M&G Global High Yield Bond Class PP GBP Acc
Report And Accounts
Simplified Prospectus / KIID
Performance
Discrete performance - to last month end
| 31/03/19 to 31/03/20 |
31/03/20 to 31/03/21 |
31/03/21 to 31/03/22 |
31/03/22 to 31/03/23 |
31/03/23 to 31/03/24 |
|
|---|---|---|---|---|---|
| Fund | -8.4% | 20.7% | -3.4% | -5.4% | 9.8% |
| Sector | -10.0% | 23.5% | -1.1% | -4.5% | 10.8% |
| Rank | 7/24 | 21/27 | 24/29 | 17/29 | 20/29 |
| Quartile | 2 | 4 | 4 | 3 | 3 |
Annualised performance
| Annualised | ||||
|---|---|---|---|---|
| 3 Years to 31/03/24 |
5 Years to 31/03/24 |
10 Years to 31/03/24 |
||
| Fund | 0.1% | 2.1% | 2.8% | |
| Sector | 1.5% | 3.1% | 3.1% | |
| Rank | 24/29 | 22/24 | 15/20 | |
| Quartile | 4 | 4 | 3 | |
Top 10 Holdings
| Stock | % Weight |
|---|---|
| PETROLEOS MEXICANOS 6.5% 13/03/2027 | 1.29 |
| CCO HOLDINGS LLC 5.5% 01/05/2026 | 1.08 |
| TREASURY NOTE 3.25% 30/06/2027 | 0.89 |
| ROYAL CARIBBEAN CRUISES LTD 9.25% 15/01/2029 | 0.86 |
| FORD MOTOR CREDIT COMPANY LLC 4.95% 28/05/2027 | 0.80 |
| CIVITAS RESOURCES INC 8.375% 01/07/2028 | 0.79 |
| TECHEM VERWALTUNGSGESELLSCHAFT 675 2% 15/07/2025 | 0.78 |
| LEVI STRAUSS & CO 3.375% 15/03/2027 | 0.70 |
| CELANESE US HOLDINGS LLC 6.165% 15/07/2027 | 0.69 |
| DUFRY ONE BV 2.5% 15/10/2024 | 0.66 |
| Total | 8.55 |
Fund Aims
The Fund aims to provide a higher total return (the combination of capital growth and income), net of the Ongoing Charge Figure, than that of the ICE BofAML Global High Yield Index (GBP Hedged) over any five-year period.
Fund Manager
Luke Coha was appointed deputy fund manager on the M&G Global High Yield Bond Fund in January 2018. He initially joined the M&G Retail Fixed Interest team in April 2014 as a high yield specialist focused on the US high yield bond market. Prior to joining M&G, Luke spent eight years at Fitch Ratings in the US as a lead healthcare analyst and before that, six years with Coopers & Lybrand Consulting as a management consultant to hospitals, health systems and physician organisations. Luke is an MBA graduate from De Paul University (Kellstad Graduate School of Business), having previously obtained a business degree at the University of Iowa.
Stefan Isaacs started at M&G in 2001 and was promoted to corporate bond dealer specialising in high yield bonds and euro denominated credit. He joined the fund management team in 2006 as an assistant fund manager covering high yield and European investment grade for M&G's fixed interest fund range. He was appointed fund manager of the M&G European Corporate Bond Fund in April 2007 and the M&G High Yield Corporate Bond Fund in October 2010. Stefan graduated from Manchester Metropolitan University with a degree in international business and French.
James Tomlins joined M&G in 2011 and was appointed fund manager of the M&G European High Yield Bond Fund later that year. In January 2014, he became co-manager of the M&G High Yield Corporate Bond Fund after two years being deputy manager on the fund. James is a specialist in high yield credit with more than 10 years’ experience in this sector. He was previously an analyst and then a fund manager at Cazenove Capital Management. Before Cazenove, James was at KBC Alternative Investment Management and in the three years prior to that worked at Merrill Lynch Investment Managers. James is a CFA charterholder. He holds an MA in history and PgDip in economics from the University of Cambridge.
Fund Overview
| Mid (26/04/2024) | 109.16p |
| Distribution yield | 6.13% |
| Underlying yield | 6.13% |
| Fund size (31/03/2024) | £1293.00m |
| Number of holdings | 438 |
| Entry Charge | 0.00% |
| Ongoing Charges | 0.48% |
| Launch date | 16/10/1998 |
Asset Allocation
| International Bonds | 88.39% | |
| UK Corporate Bonds | 7.32% | |
| Alternative Trading Strategies | 3.19% | |
| Money Market | 2.21% | |
| International Equities | 0.01% | |
| UK Equities | 0.00% | |
| Cash and Equivalents | -2.23% | |
| Other Assets | 1.12% |
Important Information
Source of portfolio data: Broadridge. 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.
Asset Allocation
| International Bonds | 88.39% | |
| UK Corporate Bonds | 7.32% | |
| Alternative Trading Strategies | 3.19% | |
| Money Market | 2.21% | |
| International Equities | 0.01% | |
| UK Equities | 0.00% | |
| Cash and Equivalents | -2.23% | |
| Other Assets | 1.12% |
Bond Sector Breakdown
| Industry | Supersector | Sector | Subsector | ||
|---|---|---|---|---|---|
| Bonds | 95.71% | - | - | - | |
| Alternative Trading Strategies | 3.19% | - | - | - | |
| Alternative Trading Strategies | - | 3.19% | - | - | |
| Alternative Trading Strategies | - | - | 3.19% | - | |
| Alternative Trading Strategies | - | - | - | 3.19% | |
| Non-Classified | 1.12% | - | - | - | |
| Consumer Staples | 0.01% | - | - | - | |
| Personal Care, Drug & Grocery Stores | - | 0.01% | - | - | |
| Personal Care, Drug & Grocery Stores | - | - | 0.01% | - | |
| Food Retailers & Wholesalers | - | - | - | 0.01% | |
| Real Estate | 0.00% | - | - | - | |
| Real Estate | - | 0.00% | - | - | |
| Real Estate Investment & Services | - | - | 0.00% | - | |
| Real Estate Holding and Development | - | - | - | 0.00% | |
| Consumer Discretionary | 0.00% | - | - | - | |
| Travel & Leisure | - | 0.00% | - | - | |
| Travel & Leisure | - | - | 0.00% | - | |
| Casinos & Gambling | - | - | - | 0.00% | |
| Cash and Equivalents | -0.02% | - | - | - | |
Regional Allocation
| North America | 59.37% | |
| Developed Europe - Excl UK | 20.72% | |
| UK | 7.32% | |
| Non-Classified | 6.58% | |
| South & Central America | 4.17% | |
| Emerging Europe | 0.83% | |
| Japan | 0.46% | |
| Developed Asia | 0.24% | |
| Middle East & Africa | 0.22% | |
| Other Regions | 0.09% |
Fixed Interest Currencies
| US Dollar | 64.58% | |
| Euro | 24.94% | |
| Non-Fixed Interest Assets | 6.52% | |
| Pound Sterling | 6.19% | |
| Cash | -2.23% |
Regional Breakdown
| Region | Country | ||
|---|---|---|---|
| North America | 59.37% | - | |
United States
|
- | 58.04% | |
Canada
|
- | 1.33% | |
| Developed Europe - Excl UK | 20.72% | - | |
France
|
- | 4.24% | |
Germany
|
- | 3.86% | |
Netherlands
|
- | 3.52% | |
Luxembourg
|
- | 2.68% | |
Italy
|
- | 1.66% | |
Sweden
|
- | 1.19% | |
Austria
|
- | 0.81% | |
Spain
|
- | 0.66% | |
Belgium
|
- | 0.54% | |
Finland
|
- | 0.53% | |
Ireland
|
- | 0.46% | |
Switzerland
|
- | 0.35% | |
Norway
|
- | 0.23% | |
| UK | 7.32% | - | |
United Kingdom
|
- | 7.32% | |
| Non-Classified | 6.58% | - | |
| South & Central America | 4.17% | - | |
Mexico
|
- | 2.53% | |
Colombia
|
- | 0.98% | |
Chile
|
- | 0.36% | |
Brazil
|
- | 0.31% | |
| Emerging Europe | 0.83% | - | |
Poland
|
- | 0.42% | |
Greece
|
- | 0.41% | |
| Japan | 0.46% | - | |
Japan
|
- | 0.46% | |
| Developed Asia | 0.24% | - | |
Hong Kong
|
- | 0.21% | |
Singapore
|
- | 0.03% | |
| Middle East & Africa | 0.22% | - | |
Israel
|
- | 0.21% | |
South Africa
|
- | 0.00% | |
| Emerging Asia | 0.11% | - | |
Macau
|
- | 0.09% | |
China
|
- | 0.02% | |
| Cash and Equivalents | -0.02% | - | |
Fixed Interest Maturity Profile
| < 5Yr Maturity |
|
55.01% |
| 5Yr - 10Yr Maturity |
|
32.26% |
| 10Yr - 15Yr Maturity |
|
1.42% |
| > 15Yr Maturity |
|
7.02% |
| Cash And Equivalents |
|
-0.02% |
| Unknown Maturity |
|
1.12% |
| Other Asset Types |
|
3.20% |
Fixed Interest Quality Profile
| AAA |
|
0.89% |
| A |
|
0.24% |
| BBB |
|
7.42% |
| Sub-Investment Grade |
|
60.04% |
| Unknown Quality |
|
27.10% |
| Cash and Equivalents |
|
-0.02% |
| Other Asset Types |
|
4.32% |
Top 10 Holdings
| Stock | % Weight | Sector | Country | |
|---|---|---|---|---|
| 1 | PETROLEOS MEXICANOS 6.5% 13/03/2027 | 1.29% | Bonds | Mexico |
| 2 | CCO HOLDINGS LLC 5.5% 01/05/2026 | 1.08% | Bonds | United States |
| 3 | TREASURY NOTE 3.25% 30/06/2027 | 0.89% | Bonds | United States |
| 4 | ROYAL CARIBBEAN CRUISES LTD 9.25% 15/01/2029 | 0.86% | Bonds | United States |
| 5 | FORD MOTOR CREDIT COMPANY LLC 4.95% 28/05/2027 | 0.80% | Bonds | United States |
| 6 | CIVITAS RESOURCES INC 8.375% 01/07/2028 | 0.79% | Bonds | United States |
| 7 | TECHEM VERWALTUNGSGESELLSCHAFT 675 2% 15/07/2025 | 0.78% | Bonds | Non-Classified |
| 8 | LEVI STRAUSS & CO 3.375% 15/03/2027 | 0.70% | Bonds | United States |
| 9 | CELANESE US HOLDINGS LLC 6.165% 15/07/2027 | 0.69% | Bonds | United States |
| 10 | DUFRY ONE BV 2.5% 15/10/2024 | 0.66% | Bonds | Netherlands |
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. Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. 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 information or make any warranties regarding results from its usage.
Identification Codes
| Sedol Code | BG086W9 |
| Mex Code | - |
| Isin Code | GB00BG086W96 |
| Citi Code | Q4R2 |
Fund Charges
| Entry Charge | 0.00% |
| Ongoing Charges | 0.48% |
Aims and Benchmark
| Aims | The Fund aims to provide a higher total return (the combination of capital growth and income), net of the Ongoing Charge Figure, than that of the ICE BofAML Global High Yield Index (GBP Hedged) over any five-year period. |
| Benchmark | ICE BofAML Global High Yield Index (GBP Hedged) |
| Benchmark Category | Target |
| IA Sector | £ High Yield |
Fund Background
| Valuation frequency | Daily |
| Valuation point | 12:00 |
| Fund type | OEIC |
| Launch price | £0.50 |
| 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) |
|---|---|
| 04 January | 29 January |
| 01 February | 26 February |
| 01 March | 31 March |
| 01 April | 30 April |
| 04 May | 28 May |
| 01 June | 30 June |
| 01 July | 30 July |
| 02 August | 31 August |
| 01 September | 30 September |
| 01 October | 31 October |
| 01 November | 30 November |
| 01 December | 31 December |
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 | -1.21 |
| Beta | 1.06 |
| Sharpe | 0.00 |
| Standard Deviation | 7.75 |
| Info Ratio | -0.72 |
Risk Factors
| Risk Factor | Yes / No |
|---|---|
| Charges to Capital | Yes |
| Emerging Markets | No |
| Concentrated Portfolio | No |
| Smaller Companies | No |
| High Yield Bonds | Yes |
| Sector Specific | No |
| Geared Investments | No |
| Value of Investments | Yes |
| Investments Long Term | Yes |
| Property | No |
| Exchange Rate | No |
| Higher Risk | No |
| Performance Charges | No |
| Derivative Exposure | Yes |
| Offshore | No |
| Income Eroding Capital Growth | Yes |
| Umbrella Liabilities | Yes |
| New Fund | No |
| Solvency of Depository | No |
| Solvency of Bond Issuers | Yes |
| Ethical Restrictions | No |
| Liquidity | Yes |
| 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).
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.
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.
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.
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.
Liquidity
This fund can suffer from partial or total illiquidity, which may lead to considerable price fluctuations and the inability to redeem your investment.
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. Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. 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 information or make any warranties regarding results from its usage.
Important Information
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. Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. 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 information 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.