returns Are Not Guaranteed
What you receive when you sell your investment is not guaranteed; it depends on how your investments perform.
Inflation
Inflation will reduce the real value of your investments in future.
Taxation and Tax Relief
Levels of taxation and tax relief are subject to change.
Important Information
The risk factor definitions are provided by Broadridge. These definitions may differ from those of Prudential or any underlying fund manager. The data itself is provided by Prudential or the underlying fund manager.
This factsheet is for investment professionals and is for information purposes only. You should refer to your client's policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this report or make any warranties regarding results from its usage.
Important Information
Source of performance data: FE fundinfo. Please remember that past performance is not a reliable indicator of future performance. The figures shown are intended only to demonstrate performance history of the fund and take no account of product charges. Fund Performance is based upon the movement of the daily price and is shown as total return in GBP with net income reinvested. The value of your client's investment may go down as well as up and the fund value may be less than the payments your client has made. Please also note that our charges may vary in the future and may be higher than they are now.
This factsheet is for investment professionals and is for information purposes only. You should refer to your client's policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this report or make any warranties regarding results from its usage.
"Prudential" is a trading name of The Prudential Assurance Company Limited, which is registered in England and Wales. Registered office at 10 Fenchurch Avenue, London EC3M 5AG. Registered number 15454. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.