x Episode Income Fund

Episode Income Fund

ISIN
GB00B48VC629

Price (02.12.2020)
177.77

% Price Change
0.16

Objective and investment policy

Objective

The fund aims to provide:
- a growing level of income over any three-year period by investing in a mix of assets from anywhere in the world; and
- capital growth of 2-4% on average each year over any three-year period.

There is no guarantee that the fund will achieve its objective over this, or any other, period. The income distributions and the value of investments may rise and fall, and investors may not recoup the amount they originally invested.

Investment policy and strategy

Core investment: The fund typically invests directly in a mix of assets including company shares, bonds, currencies and property (only through other funds). The fund may also invest in these assets via derivatives or through other funds. A minimum of 70% of the fund is in sterling or hedged back to sterling.

Other investments: The fund may invest in cash or assets that can be turned into cash quickly.

Derivatives: The fund may invest via derivatives and use derivatives to reduce the risks and costs of managing the fund.

Strategy in brief: The fund employs a flexible investment approach with the freedom to invest in different types of assets in response to changes in economic conditions and the valuation of assets.

The approach combines in-depth research to work out the value of assets over the medium to long term, with analysis of market reactions to events to identify investment opportunities. The fund typically invests 20-50% of its assets in company shares, 40-80% in bonds and up to 20% in other assets, which can include convertibles.

Benchmark: The fund is actively managed and it has no benchmark. Investors can assess the performance of the fund by its objective to provide a growing level of income and capital growth of 2-4% per annum, both measured over any three-year period. The fund's annual report for each financial year will include details of the fund’s performance in relation to its objective.

You can find more information about the objective and investment policy of the fund in the Prospectus.

Risks associated with the fund

The value and income from the fund's assets will go down as well as up. This will cause the value of your investment to fall as well as rise. There is no guarantee that the fund will achieve its objective and you may get back less than you originally invested.

The fund may use derivatives to profit from an expected rise or fall in the value of an asset. Should the asset's value vary in an unexpected way, the fund may lose as much as or more than the amount invested.

The fund is exposed to different currencies. Derivatives are used to minimise, but may not always eliminate, the impact of movements in currency exchange rates.

Investments in bonds are affected by interest rates, inflation and credit ratings. It is possible that bond issuers will not pay interest or return the capital. All of these events can reduce the value of bonds held by the fund.

Investing in emerging markets involves a greater risk of loss due to greater political, tax, economic, foreign exchange, liquidity and regulatory risks, among other factors. There may be difficulties in buying, selling, safekeeping or valuing investments in such countries.

In exceptional circumstances where assets cannot be fairly valued, or have to be sold at a large discount to raise cash, we may temporarily suspend the fund in the best interest of all investors.

The fund could lose money if a counterparty with which it does business becomes unwilling or unable to repay money owed to the fund.

Further details of the risks that apply to the fund can be found in the fund's Prospectus.

Other information

The Fund allows for the extensive use of derivatives


The performance webpage for this fund is currently being reconfigured. In the interim, for performance information, please refer to the latest Fund Factsheet which can be found in the Literature section.

Fund Team

Steven Andrew

Steven Andrew - Fund manager

Steven Andrew joined M&G in 2005 as a member of the portfolio strategy & risk team, before moving to the Multi Asset team, where he helped to formulate asset allocation strategies for M&G's multi-asset fund range. In November 2010, Steven was appointed manager of the M&G Episode Income strategy and, three years later, he became manager of the M&G Income Allocation strategy upon its launch. Steven began his career at the Bank of England in 1987 and subsequently worked at F&C Asset Management and Merrill Lynch before joining M&G. He holds a BSc (Hons) degree in financial economics from the University of London.

 Team member biography
Maria Municchi

Maria Municchi - Deputy Manager

Maria Municchi joined M&G in 2009, providing support as an investment specialist to the Multi Asset and Convertibles teams. She became part of the Multi Asset fund management team in January 2017 and now runs the Multi Asset Sustainable Investment strategy. Before joining M&G, Maria worked at Barings and UBS Asset Management. She has an MSc in international management and finance and is a CFA charterholder.

 Team member biography
Susanne Grabinger

Susanne Grabinger - Investment specialist

Susanne Grabinger joined M&G in 2010 and is currently an investment specialist providing support for M&G's multi-asset fund range and the M&G Global Convertibles Fund. Prior to joining M&G, Susanne worked at JPMorgan Asset Management as a client portfolio manager, focusing on institutional equity accounts and balanced mutual funds. She holds a master’s degree in business administration from the University of Bamberg, Germany, and is a CFA charterholder. Susanne is fluent in German and English and is also proficient in French and Spanish.

 Team member biography
Ana Cuddeford

Ana Cuddeford - Investment specialist

Ana Cuddeford is the investment specialist covering M&G’s multi-asset fund range and the M&G Global Convertibles Fund. She initially joined M&G in December 2013 from FTSE Group, where she had helped execute their FTSE4 Good company engagement. Prior to that, Ana spent 16 years in equity sales, the last 11 of which were at financial group Citi. She is fluent in English, Spanish and Italian and has a good command of French. Ana graduated from the University of Wales, College of Cardiff with a BSc (Hons) in European community studies.

 Team member biography
Christophe Machu

Christophe Machu - Investment specialist

Christophe Machu joined the Multi Asset and Convertibles teams as an associate investment specialist providing support for M&G's multi-asset fund range and the M&G Global Convertibles Fund in September 2014. He initially joined M&G in 2012 as a sales support in Paris before moving into the International Marketing team in London. Christophe has an MSc in risk and finance from EDHEC Business School.

 Team member biography

Graziano Creperio - Investment specialist

Graziano Creperio is Investment director for M&G’s Multi Asset fund range. Graziano joined M&G in 2012 as a Fund Data Analyst before moving to the Multi Asset team as an Associate Investment Specialist providing support for the M&G multi-asset funds. Prior to joining M&G, Graziano worked as a portfolio data analyst at Morningstar. He holds a MSc in management and a BA in economics from Bocconi University in Milan. He also studied at Babson College in Boston and at Jiao Tong University in Shanghai. 

 Team member biography

Ratings

Rating is at a share class level

3 Star Rating

Ratings as at 30/06/2020. The Morningstar Overall Rating. Copyright © 2019 Morningstar UK Limited. All Rights Reserved. The Morningstar Analyst Rating™. © 2019 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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Specifically, the information on these pages should not be used or relied upon by the public of Singapore or any other type of investor from any other jurisdiction.
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.