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Global Recovery Fund

ISIN
GB00BYRJNP32

Price (19.07.2019)
11.71

% Price Change
0.37

Objective and investment policy

Objective

The fund aims to provide a combination of capital growth and income, net of the Ongoing Charge Figure, that is higher than the MSCI ACWI Index over any five-year period.

Investment policy and strategy

Core investment: At least 80% of the fund is invested in the shares of companies from anywhere in the world (including emerging markets), across any sector and of any size.

Other investments: The fund may also invest in other funds (including funds managed by M&G), cash or assets that can be turned into cash quickly.

Use of derivatives: Derivatives may be used for investment purposes or to reduce risks or costs.

Strategy in brief: The fund employs a disciplined approach to analyse and select each company. The ‘recovery’ strategy invests in companies that have experienced difficulties but have the potential to deliver returns for shareholders through their turnaround over the long term. The approach focuses on three key factors: people, strategy and cashflow. Developing a constructive dialogue with company management is fundamental to the investment process. The fund manager takes a long-term view with a typical holding period of five years or more.

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 can be exposed to different currencies. Movements in currency exchange rates may adversely affect the value of your investment.

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 invests mainly in company shares and is therefore likely to experience larger price fluctuations than funds that invest in bonds and/or cash.

 

Performance

Fund Team

Richard Halle

Richard Halle - Fund manager

Richard Halle has been the fund manager of the M&G (Lux) European Strategic Value Fund since launch and was the fund manager on the equivalent UK-authorised OEIC from 2008 to 2018. Richard was appointed fund manager of the M&G (Lux) Pan European Dividend Fund and co-fund manager of the M&G (Lux) Global Recovery Fund in July 2019. He has been deputy manager of the M&G (Lux) North American Value Fund since launch. Richard initially joined M&G in 1999 as a sector analyst focusing on insurance and has been managing various institutional mandates on a European value strategy since 2002. Prior to M&G, Richard worked as a security analyst for the Sedgwick Group. He graduated from the University of Natal in South Africa with a bachelor of commerce and is a CFA charterholder.

 Team member biography
Daniel White

Daniel White - Co-manager

Daniel White has been fund manager of the M&G (Lux) North American Value Fund since launch, and became co-fund manager of the M&G (Lux) Global Recovery Fund in July 2019. On the same date, Daniel became deputy fund manager of the M&G (Lux) Pan European Dividend Fund. He has been deputy fund manager of the M&G (Lux) European Strategic Value Fund since launch. Daniel initially joined M&G in 2005 as a sector analyst and has worked closely with Richard Halle since 2008. Daniel previously worked at Deloitte & Touche as an accountant after graduating from the University of Southampton with a BSc in oceanography in 2001. He qualified as a chartered accountant in 2005 and is a CFA charterholder.

 Team member biography

Ratings

Rating is at a share class level

1 Star Rating

Ratings as at 31/01/2019. 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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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.